Bogota Financial (BSBK) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bogota Financial Corp.
Entity Central Index Key	0001787414
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Title of 12(b) Security	Common Stock, $0.01 par value per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	NJ
Entity Incorporation, State or Country Code	MD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		14,425,441
Trading Symbol	BSBK
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39180
Entity Tax Identification Number	84-3501231
Entity Address, Address Line One	819 Teaneck Road
Entity Address, City Or Town	Teaneck
Entity Address, Postal Zip Code	07666
City Area Code	201
Local Phone Number	862-0660
Document Quarterly Report	true
Document Transition Report	false

Consolidated Statements Of Fina

Consolidated Statements Of Financial Condition - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 6,365,160	$ 5,957,564
Interest-bearing deposits in other banks	119,615,065	74,428,175
Cash and cash equivalents	125,980,225	80,385,739
Securities available for sale	11,581,122	11,870,508
Securities held to maturity (fair value of $61,002,894 and $58,872,451, respectively)	60,442,805	57,504,443
Loan held for sale	3,494,685
Loans, net of allowance of $2,182,174 and $2,241,174, respectively	606,256,792	557,690,853
Premises and equipment, net	7,147,170	5,671,097
Federal Home Loan Bank (FHLB) stock and other restricted securities	6,114,000	5,928,100
Accrued interest receivable	3,002,984	2,855,425
Core deposit intangibles	400,000
Bank owned life insurance	17,005,303	16,915,637
Other assets	2,461,213	2,083,076
Total Assets	843,886,299	740,904,878
Liabilities
Non-interest bearing	34,855,515	27,061,629
Interest bearing	549,559,379	474,911,402
Total Deposits	584,414,894	501,973,031
FHLB advances	107,841,368	104,290,920
Advance payments by borrowers for taxes and insurance	3,564,260	2,560,089
Other liabilities	4,987,627	3,612,762
Total liabilities	700,808,149	612,436,802
Commitments and Contingencies-see note 5
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at March 31, 2021 and December 31, 2020.
Common stock $0.01 par value, 30,000,000 shares authorized, 14,425,441 issued and outstanding at March 31, 2021 and 13,157,525 at December 31, 2020	144,254	131,575
Additional Paid-In capital	68,448,042	56,975,187
Retained earnings	80,366,044	77,359,737
Unearned ESOP shares (485,660 at March 31, 2021 and 489,983 shares at December 31, 2020)	(5,650,109)	(5,725,410)
Accumulated other comprehensive loss	(230,081)	(273,013)
Total stockholders’ equity	143,078,150	128,468,076
Total liabilities and stockholders’ equity	$ 843,886,299	$ 740,904,878

Consolidated Statements Of Fi_2

Consolidated Statements Of Financial Condition (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Fair value of Securities Maturities	$ 61,002,894	$ 58,872,451
Allowance For Loan	$ 2,182,174	$ 2,241,174
Preferred stock par value	$ 0.01	$ 0.01
Preferred shares authorized	1,000,000	1,000,000
Preferred shares issued	0	0
Preferred shares outstanding	0	0
Common stock par value	$ 0.01	$ 0.01
Common shares authorized	30,000,000	30,000,000
Common shares issued	14,425,441	13,157,525
Common shares outstanding	14,425,441	13,157,525
Unearned ESOP Shares	485,660	489,983

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Loans	$ 5,464,961	$ 5,097,251
Securities
Taxable	673,547	431,053
Tax-exempt	12,585	11,661
Other interest-earning assets	123,004	377,363
Total interest income	6,274,097	5,917,328
Interest expense
Deposits	1,263,682	2,316,321
FHLB advances	431,125	517,072
Total interest expense	1,694,807	2,833,393
Net interest income	4,579,290	3,083,935
(Credit) Provision for loan losses	(59,000)	25,000
Net interest income after (credit) provision for loan losses	4,638,290	3,058,935
Non-interest income
Fees and service charges	52,527	19,717
Gain on Sale of Loans	236,037
Bargain Purchase gain	1,933,397
Bank owned life insurance	89,666	99,711
Other	6,979	1,954
Total non-interest income	2,318,606	121,382
Non-interest expense
Salaries and employee benefits	1,538,920	1,257,598
Occupancy and equipment	266,479	169,540
FDIC insurance assessment	45,000	45,000
Data processing	208,309	146,025
Core conversion costs	360,000
Advertising	60,000	59,634
Director fees	198,239	186,281
Professional fees	258,917	132,333
Merger fees	318,265
Contribution to Charitable Foundation		2,881,500
Other	178,317	194,703
Total non-interest expense	3,432,446	5,072,614
Income (loss) before income taxes	3,524,450	(1,892,297)
Income tax (benefit) expense	518,143	(554,714)
Net income (loss)	$ 3,006,307	$ (1,337,583)
Earnings (loss)per Share	$ 0.23	$ (0.13)
Weighted average shares outstanding	13,107,593	10,699,272

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive (Loss) Income - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 3,006,307	$ (1,337,583)
Unrealized gains/losses on securities available for sale:
Unrealized holding (loss) gain arising during the period	16,068	(196,731)
Tax effect	(4,517)	55,301
Net of tax	11,551	(141,430)
Defined benefit retirement plans:
Net gain arising during the period including changes in assumptions		935
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits	43,652	37,869
Tax effect	(12,271)	(10,906)
Net of tax	31,381	27,898
Total other comprehensive income (loss)	42,932	(113,532)
Comprehensive income (loss)	$ 3,049,239	$ (1,451,115)

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($)	Total	Bogota MHC	Common Stock	Common StockBogota MHC	Paid-in Capital	Paid-in CapitalBogota MHC	Retained Earnings	Accumulates Other Comprehensive Income (Loss)	Unearned ESOP shares
Beginning balance at Dec. 31, 2019	$ 74,977,847						$ 75,291,512	$ (313,665)
Net income (loss)	(1,337,583)						(1,337,583)
Other comprehensive income (loss)	(113,532)							(113,532)
Issuance of common stock for initial public offering, net of expenses	54,554,037		$ 128,943		$ 54,425,094
Issuance of common stock for initial public offering, net of expenses, shares			12,894,375
Issuance of common stock to the Charitable Foundation	2,631,500		$ 2,632		2,628,868
Issuance of common stock to the Charitable Foundation, shares			263,150
Stock purchase by the ESOP	(6,022,899)								$ (6,022,899)
Ending balance at Mar. 31, 2020	124,689,370		$ 131,575		57,053,962		73,953,929	(427,197)	(6,022,899)
Ending balance, shares at Mar. 31, 2020			13,157,525
Beginning balance at Dec. 31, 2020	128,468,076		$ 131,575		56,975,187		77,359,737	(273,013)	(5,725,410)
Beginning balance, shares at Dec. 31, 2020			13,157,525
Net income (loss)	3,006,307						3,006,307
Other comprehensive income (loss)	42,932							42,932
Issuance of common stock for initial public offering, net of expenses		$ 11,500,000		$ 12,679		$ 11,487,321
Issuance of common stock for initial public offering, net of expenses, shares				1,267,916
ESOP Shares released	60,835				(14,466)				75,301
Ending balance at Mar. 31, 2021	$ 143,078,150		$ 144,254		$ 68,448,042		$ 80,366,044	$ (230,081)	$ (5,650,109)
Ending balance, shares at Mar. 31, 2021			14,425,441

