Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | TC Bancshares, Inc. | |
Entity Central Index Key | 0001850398 | |
Entity File Number | 333-254212 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 86-2650449 | |
Entity Address, Address Line One | 131 South Dawson Street | |
Entity Address, City or Town | Thomasville | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31792 | |
City Area Code | 229 | |
Local Phone Number | 226-3221 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | TCBC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,898,350 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 38,242,675 | $ 31,876,399 |
Federal funds sold | 10,000,000 | 10,000,000 |
Cash and cash equivalents | 48,242,675 | 41,876,399 |
Certificates of deposit with other banks | 3,451,000 | 5,652,000 |
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Other investments | 190,700 | 714,000 |
Mortgage loans held for sale | 4,194,237 | 2,944,962 |
Loans, net | 265,966,065 | 262,355,967 |
Premises and equipment, net | 3,294,791 | 3,443,509 |
Other real estate owned | 1,378,200 | 81,000 |
Bank owned life insurance | 11,095,745 | 10,883,428 |
Accrued interest receivable and other assets | 5,605,976 | 6,059,002 |
Total Assets | 386,698,982 | 349,927,133 |
Deposits: | ||
Demand | 34,650,851 | 28,768,659 |
Interest-bearing demand | 148,298,769 | 146,479,513 |
Savings | 34,739,725 | 32,275,374 |
Certificates of deposit | 76,618,108 | 86,576,281 |
Total deposits | 294,307,453 | 294,099,827 |
Federal Home Loan Bank advances | 9,515,477 | |
Accrued interest payable and other liabilities | 7,237,445 | 6,453,541 |
Total liabilities | 301,544,898 | 310,068,845 |
Commitments | ||
Equity: | ||
Common stock, $.01 par value, 20,000,000 and -0- shares authorized as of September, 30, 2021 and December 31, 2020, respectively; 4,898,350 and -0- shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 48,984 | |
Additional paid in capital | 47,411,073 | |
Retained earnings | 43,906,191 | 41,973,211 |
Accumulated other comprehensive loss | (2,293,484) | (2,114,923) |
Unearned ESOP shares 391,868 and -0- shares unallocated at September 30, 2021 and December 31, 2020, respectively | (3,918,680) | |
Total equity | 85,154,084 | 39,858,288 |
Total Liabilities and Equity | $ 386,698,982 | $ 349,927,133 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 0 |
Common stock, shares issued | 4,898,350 | 0 |
Common stock, shares outstanding | 4,898,350 | 0 |
Unearned ESOP, shares unallocated | 391,868 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and Dividend Income: | ||||
Interest and fees on loans | $ 3,210,252 | $ 3,162,034 | $ 9,422,541 | $ 9,245,231 |
Interest and dividends on taxable investment securities | 116,441 | 86,973 | 265,987 | 341,952 |
Interest on deposits with other banks and federal fund sold | 46,639 | 61,305 | 157,621 | 234,653 |
Total interest and dividend income | 3,373,332 | 3,310,312 | 9,846,149 | 9,821,836 |
Interest Expense | ||||
Interest on deposits | 231,728 | 494,979 | 794,208 | 1,883,207 |
Interest on borrowings | 1,383 | 33,818 | 39,924 | 85,270 |
Total interest expense | 233,111 | 528,797 | 834,132 | 1,968,477 |
Net interest income | 3,140,221 | 2,781,515 | 9,012,017 | 7,853,359 |
Provision for Allowance for Loan Losses | 106,836 | 179,363 | 123,183 | 779,758 |
Net interest income after provision for allowance for loan losses | 3,033,385 | 2,602,152 | 8,888,834 | 7,073,601 |
Other Income: | ||||
Service charges on deposits accounts | 151,853 | 108,445 | 421,001 | 369,391 |
Gain on sale of mortgage loans | 537,115 | 412,367 | 1,638,612 | 744,323 |
Bank owned life insurance income | 70,610 | 74,363 | 212,317 | 226,336 |
Other | 17,232 | 50 | 24,607 | 18,386 |
Total other income | 776,810 | 595,225 | 2,296,537 | 1,358,436 |
Other Expense | ||||
Salaries and employee benefits | 1,892,823 | 1,814,460 | 5,562,710 | 4,720,967 |
Occupancy and equipment | 216,816 | 188,731 | 616,766 | 548,495 |
Other real estate owned, net of operations, loss (gain) on sales and write-downs | 2,449 | 4,817 | 3,649 | (1,037) |
Data processing conversion costs | 67,225 | 503 | 121,725 | |
Other | 916,808 | 690,231 | 2,484,906 | 2,031,200 |
Total other expense | 3,028,896 | 2,765,464 | 8,668,534 | 7,421,350 |
Income Before Income Taxes | 781,299 | 431,913 | 2,516,837 | 1,010,687 |
Income Tax Expense | 183,455 | 98,121 | 583,857 | 217,787 |
Net Income | $ 597,844 | $ 333,792 | $ 1,932,980 | $ 792,900 |
Earnings per share: | ||||
Basic | $ 0.12 | $ 0.12 | ||
Diluted | $ 0.12 | $ 0.12 | ||
Weighted Average Shares Outstanding: | ||||
Basic | 3,844,941 | 3,844,941 | ||
Diluted | 3,844,941 | 3,844,941 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 597,844 | $ 333,792 | $ 1,932,980 | $ 792,900 |
Unrealized (losses) gains on securities available-for-sale: | ||||
Holding (losses) gains arising during the period, net of taxes of ($33,126), ($10,853), ($68,704), and $129,163, respectively | (89,562) | (38,250) | (178,561) | 340,313 |
Total other comprehensive (loss) income | (89,562) | (38,250) | (178,561) | 340,313 |
Comprehensive Income | $ 508,282 | $ 295,542 | $ 1,754,419 | $ 1,133,213 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Income Statement Elements [Abstract] | ||||
Unrealized (losses) gains on available for sale securities tax component | $ (33,126) | $ (10,853) | $ (68,704) | $ 129,163 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity - USD ($) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned-ESOP Shares [Member] |
Beginning Balance at Dec. 31, 2019 | $ 39,788,462 | $ 41,665,557 | $ (1,877,095) | |||
Net income | 257,346 | 257,346 | ||||
Other comprehensive income (loss), net of tax | (87,821) | (87,821) | ||||
Ending Balance at Mar. 31, 2020 | 39,957,987 | 41,922,903 | (1,964,916) | |||
Beginning Balance at Dec. 31, 2019 | 39,788,462 | 41,665,557 | (1,877,095) | |||
Net income | 792,900 | |||||
Other comprehensive income (loss), net of tax | 340,313 | |||||
Ending Balance at Sep. 30, 2020 | 40,921,675 | 42,458,457 | (1,536,782) | |||
Beginning Balance at Mar. 31, 2020 | 39,957,987 | 41,922,903 | (1,964,916) | |||
Net income | 201,762 | 201,762 | ||||
Other comprehensive income (loss), net of tax | 466,384 | 466,384 | ||||
Ending Balance at Jun. 30, 2020 | 40,626,133 | 42,124,665 | (1,498,532) | |||
Net income | 333,792 | 333,792 | ||||
Other comprehensive income (loss), net of tax | (38,250) | (38,250) | ||||
Ending Balance at Sep. 30, 2020 | 40,921,675 | 42,458,457 | (1,536,782) | |||
Beginning Balance at Dec. 31, 2020 | 39,858,288 | 41,973,211 | (2,114,923) | |||
Net income | 764,933 | 764,933 | ||||
Other comprehensive income (loss), net of tax | (116,965) | (116,965) | ||||
Ending Balance at Mar. 31, 2021 | 40,506,256 | 42,738,144 | (2,231,888) | |||
Beginning Balance at Dec. 31, 2020 | 39,858,288 | 41,973,211 | (2,114,923) | |||
Net income | 1,932,980 | |||||
Other comprehensive income (loss), net of tax | (178,561) | |||||
Ending Balance at Sep. 30, 2021 | 85,154,084 | $ 48,984 | $ 47,411,073 | 43,906,191 | (2,293,484) | $ (3,918,680) |
Beginning Balance at Mar. 31, 2021 | 40,506,256 | 42,738,144 | (2,231,888) | |||
Net income | 570,203 | 570,203 | ||||
Other comprehensive income (loss), net of tax | 27,966 | 27,966 | ||||
Ending Balance at Jun. 30, 2021 | 41,104,425 | 43,308,347 | (2,203,922) | |||
Net income | 597,844 | 0 | 0 | 597,844 | 0 | 0 |
Other comprehensive income (loss), net of tax | (89,562) | (89,562) | ||||
Proceeds from issuance of common stock, net of offering expenses | 47,460,057 | 48,984 | 47,411,073 | |||
Purchases of shares of common stock by the ESOP | (3,918,680) | (3,918,680) | ||||
Ending Balance at Sep. 30, 2021 | $ 85,154,084 | $ 48,984 | $ 47,411,073 | $ 43,906,191 | $ (2,293,484) | $ (3,918,680) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,932,980 | $ 792,900 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation, amortization and accretion | 330,112 | 301,291 |
Provision for allowance for loan losses | 123,183 | 779,758 |
Gain on sale of other real estate owned | (6,986) | |
Increase in cash surrender value of bank owned life insurance | (212,317) | (226,336) |
Gain on mortgage loans sold, net | (1,638,612) | (744,323) |
Proceeds from the sale of mortgage loans held for sale | 78,856,454 | 41,822,734 |
Originations of mortgage loans held for sale | (78,467,117) | (45,348,898) |
Change in: | ||
Accrued interest receivable and other assets | 521,730 | (1,237,334) |
Accrued interest payable and other liabilities | 783,904 | 238,307 |
Net cash provided by (used in) operating activities | 2,230,317 | (3,628,887) |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 2,201,000 | 2,694,000 |
Purchases of investment securities available-for -sale | (30,688,457) | |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 3,022,800 | 4,065,144 |
Purchase of other investments | (432,400) | |
Proceeds from sales of other investments | 523,300 | 118,600 |
Net change in loans | (5,030,481) | (26,676,610) |
Proceeds from sales of other real estate owned | 13,500 | |
Proceeds from sales of premises and equipment | 11,493 | |
Purchases of premises and equipment | (125,729) | (347,710) |
Net cash used in investing activities | (30,097,567) | (20,553,983) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 207,626 | 8,882,732 |
Proceeds from Federal Home Loan Bank advances | 10,000,000 | |
Repayments of Federal Home Loan Bank advances | (9,515,477) | (2,839,285) |
Proceeds from sale of common stock | 48,983,500 | |
Stock offering expenses | (1,523,443) | |
Common stock purchased by ESOP | (3,918,680) | |
Net cash provided by financing activities | 34,233,526 | 16,043,447 |
Net Change in Cash and Cash Equivalents | 6,366,276 | (8,139,423) |
Cash and Cash Equivalents, Beginning of Period | 41,876,399 | 24,191,882 |
Cash and Cash Equivalents, End of Period | 48,242,675 | 16,052,459 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 844,628 | 1,993,408 |
Cash received from tax refund | 26,976 | |
Non-Cash Investing and Financing Activities: | ||
Transfer of loans to other real estate owned | 1,297,200 | |
Change in unrealized (losses) gains on securities-for-sale, net of tax | $ (178,561) | $ 340,313 |
General; Basis of Presentation
General; Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General; Basis of Presentation | NOTE 1 – GENERAL; BASIS OF PRESENTATION Nature of Operations: TC Federal Bank (“Bank”) was organized in 1934 and chartered in 1937 by the Federal Home Loan Bank Board as a mutual savings and loan association owned 100% by its depositors. Effective January 1, 2018, the Bank amended its corporate name to TC Federal Bank. On July 20, 2021, the Bank converted to a federal stock savings bank and established a stock holding company, TC Bancshares, Inc. (the “Company”), as parent of the Bank. The Bank operates one branch in Thomasville, Georgia, and one in Tallahassee, Florida as well as loan production offices in Tallahassee, Florida and Savannah, Georgia, that provide a variety of services to individuals and corporate customers in their markets. The Bank’s primary deposit products are interest-bearing checking accounts, savings accounts, and certificates of deposit. Its primary lending products consist of single-family residential mortgage loans and commercial and multi-family real estate loans. The Bank is regulated by the Office of the Comptroller of the Currency (“OCC”) and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank undergoes periodic examinations by the OCC. The Company is subject to the supervision, examination, and reporting requirments of the Bank Holding Company Act and the regulations of the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Basis of Presentation: The accounting and financial reporting policies of the Company and the Bank conform, in all material respects to accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The condensed financial statements in the quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management reflect all necessary adjustments for a fair presentation of the Company's consolidated financial position and consolidated results of operations. All adjustments were of a normal and recurring nature. The condensed financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the condensed financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our financial statements, and notes thereto, for the year ended December 31, 2020 included in the Form S-1 of TC Federal Bank as filed with the SEC. