Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | TC Bancshares, Inc. | |
Entity Central Index Key | 0001850398 | |
Entity File Number | 001-40637 | |
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 | Yes | |
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, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 18,731,747 | $ 31,890,831 |
Federal funds sold | 5,000,000 | 10,000,000 |
Cash and cash equivalents | 23,731,747 | 41,890,831 |
Certificates of deposit with other banks | 2,237,000 | 3,451,000 |
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Other investments | 925,700 | 190,700 |
Mortgage loans held for sale | 1,795,761 | 2,844,707 |
Loans, net | 311,514,026 | 266,304,448 |
Premises and equipment, net | 3,133,045 | 3,224,889 |
Other real estate owned | 948,400 | 1,115,100 |
Bank owned life insurance | 11,372,284 | 11,166,573 |
Accrued interest receivable and other assets | 6,332,264 | 5,122,263 |
Total Assets | 406,223,056 | 380,942,147 |
Deposits: | ||
Demand | 46,628,542 | 35,939,917 |
Interest-bearing demand | 160,580,185 | 146,831,902 |
Savings | 34,333,084 | 34,014,635 |
Certificates of deposit | 74,328,045 | 72,530,254 |
Total deposits | 315,869,856 | 289,316,708 |
Accrued interest payable and other liabilities | 5,706,189 | 4,812,858 |
Total liabilities | 321,576,045 | 294,129,566 |
Commitments | ||
Shareholders' Equity: | ||
Common stock, $.01 par value, 20,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 4,846,829 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 48,984 | 48,984 |
Additional paid in capital | 47,481,077 | 47,481,077 |
Retained earnings | 46,362,157 | 44,613,668 |
Accumulated other comprehensive loss | (4,788,385) | (1,608,401) |
Treasury stock: 51,521 shares and -0- shares at September 30, 2022 and December 31, 2021, respectively | (734,075) | 0 |
Unearned ESOP shares 372,275 shares unallocated at September 30, 2022 and December 31, 2021 | (3,722,747) | (3,722,747) |
Total shareholders' equity | 84,647,011 | 86,812,581 |
Total Liabilities and Shareholders' Equity | $ 406,223,056 | $ 380,942,147 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,898,350 | 4,898,350 |
Common stock, shares outstanding | 4,898,350 | 4,898,350 |
Treasury stock, (Shares) | 51,521 | 0 |
Unearned ESOP, shares unallocated | 372,275 | 372,275 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and Dividend Income: | ||||
Interest and fees on loans | $ 3,643,536 | $ 3,210,252 | $ 10,051,325 | $ 9,422,541 |
Interest and dividends on taxable investment securities | 223,438 | 116,441 | 557,619 | 265,987 |
Interest on deposits with other banks and federal funds sold | 182,071 | 46,639 | 376,015 | 157,621 |
Total interest and dividend income | 4,049,045 | 3,373,332 | 10,984,959 | 9,846,149 |
Interest Expense | ||||
Interest on deposits | 283,631 | 231,728 | 625,543 | 794,208 |
Interest on borrowings | 0 | 1,383 | 0 | 39,924 |
Total interest expense | 283,631 | 233,111 | 625,543 | 834,132 |
Net interest income | 3,765,414 | 3,140,221 | 10,359,416 | 9,012,017 |
Provision for Loan Losses | 37,744 | 106,836 | 98,432 | 123,183 |
Net interest income after provision for loan losses | 3,727,670 | 3,033,385 | 10,260,984 | 8,888,834 |
Other Income: | ||||
Service charges on deposit accounts | 144,112 | 151,853 | 414,746 | 421,001 |
Gain on sale of mortgage loans | 219,395 | 537,115 | 825,100 | 1,638,612 |
Bank owned life insurance income | 69,751 | 70,610 | 205,711 | 212,317 |
Other | 4,507 | 17,232 | 101,213 | 24,607 |
Total other income | 437,765 | 776,810 | 1,546,770 | 2,296,537 |
Other Expense | ||||
Salaries and employee benefits | 1,987,042 | 1,892,823 | 5,695,274 | 5,562,710 |
Occupancy and equipment | 213,733 | 216,816 | 624,293 | 616,766 |
Other real estate owned, net of operations, loss on sales and write-downs | 26,811 | 2,449 | 58,761 | 3,649 |