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income (loss)	$ 3,006,307	$ (1,337,583)
Adjustments to reconcile net income to net cash from operating activities:
Bargain purchase gain	(1,933,397)
(Credit) provision for loan losses	(59,000)	25,000
Depreciation of premises and equipment	69,966	70,170
Amortization of deferred loan fees	210,063	121,763
Amortization of premiums and accretion of discounts on securities, net	52,278	27,512
Deferred income tax(benefit) expense	350,680	(809,990)
Contribution to charitable foundation		2,631,500
Gain on sale of loans	(236,037)
Proceeds from sale of loans	6,269,562
Increase in cash surrender value of bank owned life insurance	(89,666)	(99,710)
Employee stock ownership plan expense	60,835
Changes in:
Accrued interest receivable	155,368	(47,097)
Net changes in other assets	67,006	1,107,431
Net changes in other liabilities	971,930	669,188
Net cash provided by operating activities	8,895,895	2,358,184
Cash flows from investing activities
Purchases of securities held to maturity	(7,090,519)	(2,550,000)
Maturities, calls, and repayments of securities available for sale	253,175	282,109
Maturities, calls, and repayments of securities held to maturity	11,194,107	7,219,105
Net increase in loans	18,518,194	(7,791,108)
Loans purchased		(1,869,667)
Net cash acquired in merger	19,393,090
Purchases of premises and equipment	(117,678)	(36,490)
Purchase of FHLB Stock		(133,100)
Redemption of FHLB stock	417,600	47,900
Net cash provided by (used in) investing activities	42,567,969	(4,831,251)
Cash flows from financing activities net of effects of business combinations
Net increase (decrease) in deposits	496,385	(20,143,435)
Net decrease in short-term FHLB advances	(9,000,000)	(3,000,000)
Proceeds from long-term FHLB non-repo advances	3,000,000	6,000,000
Repayments of long-term FHLB non-repo advances	(723,273)	(774,259)
Loan to ESOP		(6,022,899)
Stock offering expenses		(1,973,312)
Return of unfilled stock offering subscriptions		(41,505,998)
Common stock issuance		7,683,507
Net increase in advance payments from borrowers for taxes and insurance	357,510	57,853
Net cash used in financing activities	(5,869,378)	(59,678,543)
Net increase (decrease) in cash and cash equivalents	45,594,486	(62,151,610)
Cash and cash equivalents at beginning of year	80,385,739	127,862,559
Cash and cash equivalents at March 31	125,980,225	65,710,949
Supplemental cash flow information
Subscription offering proceeds used to purchase common stock		48,843,842
Interest paid	1,673,840	$ 2,851,923
Non-cash investment and financing activities
Fair value of assets acquired, net of cash and cash equivalents acquired	87,352,754
Fair value of liabilities assumed	$ 93,312,447

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2021 and December 31, 2020. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and contributed $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three months ended March 31, 2021 and 2020. For the three months ended March 31, 2021 For the three months ended March 31, 2020 Net income (loss) $ 3,006,307 $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - basic 13,107,593 10,699,272 Basic earnings (loss) per share $ 0.23 $ (0.13 ) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates Risks and Uncertainties Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Savings Bank at and for the year ended December 31, 2020. Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

ACQUISITION OF GIBRALTAR BANK

ACQUISITION OF GIBRALTAR BANK	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
ACQUISITION OF GIBRALTAR BANK	NOTE 2- ACQUISITION OF GIBRALTAR BANK On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. Pursuant to the terms of the Merger Agreement, Gibraltar Bank merged with and into Bogota Savings Bank, with the Bogota Savings Bank as the surviving entity. Under the terms of the merger agreement, depositors of Gibraltar Bank became depositors of the Bank and have the same rights and privileges in Bogota Financial MHC as if their accounts had been established at the Bank on the date established at Gibraltar Bank. The Company issued 1,267,916 shares of its common stock to Bogota MHC. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of February 28, 2021 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of bargain purchase gain of $1.9 million and a core deposit intangible of $400,000. Merger-related expenses of $318,000 for 2021 and $146,000 for 2020 are recorded in the Consolidated Statements of Income and are expensed as incurred. The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Gibraltar Bank Fair value adjustments As recorded at acquisition Consideration paid $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 (208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other restricted stock 603,500 — 603,500 Loans receivable 77,683,903 (920,497 ) (b) 76,763,406 Allowance for loan loss (640,232 ) 640,232 (c ) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e ) 400,000 Deferred taxes 913,303 (184,973 ) (f) 728,330 Other assets 362,636 (278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and insurance 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense The fair value of loans acquired from Gibraltar Bank was estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of Gibraltar’s Bank allowance for loan losses associated with the loans that were acquired. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Accordingly, the Company recognizes amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair value. Due to the complexity in valuing the assets acquired and liabilities assumed, and the significant amount of data inputs required, the valuation of the assets and liabilities acquired is not yet final. Fair value estimates are based on the information available and are subject to change for up to one year after the closing date of the acquisition as additional information relative to the closing date fair values becomes available. The fair value of purchased financial assets with credit impairment was $6.1 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with the credit impairment was $6.7 million. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowings was based on the FHLB calculation to prepay borrowings with associated penalties.

SECURITIES AVAILABLE FOR SALE

SECURITIES AVAILABLE FOR SALE	3 Months Ended
	Mar. 31, 2021
Available-for-sale Securities
Schedule Of Available For Sale Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 3 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at March 31, 2021 and December 31, 2020: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Corporate bonds due in: One through five years $ 6,366,473 $ 35,267 $ (1,005 ) $ 6,400,735 Five through ten years — — — — MBSs – residential 5,058,688 123,716 (2,017 ) 5,180,387 Total $ 11,425,161 $ 158,983 $ (3,022 ) $ 11,581,122 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 (4,186 ) 5,396,748 Five through ten years — — — — MBSs – residential 5,359,734 114,426 (2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ (6,894 ) $ 11,870,508 All of the mortgaged-backed securities MBS’s are issued by the following government sponsored agencies Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 3 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the three months ended March 31, 2021 and March 31, 2020. The age of unrealized losses and the fair value of related securities as of March 31, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2021 Corporate bonds $ — $ — $ 1,004,863 $ (1,007 ) $ 1,004,863 $ (1,007 ) MBSs – residential 154,687 (530 ) 112,655 (1,485 ) 267,342 (2,015 ) Total $ 154,687 $ (530 ) $ 1,117,518 $ (2,492 ) $ 1,272,205 $ (3,022 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ (4,186 ) $ 2,005,441 $ (4,186 ) MBSs – residential 271,340 (2,708 ) - - 271,340 (2,708 ) Total $ 271,340 $ (2,708 ) $ 2,005,441 $ (4,186 ) $ 2,276,781 $ (6,894 ) Unrealized losses on corporate bonds available for sale have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. At March 31, 2021, 100% of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily Fannie Mae and Freddie Mac, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporary impaired at March 31, 2021. At March 31, 2021 and December 31, 2020, securities available for sale with a carrying value of $200,171 and $214,229, respectively, were pledged to secure public deposits.

SECURITIES HELD TO MATURITY

SECURITIES HELD TO MATURITY	3 Months Ended
	Mar. 31, 2021
Held-to-maturity Securities
Marketable Securities [Line Items]
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY	NOTE 4 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at March 31, 2021 and December 31, 2020: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value March 31, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 2,000,439 $ — $ (439 ) $ 2,000,000 Corporate bonds due in: Five through ten years 12,672,024 408,034 (64,463 ) 13,015,595 Municipal obligations due in: One through five years 3,818,767 29,391 — 3,848,158 Five through ten years 375,000 25,043 — 400,043 MBSs: Residential 17,822,528 117,631 (371,643 ) 17,568,516 Commercial 23,754,047 628,396 (211,861 ) 24,170,582 Total $ 60,442,805 $ 1,208,495 $ (648,406 ) $ 61,002,894 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 (2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 (141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 (15,440 ) 12,036,307 Commercial 31,263,861 997,319 (59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ (77,143 ) $ 58,872,451 All of the MBS are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 4 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses March 31, 2021 Corporate Bonds $ 4,622,644 $ (64,463 ) $ — $ — $ 4,622,644 $ (64,463 ) U.S. Government-sponsored agencies 2,000,000 (439 ) — — 2,000,000 (439 ) MBSs – residential 8,109,272 (370,378 ) 92,383 (1,265 ) 8,201,655 (371,643 ) MBSs – commercial 6,278,731 (211,861 ) — — 6,278,731 (211,861 ) Total $ 21,010,647 $ (647,141 ) $ 92,383 $ (1,265 ) $ 21,103,030 $ (648,406 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2020 Corporate Bonds $ 747,480 $ (2,520 ) $ — $ — $ 747,480 $ (2,520 ) Municipal Bonds 1,436,454 (141 ) — — 1,436,454 (141 ) MBSs – residential 2,403,485 (15,440 ) — — 2,403,485 (15,440 ) MBSs – commercial 2,652,666 (59,042 ) — — 2,652,666 (59,042 ) Total $ 7,240,085 $ (77,143 ) $ — $ — $ 7,240,085 $ (77,143 ) Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At March 31, 2021 and December 31, 2020, securities held to maturity with a carrying amount of $8,774,302 and $11,057,973, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. At March 31, 2021 and December 31, 2020, securities held to maturity with a carrying value of $4,107,705 and $4,327,429, respectively were pledged to secure public deposits.