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any future period. In 2020, Coronavirus Disease 2019 ("COVID-19") spread into a worldwide pandemic. The pandemic may impact various parts of the Company's future operations and financial results, including additional allowance for loan loss provisions. Management believes the Company is taking appropriate actions to mitigate the negative impact. However, the full impact of COVID-19 on the allowance for loan losses as of September 30, 2021 cannot be reasonably estimated, as these events are still developing. Earnings per Share: Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental commons shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the three and nine months ended September 30, 2021, earnings per share is calculated for the period that the Company's shares of common stock were outstanding (July 20, 2021 through September 30, 2021). The net earnings for this period was approximately $ 452,000 and the weighted average shares outstanding were 3,844,941 . Summary of Significant Accounting Policies: The accounting and reporting policies of the Company and the Bank conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Bank’s financial statements for the year ended December 31, 2020 included in the Bank’s Form S-1. Employee Stock Ownership Plan: The Company sponsors an employee stock ownership loan ("ESOP") that covers all employees who meet certain service requirements. The Company will make annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proprtion of debt service paid in the year. In connection with the Company's initial public stock offering, the ESOP borrowed $ 3.9 million payable to the Company for the purpose of purchasing shares of the Company's common stock. A total of 391,868 shares were purchased with the loan proceeds. Because the source of the loan payments are contributions received by the ESOP from the Company, the related notes receivable is shown as a reduction of stockholders' equity. Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . This update will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now include forward-looking information in the determination of their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) . This update clarified the effective date of ASC 2016-13 for nonpublic business entities to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early application of ASU 2016-13 will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated condensed financial statements. In August 2018, the FASB issued ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this ASU did not have a significant impact on the Company's consolidated condensed financial statements. In August 2018, the FASB issued ASU 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. This ASU is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. In December 2019, the FASB issued ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. In May 2021, the FASB issued ASU 2021-04- Earning per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) . This ASU provides clarity and reduction in diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings per Share. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic. The amendments do not affect a holder's accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. Emerging Growth Company Status: The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company intends to elect to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale at September 30, 2021 and December 31, 2020 are as follows: Amortized Gross Gross Estimated Fair Value as September 30, 2021- US treasuries $ 5,134,372 $ 61,878 $ — $ 5,196,250 12 % Mortgage-backed securities 9,102,115 230,179 3,795 9,328,499 22 % Collateralized mortgage 19,661,896 119,544 104,885 19,676,555 45 % Municipal bonds 6,746,206 511 38,445 6,708,272 15 % Corporate obligations 2,375,000 780 5,763 2,370,017 5 % $ 43,019,589 $ 412,892 $ 152,888 $ 43,279,593 100 % December 31, 2020- Mortgage-backed securities $ 5,943,804 $ 336,801 $ — $ 6,280,605 39 % Collateralized mortgage 8,966,213 168,852 — 9,135,065 57 % Corporate obligations 499,580 1,616 — 501,196 3 % $ 15,409,597 $ 507,269 $ — $ 15,916,866 100 % The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ — $ — Mortgage-backed securities 1,654,950 3,795 — — Collateralized mortgage obligations 11,287,602 104,885 — — Municipal bonds 4,563,663 38,445 Corporate obligations 1,369,237 5,763 — — Total less than 12 months $ 18,875,452 $ 152,888 $ — $ — There were no unrealized losses at December 31, 2020 and no unrealized losses for greater than 12 months as of September 30, 2021. The unrealized losses at September 30, 2021 were on 15 securities and arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades or the repayment sources of principal and interest are backed by government entities. The Bank does not intend to sell the investments and it is not likely that the Bank will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The amortized cost and estimated fair value of investment securities available-for-sale at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years — — 5 to 10 years 14,255,578 14,274,539 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 28,764,011 29,005,054 Total $ 43,019,589 $ 43,279,593 The Bank did not sell any investment securities available-for-sale for the nine months ended September 30, 2021 or 2020 . Securities with carrying values of approximately $ 154,000 and $ 265,000 at September 30, 2021 and December 31, 2020 , respectively, were pledged to secure public deposits as required by law and for other purposes. |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES Major classifications of loans, by purpose code, at September 30, 2021 and December 31, 2020, are summarized as follows: September 30, 2021 Percent December 31, 2020 Percent Real estate loans: Residential $ 95,890,048 35.33 % $ 105,837,324 39.56 % Home equity 11,525,396 4.25 % 8,892,417 3.32 % Multi-family 19,162,865 7.06 % 15,140,468 5.66 % Commercial 84,750,748 31.23 % 72,717,869 27.18 % Construction and land development 29,400,305 10.83 % 29,982,506 11.21 % Total real estate loans 240,729,362 232,570,584 Consumer loans 6,160,755 2.27 % 5,372,529 2.01 % Commercial and industrial loans 24,486,594 9.02 % 29,599,982 11.06 % Total loans 271,376,711 100.00 % 267,543,095 100.00 % Less: Allowance for loan losses 4,247,078 4,085,719 Deferred loan fees 1,163,568 1,101,409 Loans, net $ 265,966,065 $ 262,355,967 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations primarily in Thomas County, Georgia and other surrounding areas. Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent on the real estate market. The Bank has divided the loan portfolio into seven portfolio segments, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified by the Bank are real estate - residential, real estate - home equity, real estate - multi-family, real estate - commercial, real estate - construction and land development, consumer loans and commercial and industrial loans. Real Estate - Residential: The Bank originates residential real estate loans for the purchase or refinancing of a mortgage. These loans are primarily collateralized by owner-occupied properties and rental properties located primarily in the Bank’s market areas. Real Estate - Home Equity: The Bank originates home equity real estate loans to provide home equity lines of credit and closed-end home equity loans. These loans are primarily collateralized by owner-occupied properties located primarily in the Bank’s market areas. Real Estate - Multi-family: Multi-family loans consist of loans to finance real estate purchases, refinancings, expansions and improvements to multi-family properties. These loans may be secured by, but are not limited to, first liens on apartments, mobile home parks or other mutli-family properties primarily located within the Bank’s market areas. The Bank’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower’s and borrower’s related entities’ financial condition, and a detailed analysis of the borrower’s underlying cash flows. Multi-family loans are larger than residential or home equity loans and involve greater credit risk. The repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions also affect the repayment ability to a greater extent than residential or home equity real estate loans. Real Estate - Commercial: Commercial real estate loans consist of loans to finance real estate purchases, refinancings, expansions and improvements to commercial properties. These loans may be secured by first liens on office buildings, farms, retail and mixed-use properties, churches, warehouses and restaurants primarily located within the Bank’s market areas. The Bank’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower’s and borrower’s related entities’ financial condition, and a detailed analysis of the borrower’s underlying cash flows. Commercial real estate loans are larger than residential loans and involve greater credit risk. The repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions also affect the repayment ability to a greater extent than residential real estate loans. Real Estate - Construction and land development: These loans are made to borrowers to build commercial structures, a primary or secondary residence and, in some cases, to real estate investors to acquire and develop land. These loans are more difficult to evaluate since they are significantly more vulnerable to changes in economic conditions. In addition, these loans possess a higher degree of credit risk since they are made based on estimates of the future worth of a project and the estimated costs required for completion. The Bank limits its overall investment in this portfolio segment due both to management’s assessment of risk and certain percentage guidance set by the regulatory agencies. Consumer: Consumer loans mainly consist of personal loans, revolving credit plans and other loans. The Bank’s consumer loans may be uncollateralized and rely on the borrower’s income for repayment. Commercial and industrial: Commercial and industrial loans consist generally of business loans and lines of credit to companies in the Bank’s market area. Commercial and industrial loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture. Such loans are usually collateralized by the financed assets, although a portion may be made on an unsecured basis and contain the guarantee of the business principals. The Bank’s underwriting analysis consists of a review of the financial statements of the borrower, the lending history of the borrower, the debt service capabilities of the borrower, the projected cash flows of the business, the value of the collateral, if any, and whether the loan is guaranteed by the principals of the borrower. Commercial and industrial loans are typically made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business, which makes them of higher risk than residential loans and the collateral securing loans may be difficult to appraise and may fluctuate in value based on the success of the business. Commercial and industrial loans also include loans originated under the Paycheck Protection Program (“PPP”), as prescribed in the Coronavirsus Aid, Relief, and Economic Security ("CARES") Act. These loans have an interest rate of 1.0 % and a two-year or five-year loan term to maturity. The Small Business Administration (“SBA”) guarantees 100 % of the PPP loans made to eligible borrowers, and loan proceeds may be partially or fully forgiven by the SBA if the funds are used for eligible expenses during the relevant forgiveness period and the borrower meets the employee