Data processing conversion costs | 0 | 0 | 0 | 503 |
Other | 1,022,553 | 916,808 | 2,833,671 | 2,484,906 |
Total other expense | 3,250,139 | 3,028,896 | 9,211,999 | 8,668,534 |
Income Before Income Taxes | 915,296 | 781,299 | 2,595,755 | 2,516,837 |
Income Tax Expense | 212,278 | 183,455 | 602,348 | 583,857 |
Net Income | $ 703,018 | $ 597,844 | $ 1,993,407 | $ 1,932,980 |
Earnings per share: | ||||
Basic | $ 0.14 | $ 0.12 | $ 0.41 | $ 0.12 |
Diluted | $ 0.14 | $ 0.12 | 0.41 | $ 0.12 |
Cash dividends per common share | $ 0.05 | |||
Weighted Average Shares Outstanding: | ||||
Basic | 4,870,692 | 3,844,941 | 4,889,131 | 3,844,941 |
Diluted | 4,870,692 | 3,844,941 | 4,889,131 | 3,844,941 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (loss) Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 703,018 | $ 597,844 | $ 1,993,407 | $ 1,932,980 |
Unrealized (losses) gains on securities available-for-sale: | ||||
Holding (losses) gains arising during the period, net of taxes of ($315,191), ($33,126), ($1,176,160) and ($68,704), respectively | (852,185) | (89,562) | (3,179,984) | (178,561) |
Total other comprehensive loss | (852,185) | (89,562) | (3,179,984) | (178,561) |
Comprehensive (Loss) Income | $ (149,167) | $ 508,282 | $ (1,186,577) | $ 1,754,419 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (loss) Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Supplemental Income Statement Elements [Abstract] | ||||
Unrealized (losses) gains on available for sale securities tax component | $ 315,191 | $ (33,126) | $ 1,176,160 | $ 68,704 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Unearned-ESOP Shares [Member] |
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 | 597,844 | |||||
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) | |
Beginning Balance at Dec. 31, 2021 | 86,812,581 | 48,984 | 47,481,077 | 44,613,668 | (1,608,401) | (3,722,747) | |
Net income | 695,893 | 695,893 | |||||
Other comprehensive income (loss), net of tax | (1,318,938) | (1,318,938) | |||||
Ending Balance at Mar. 31, 2022 | 86,189,536 | 48,984 | 47,481,077 | 45,309,561 | (2,927,339) | (3,722,747) | |
Beginning Balance at Dec. 31, 2021 | 86,812,581 | 48,984 | 47,481,077 | 44,613,668 | (1,608,401) | (3,722,747) | |
Net income | 1,993,407 | ||||||
Other comprehensive income (loss), net of tax | (3,179,984) | ||||||
Ending Balance at Sep. 30, 2022 | 84,647,011 | 48,984 | 47,481,077 | 46,362,157 | (4,788,385) | $ (734,075) | (3,722,747) |
Beginning Balance at Mar. 31, 2022 | 86,189,536 | 48,984 | 47,481,077 | 45,309,561 | (2,927,339) | (3,722,747) | |
Net income | 594,496 | 594,496 | |||||
Dividend declared | (244,918) | ||||||
Other comprehensive income (loss), net of tax | (1,008,861) | (1,008,861) | |||||
Ending Balance at Jun. 30, 2022 | 85,530,253 | 48,984 | 47,481,077 | 45,659,139 | (3,936,200) | (3,722,747) | |
Net income | 703,018 | 703,018 | |||||
Other comprehensive income (loss), net of tax | (852,185) | (852,185) | |||||
Purchase of common stock | (734,075) | (734,075) | |||||
Ending Balance at Sep. 30, 2022 | $ 84,647,011 | $ 48,984 | $ 47,481,077 | $ 46,362,157 | $ (4,788,385) | $ (734,075) | $ (3,722,747) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,993,407 | $ 1,932,980 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, amortization and accretion | 408,125 | 330,112 |
Provision for loan losses | 98,432 | 123,183 |
Loss on disposal of premises and equipment | 583 | 0 |
Increase in cash surrender value of bank owned life insurance | (205,711) | (212,317) |
Write-down of other real estate owned | 41,675 | 0 |
Gain on mortgage loans sold, net | (825,100) | (1,638,612) |
Proceeds from the sale of mortgage loans held for sale | 41,007,372 | 78,856,454 |
Originations of mortgage loans held for sale | (39,133,326) | (78,467,117) |
Change in: | ||