LOANS

LOANS	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
LOANS	NOTE 5 – LOANS Loans are summarized as follows at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Real estate: Residential $ 368,854,000 $ 340,000,989 Commercial and multi-family real estate 190,267,098 171,634,451 Construction 12,605,419 9,930,959 Commercial and industrial 11,709,817 13,652,248 Consumer: Home equity and other 28,497,317 24,713,380 Total loans 611,933,651 559,932,027 Allowance for loan losses (2,182,174 ) (2,241,174 ) Net loans $ 609,751,477 $ 557,690,853 The Bank has granted loans to officers and directors of the Bank. At March 31, 2021 and December 31, 2020, such loans totaled approximately $791,102 and $748,662, respectively. As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). During 2020, the Bank received and processed 113 PPP applications totaling approximately $10.5 million. The Bank is participating in the second round of PPP loans and during the first quarter of 2021, the Bank received and processed 46 applications totaling $5.7 million. All outstanding PPP loans are included in the table above under commercial and industrial loans NOTE 5 – LOANS (Continued) The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2021 and 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months March 31, 2021 Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 87,000 $ 14,000 $ 2,241,174 (Credit) provision for loan losses (68,500 ) 8,000 3,000 (1,000 ) (500 ) (59,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,185,674 $ 849,000 $ 48,000 $ 86,000 $ 13,500 $ 2,182,174 March 31,2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 (Credit) provision for loan losses (72,000 ) 77,000 5,000 6,000 9,000 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174 NOTE 5 – LOANS (Continued) The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of March 31, 2021 and December 31, 2020: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total March 31, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,149,815 849,000 48,000 86,000 13,500 2,146,315 Acquired with deteriorated credit quality — — — — — — Total ending allowance balance $ 1,185,674 $ 849,000 $ 48,000 $ 86,000 $ 13,500 $ 2,182,174 Loans: Loans individually evaluated for impairment $ 1,113,051 $ 221,717 $ — $ 18,917 $ — $ 1,353,685 Loans collectively evaluated for impairment 362,998,443 188,587,101 12,605,419 28,432,900 11,709,817 604,333,680 Loans acquired with deteriorated credit quality 4,742,506 1,458,280 — 45,500 — 6,246,286 Total ending loan balance $ 368,854,000 $ 190,267,098 $ 12,605,419 $ 28,497,317 $ 11,709,817 $ 611,933,651 December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,218,315 841,000 45,000 87,000 14,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 87,000 $ 14,000 $ 2,241,174 Loans: Loans individually evaluated for impairment $ 1,082,371 $ 223,352 $ — $ 19,044 $ — $ 1,324,767 Loans collectively evaluated for impairment 338,918,618 171,411,099 9,930,959 24,694,336 13,652,248 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 24,713,380 $ 13,652,248 $ 559,932,027 NOTE 5 – LOANS (Continued) Impaired loans as of and for the three months ended March 31, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 935,685 $ 177,366 $ 35,859 Commercial and Multi-Family 221,717 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,917 — — $ 1,176,319 $ 177,366 $ 35,859 Average Of individually Impaired Three months ended March 31, 2021 Residential first mortgages $ 1,217,094 Commercial and Multi-Family 222,534 Construction — Commercial & Industrial — Home equity & other consumer 18,980 $ 1,458,608 Impaired loans as of and for the year ended December 31, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended March 31, 2020 Residential first mortgages $ 1,231,715 Commercial and Multi-Family — Construction — Commercial & Industrial — Home equity & other consumer 9,866 $ 1,241,581 NOTE 5 – LOANS (Continued) The Bank has four residential loans totaling $744,447 and one commercial loan totaling $221,717 that were troubled debt restructurings (“TDRs”) as of March 31, 2021, with one loan totaling $177,366 with a specific reserve of $35,859. At December 31, 2020, the Bank had four residential loans totaling $750,035 and one commercial loan totaling $223,352 that were TDRs and one loan with a specific reserve of $35,859. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest income recognized on impaired loans for the three months ended March 31, 2021 and March 31, 2020 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of March 31, 2021 and December 31, 2020: Nonaccrual Loans Past Due 90 Days or More Still Accruing March 31, 2021 Residential $ 946,919 $ — Commercial and multi-family — — Consumer 18,917 — Total $ 965,836 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ — The Bank had no other real estate owned at either March 31, 2021 or December 31, 2020. NOTE 5 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of March 31, 2021 and December 31, 2020, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total March 31, 2021 Residential $ 578,952 $ 864,848 $ 301,468 $ 1,745,268 $ 367,108,732 $ 368,854,000 Commercial and multi-family — — — — 190,267,098 190,267,098 Construction — — — — 12,605,419 12,605,419 Commercial and industrial — — — — 11,709,817 11,709,817 Consumer 334,283 158,576 — 492,859 28,004,458 28,497,317 Total $ 913,235 $ 1,023,424 $ 301,468 $ 2,238,127 $ 609,695,524 $ 611,933,651 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ 340,000,989 Commercial and multi-family — — — — 171,634,451 171,634,451 Construction — — — — 9,930,959 9,930,959 Commercial and industrial — — — — 13,652,248 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ 559,932,027 Loans greater than 89 days past due are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be Pass rated loans. NOTE 5 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful Totals March 31, 2021 Residential $ 367,117,810 $ 472,320 $ 1,263,870 $ — $ 368,854,000 Commercial and multi-family 188,226,646 — 2,040,452 — 190,267,098 Construction 12,605,419 — — — 12,605,419 Commercial and industrial 11,709,817 — — — 11,709,817 Consumer 28,478,400 — 18,917 — 28,497,317 Total $ 608,138,092 $ 472,320 $ 3,323,239 $ — $ 611,933,651 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6 – The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments primarily include commitments to extend credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement the Bank has in those particular classes of financial instruments. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Note 6 – (Continued) The Bank had outstanding firm commitments, all of which expire within two months, to originate, loans at March 31, 2021 and December 31, 2020 is as follows: March 31, 2021 December 31, 2020 Fixed Rate Residential mortgage loans $ 8,700,200 $ 8,524,000 Commercial real estate — 1,830,000 Commercial and industrial — — Construction — — Home equity 30,000 2,135,000 Total $ 8,730,200 $ 12,489,000 March 31, 2021 December 31, 2020 Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate 1,695,000 4,675,000 Construction — — Home equity 1,109,250 — Total $ 2,804,250 $ 6,175,000 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 2.990% to 4.375% At March 31, 2021 and December 31, 2020, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $46,603,606 and $41,774,944, respectively. At March 31, 2021 and December 31, 2020, undisbursed funds from approved lines of credit under a business line of credit program amounted to $414,598 and $427,827, respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes commercial and residential real estate. The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $25,751 and $9,629 for the three months ended March 31, 2021 and 2020, respectively.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	NOTE 7 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. Assets measured at fair value on a recurring basis are summarized below: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2021 Securities available for sale: Corporate bonds $ 6,400,735 $ — $ 6,400,735 $ — MBSs - residential 5,180,387 — $ 5,180,387 — $ 11,581,122 $ — $ 11,581,122 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — There were no transfers between level 1 and level 2 during the nine months ended March 31, 2021 and December 31, 2020. NOTE 7 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at March 31, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2021 Financial instruments - assets Cash and due from banks $ 125,980 $ 125,980 $ 125,980 $ — $ — Investment securities held-to-maturity 60,443 61,003 — 61,003 — Loans 606,257 602,905 — — 602,905 Financial instruments - liabilities Certificates of deposit 385,938 388,870 — 388,870 — Borrowings 107,840 109,425 — 109,425 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three months ended March 31, 2021 and 2020 Unrealized gain and losses on available for sale Benefit plans Total Three months March 31, 2021 Beginning balance at January 1, 2021 $ 100,569 $ (373,582 ) $ (273,013 ) Other comprehensive gain 11,551 31,381 42,932 Amounts reclassified — — — Net period comprehensive income 11,551 31,381 42,932 Ending balance $ 112,120 $ (342,201 ) $ (230,081 ) March 31, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive loss before reclassification (141,430 ) 27,898 (113,532 ) Amounts reclassified — — — Net period comprehensive loss (141,430 ) 27,898 (113,532 ) Ending balance $ (29,538 ) $ (397,659 ) $ (427,197 )