retention criteria. The Bank was paid a processing fee from the SBA on PPP loan originations ranging from 1 % to 5 %, based on the size of the loans. For the nine months ended September 30, 2021, the Bank had recorded approximately $ 481,000 in PPP-related SBA fees. No PPP-related SBA fees were recorded for the three months ended September 30, 2021. The Bank is accreting these fees into interest income over the estimated life of the applicable loans. If a PPP loan is forgiven or paid off before maturity, the remaining unearned fee is recognized into income at that time. For the three and nine months ended September 30, 2021, the Bank had recognized appro ximately $ 151,000 and $ 436,000 in PPP-related SBA fees, respectively. The majority of the remaining unearned fees are expected to be recognized as the PPP loans are forgiven or paid off. Deferred PPP-related SBA fees totaled $ 436,000 and $ 260,000 at September 30, 2021 and December 31, 2020, respectively. Allowance for Loan Losses: An analysis of the change in allowance for loan losses follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 4,119,010 $ 3,817,452 $ 4,085,719 $ 3,064,777 Charge-offs: Real estate loans: Residential — — ( 11,123 ) ( 2,951 ) Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development — — — — Total real estate loans — — ( 11,123 ) ( 2,951 ) Consumer loans ( 6,448 ) — ( 28,037 ) — Commercial and industrial loans — — — — Total charge-offs ( 6,448 ) — ( 39,160 ) ( 2,951 ) Recoveries: Real estate loans: Residential 9,979 25,373 22,256 118,431 Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development 13,047 12,913 24,392 31,051 Total real estate loans 23,026 38,286 46,648 149,482 Consumer loans 1,155 1,985 6,309 7,435 Commercial and industrial loans 3,499 9,250 24,379 47,835 Total recoveries 27,680 49,521 77,336 204,752 Net recoveries 21,232 49,521 38,176 201,801 Provision for allowance for loan losses 106,836 179,363 123,183 779,758 Ending balance $ 4,247,078 $ 4,046,336 $ 4,247,078 $ 4,046,336 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2021 and December 31, 2020: Loans Allowance for loan losses Individually Collectively Individually Collectively September 30, 2021 - Real estate loans: Residential $ 1,570,793 $ 94,319,255 $ — $ 1,453,148 Home equity — 11,525,396 — 175,034 Multi-family — 19,162,865 — 293,384 Commercial — 84,750,748 — 1,697,976 Construction and development 10,121 29,390,184 — 348,481 Total real estate loans 1,580,914 239,148,448 — 3,968,023 Consumer loans — 6,160,755 — 1,766 Commercial and industrial loans 315,122 24,171,472 78,780 70,728 Unallocated — — — 127,781 Total $ 1,896,036 $ 269,480,675 $ 78,780 $ 4,168,298 December 31, 2020 - Real estate loans: Residential $ 1,480,633 $ 104,356,691 $ — $ 1,444,921 Home equity 675 8,891,742 — 133,985 Multi-family — 15,140,468 — 311,409 Commercial 1,339,199 71,378,670 — 1,531,037 Construction and development 11,637 29,970,869 — 387,127 Total real estate loans 2,832,144 229,738,440 — 3,808,479 Consumer loans — 5,372,529 — 1,360 Commercial and industrial loans — 29,599,982 — 101,497 Unallocated — — — 174,383 Total $ 2,832,144 $ 264,710,951 $ — $ 4,085,719 Impaired Loans: The following tables present impaired loans by class of loans as of September 30, 2021 and December 31, 2020: Recorded Principal Related September 30, 2021 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans 315,122 315,122 78,780 Total $ 315,122 $ 315,122 $ 78,780 Impaired loans without related allowance: Real estate loans: Residential $ 1,570,793 $ 1,570,793 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 10,121 10,121 — Total real estate loans 1,580,914 1,580,914 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,580,914 $ 1,580,914 $ — Recorded Principal Related December 31, 2020 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,480,633 $ 1,480,633 $ — Home equity 675 $ 675 — Multi-family — $ — — Commercial 1,339,199 1,339,199 — Construction and land development 11,637 11,637 — Total real estate loans 2,832,144 2,832,144 — Consumer loans — — — Commercial and industrial loans — — — Total $ 2,832,144 $ 2,832,144 $ — The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,589,919 $ 48,846 $ 24,631 $ 1,975,906 $ 49,468 $ 45,144 Home equity — — — 2,204 131 164 Multi-family — — — — — — Commercial 669,600 — — 1,605,773 — — Construction and land development 10,408 355 129 6,191 501 501 Total real estate loans 2,269,927 49,201 24,760 3,590,074 50,100 45,809 Consumer loans 39,390 10,755 13,139 — — — Commercial and industrial loans — — — — — — Total $ 2,309,317 $ 59,956 $ 37,899 $ 3,590,074 $ 50,100 $ 45,809 Nine Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,571,775 $ 70,611 $ 70,743 $ 1,524,632 $ 89,135 $ 104,397 Home equity 598 — — 4,172 172 172 Multi-family — — — — — — Commercial 1,039,595 — — 1,425,655 — — Construction and land development 68,876 399 358 298,125 501 501 Total real estate loans 2,680,844 71,010 71,101 3,252,584 89,808 105,070 Consumer loans — 10,755 13,139 — — — Commercial and industrial loans — — — — — — Total $ 2,680,844 $ 81,765 $ 84,240 $ 3,252,584 $ 89,808 $ 105,070 Past Due and Nonaccrual Loans: The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of September 30, 2021 and December 31, 2020, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual September 30, 2021 - Real estate loans: Residential $ — $ 140,783 $ — $ 140,783 $ 95,749,265 $ 95,890,048 $ 374,847 Home equity 43,093 — — 43,093 11,482,303 11,525,396 — Multi-family — — — — 19,162,865 19,162,865 — Commercial 129,911 — — 129,911 84,620,837 84,750,748 — Construction 60,111 — — 60,111 29,340,194 29,400,305 — Total real 233,115 140,783 — 373,898 240,355,464 240,729,362 374,847 Consumer loans — — — — 6,160,755 6,160,755 — Commercial and 27,497 — — 27,497 24,459,097 24,486,594 315,122 $ 260,612 $ 140,783 $ — $ 401,395 $ 270,975,316 $ 271,376,711 $ 689,969 December 31, 2020 - Real estate loans: Residential $ 40,583 $ 84,167 $ 196,826 $ 321,576 $ 105,515,748 $ 105,837,324 $ 623,998 Home equity — — — — 8,892,417 8,892,417 — Multi-family — — — — 15,140,468 15,140,468 — Commercial — — 1,339,199 1,339,199 71,378,670 72,717,869 1,339,199 Construction — — — — 29,982,506 29,982,506 — Total real 40,583 84,167 1,536,025 1,660,775 230,909,809 232,570,584 1,963,197 Consumer loans — — — — 5,372,529 5,372,529 — Commercial and 151,136 — — 151,136 29,448,846 29,599,982 — $ 191,719 $ 84,167 $ 1,536,025 $ 1,811,911 $ 265,731,184 $ 267,543,095 $ 1,963,197 As of September 30, 2021 , there were no loans greater than 90 days past due and still accruing. As of December 31, 2020 , there was one loan greater than 90 days past due and still accruing totaling approximately $ 16,000 . Troubled Debt Restructurings: The Bank did not modify any loans in the nine months ended September 30, 2021 and 2020 in a manner that would be considered troubled debt restructurings. There were no specific allowances allocated to troubled debt restructurings as of September 30, 2021 or 2020. The Bank did not commit to lend any additional amounts to customers with outstanding loans that are classified as troubled restructurings. Certain troubled debt restructurings are accruing loans in which interest is earned when payments are made. Management continues to evaluate these accruing troubled debt restructurings for impairment on a quarterly basis. During the nine months ended September 30, 2021 and 2020 , no restructured loans defaulted subsequent to modification. COVID-19 Related Loan Modifications: The Bank implemented a customer payment deferral program to assist borrowers that may be experiencing financial hardship due to COVID-19 related challenges, whereby short-term deferrals of payments (generally three to six months) have been provided. As of September 30, 2021 and December 31, 2020, all loans that were granted COVID-19 related payment deferrals had resumed making payments under the terms of the original loan agreements. Consistent with industry regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals continued to be reported as current loans throughout the agreed upon deferral period and were not classified as troubled debt restructurings. Credit Quality: The Bank categorized 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. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings: Special Mention. Evidence of financial deterioration exists, or file documentation is inadequate or not available to determine the borrower’s financial status or ability to repay. The loan possesses potential weakness which may, if not reversed or corrected, weaken the credit or inadequately protect the Bank’s position. Substandard. A well-defined weakness or weaknesses exists that jeopardizes the liquidation of the debt. The loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful. All of the weaknesses of a substandard loan exist, with the added characteristic that the weaknesses jeopardize the collection and/or liquidation of the debt. Loss exposure, while evident, is not clearly determinable. Special workout negotiations and/or litigation should be initiated. Loss. Considered uncollectible in full and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be achieved in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of September 30, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Special Substandard Doubtful Loss Total September 30, 2021 - Real estate loans: Residential $ 93,896,708 $ 722,233 $ 1,271,107 $ — $ — $ 95,890,048 Home equity 11,525,396 — — — — 11,525,396 Multi-family 19,162,865 — — — — 19,162,865 Commercial 73,636,282 8,128,452 2,986,014 — — 84,750,748 Construction and land 25,323,624 3,940,809 135,872 — — 29,400,305 Total real estate loans 223,544,875 12,791,494 4,392,993 — — 240,729,362 Consumer loans 6,160,755 — — — — 6,160,755 Commercial and industrial loans 24,080,267 91,205 236,342 — 78,780 24,486,594 $ 253,785,897 $ 12,882,699 $ 4,629,335 $ — $ 78,780 $ 271,376,711 December 31, 2020 - Real estate loans: Residential $ 102,229,498 $ 1,243,538 $ 2,364,288 $ — $ — $ 105,837,324 Home equity 8,891,742 — 675 — — 8,892,417 Multi-family 14,831,774 308,694 — — — 15,140,468 Commercial 67,305,357 4,073,313 1,339,199 — — 72,717,869 Construction and land 25,390,597 2,950,389 1,641,520 — — 29,982,506 Total real estate loans 218,648,968 8,575,934 5,345,682 — — 232,570,584 Consumer loans 5,372,529 — — — — 5,372,529 Commercial and industrial loans 27,643,564 466,020 1,490,398 — — 29,599,982 $ 251,665,061 $ 9,041,954 $ 6,836,080 $ — $ — $ 267,543,095 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The Bank did not have any Federal Home Loan Bank ("FHLB") advances outstanding as of September 30, 2021 , as all outstanding advances were paid off in July 2021 and resulted in a gain on extinguishment of debit of $ 12,000 . The following advances from the FHLB were outstanding as of December 31, 2020: December 31, 2020 - Advance Date Amount Rate Interest Rate Maturity Call Feature January 7, 2008 $ 208,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 450,000 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,333,333 Fixed 0.66 % April, 1 2025 N/A April 7, 2020 4,523,810 Fixed 0.79 % April 7, 2027 N/A $ 9,515,477 The FHLB advances were collateralized by the Bank’s FHLB stock and a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $ 18,387,000 and $ 37,248,000 at September 30. 2021 and December 31, 2020 , respectively. The Bank had approximately $ 18,400,000 and $ 19,200,000 in available borrowing capacity through the FHLB at September 30, 2021 and December 31, 2020, respectively. Unsecured federal funds lines of credit totaling $ 19,500,000 and $ 18,300,000 were available to the Bank for overnight borrowing through correspondent banks at September 30, 2021 and December 31, 2020 , respectively. The Bank also had approximately $ 6,088,000 and $ 9,900,000 in available borrowing capacity through the Federal Reserve Bank of Atlanta at September 30, 2021 and December 31, 2020 , respectively. There were no borrowings against either of these facilities at September 30, 2021 or December 31, 2020 . The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $ 10,189,000 and $ 15,000,000 at September 30, 2021 and December 31, 2020 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5 - COMMITMENTS AND CONTINGENCIES Credit Related Financial Instruments: 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. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contractual amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of 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. In most cases, the Bank requires collateral or other security to support financial instruments with credit risk. September 30, 2021 December 31, 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 22,040,000 $ 30,288,000 Stand-by letters of credit $ 913,000 $ 725,000 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 many of the commitments may 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. Collateral held varies but may include unimproved and improved real estate, certificates of deposit, or personal property. Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to businesses within the Bank’s trade area. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds real estate and assignments of deposit accounts as collateral supporting those commitments for which collateral is deemed necessary. The extent of collateral held for these commitments at September 30, 2021 and December 31, 2020 varies. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | NOTE 6 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under certain adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the Federal bank regulatory agencies issued a final rule that revised their risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The final rule applies to all depository institutions and, pursuant to the Federal Reserve Board’s policy statements, to top-tier bank and savings and loan holding companies with total consolidated assets of $ 3.0 billion or more. The rule established a new common equity Tier 1 minimum capital requirement, increased the minimum capital ratios and assigned a higher risk weight to certain assets based on the risk associated with these assets. The final rule includes a transition period that implements the new regulations over a five-year period. These changes were phased in beginning in January 2015. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total common equity Tier 1, total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of September 30, 2021 and December 31, 2020, that the Bank met all capital adequacy requirements to which it is subject. As of September 30, 2021 and December 31, 2020, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum common equity Tier 1 risk-based, total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth below. There are no conditions or events since that notification that management believes have changed the institution’s category. The Bank’s actual capital amounts and ratios, and minimum amounts under current regulatory standards, as of September 30, 2021 and December 31, 2020, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2021: Common Equity Tier 1 Capital to Risk-Weighted $ 62,313 24.84 % $ 11,287 4.50 % $ 16,304 6.50 % Total Capital to Risk- Weighted Assets $ 65,462 26.10 % $ 20,066 8.00 % $ 25,083 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 62,313 26.84 % $ 15,050 6.00 % $ 20,066 8.00 % Tier I Capital to Average Assets $ 62,313 15.83 % $ 15,743 4.00 % $ 19,678 5.00 % December 31, 2020: Common Equity Tier 1 Capital to Risk-Weighted $ 40,090 16.46 % $ 10,963 4.50 % $ 15,835 6.50 % Total Capital to Risk- Weighted Assets $ 43,148 17.71 % $ 19,489 8.00 % $ 24,361 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,090 16.46 % $ 14,617 6.00 % $ 19,489 8.00 % Tier I Capital to Average Assets $ 40,090 11.73 % $ 13,673 4.00 % $ 17,091 5.00 % |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 7 - FAIR VALUE MEASUREMENT The Bank utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. From time to time, the Bank may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Additionally, the Bank is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Bank groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Assets Recorded at Fair Value on a Recurring Basis. The table below presents the recorded amount of assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total September 30, 2021: US treasuries $ — $ 5,196,250 $ — $ 5,196,250 Mortgage-backed securities — 9,328,499 — 9,328,499 Collateralized mortgage obligations — 19,676,555 — 19,676,555 Municipal bonds — 6,708,272 6,708,272 Corporate obligations — 2,370,017 — 2,370,017 Investment securities available-for-sale $ — $ 43,279,593 $ — $ 43,279,593 December 31, 2020: Mortgage-backed securities $ — $ 6,280,605 $ — $ 6,280,605 Collateralized mortgage obligations — 9,135,065 — 9,135,065 Corporate obligations — 501,196 — 501,196 Investment securities available-for-sale $ — $ 15,916,866 $ — $ 15,916,866 Assets Recorded at Fair Value on a Nonrecurring Basis. The Bank may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2021 and December 31, 2020: Level 1 Level 2 Level 3 Total September 30, 2021: Other real estate owned $ — $ — $ 1,378,200 $ 1,378,200 Impaired loans — — — — $ — $ — $ 1,378,200 $ 1,378,200 December 31, 2020: Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 The following methods and assumptions were used to estimate the fair value of each class of assets and liabilities either recorded or disclosed at fair value. Cash and Cash Equivalents. The carrying value of cash and cash equivalents is a reasonable estimate of fair value. Certificates of deposit with other banks. The carrying value of certificates of deposit with other banks is a reasonable estimate of fair value. Investment Securities Available-for-Sale. Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. Other Investments. Other investments consist of FHLB stock whose carrying value approximates its fair value. Mortgage Loans Held for Sale. The estimated fair value of mortgage loans held for sale, classified within Level 2, is approximated by the carrying value, given the short-term nature of the loans and similarly to what secondary markets are currently offering for portfolios of loans with similar characteristics. Loans. The Bank does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and a specific allocation is established within the allowance for loan losses. Loans for which it is probable that payment of interest and/or principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment using one of three methods, including collateral value, market value of similar debt, and discounted cash flows. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. Impaired loans in which an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price, the Bank records the impaired loan as nonrecurring Level 2. When an appraised value is utilized or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Bank records the impaired loan as nonrecurring Level 3. Other Real Estate Owned. Other real estate owned properties are adjusted to fair value less estimated selling costs upon transfer of the loans to other real estate owned. Subsequently, other real estate owned assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value is based on an observable market price, the Bank records the other real estate owned as nonrecurring Level 2. When the fair value is based on an appraised value, or when an appraised value is not available, the Bank records the other real estate owned asset as nonrecurring Level 3. Bank Owned Life Insurance. The carrying value of Bank Owned Life Insurance approximates fair value. Commitments to Extend Credit. Commitments to extend credit are short-term and, therefore, the carrying value and the fair value are considered immaterial for disclosure. Deposits. The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is, their carrying amounts). The carrying amounts of savings accounts approximate their fair values at the reporting date. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered to a schedule of aggregated expected maturities of time deposits. Federal Home Loan Bank Advances. Federal Home Loan Bank advances are carried at cost and the fair value is obtained from the Federal Home Loan Bank of Atlanta. The carrying amounts and estimated fair values of the Bank’s financial instruments as of September 30, 2021 and December 31, 2020 are as follows: Fair Value Measurements at September 30, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 48,242,675 $ 48,242,675 $ 48,242,675 $ — $ — Certificates of deposit with other 3,451,000 3,451,000 3,451,000 — — Investment securities available-for- 43,279,593 43,279,593 — 43,279,593 — Other investments 190,700 190,700 — 190,700 — Mortgage loans held for sale 4,194,237 4,194,237 — 4,194,237 — Loans, net 265,966,065 277,899,000 — — 277,899,000 Bank owned life insurance 11,095,745 11,095,745 11,095,745 — — Financial liabilities: Deposits 294,307,453 327,179,000 217,689,345 — 109,489,655 Fair Value Measurements at December 31, 2020 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 41,876,399 $ 41,876,399 $ 41,876,399 $ — $ — Certificates of deposit with other 5,652,000 5,652,000 5,652,000 — — Investment securities available-for- 15,916,866 15,916,866 — 15,916,866 — Other investments 714,000 714,000 — 714,000 — Mortgage loans held for sale 2,944,962 2,944,962 — 2,944,962 — Loans, net 262,355,967 277,366,000 — — 277,366,000 Bank owned life insurance 10,883,428 10,883,428 10,883,428 — — Financial liabilities: — Deposits 294,099,827 313,033,000 207,523,546 — 105,509,454 FHLB advances 9,515,477 9,631,000 — — 9,631,000 Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Change in Corporate Form
Change in Corporate Form | 9 Months Ended |
Sep. 30, 2021 | |
Change in Corporate Form [Abstract] | |
Change in Corporate Form | NOTE 8 – CHANGE IN CORPORATE FORM The Bank converted to the stock form of ownership, followed by the issuance of all of the Bank’s outstanding stock to the Company (the "Conversion"). The Bank became the wholly owned subsidiary of the Company, and the Company issued and sold shares of its capital stock pursuant to an independent valuation appraisal of the Bank and the Company. The stock was priced at $ 10.00 per share. In addition, the Bank’s board of directors adopted an employee stock ownership plan ("ESOP") which subscribed for 8 % of the common stock sold in the offering. The Conversion was completed on July 20, 2021 and resulted in the issuance of 4,898,350 common shares by the Company, of which 391,868 were issued to the ESOP. The cost of the Conversion and issuing the capital stock totaled $ 1.3 million and was deducted from the proceeds of the offering. In accordance with OCC regulations, at the time of the Conversion, the Bank substantially restricted retained earnings by establishing a $ 42.0 million liquidation account. The liquidation account will be maintained for the benefit of eligible account holders who continue to maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that eligible holders have reduced their qualifying deposits. Subsequent increases will not restore an eligible account holder’s interest in the liquidation account. In the event of a complete liquidation by the Bank, and only in such event, each eligible account holder will be entitled to receive a distribution from the liquidation account in an amount proportionate to the adjusted qualifying account balances then held. The Bank may not pay dividends if those dividends would reduce equity capital below the required liquidation account amount. The Conversion was accounted for as a change in corporate form with the historic basis of the Bank’s assets, liabilities and equity unchanged as a result. Deferred conversion costs totaled approximately $ 116,000 at December 31, 2020. Stock offering expenses totaled $ 1,523,443 , which were deducted from the proceeds from the sale of common stock |
General; Basis of Presentation
General; Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation: The accounting and financial reporting policies of the Company and the Bank conform, in all material respects to accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The condensed financial statements in the quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management reflect all necessary adjustments for a fair presentation of the Company's consolidated financial position and consolidated results of operations. All adjustments were of a normal and recurring nature. The condensed financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the condensed financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our financial statements, and notes thereto, for the year ended December 31, 2020 included in the Form S-1 of TC Federal Bank as filed with the SEC. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year or any future period. In 2020, Coronavirus Disease 2019 ("COVID-19") spread into a worldwide pandemic. The pandemic may impact various parts of the Company's future operations and financial results, including additional allowance for loan loss provisions. Management believes the Company is taking appropriate actions to mitigate the negative impact. However, the full impact of COVID-19 on the allowance for loan losses as of September 30, 2021 cannot be reasonably estimated, as these events are still developing. |
Earnings per Share | Earnings per Share: Basic earnings per share represents income available to common stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental commons shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the three and nine months ended September 30, 2021, earnings per share is calculated for the period that the Company's shares of common stock were outstanding (July 20, 2021 through September 30, 2021). The net earnings for this period was approximately $ 452,000 and the weighted average shares outstanding were 3,844,941 . |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: The Company sponsors an employee stock ownership loan ("ESOP") that covers all employees who meet certain service requirements. The Company will make annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proprtion of debt service paid in the year. In connection with the Company's initial public stock offering, the ESOP borrowed $ 3.9 million payable to the Company for the purpose of purchasing shares of the Company's common stock. A total of 391,868 shares were purchased with the loan proceeds. Because the source of the loan payments are contributions received by the ESOP from the Company, the related notes receivable is shown as a reduction of stockholders' equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments . This update will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now include forward-looking information in the determination of their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, this update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In November 2019, the FASB issued ASU 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) . This update clarified the effective date of ASC 2016-13 for nonpublic business entities to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early application of ASU 2016-13 will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact that the standard will have on its consolidated condensed financial statements. In August 2018, the FASB issued ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This ASU amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this ASU did not have a significant impact on the Company's consolidated condensed financial statements. In August 2018, the FASB issued ASU 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. This ASU removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. This ASU is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. In December 2019, the FASB issued ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. For public business entities, the amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in any interim period for (1) public business entities for periods for which financial statements have not yet been issued and (2) all other entities for periods for which financial statements have not yet been made available for issuance. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. In May 2021, the FASB issued ASU 2021-04- Earning per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) . This ASU provides clarity and reduction in diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings per Share. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic. The amendments do not affect a holder's accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Management does not expect the adoption of this ASU to have a significant impact on the Company's consolidated condensed financial statements. |
Emerging Growth Company Status | Emerging Growth Company Status: The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company intends to elect to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments [Abstract] | |
Summary of investments securities available for sale | Investment securities available-for-sale at September 30, 2021 and December 31, 2020 are as follows: Amortized Gross Gross Estimated Fair Value as September 30, 2021- US treasuries $ 5,134,372 $ 61,878 $ — $ 5,196,250 12 % Mortgage-backed securities 9,102,115 230,179 3,795 9,328,499 22 % Collateralized mortgage 19,661,896 119,544 104,885 19,676,555 45 % Municipal bonds 6,746,206 511 38,445 6,708,272 15 % Corporate obligations 2,375,000 780 5,763 2,370,017 5 % $ 43,019,589 $ 412,892 $ 152,888 $ 43,279,593 100 % December 31, 2020- Mortgage-backed securities $ 5,943,804 $ 336,801 $ — $ 6,280,605 39 % Collateralized mortgage 8,966,213 168,852 — 9,135,065 57 % Corporate obligations 499,580 1,616 — 501,196 3 % $ 15,409,597 $ 507,269 $ — $ 15,916,866 100 % |
Summary of unrealized losses and estimated fair value | The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ — $ — Mortgage-backed securities 1,654,950 3,795 — — Collateralized mortgage obligations 11,287,602 104,885 — — Municipal bonds 4,563,663 38,445 Corporate obligations 1,369,237 5,763 — — Total less than 12 months $ 18,875,452 $ 152,888 $ — $ — |
Summary of amortized cost and estimated fair value of investment securities available for sale | The amortized cost and estimated fair value of investment securities available-for-sale at September 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years — — 5 to 10 years 14,255,578 14,274,539 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 28,764,011 29,005,054 Total $ 43,019,589 $ 43,279,593 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of major classifications of loans, by purpose code | Major classifications of loans, by purpose code, at September 30, 2021 and December 31, 2020, are summarized as follows: September 30, 2021 Percent December 31, 2020 Percent Real estate loans: Residential $ 95,890,048 35.33 % $ 105,837,324 39.56 % Home equity 11,525,396 4.25 % 8,892,417 3.32 % Multi-family 19,162,865 7.06 % 15,140,468 5.66 % Commercial 84,750,748 31.23 % 72,717,869 27.18 % Construction and land development 29,400,305 10.83 % 29,982,506 11.21 % Total real estate loans 240,729,362 232,570,584 Consumer loans 6,160,755 2.27 % 5,372,529 2.01 % Commercial and industrial loans 24,486,594 9.02 % 29,599,982 11.06 % Total loans 271,376,711 100.00 % 267,543,095 100.00 % Less: Allowance for loan losses 4,247,078 4,085,719 Deferred loan fees 1,163,568 1,101,409 Loans, net $ 265,966,065 $ 262,355,967 |
Summary of allowance for loan losses | An analysis of the change in allowance for loan losses follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Beginning balance $ 4,119,010 $ 3,817,452 $ 4,085,719 $ 3,064,777 Charge-offs: Real estate loans: Residential — — ( 11,123 ) ( 2,951 ) Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development — — — — Total real estate loans — — ( 11,123 ) ( 2,951 ) Consumer loans ( 6,448 ) — ( 28,037 ) — Commercial and industrial loans — — — — Total charge-offs ( 6,448 ) — ( 39,160 ) ( 2,951 ) Recoveries: Real estate loans: Residential 9,979 25,373 22,256 118,431 Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development 13,047 12,913 24,392 31,051 Total real estate loans 23,026 38,286 46,648 149,482 Consumer loans 1,155 1,985 6,309 7,435 Commercial and industrial loans 3,499 9,250 24,379 47,835 Total recoveries 27,680 49,521 77,336 204,752 Net recoveries 21,232 49,521 38,176 201,801 Provision for allowance for loan losses 106,836 179,363 123,183 779,758 Ending balance $ 4,247,078 $ 4,046,336 $ 4,247,078 $ 4,046,336 |
Summary of allowances for loan losses and recorded investments in loans individually and collectively evaluated for impairment | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2021 and December 31, 2020: Loans Allowance for loan losses Individually Collectively Individually Collectively September 30, 2021 - Real estate loans: Residential $ 1,570,793 $ 94,319,255 $ — $ 1,453,148 Home equity — 11,525,396 — 175,034 Multi-family — 19,162,865 — 293,384 Commercial — 84,750,748 — 1,697,976 Construction and development 10,121 29,390,184 — 348,481 Total real estate loans 1,580,914 239,148,448 — 3,968,023 Consumer loans — 6,160,755 — 1,766 Commercial and industrial loans 315,122 24,171,472 78,780 70,728 Unallocated — — — 127,781 Total $ 1,896,036 $ 269,480,675 $ 78,780 $ 4,168,298 December 31, 2020 - Real estate loans: Residential $ 1,480,633 $ 104,356,691 $ — $ 1,444,921 Home equity 675 8,891,742 — 133,985 Multi-family — 15,140,468 — 311,409 Commercial 1,339,199 71,378,670 — 1,531,037 Construction and development 11,637 29,970,869 — 387,127 Total real estate loans 2,832,144 229,738,440 — 3,808,479 Consumer loans — 5,372,529 — 1,360 Commercial and industrial loans — 29,599,982 — 101,497 Unallocated — — — 174,383 Total $ 2,832,144 $ 264,710,951 $ — $ 4,085,719 |
Summary of impaired loans with and without allowances for credit losses recorded investment unpaid principal amount | The following tables present impaired loans by class of loans as of September 30, 2021 and December 31, 2020: Recorded Principal Related September 30, 2021 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans 315,122 315,122 78,780 Total $ 315,122 $ 315,122 $ 78,780 Impaired loans without related allowance: Real estate loans: Residential $ 1,570,793 $ 1,570,793 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 10,121 10,121 — Total real estate loans 1,580,914 1,580,914 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,580,914 $ 1,580,914 $ — Recorded Principal Related December 31, 2020 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,480,633 $ 1,480,633 $ — Home equity 675 $ 675 — Multi-family — $ — — Commercial 1,339,199 1,339,199 — Construction and land development 11,637 11,637 — Total real estate loans 2,832,144 2,832,144 — Consumer loans — — — Commercial and industrial loans — — — Total $ 2,832,144 $ 2,832,144 $ — |
Summary of Impaired loans | The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,589,919 $ 48,846 $ 24,631 $ 1,975,906 $ 49,468 $ 45,144 Home equity — — — 2,204 131 164 Multi-family — — — — — — Commercial 669,600 — — 1,605,773 — — Construction and land development 10,408 355 129 6,191 501 501 Total real estate loans 2,269,927 49,201 24,760 3,590,074 50,100 45,809 Consumer loans 39,390 10,755 13,139 — — — Commercial and industrial loans — — — — — — Total $ 2,309,317 $ 59,956 $ 37,899 $ 3,590,074 $ 50,100 $ 45,809 Nine Months Ended September 30, 2021 2020 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,571,775 $ 70,611 $ 70,743 $ 1,524,632 $ 89,135 $ 104,397 Home equity 598 — — 4,172 172 172 Multi-family — — — — — — Commercial 1,039,595 — — 1,425,655 — — Construction and land development 68,876 399 358 298,125 501 501 Total real estate loans 2,680,844 71,010 71,101 3,252,584 89,808 105,070 Consumer loans — 10,755 13,139 — — — Commercial and industrial loans — — — — — — Total $ 2,680,844 $ 81,765 $ 84,240 $ 3,252,584 $ 89,808 $ 105,070 |