EMPLOYEE STOCK OWNERSHIP PLAN

EMPLOYEE STOCK OWNERSHIP PLAN	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
EMPLOYEE STOCK OWNERSHIP PLAN	NOTE 9 – EMPLOYEE STOCK OWNERSHIP PLAN In connection with our mutual-to-stock reorganization and stock offering, the Bank established an employee stock ownership plan (“ESOP”), which acquired 515,775 shares of the Company’s common stock equaling 4% of the shares issued, including shares issued to the Bogota Savings Bank Charitable Foundation. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Bank contributions to the ESOP are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares to be allocated annually is 25,789 through 2039.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Operations and Principles of Consolidation	Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at March 31, 2021 and December 31, 2020. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and contributed $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.”
Reclassifications	Reclassifications
Earnings per Share	Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three months ended March 31, 2021 and 2020. For the three months ended March 31, 2021 For the three months ended March 31, 2020 Net income (loss) $ 3,006,307 $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - basic 13,107,593 10,699,272 Basic earnings (loss) per share $ 0.23 $ (0.13 )
Use of Estimates	Use of Estimates
Risks and Uncertainties	Risks and Uncertainties
Basis of Presentation	Basis of Presentation The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Savings Bank at and for the year ended December 31, 2020.
Not yet effective Accounting Pronouncements:	Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule Of Earnings Per Share Basic And Diluted [Abstract]
Summary of earnings per share basic	The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three months ended March 31, 2021 and 2020. For the three months ended March 31, 2021 For the three months ended March 31, 2020 Net income (loss) $ 3,006,307 $ (1,337,583 ) Basic earnings per share: Weighted average shares outstanding - basic 13,107,593 10,699,272 Basic earnings (loss) per share $ 0.23 $ (0.13 )

ACQUISITION OF GIBRALTAR BANK (

ACQUISITION OF GIBRALTAR BANK (Tables)	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
Schedule of Assets Acquired and Liabilities Assumed	The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Gibraltar Bank Fair value adjustments As recorded at acquisition Consideration paid $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 (208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other restricted stock 603,500 — 603,500 Loans receivable 77,683,903 (920,497 ) (b) 76,763,406 Allowance for loan loss (640,232 ) 640,232 (c ) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e ) 400,000 Deferred taxes 913,303 (184,973 ) (f) 728,330 Other assets 362,636 (278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and insurance 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense

SECURITIES AVAILABLE FOR SALE (

SECURITIES AVAILABLE FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale	The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at March 31, 2021 and December 31, 2020: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Corporate bonds due in: One through five years $ 6,366,473 $ 35,267 $ (1,005 ) $ 6,400,735 Five through ten years — — — — MBSs – residential 5,058,688 123,716 (2,017 ) 5,180,387 Total $ 11,425,161 $ 158,983 $ (3,022 ) $ 11,581,122 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 (4,186 ) 5,396,748 Five through ten years — — — — MBSs – residential 5,359,734 114,426 (2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ (6,894 ) $ 11,870,508
Summary of debt securities available for sale and unrealized loss position	The age of unrealized losses and the fair value of related securities as of March 31, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2021 Corporate bonds $ — $ — $ 1,004,863 $ (1,007 ) $ 1,004,863 $ (1,007 ) MBSs – residential 154,687 (530 ) 112,655 (1,485 ) 267,342 (2,015 ) Total $ 154,687 $ (530 ) $ 1,117,518 $ (2,492 ) $ 1,272,205 $ (3,022 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ (4,186 ) $ 2,005,441 $ (4,186 ) MBSs – residential 271,340 (2,708 ) - - 271,340 (2,708 ) Total $ 271,340 $ (2,708 ) $ 2,005,441 $ (4,186 ) $ 2,276,781 $ (6,894 )

SECURITIES HELD TO MATURITY (Ta

SECURITIES HELD TO MATURITY (Tables)	3 Months Ended
	Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity	The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at March 31, 2021 and December 31, 2020: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value March 31, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 2,000,439 $ — $ (439 ) $ 2,000,000 Corporate bonds due in: Five through ten years 12,672,024 408,034 (64,463 ) 13,015,595 Municipal obligations due in: One through five years 3,818,767 29,391 — 3,848,158 Five through ten years 375,000 25,043 — 400,043 MBSs: Residential 17,822,528 117,631 (371,643 ) 17,568,516 Commercial 23,754,047 628,396 (211,861 ) 24,170,582 Total $ 60,442,805 $ 1,208,495 $ (648,406 ) $ 61,002,894 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 (2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 (141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 (15,440 ) 12,036,307 Commercial 31,263,861 997,319 (59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ (77,143 ) $ 58,872,451
Summary of debt securities held to maturity and unrealized loss position	The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses March 31, 2021 Corporate Bonds $ 4,622,644 $ (64,463 ) $ — $ — $ 4,622,644 $ (64,463 ) U.S. Government-sponsored agencies 2,000,000 (439 ) — — 2,000,000 (439 ) MBSs – residential 8,109,272 (370,378 ) 92,383 (1,265 ) 8,201,655 (371,643 ) MBSs – commercial 6,278,731 (211,861 ) — — 6,278,731 (211,861 ) Total $ 21,010,647 $ (647,141 ) $ 92,383 $ (1,265 ) $ 21,103,030 $ (648,406 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2020 Corporate Bonds $ 747,480 $ (2,520 ) $ — $ — $ 747,480 $ (2,520 ) Municipal Bonds 1,436,454 (141 ) — — 1,436,454 (141 ) MBSs – residential 2,403,485 (15,440 ) — — 2,403,485 (15,440 ) MBSs – commercial 2,652,666 (59,042 ) — — 2,652,666 (59,042 ) Total $ 7,240,085 $ (77,143 ) $ — $ — $ 7,240,085 $ (77,143 )

LOANS (Tables)

LOANS (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Summary of loans receivable	Loans are summarized as follows at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Real estate: Residential $ 368,854,000 $ 340,000,989 Commercial and multi-family real estate 190,267,098 171,634,451 Construction 12,605,419 9,930,959 Commercial and industrial 11,709,817 13,652,248 Consumer: Home equity and other 28,497,317 24,713,380 Total loans 611,933,651 559,932,027 Allowance for loan losses (2,182,174 ) (2,241,174 ) Net loans $ 609,751,477 $ 557,690,853
Summary of activity in the allowance for loan losses by portfolio segment	The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2021 and 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months March 31, 2021 Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 87,000 $ 14,000 $ 2,241,174 (Credit) provision for loan losses (68,500 ) 8,000 3,000 (1,000 ) (500 ) (59,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,185,674 $ 849,000 $ 48,000 $ 86,000 $ 13,500 $ 2,182,174 March 31,2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 (Credit) provision for loan losses (72,000 ) 77,000 5,000 6,000 9,000 25,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,311,174 $ 589,000 $ 31,000 $ 92,000 $ 18,000 $ 2,041,174
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments	The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of March 31, 2021 and December 31, 2020: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total March 31, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,149,815 849,000 48,000 86,000 13,500 2,146,315 Acquired with deteriorated credit quality — — — — — — Total ending allowance balance $ 1,185,674 $ 849,000 $ 48,000 $ 86,000 $ 13,500 $ 2,182,174 Loans: Loans individually evaluated for impairment $ 1,113,051 $ 221,717 $ — $ 18,917 $ — $ 1,353,685 Loans collectively evaluated for impairment 362,998,443 188,587,101 12,605,419 28,432,900 11,709,817 604,333,680 Loans acquired with deteriorated credit quality 4,742,506 1,458,280 — 45,500 — 6,246,286 Total ending loan balance $ 368,854,000 $ 190,267,098 $ 12,605,419 $ 28,497,317 $ 11,709,817 $ 611,933,651 December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,218,315 841,000 45,000 87,000 14,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 87,000 $ 14,000 $ 2,241,174 Loans: Loans individually evaluated for impairment $ 1,082,371 $ 223,352 $ — $ 19,044 $ — $ 1,324,767 Loans collectively evaluated for impairment 338,918,618 171,411,099 9,930,959 24,694,336 13,652,248 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 24,713,380 $ 13,652,248 $ 559,932,027
Summary of impaired loans	Impaired loans as of and for the three months ended March 31, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 935,685 $ 177,366 $ 35,859 Commercial and Multi-Family 221,717 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,917 — — $ 1,176,319 $ 177,366 $ 35,859 Average Of individually Impaired Three months ended March 31, 2021 Residential first mortgages $ 1,217,094 Commercial and Multi-Family 222,534 Construction — Commercial & Industrial — Home equity & other consumer 18,980 $ 1,458,608 Impaired loans as of and for the year ended December 31, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended March 31, 2020 Residential first mortgages $ 1,231,715 Commercial and Multi-Family — Construction — Commercial & Industrial — Home equity & other consumer 9,866 $ 1,241,581
Summary of recorded investment in nonaccrual and past due	The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of March 31, 2021 and December 31, 2020: Nonaccrual Loans Past Due 90 Days or More Still Accruing March 31, 2021 Residential $ 946,919 $ — Commercial and multi-family — — Consumer 18,917 — Total $ 965,836 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ —
Summary of aging of loans receivable by portfolio segment	The following table presents the aging of the recorded investment in past due loans as of March 31, 2021 and December 31, 2020, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total March 31, 2021 Residential $ 578,952 $ 864,848 $ 301,468 $ 1,745,268 $ 367,108,732 $ 368,854,000 Commercial and multi-family — — — — 190,267,098 190,267,098 Construction — — — — 12,605,419 12,605,419 Commercial and industrial — — — — 11,709,817 11,709,817 Consumer 334,283 158,576 — 492,859 28,004,458 28,497,317 Total $ 913,235 $ 1,023,424 $ 301,468 $ 2,238,127 $ 609,695,524 $ 611,933,651 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ 340,000,989 Commercial and multi-family — — — — 171,634,451 171,634,451 Construction — — — — 9,930,959 9,930,959 Commercial and industrial — — — — 13,652,248 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ 559,932,027
Summary of loans receivable by credit quality risk	Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful Totals March 31, 2021 Residential $ 367,117,810 $ 472,320 $ 1,263,870 $ — $ 368,854,000 Commercial and multi-family 188,226,646 — 2,040,452 — 190,267,098 Construction 12,605,419 — — — 12,605,419 Commercial and industrial 11,709,817 — — — 11,709,817 Consumer 28,478,400 — 18,917 — 28,497,317 Total $ 608,138,092 $ 472,320 $ 3,323,239 $ — $ 611,933,651 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of outstanding firm commitments	The Bank had outstanding firm commitments, all of which expire within two months, to originate, loans at March 31, 2021 and December 31, 2020 is as follows: March 31, 2021 December 31, 2020 Fixed Rate Residential mortgage loans $ 8,700,200 $ 8,524,000 Commercial real estate — 1,830,000 Commercial and industrial — — Construction — — Home equity 30,000 2,135,000 Total $ 8,730,200 $ 12,489,000 March 31, 2021 December 31, 2020 Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate 1,695,000 4,675,000 Construction — — Home equity 1,109,250 — Total $ 2,804,250 $ 6,175,000

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2021
Summary of carrying amounts and estimated fair values of financial instruments	The carrying amounts and estimated fair values of financial instruments, at March 31, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) March 31, 2021 Financial instruments - assets Cash and due from banks $ 125,980 $ 125,980 $ 125,980 $ — $ — Investment securities held-to-maturity 60,443 61,003 — 61,003 — Loans 606,257 602,905 — — 602,905 Financial instruments - liabilities Certificates of deposit 385,938 388,870 — 388,870 — Borrowings 107,840 109,425 — 109,425 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 —
Fair Value, Recurring
Summary of fair value, assets measured on recurring and nonrecurring basis	Assets measured at fair value on a recurring basis are summarized below: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2021 Securities available for sale: Corporate bonds $ 6,400,735 $ — $ 6,400,735 $ — MBSs - residential 5,180,387 — $ 5,180,387 — $ 11,581,122 $ — $ 11,581,122 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ —

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders Equity Note [Abstract]
Summary of accumulated other comprehensive income (loss)	The components of accumulated other comprehensive loss included in equity (net of tax) for the three months ended March 31, 2021 and 2020 Unrealized gain and losses on available for sale Benefit plans Total Three months March 31, 2021 Beginning balance at January 1, 2021 $ 100,569 $ (373,582 ) $ (273,013 ) Other comprehensive gain 11,551 31,381 42,932 Amounts reclassified — — — Net period comprehensive income 11,551 31,381 42,932 Ending balance $ 112,120 $ (342,201 ) $ (230,081 ) March 31, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive loss before reclassification (141,430 ) 27,898 (113,532 ) Amounts reclassified — — — Net period comprehensive loss (141,430 ) 27,898 (113,532 ) Ending balance $ (29,538 ) $ (397,659 ) $ (427,197 )

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	Feb. 28, 2021	Mar. 16, 2020	Mar. 03, 2020	Jan. 15, 2020
Shares issued during period				5,657,735
Shares issued, price per share				$ 10
Net proceeds from issuance of common stock				$ 54,600,000
Issuance expenses				$ 2,000,000
Minimum
Federal funds interest rate		0.00%	1.00%
Maximum
Federal funds interest rate		0.25%	1.25%
Bogota Savings Bank Charitable Foundation Inc.
Shares issued during period				263,150
Contribution for reorganization				$ 250,000
Bogota Financial, MHC
Shares issued during period	1,267,916			7,236,640

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 3,006,307	$ (1,337,583)
Basic earnings per share:
Weighted average shares outstanding - basic	13,107,593	10,699,272
Basic earnings (loss) per share	$ 0.23	$ (0.13)

ACQUISITION OF GIBRALTAR BANK -

ACQUISITION OF GIBRALTAR BANK - Additional Information (Detail) - USD ($)	Feb. 28, 2021	Jan. 15, 2020	Mar. 31, 2021	Mar. 31, 2020
Business Acquisition [Line Items]
Issuance of common stock for initial public offering, net of expenses, shares		5,657,735
Bargain purchase gain			$ 1,933,397
Fair value of purchased financial assets with credit impairment			6,246,286
Gibraltar Bank
Business Acquisition [Line Items]
Bargain purchase gain	$ 1,933,397
Core deposit intangible	$ 400,000
Merger-related expenses			$ 318,000	$ 146,000
Estimated useful life	10 years
Fair value of purchased financial assets with credit impairment	$ 6,100,000
Gross contractual amounts receivable relating to purchased financial assets with credit deterioration	$ 6,700,000
Gibraltar Bank | Maximum
Business Acquisition [Line Items]
Measurement period for adjustments to provisional amounts	1 year
Bogota Financial, MHC
Business Acquisition [Line Items]
Issuance of common stock for initial public offering, net of expenses, shares	1,267,916	7,236,640