Summary of aging of the recorded investment in past due loans and nonaccrual loans | The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of September 30, 2021 and December 31, 2020, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual September 30, 2021 - Real estate loans: Residential $ — $ 140,783 $ — $ 140,783 $ 95,749,265 $ 95,890,048 $ 374,847 Home equity 43,093 — — 43,093 11,482,303 11,525,396 — Multi-family — — — — 19,162,865 19,162,865 — Commercial 129,911 — — 129,911 84,620,837 84,750,748 — Construction 60,111 — — 60,111 29,340,194 29,400,305 — Total real 233,115 140,783 — 373,898 240,355,464 240,729,362 374,847 Consumer loans — — — — 6,160,755 6,160,755 — Commercial and 27,497 — — 27,497 24,459,097 24,486,594 315,122 $ 260,612 $ 140,783 $ — $ 401,395 $ 270,975,316 $ 271,376,711 $ 689,969 December 31, 2020 - Real estate loans: Residential $ 40,583 $ 84,167 $ 196,826 $ 321,576 $ 105,515,748 $ 105,837,324 $ 623,998 Home equity — — — — 8,892,417 8,892,417 — Multi-family — — — — 15,140,468 15,140,468 — Commercial — — 1,339,199 1,339,199 71,378,670 72,717,869 1,339,199 Construction — — — — 29,982,506 29,982,506 — Total real 40,583 84,167 1,536,025 1,660,775 230,909,809 232,570,584 1,963,197 Consumer loans — — — — 5,372,529 5,372,529 — Commercial and 151,136 — — 151,136 29,448,846 29,599,982 — $ 191,719 $ 84,167 $ 1,536,025 $ 1,811,911 $ 265,731,184 $ 267,543,095 $ 1,963,197 |
Summary of loans not meeting the criteria are analyzed individually are considered to be pass rated loans, based on the most recent analysis performed, the risk category of loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of September 30, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Special Substandard Doubtful Loss Total September 30, 2021 - Real estate loans: Residential $ 93,896,708 $ 722,233 $ 1,271,107 $ — $ — $ 95,890,048 Home equity 11,525,396 — — — — 11,525,396 Multi-family 19,162,865 — — — — 19,162,865 Commercial 73,636,282 8,128,452 2,986,014 — — 84,750,748 Construction and land 25,323,624 3,940,809 135,872 — — 29,400,305 Total real estate loans 223,544,875 12,791,494 4,392,993 — — 240,729,362 Consumer loans 6,160,755 — — — — 6,160,755 Commercial and industrial loans 24,080,267 91,205 236,342 — 78,780 24,486,594 $ 253,785,897 $ 12,882,699 $ 4,629,335 $ — $ 78,780 $ 271,376,711 December 31, 2020 - Real estate loans: Residential $ 102,229,498 $ 1,243,538 $ 2,364,288 $ — $ — $ 105,837,324 Home equity 8,891,742 — 675 — — 8,892,417 Multi-family 14,831,774 308,694 — — — 15,140,468 Commercial 67,305,357 4,073,313 1,339,199 — — 72,717,869 Construction and land 25,390,597 2,950,389 1,641,520 — — 29,982,506 Total real estate loans 218,648,968 8,575,934 5,345,682 — — 232,570,584 Consumer loans 5,372,529 — — — — 5,372,529 Commercial and industrial loans 27,643,564 466,020 1,490,398 — — 29,599,982 $ 251,665,061 $ 9,041,954 $ 6,836,080 $ — $ — $ 267,543,095 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Advances from the FHLB were Outstanding | The following advances from the FHLB were outstanding as of December 31, 2020: December 31, 2020 - Advance Date Amount Rate Interest Rate Maturity Call Feature January 7, 2008 $ 208,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 450,000 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,333,333 Fixed 0.66 % April, 1 2025 N/A April 7, 2020 4,523,810 Fixed 0.79 % April 7, 2027 N/A $ 9,515,477 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | September 30, 2021 December 31, 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 22,040,000 $ 30,288,000 Stand-by letters of credit $ 913,000 $ 725,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios of the Bank | The Bank’s actual capital amounts and ratios, and minimum amounts under current regulatory standards, as of September 30, 2021 and December 31, 2020, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2021: Common Equity Tier 1 Capital to Risk-Weighted $ 62,313 24.84 % $ 11,287 4.50 % $ 16,304 6.50 % Total Capital to Risk- Weighted Assets $ 65,462 26.10 % $ 20,066 8.00 % $ 25,083 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 62,313 26.84 % $ 15,050 6.00 % $ 20,066 8.00 % Tier I Capital to Average Assets $ 62,313 15.83 % $ 15,743 4.00 % $ 19,678 5.00 % December 31, 2020: Common Equity Tier 1 Capital to Risk-Weighted $ 40,090 16.46 % $ 10,963 4.50 % $ 15,835 6.50 % Total Capital to Risk- Weighted Assets $ 43,148 17.71 % $ 19,489 8.00 % $ 24,361 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,090 16.46 % $ 14,617 6.00 % $ 19,489 8.00 % Tier I Capital to Average Assets $ 40,090 11.73 % $ 13,673 4.00 % $ 17,091 5.00 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of assets recorded at fair value on a recurring basis | The table below presents the recorded amount of assets measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total September 30, 2021: US treasuries $ — $ 5,196,250 $ — $ 5,196,250 Mortgage-backed securities — 9,328,499 — 9,328,499 Collateralized mortgage obligations — 19,676,555 — 19,676,555 Municipal bonds — 6,708,272 6,708,272 Corporate obligations — 2,370,017 — 2,370,017 Investment securities available-for-sale $ — $ 43,279,593 $ — $ 43,279,593 December 31, 2020: Mortgage-backed securities $ — $ 6,280,605 $ — $ 6,280,605 Collateralized mortgage obligations — 9,135,065 — 9,135,065 Corporate obligations — 501,196 — 501,196 Investment securities available-for-sale $ — $ 15,916,866 $ — $ 15,916,866 |
Summary of assets recorded at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2021 and December 31, 2020: Level 1 Level 2 Level 3 Total September 30, 2021: Other real estate owned $ — $ — $ 1,378,200 $ 1,378,200 Impaired loans — — — — $ — $ — $ 1,378,200 $ 1,378,200 December 31, 2020: Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 |
Summary of carrying amounts and estimated fair values of the bank's financial instruments | The carrying amounts and estimated fair values of the Bank’s financial instruments as of September 30, 2021 and December 31, 2020 are as follows: Fair Value Measurements at September 30, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 48,242,675 $ 48,242,675 $ 48,242,675 $ — $ — Certificates of deposit with other 3,451,000 3,451,000 3,451,000 — — Investment securities available-for- 43,279,593 43,279,593 — 43,279,593 — Other investments 190,700 190,700 — 190,700 — Mortgage loans held for sale 4,194,237 4,194,237 — 4,194,237 — Loans, net 265,966,065 277,899,000 — — 277,899,000 Bank owned life insurance 11,095,745 11,095,745 11,095,745 — — Financial liabilities: Deposits 294,307,453 327,179,000 217,689,345 — 109,489,655 Fair Value Measurements at December 31, 2020 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 41,876,399 $ 41,876,399 $ 41,876,399 $ — $ — Certificates of deposit with other 5,652,000 5,652,000 5,652,000 — — Investment securities available-for- 15,916,866 15,916,866 — 15,916,866 — Other investments 714,000 714,000 — 714,000 — Mortgage loans held for sale 2,944,962 2,944,962 — 2,944,962 — Loans, net 262,355,967 277,366,000 — — 277,366,000 Bank owned life insurance 10,883,428 10,883,428 10,883,428 — — Financial liabilities: — Deposits 294,099,827 313,033,000 207,523,546 — 105,509,454 FHLB advances 9,515,477 9,631,000 — — 9,631,000 |
General; Basis of Presentatio_2
General; Basis of Presentation - Additional Information (Detail) - USD ($) | 2 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net earnings | $ 452,000 | |
Weighted average number of shares outstanding, basic and diluted | 3,844,941 | |
ESOP borrowings | $ 3,900,000 | |
Shares purchased with ESOP loan proceeds | 391,868 |
Investment Securities - Summary
Investment Securities - Summary Of Investments Securities Available For Sale (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 43,019,589 | $ 15,409,597 |
Gross Unrealized Gains | 412,892 | 507,269 |
Gross Unrealized Losses | 152,888 | 0 |
Estimated Fair Value | $ 43,279,593 | $ 15,916,866 |
Fair Value as % of Total | 100.00% | 100.00% |
US treasuries [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,134,372 | |
Gross Unrealized Gains | 61,878 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 5,196,250 | |
Fair Value as % of Total | 12.00% | |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,102,115 | $ 5,943,804 |
Gross Unrealized Gains | 230,179 | 336,801 |
Gross Unrealized Losses | 3,795 | 0 |
Estimated Fair Value | $ 9,328,499 | $ 6,280,605 |
Fair Value as % of Total | 22.00% | 39.00% |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 19,661,896 | $ 8,966,213 |
Gross Unrealized Gains | 119,544 | 168,852 |
Gross Unrealized Losses | 104,885 | 0 |
Estimated Fair Value | $ 19,676,555 | $ 9,135,065 |
Fair Value as % of Total | 45.00% | 57.00% |
Municipal bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,746,206 | |
Gross Unrealized Gains | 511 | |
Gross Unrealized Losses | 38,445 | |
Estimated Fair Value | $ 6,708,272 | |
Fair Value as % of Total | 15.00% | |
Corporate obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,375,000 | $ 499,580 |
Gross Unrealized Gains | 780 | 1,616 |
Gross Unrealized Losses | 5,763 | 0 |
Estimated Fair Value | $ 2,370,017 | $ 501,196 |
Fair Value as % of Total | 5.00% | 3.00% |
Investment Securities - Summa_2
Investment Securities - Summary Of Unrealized Losses and Estimated Fair Value (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 18,875,452 | $ 0 |
Total less than 12 months, Unrealized Losses | 152,888 | 0 |
US treasuries [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 0 |
Total less than 12 months, Unrealized Losses | 0 | 0 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 1,654,950 | 0 |
Total less than 12 months, Unrealized Losses | 3,795 | 0 |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 11,287,602 | 0 |
Total less than 12 months, Unrealized Losses | 104,885 | 0 |
Municipal bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 4,563,663 | |
Total less than 12 months, Unrealized Losses | 38,445 | |
Corporate obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 1,369,237 | 0 |
Total less than 12 months, Unrealized Losses | $ 5,763 | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary Of Amortized Cost and Estimated Fair Value Of Investment Securities Available For Sale (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Amortized Cost, Within 1 year | $ 0 | |
Amortized Cost, 1 to 5 years | 0 | |
Amortized Cost, 5 to 10 years | 14,255,578 | |
Amortized Cost, Over 10 years | 0 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 28,764,011 | |
Total, Amortized Cost | 43,019,589 | $ 15,409,597 |
Estimated Fair Value, Within 1 year | 0 | |
Estimated Fair Value, 1 to 5 years | 0 | |
Estimated Fair Value, 5 to 10 years | 14,274,539 | |
Estimated Fair Value, Over 10 years | 0 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 29,005,054 | |
Total, Estimated Fair Value | $ 43,279,593 | $ 15,916,866 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($)Securities | |
Schedule of Investments [Line Items] | ||
Debt securities available for sale unrealized losses | $ 0 | |
Debt securities unrealized losses for greater than 12 months | $ 0 | |
Debt securities available for sale unrealized loss position number of positions | Securities | 15 | |
Available-for-sale Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | $ 265,000 | $ 154,000 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary Of Major Classifications Of Loans, By Purpose Code - (Detail) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 271,376,711 | $ 267,543,095 | ||||
Gross Loans Receivable Percentage | 100.00% | 100.00% | ||||
Less: Allowance for loan losses | $ 4,247,078 | $ 4,119,010 | $ 4,085,719 | $ 4,046,336 | $ 3,817,452 | $ 3,064,777 |
Deferred loan fees | 1,163,568 | 1,101,409 | ||||
Loans, net | 265,966,065 | 262,355,967 | ||||
Consumer loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 6,160,755 | $ 5,372,529 | ||||
Gross Loans Receivable Percentage | 2.27% | 2.01% | ||||
Commercial and industrial loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 24,486,594 | $ 29,599,982 | ||||
Gross Loans Receivable Percentage | 9.02% | 11.06% | ||||
Real Estate [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 240,729,362 | $ 232,570,584 | ||||