ACQUISITION OF GIBRALTAR BANK_2

ACQUISITION OF GIBRALTAR BANK - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($)	Feb. 28, 2021	Mar. 31, 2021
Liabilities assumed
Bargain purchase gain recorded at merger		$ 1,933,397
Gibraltar Bank
Business Acquisition [Line Items]
Consideration paid	$ 11,500,000
Assets Acquired
Cash and cash equivalents	19,393,090
Securities held to maturity	7,041,949
Federal Home Loan Bank stock and other restricted stock	603,500
Loans receivable	76,763,406
Accrued interest receivable	302,927
Premises and equipment, net	1,428,361
Core deposit intangible	400,000
Deferred taxes	728,330
Other assets	84,281
Total assets acquired	106,745,844
Liabilities assumed
Deposits	81,945,477
Borrowings	10,273,721
Advance payments by borrowers for taxes and insurance	646,661
Accrued expenses and other liabilities	446,588
Total liabilities assumed	93,312,447
Net assets acquired	13,433,397
Bargain purchase gain recorded at merger	1,933,397
Gibraltar Bank | As Recorded by Gibraltar Bank
Assets Acquired
Cash and cash equivalents	19,393,090
Securities held to maturity	7,250,000
Federal Home Loan Bank stock and other restricted stock	603,500
Loans receivable	77,683,903
Allowance for loan loss	(640,232)
Accrued interest receivable	302,927
Premises and equipment, net	348,714
Deferred taxes	913,303
Other assets	362,636
Total assets acquired	106,217,841
Liabilities assumed
Deposits	81,558,612
Borrowings	10,000,000
Advance payments by borrowers for taxes and insurance	646,661
Accrued expenses and other liabilities	446,588
Total liabilities assumed	92,651,861
Gibraltar Bank | Fair Value Adjustments
Assets Acquired
Securities held to maturity	(208,051)
Loans receivable	(920,497)
Allowance for loan loss	640,232
Premises and equipment, net	1,079,647
Core deposit intangible	400,000
Deferred taxes	(184,973)
Other assets	(278,355)
Total assets acquired	528,003
Liabilities assumed
Deposits	386,865
Borrowings	273,721
Total liabilities assumed	$ 660,586

SECURITIES AVAILABLE FOR SALE -

SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 11,425,161	$ 11,730,615
Gross Unrealized Gains	158,983	146,787
Gross Unrealized Losses	(3,022)	(6,894)
Fair Value	11,581,122	11,870,508
Corporate Bonds
Schedule Of Available For Sale Securities [Line Items]
Corporate bonds due in Less than one year, Amortized Cost		1,001,354
Corporate bonds due in One through five years, Amortized Cost	6,366,473	5,369,527
Corporate bonds due in Less than one year, Gross Unrealized Gains		954
Corporate bonds due in One through five years, Gross Unrealized Gains	35,267	31,407
Corporate bonds due in One through five years, Gross Unrealized Losses	(1,005)	(4,186)
Corporate bonds due in Less than one year, Fair Value		1,002,308
Corporate bonds due in One through five years, Fair Value	6,400,735	5,396,748
Residential Mortgage Backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	5,058,688	5,359,734
Gross Unrealized Gains	123,716	114,426
Gross Unrealized Losses	(2,017)	(2,708)
Fair Value	$ 5,180,387	$ 5,471,452

SECURITIES AVAILABLE FOR SALE_2

SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Interest – bearing deposits in other | Collateral Pledged
Schedule Of Available For Sale Securities [Line Items]
Debt securities, available-for-sale, restricted	$ 200,171		$ 214,229
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Schedule Of Available For Sale Securities [Line Items]
Sales of available-for-sale securities	$ 0	$ 0
Percent of MSB issued	100.00%

SECURITIES AVAILABLE FOR SALE_3

SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	$ 154,687	$ 271,340
Unrealized Losses, Less Than 12 Months	(530)	(2,708)
Fair Value, 12 Months or More	1,117,518	2,005,441
Unrealized Losses, 12 Months or More	(2,492)	(4,186)
Fair Value, Total	1,272,205	2,276,781
Unrealized Losses, Total	(3,022)	(6,894)
Corporate Bonds
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, 12 Months or More	1,004,863	2,005,441
Unrealized Losses, 12 Months or More	(1,007)	(4,186)
Fair Value, Total	1,004,863	2,005,441
Unrealized Losses, Total	(1,007)	(4,186)
Residential Mortgage Backed Securities
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items]
Fair Value, Less Than 12 Months	154,687	271,340
Unrealized Losses, Less Than 12 Months	(530)	(2,708)
Fair Value, 12 Months or More	112,655
Unrealized Losses, 12 Months or More	(1,485)
Fair Value, Total	267,342	271,340
Unrealized Losses, Total	$ (2,015)	$ (2,708)

SECURITIES HELD TO MATURITY - S

SECURITIES HELD TO MATURITY - Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Amortized Cost	$ 60,442,805	$ 57,504,443
Gross Unrealized Gains	1,208,495	1,445,151
Gross Unrealized Losses	(648,406)	(77,143)
Fair Value	61,002,894	58,872,451
U.S. Government-sponsored Agencies
Marketable Securities [Line Items]
Securities held to maturity, due in more than ten years, Amortized Cost	2,000,439
Securities held to maturity, due in more than ten years, Gross Unrealized Losses	(439)
Securities held to maturity, due in more than ten years, Fair Value	2,000,000
Corporate Bonds
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost		1,501,179
Securities held to maturity, due in One through five years, Amortized Cost		8,635,831
Securities held to maturity, due in Five through ten years, Amortized Cost	12,672,024
Securities held to maturity, due in Less than one year, Gross Unrealized Gains		13,616
Securities held to maturity, due in One through five years, Gross Unrealized Gains		221,716
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	408,034
Securities held to maturity, due in One through five years, Gross Unrealized Losses		(2,520)
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses	(64,463)
Securities held to maturity, due in Less than one year, Fair Value		1,514,795
Securities held to maturity, due in One through five years, Fair Value		8,855,027
Securities held to maturity, due in Five through ten years, Fair Value	13,015,595
Municipal Obligations
Marketable Securities [Line Items]
Securities held to maturity, due in Less than one year, Amortized Cost		2,764,079
Securities held to maturity, due in One through five years, Amortized Cost	3,818,767	1,057,609
Securities held to maturity, due in Five through ten years, Amortized Cost	375,000	375,000
Securities held to maturity, due in Less than one year, Gross Unrealized Gains		4,944
Securities held to maturity, due in One through five years, Gross Unrealized Gains	29,391	30,492
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains	25,043	32,201
Securities held to maturity, due in Less than one year, Gross Unrealized Losses		(141)
Securities held to maturity, due in Less than one year, Fair Value		2,768,882
Securities held to maturity, due in One through five years, Fair Value	3,848,158	1,088,101
Securities held to maturity, due in Five through ten years, Fair Value	400,043	407,201
Residential Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	17,822,528	11,906,884
Gross Unrealized Gains	117,631	144,863
Gross Unrealized Losses	(371,643)	(15,440)
Fair Value	17,568,516	12,036,307
Commercial Mortgage Backed Securities
Marketable Securities [Line Items]
Amortized Cost	23,754,047	31,263,861
Gross Unrealized Gains	628,396	997,319
Gross Unrealized Losses	(211,861)	(59,042)
Fair Value	$ 24,170,582	$ 32,202,138

SECURITIES HELD TO MATURITY -_2

SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	$ 21,010,647	$ 7,240,085
Unrealized Losses, Less Than 12 Months	(647,141)	(77,143)
Fair Value, 12 Months or More	92,383
Unrealized Losses, 12 Months or More	(1,265)
Fair Value, Total	21,103,030	7,240,085
Unrealized Losses, Total	(648,406)	(77,143)
Corporate Bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	4,622,644	747,480
Unrealized Losses, Less Than 12 Months	(64,463)	(2,520)
Fair Value, Total	4,622,644	747,480
Unrealized Losses, Total	(64,463)	(2,520)
U.S. Government-sponsored Agencies
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	2,000,000
Unrealized Losses, Less Than 12 Months	(439)
Fair Value, Total	2,000,000
Unrealized Losses, Total	(439)
Municipal Bonds
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months		1,436,454
Unrealized Losses, Less Than 12 Months		(141)
Fair Value, Total		1,436,454
Unrealized Losses, Total		(141)
MBSs - residential
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	8,109,272	2,403,485
Unrealized Losses, Less Than 12 Months	(370,378)	(15,440)
Fair Value, 12 Months or More	92,383
Unrealized Losses, 12 Months or More	(1,265)
Fair Value, Total	8,201,655	2,403,485
Unrealized Losses, Total	(371,643)	(15,440)
MBSs commercial
Marketable Securities [Line Items]
Fair Value, Less Than 12 Months	6,278,731	2,652,666
Unrealized Losses, Less Than 12 Months	(211,861)	(59,042)
Fair Value, Total	6,278,731	2,652,666
Unrealized Losses, Total	$ (211,861)	$ (59,042)

SECURITIES HELD TO MATURITY - A

SECURITIES HELD TO MATURITY - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Interest – bearing deposits in other
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 4,107,705	$ 4,327,429
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase
Schedule Of Held To Maturity Securities [Line Items]
Debt securities, held to maturity, restricted	$ 8,774,302	$ 11,057,973

LOANS - Summary of loans receiv

LOANS - Summary of loans receivable (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Total loans	$ 611,933,651	$ 559,932,027
Allowance for loan losses	(2,182,174)	(2,241,174)	$ (2,041,174)	$ (2,016,174)
Net loans	609,751,477	557,690,853
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	11,709,817	13,652,248
Allowance for loan losses	(13,500)	(14,000)	(18,000)	(9,000)
Consumer
Financing Receivable, Past Due [Line Items]
Total loans	28,497,317	24,713,380
Allowance for loan losses	(86,000)	(87,000)	(92,000)	(86,000)
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	368,854,000	340,000,989
Allowance for loan losses	(1,185,674)	(1,254,174)	(1,311,174)	(1,383,174)
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	190,267,098	171,634,451
Allowance for loan losses	(849,000)	(841,000)	(589,000)	(512,000)
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total loans	12,605,419	9,930,959
Allowance for loan losses	(48,000)	(45,000)	$ (31,000)	$ (26,000)
Home Equity and Other | Consumer
Financing Receivable, Past Due [Line Items]
Total loans	$ 28,497,317	$ 24,713,380

LOANS - Additional Information

LOANS - Additional Information (Detail)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)ApplicationLoan	Sep. 30, 2019Loan	Dec. 31, 2020USD ($)ApplicationLoan
Financing Receivable, Past Due [Line Items]
Loans receivable from related parties	$ 791,102		$ 748,662
Impaired Financing Receivable, with Related Allowance, Recorded Investment	177,366		177,641
Amount of allowance for loan losses allocated	$ 35,859		$ 35,859
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of troubled debt restructured loans | Loan	1		1
Troubled debt restructured loans	$ 221,717		$ 223,352
Paycheck Protection Program | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of applications received and processed | Application	46		113
Loans received and processed	$ 5,700,000		$ 10,500,000
Residential | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Number of troubled debt restructured loans | Loan	4		4
Troubled debt restructured loans	$ 744,447		$ 750,035
Impaired Financing Receivable, with Related Allowance, Recorded Investment	177,366		177,641
Specific reserve for troubled debt restructured loans	35,859
Amount of allowance for loan losses allocated	$ 35,859		35,859
Financing receivable, modifications, number of contracts | Loan	0	0
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan	0	0
Other real estate owned	$ 0		$ 0

LOANS - Summary of activity in

LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Past Due [Line Items]
Beginning balance	$ 2,241,174	$ 2,016,174
(Credit) provision for loan losses	(59,000)	25,000
Ending balance	2,182,174	2,041,174
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Beginning balance	1,254,174	1,383,174
(Credit) provision for loan losses	(68,500)	(72,000)
Ending balance	1,185,674	1,311,174
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Beginning balance	841,000	512,000
(Credit) provision for loan losses	8,000	77,000
Ending balance	849,000	589,000
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Beginning balance	45,000	26,000
(Credit) provision for loan losses	3,000	5,000
Ending balance	48,000	31,000
Consumer
Financing Receivable, Past Due [Line Items]
Beginning balance	87,000	86,000
(Credit) provision for loan losses	(1,000)	6,000
Ending balance	86,000	92,000
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Beginning balance	14,000	9,000
(Credit) provision for loan losses	(500)	9,000
Ending balance	$ 13,500	$ 18,000

LOANS - Summary of allowance fo

LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	$ 35,859	$ 35,859
Collectively evaluated for impairment	2,146,315	2,205,315
Total ending allowance balance	2,182,174	2,241,174	$ 2,041,174	$ 2,016,174
Loans individually evaluated for impairment	1,353,685	1,324,767
Loans collectively evaluated for impairment	604,333,680	558,607,260
Loans acquired with deteriorated credit quality	6,246,286
Total ending loan balance	611,933,651	559,932,027
Commercial Real Estate Portfolio Segment | Residential First Mortgage
Financing Receivable, Past Due [Line Items]
Individually evaluated for impairment	35,859	35,859
Collectively evaluated for impairment	1,149,815	1,218,315
Total ending allowance balance	1,185,674	1,254,174	1,311,174	1,383,174
Loans individually evaluated for impairment	1,113,051	1,082,371
Loans collectively evaluated for impairment	362,998,443	338,918,618
Loans acquired with deteriorated credit quality	4,742,506
Total ending loan balance	368,854,000	340,000,989
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	849,000	841,000
Total ending allowance balance	849,000	841,000	589,000	512,000
Loans individually evaluated for impairment	221,717	223,352
Loans collectively evaluated for impairment	188,587,101	171,411,099
Loans acquired with deteriorated credit quality	1,458,280
Total ending loan balance	190,267,098	171,634,451
Commercial Real Estate Portfolio Segment | Construction
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	48,000	45,000
Total ending allowance balance	48,000	45,000	31,000	26,000
Loans collectively evaluated for impairment	12,605,419	9,930,959
Total ending loan balance	12,605,419	9,930,959
Consumer
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	86,000	87,000
Total ending allowance balance	86,000	87,000	92,000	86,000
Loans individually evaluated for impairment	18,917	19,044
Loans collectively evaluated for impairment	28,432,900	24,694,336
Loans acquired with deteriorated credit quality	45,500
Total ending loan balance	28,497,317	24,713,380
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Collectively evaluated for impairment	13,500	14,000
Total ending allowance balance	13,500	14,000	$ 18,000	$ 9,000
Loans collectively evaluated for impairment	11,709,817	13,652,248
Total ending loan balance	$ 11,709,817	$ 13,652,248