Real Estate [Member] | Residential [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 95,890,048 | $ 105,837,324 | ||||
Gross Loans Receivable Percentage | 35.33% | 39.56% | ||||
Real Estate [Member] | Home equity [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 11,525,396 | $ 8,892,417 | ||||
Gross Loans Receivable Percentage | 4.25% | 3.32% | ||||
Real Estate [Member] | Multi-family [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 19,162,865 | $ 15,140,468 | ||||
Gross Loans Receivable Percentage | 7.06% | 5.66% | ||||
Real Estate [Member] | Commercial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 84,750,748 | $ 72,717,869 | ||||
Gross Loans Receivable Percentage | 31.23% | 27.18% | ||||
Real Estate [Member] | Construction and land development [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 29,400,305 | $ 29,982,506 | ||||
Gross Loans Receivable Percentage | 10.83% | 11.21% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary Of Allowance For Loan Losses - (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 4,119,010 | $ 3,817,452 | $ 4,085,719 | $ 3,064,777 |
Charge-offs | (6,448) | 0 | (39,160) | (2,951) |
Recoveries | 27,680 | 49,521 | 77,336 | 204,752 |
Net recoveries | 21,232 | 49,521 | 38,176 | 201,801 |
Provision for allowance for loan losses | 106,836 | 179,363 | 123,183 | 779,758 |
Ending balance | 4,247,078 | 4,046,336 | 4,247,078 | 4,046,336 |
Consumer loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | (6,448) | 0 | (28,037) | 0 |
Recoveries | 1,155 | 1,985 | 6,309 | 7,435 |
Commercial and industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 3,499 | 9,250 | 24,379 | 47,835 |
Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | (11,123) | (2,951) |
Recoveries | 23,026 | 38,286 | 46,648 | 149,482 |
Real Estate [Member] | Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | (11,123) | (2,951) |
Recoveries | 9,979 | 25,373 | 22,256 | 118,431 |
Real Estate [Member] | Home equity [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | $ 13,047 | $ 12,913 | $ 24,392 | $ 31,051 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary Of Allowances For Loan Losses And Recorded Investments In Loans Individually And Collectively Evaluated For Impairment (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | $ 1,896,036 | $ 2,832,144 |
Loans Collectively Evaluated for Impairment | 269,480,675 | 264,710,951 |
Allowance For Loan Losses Individually Evaluated for Impairment | 78,780 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,168,298 | 4,085,719 |
Consumer Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 6,160,755 | 5,372,529 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,766 | 1,360 |
Commercial And Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 315,122 | 0 |
Loans Collectively Evaluated for Impairment | 24,171,472 | 29,599,982 |
Allowance For Loan Losses Individually Evaluated for Impairment | 78,780 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 70,728 | 101,497 |
Unallocated [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 127,781 | 174,383 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,580,914 | 2,832,144 |
Loans Collectively Evaluated for Impairment | 239,148,448 | 229,738,440 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 3,968,023 | 3,808,479 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,570,793 | 1,480,633 |
Loans Collectively Evaluated for Impairment | 94,319,255 | 104,356,691 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,453,148 | 1,444,921 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 675 |
Loans Collectively Evaluated for Impairment | 11,525,396 | 8,891,742 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 175,034 | 133,985 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 19,162,865 | 15,140,468 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 293,384 | 311,409 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 1,339,199 |
Loans Collectively Evaluated for Impairment | 84,750,748 | 71,378,670 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,697,976 | 1,531,037 |
Real Estate [Member] | Construction and development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 10,121 | 11,637 |
Loans Collectively Evaluated for Impairment | 29,390,184 | 29,970,869 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | $ 348,481 | $ 387,127 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary Of Impaired Loans With And Without Allowances For Credit Losses Recorded Investment Unpaid Principal Amount (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | $ 315,122 | $ 0 |
Impaired Loans Without Related Allowance Record Investment | 1,580,914 | 2,832,144 |
Impaired Loans With Related Allowance Principal Balance | 315,122 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,580,914 | 2,832,144 |
Impaired Loans With Related Allowance | 78,780 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 315,122 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 315,122 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 78,780 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,580,914 | 2,832,144 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,580,914 | 2,832,144 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,570,793 | 1,480,633 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,570,793 | 1,480,633 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 675 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 675 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 1,339,199 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 1,339,199 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 10,121 | 11,637 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 10,121 | 11,637 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Deferred loan fees | $ 1,163,568 | $ 1,163,568 | $ 1,101,409 | |
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 | 1 | |
Debt Securities, Held-to-maturity | 16,000 | 16,000 | ||
Loan Restructuring, Trial Modifications, Amount | 0 | $ 0 | ||
Small Business Administration [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Debt Instrument, Collateral Fee | $ 0 | $ 481,000 | ||
Small Business Administration [Member] | Minimum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of guarantee made to eligible borrowers under PPP loans | 1.00% | |||
Small Business Administration [Member] | Maximum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Percentage of guarantee made to eligible borrowers under PPP loans | 5.00% | |||
Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | ||
Percentage of guarantee made to eligible borrowers under PPP loans | 100.00% | |||
Paycheck Protection Program [Member] | Minimum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Debt Instrument, Term | 2 years | |||
Paycheck Protection Program [Member] | Maximum [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Debt Instrument, Term | 5 years | |||
Paycheck Protection Program [Member] | Small Business Administration [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Debt Instrument, Collateral Fee | $ 151,000 | $ 436,000 | ||
Deferred loan fees | $ 436,000 | $ 436,000 | $ 260,000 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 2,309,317 | $ 3,590,074 | $ 2,680,844 | $ 3,252,584 |
Interest Income Recognized | 59,956 | 50,100 | 81,765 | 89,808 |
Interest Income Received | 37,899 | 45,809 | 84,240 | 105,070 |
Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 39,390 | 0 | 0 | 0 |
Interest Income Recognized | 10,755 | 0 | 10,755 | 0 |
Interest Income Received | 13,139 | 0 | 13,139 | 0 |
Commercial and industrial loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Interest Income Received | 0 | 0 | 0 | 0 |
Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 2,269,927 | 3,590,074 | 2,680,844 | 3,252,584 |
Interest Income Recognized | 49,201 | 50,100 | 71,010 | 89,808 |
Interest Income Received | 24,760 | 45,809 | 71,101 | 105,070 |
Real Estate [Member] | Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,589,919 | 1,975,906 | 1,571,775 | 1,524,632 |
Interest Income Recognized | 48,846 | 49,468 | 70,611 | 89,135 |
Interest Income Received | 24,631 | 45,144 | 70,743 | 104,397 |
Real Estate [Member] | Home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 2,204 | 598 | 4,172 |
Interest Income Recognized | 0 | 131 | 0 | 172 |
Interest Income Received | 0 | 164 | 0 | 172 |
Real Estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Interest Income Received | 0 | 0 | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 669,600 | 1,605,773 | 1,039,595 | 1,425,655 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Interest Income Received | 0 | 0 | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 10,408 | 6,191 | 68,876 | 298,125 |
Interest Income Recognized | 355 | 501 | 399 | 501 |
Interest Income Received | $ 129 | $ 501 | $ 358 | $ 501 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Schedule of Aging of the Recorded Investment in Past Due Loans and Nonaccrual Loans (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 271,376,711 | $ 267,543,095 |
Non-accrual | 689,969 | 1,963,197 |
Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 6,160,755 | 5,372,529 |
Non-accrual | 0 | 0 |
Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 24,486,594 | 29,599,982 |
Non-accrual | 315,122 | 0 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 401,395 | 1,811,911 |
Financial Asset, Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 27,497 | 151,136 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 270,975,316 | 265,731,184 |
Financial Asset, Not Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,160,755 | 5,372,529 |
Financial Asset, Not Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 24,459,097 | 29,448,846 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 260,612 | 191,719 |
30-59 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
30-59 Days Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 27,497 | 151,136 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 140,783 | 84,167 |
60-89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
60-89 Days Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,536,025 |
90 Days or Greater Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
90 Days or Greater Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 240,729,362 | 232,570,584 |
Non-accrual | 374,847 | 1,963,197 |
Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 95,890,048 | 105,837,324 |
Non-accrual | 374,847 | 623,998 |
Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,525,396 | 8,892,417 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,162,865 | 15,140,468 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 84,750,748 | 72,717,869 |
Non-accrual | 0 | 1,339,199 |
Real Estate [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 29,400,305 | 29,982,506 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 373,898 | 1,660,775 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 140,783 | 321,576 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 43,093 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 129,911 | 1,339,199 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 60,111 | 0 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 240,355,464 | 230,909,809 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 95,749,265 | 105,515,748 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,482,303 | 8,892,417 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 19,162,865 | 15,140,468 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 84,620,837 | 71,378,670 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 29,340,194 | 29,982,506 |
Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 233,115 | 40,583 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 40,583 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 43,093 | 0 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 129,911 | 0 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 60,111 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 140,783 | 84,167 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 140,783 | 84,167 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,536,025 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 196,826 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 1,339,199 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Schedule of Loans not Meeting the Criteria are Analyzed Individually are considered to be Pass Rated Loans, Based on the Most Recent Analysis Performed, the Risk Category of Loans by Class of Loans (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 271,376,711 | $ 267,543,095 |
Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 6,160,755 | 5,372,529 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,486,594 | 29,599,982 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 253,785,897 | 251,665,061 |
Pass [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 6,160,755 | 5,372,529 |
Pass [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,080,267 | 27,643,564 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,882,699 | 9,041,954 |
Special Mention [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 91,205 | 466,020 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,629,335 | 6,836,080 |
Substandard [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 236,342 | 1,490,398 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 78,780 | 0 |
Loss [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 78,780 | 0 |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 240,729,362 | 232,570,584 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 95,890,048 | 105,837,324 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,525,396 | 8,892,417 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 19,162,865 | 15,140,468 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 84,750,748 | 72,717,869 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 29,400,305 | 29,982,506 |
Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 223,544,875 | 218,648,968 |
Real Estate [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 93,896,708 | 102,229,498 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,525,396 | 8,891,742 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 19,162,865 | 14,831,774 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 73,636,282 | 67,305,357 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 25,323,624 | 25,390,597 |
Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,791,494 | 8,575,934 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 722,233 | 1,243,538 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 308,694 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 8,128,452 | 4,073,313 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 3,940,809 | 2,950,389 |
Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,392,993 | 5,345,682 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,271,107 | 2,364,288 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 675 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 2,986,014 | 1,339,199 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 135,872 | 1,641,520 |
Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Line of Credit Facility [Line Items] | ||
Gain on extinguishment of debt | $ 12,000 | |
Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 6,088,000 | $ 9,900,000 |
Line of Credit Facility, Current Borrowing Capacity | 0 | 0 |
Bank's residential and commercial real estate loans [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Collateral Amount | 18,387,000 | 37,248,000 |
Line of Credit Facility, Maximum Borrowing Capacity | 18,400,000 | 19,200,000 |
Bank's residential and commercial real estate loans [Member] | Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt, Current | 10,189,000 | 15,000,000 |
Unsecured federal funds lines of credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured Debt, Current | $ 19,500,000 | 18,300,000 |
FHLB advance [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,515,477 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Other Borrowings - Summary of Advances from the FHLB were Outstanding (Detail) - FHLB advance [Member] | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,515,477 |
Due on January 9,2023 with fixed rate 4.49% [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit facility, Advance Date | Jan. 7, 2008 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 208,334 |
Line Of Credit Facility, Interest Rate Type | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4.49% |
Line of Credit facility, Maturity | Jan. 9, 2023 |
Due on September 20,2022 with fixed rate 1.80% [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit facility, Advance Date | Sep. 20, 2012 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 450,000 |
Line Of Credit Facility, Interest Rate Type | Fixed |
Line of Credit Facility, Interest Rate at Period End | 1.80% |
Line of Credit facility, Maturity | Sep. 20, 2022 |
Due on April 1,2025 with fixed rate 0.66% [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit facility, Advance Date | Apr. 1, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,333,333 |
Line Of Credit Facility, Interest Rate Type | Fixed |
Line of Credit Facility, Interest Rate at Period End | 0.66% |
Line of Credit facility, Maturity | Apr. 1, 2025 |
Due on April 07, 2027 with fixed rate 0.79% [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit facility, Advance Date | Apr. 7, 2020 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,523,810 |
Line Of Credit Facility, Interest Rate Type | Fixed |
Line of Credit Facility, Interest Rate at Period End | 0.79% |
Line of Credit facility, Maturity | Apr. 7, 2027 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 22,040,000 | $ 30,288,000 |
Stand-by letters of credit [Member] | ||
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 913,000 | $ 725,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Additional Information (Detail) $ in Billions | Sep. 30, 2021USD ($) |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Minimum consolidated assets | $ 3 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual and Required Capital Amounts and Ratios of the Bank (Detail) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 62,313 | $ 40,090 |
Total Capital to Risk- Weighted Assets, Actual Amount | 65,462 | 43,148 |
Tier 1 Capital to Risk- Weighted Assets, Actual Amount | 62,313 | 40,090 |
Tier I Capital to Average Assets, Actual Amount | $ 62,313 | $ 40,090 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 24.84 | 16.46 |
Total Capital to Risk- Weighted Assets, Actual Ratio | 26.10 | 17.71 |
Tier 1 Capital to Risk- Weighted Assets, Actual Ratio | 26.84 | 16.46 |
Tier I Capital to Average Assets, Actual Ratio | 15.83 | 11.73 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Amount | $ 11,287 | $ 10,963 |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 20,066 | 19,489 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 15,050 | 14,617 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 15,743 | $ 13,673 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Ratio | 8 | 8 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Ratio | 6 | 6 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes ratio | 4 | 4 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized Under prompt Corrective Action Provisions Amount | $ 16,304 | $ 15,835 |
Total Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 25,083 | 24,361 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 20,066 | 19,489 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 19,678 | $ 17,091 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Total Capital to Risk- Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 43,279,593 | $ 15,916,866 |
US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 5,196,250 | |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,328,499 | 6,280,605 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,676,555 | 9,135,065 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 6,708,272 | |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,370,017 | 501,196 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Level 2 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 5,196,250 | |
Level 2 [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,328,499 | 6,280,605 |
Level 2 [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,676,555 | 9,135,065 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 6,708,272 | |
Level 2 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 2,370,017 | $ 501,196 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Detail) - Fair Value, Nonrecurring [Member] - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | $ 1,378,200 | $ 81,000 |
Assets recorded at fair value on a recurring basis | 1,378,200 | 81,000 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 1,378,200 | 81,000 |
Assets recorded at fair value on a recurring basis | $ 1,378,200 | $ 81,000 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Carrying Amounts and Estimated Fair Values of the Bank's Financial Instruments (Detail) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and cash equivalents | $ 48,242,675 | $ 41,876,399 |
Certificates of deposit with other banks | 3,451,000 | 5,652,000 |
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Other investments | 190,700 | 714,000 |
Mortgage loans held for sale | 4,194,237 | 2,944,962 |
Loans, net | 265,966,065 | 262,355,967 |
Bank owned life insurance | 11,095,745 | 10,883,428 |
Financial liabilities: | ||
Deposits | 294,307,453 | 294,099,827 |
FHLB advances | 9,515,477 | |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 48,242,675 | 41,876,399 |
Certificates of deposit with other banks | 3,451,000 | 5,652,000 |
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Other investments | 190,700 | 714,000 |
Mortgage loans held for sale | 4,194,237 | 2,944,962 |
Loans, net | 265,966,065 | 262,355,967 |
Bank owned life insurance | 11,095,745 | 10,883,428 |
Financial liabilities: | ||
Deposits | 294,307,453 | 294,099,827 |
FHLB advances | 9,515,477 | |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 48,242,675 | 41,876,399 |
Certificates of deposit with other banks | 3,451,000 | 5,652,000 |
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Other investments | 190,700 | 714,000 |
Mortgage loans held for sale | 4,194,237 | 2,944,962 |
Loans, net | 277,899,000 | 277,366,000 |
Bank owned life insurance | 11,095,745 | 10,883,428 |
Financial liabilities: | ||
Deposits | 327,179,000 | 313,033,000 |
FHLB advances | 9,631,000 | |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 48,242,675 | 41,876,399 |
Certificates of deposit with other banks | 3,451,000 | 5,652,000 |
Bank owned life insurance | 11,095,745 | 10,883,428 |
Financial liabilities: | ||
Deposits | 217,689,345 | 207,523,546 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 43,279,593 | 15,916,866 |
Other investments | 190,700 | 714,000 |
Mortgage loans held for sale | 4,194,237 | 2,944,962 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 277,899,000 | 277,366,000 |
Financial liabilities: | ||
Deposits | $ 109,489,655 | 105,509,454 |
FHLB advances | $ 9,631,000 |
Change in Corporate Form - Addi
Change in Corporate Form - Additional Information (Detail) - USD ($) | Jul. 20, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Change in Corporate Form [Line Items] | ||||
Regulatory Requirements,Amount transferred to Liquidation account at the time of Convrsion | $ 42,000,000 | |||
Deferred conversion costs | $ 116,000 | |||
Stock offering expenses | $ 1,523,443 | |||
Conversion into Stock Form Ownership [Member] | ||||
Change in Corporate Form [Line Items] | ||||
Sale of stock price per share | $ 10 | |||
Stock issued during period shares new issues | 4,898,350 | |||
Conversion and issuance of capital stock expenses | $ 1,300,000 | |||
Conversion into Stock Form Ownership [Member] | Employee Stock Ownership Plan [Member] | ||||
Change in Corporate Form [Line Items] | ||||
Percentage of shares subscribed to the common stock sold in the offering | 8.00% | |||
Stock issued during period shares new issues | 391,868 |