LOANS - Summary of impaired loa

LOANS - Summary of impaired loans (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	$ 1,176,319		$ 1,147,126
Loans with an allowance recorded	177,366		177,641
Amount of allowance for loan losses allocated	35,859		35,859
Average of individually impaired loans	1,458,608	$ 1,241,581
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	935,685		904,730
Loans with an allowance recorded	177,366		177,641
Amount of allowance for loan losses allocated	35,859		35,859
Average of individually impaired loans	1,217,094	1,231,715
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	221,717		223,352
Average of individually impaired loans	222,534
Home equity & other consumer | Consumer
Financing Receivable, Past Due [Line Items]
Loans with no related allowance recorded	18,917		$ 19,044
Average of individually impaired loans	$ 18,980	$ 9,866

LOANS - Summary of recorded inv

LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 965,836	$ 692,583
Consumer
Financing Receivable, Past Due [Line Items]
Nonaccrual	18,917	19,044
Residential | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Nonaccrual	$ 946,919	$ 673,539

LOANS - Summary of aging of loa

LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 2,238,127	$ 887,507
Loans Not Past Due	609,695,524	559,044,520
Total ending loan balance	611,933,651	559,932,027
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	11,709,817	13,652,248
Total ending loan balance	11,709,817	13,652,248
Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	492,859
Loans Not Past Due	28,004,458
Total ending loan balance	28,497,317	24,713,380
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	1,745,268	727,125
Loans Not Past Due	367,108,732	339,273,864
Total ending loan balance	368,854,000	340,000,989
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	190,267,098	171,634,451
Total ending loan balance	190,267,098	171,634,451
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Not Past Due	12,605,419	9,930,959
Total ending loan balance	12,605,419	9,930,959
Home Equity Loan | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		160,382
Loans Not Past Due		24,552,998
Total ending loan balance	28,497,317	24,713,380
30-59 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	913,235	160,382
30-59 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	334,283
30-59 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	578,952
30-59 Days Past Due | Home Equity Loan | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due		160,382
60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	1,023,424	702,497
60-89 Days Past Due | Consumer
Financing Receivable, Past Due [Line Items]
Loans Past Due	158,576
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	864,848	702,497
Greater than 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Loans Past Due	301,468	24,628
Greater than 89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Loans Past Due	$ 301,468	$ 24,628

LOANS - Summary of loans rece_2

LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Past Due [Line Items]
Total	$ 611,933,651	$ 559,932,027
Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total	11,709,817	13,652,248
Consumer
Financing Receivable, Past Due [Line Items]
Total	28,497,317	24,713,380
Pass
Financing Receivable, Past Due [Line Items]
Total	608,138,092	557,246,186
Pass | Commercial and Industrial
Financing Receivable, Past Due [Line Items]
Total	11,709,817	13,652,248
Pass | Consumer
Financing Receivable, Past Due [Line Items]
Total	28,478,400	24,694,336
Special Mention
Financing Receivable, Past Due [Line Items]
Total	472,320	567,766
Substandard
Financing Receivable, Past Due [Line Items]
Total	3,323,239	2,118,075
Substandard | Consumer
Financing Receivable, Past Due [Line Items]
Total	18,917	19,044
Residential First Mortgage | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	368,854,000	340,000,989
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	367,117,810	338,786,939
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	472,320	567,766
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	1,263,870	646,284
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	190,267,098	171,634,451
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	188,226,646	170,181,704
Commercial and Multi-Family Real Estate | Substandard | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	2,040,452	1,452,747
Construction | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	12,605,419	9,930,959
Construction | Pass | Commercial Real Estate Portfolio Segment
Financing Receivable, Past Due [Line Items]
Total	$ 12,605,419	$ 9,930,959

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Summary of outstanding firm commitments (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fixed Rate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	$ 8,730,200	$ 12,489,000
Fixed Rate | Residential Mortgage Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	8,700,200	8,524,000
Fixed Rate | Commercial Real Estate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments		1,830,000
Fixed Rate | Home Equity Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	30,000	2,135,000
Variable Rate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	2,804,250	6,175,000
Variable Rate | Residential Mortgage Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments		1,500,000
Variable Rate | Commercial Real Estate
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	1,695,000	$ 4,675,000
Variable Rate | Home Equity Loans
Commitments and Contingencies [Line Items]
Fair value, concentration of risk, commitments	$ 1,109,250

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Commitments and Contingencies [Line Items]
Period of loans commitments	Commitments to make loans are generally made for periods of 90 days or less.
Operating leases, rent expense	$ 25,751	$ 9,629
Home Equity Loan
Commitments and Contingencies [Line Items]
Undisbursed loan funds	46,603,606		$ 41,774,944
Business Line of Credit
Commitments and Contingencies [Line Items]
Undisbursed loan funds	$ 414,598		$ 427,827
Minimum
Commitments and Contingencies [Line Items]
Interest rate	2.99%
Maturity term	10 years
Maximum
Commitments and Contingencies [Line Items]
Interest rate	4.375%
Maturity term	30 years

FAIR VALUE - Summary of assets

FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 11,581,122	$ 11,870,508
MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	5,180,387	5,471,452
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	11,581,122	11,870,508
Fair Value, Recurring Basis | Corporate Bonds | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,400,735	6,399,056
Fair Value, Recurring Basis | MBSs - residential | Significant Other Observable Inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	5,180,387	5,471,452
Fair Value, Recurring Basis | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	11,581,122	11,870,508
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	6,400,735	6,399,056
Fair Value, Recurring Basis | Carrying Value | MBSs - residential
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities available for sale	$ 5,180,387	$ 5,471,452

FAIR VALUE - Additional Informa

FAIR VALUE - Additional Information (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair value assets, level 1 to level 2 transfers, amount	$ 0	$ 0
Fair value assets, level 2 to level 1 transfers, amount	0	0
Fair value liabilities, level 1 to level 2 transfers, amount	0	0
Fair value liabilities, level 2 to level 1 transfers, amount	$ 0	$ 0

FAIR VALUE - Summary of carryin

FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Financial instruments - assets
Cash and due from banks	$ 125,980,000	$ 80,386,000
Investment securities held-to-maturity	61,002,894	58,872,451
Loans	602,905,000	544,392,000
Financial instruments - liabilities
Certificates of deposit	388,870,000	359,465,000
Borrowings	109,425,000	106,159,000
Fair Value Measurement Placement (Level 1)
Financial instruments - assets
Cash and due from banks	125,980,000	80,386,000
Fair Value Measurement Placement (Level 2)
Financial instruments - assets
Investment securities held-to-maturity	61,003,000	58,872,000
Financial instruments - liabilities
Certificates of deposit	388,870,000	359,465,000
Borrowings	109,425,000	106,159,000
Fair Value Measurement Placement (Level 3)
Financial instruments - assets
Loans	602,905,000	544,392,000
Carrying Value
Financial instruments - assets
Cash and due from banks	125,980,000	80,386,000
Investment securities held-to-maturity	60,443,000	57,504,000
Loans	606,257,000	557,691,000
Financial instruments - liabilities
Certificates of deposit	385,938,000	356,364,000
Borrowings	$ 107,840,000	$ 104,291,000

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 128,468,076	$ 74,977,847
Comprehensive income (loss)	3,049,239	(1,451,115)
Ending balance	143,078,150	124,689,370
Unrealized gain and losses on available for sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	100,569	111,892
Other comprehensive gain	11,551
Other comprehensive loss before reclassification		(141,430)
Comprehensive income (loss)	11,551	(141,430)
Ending balance	112,120	(29,538)
Benefit plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(373,582)	(425,557)
Other comprehensive gain	31,381
Other comprehensive loss before reclassification		27,898
Comprehensive income (loss)	31,381	27,898
Ending balance	(342,201)	(397,659)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(273,013)	(313,665)
Other comprehensive gain	42,932
Other comprehensive loss before reclassification		(113,532)
Comprehensive income (loss)	42,932	(113,532)
Ending balance	$ (230,081)	$ (427,197)

EMPLOYEE STOCK OWNERSHIP PLAN -

EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail)	Mar. 31, 2021shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
ESOP shares issued	515,775
ESOP percentage of shares issued	4.00%
ESOP, Number of shares to be allocated	25,789