Accrued interest receivable and other assets | 91,184 | 521,730 |
Accrued interest payable and other liabilities | 893,331 | 783,904 |
Net cash provided by operating activities | 4,369,972 | 2,230,317 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 1,214,000 | 2,201,000 |
Purchase of investment securities available-for -sale | (5,760,156) | (30,688,457) |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 2,663,301 | 3,022,800 |
Purchase of other investments | (735,000) | 0 |
Proceeds from sales of other investments | 0 | 523,300 |
Net change in loans | (45,308,010) | (5,030,481) |
Purchase of premises and equipment | (177,346) | (125,729) |
Net cash used in investing activities | (48,103,211) | (30,097,567) |
Cash Flows from Financing Activities: | ||
Net change in deposits | 26,553,148 | 207,626 |
Repayments of Federal Home Loan Bank advances | 0 | (9,515,477) |
Proceeds from sale of common stock | 0 | 48,983,500 |
Repurchase of common stock | (734,075) | 0 |
Cash dividend | (244,918) | 0 |
Stock offering expenses | 0 | (1,523,443) |
Common stock purchased by ESOP | 0 | 3,918,680 |
Net cash provided by financing activities | 25,574,155 | 34,233,526 |
Net Change in Cash and Cash Equivalents | (18,159,084) | 6,366,276 |
Cash and Cash Equivalents, Beginning of Period | 41,890,831 | 41,876,399 |
Cash and Cash Equivalents, End of Period | 23,731,747 | 48,242,675 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 601,513 | 844,628 |
Non-Cash Investing and Financing Activities: | ||
Transfer of loans to other real estate owned | 0 | 1,297,200 |
Change in unrealized losses on securities-for-sale, net of tax | $ (3,179,984) | $ (178,561) |
General; Basis of Presentation
General; Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General; Basis of Presentation | NOTE 1 – GENERAL; BASIS OF PRESENTATION Nature of Operations: TC Bancshares, Inc. ("Company") is a Bank holding company incorporated under the laws of the State of Georgia in 2021, to serve as the holding company for TC Federal Bank ("Bank"). The Company owns 100 % of the outstanding stock of the Bank. See Note 8 for a detailed discussion of the Company. The 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. 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 requirements 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 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 consolidated financial statements in this 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 consolidated 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 consolidated financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2021, included in the Company's 2021 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any future period. The COVID-19 pandemic has continued to cause extensive disruptions to the global economy, to businesses, and to the lives of individuals throughout the world. 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 in future periods cannot be reasonably estimated, as these events are still developing. Treasury Stock: On August 4, 2022, the Company announced a program to repurchase 250,000 shares of the Company’s common stock. Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. As o f September 30, 2022, 51,521 shares of the Company's common stock had been repurchased at an average price of $ 14.25 . Treasury stock is accounted for by the cost method. Subsequent reissuances are accounted for at average cost. Earnings per Share: Basic earnings per share represents income available to common shareholders 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 common 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. Dividends: The Company announced that its Board of Directors declared a semi-annual cash dividend on June 15, 2022 , in the amount of $ 0.05 per share of common stock. The cash dividend was paid on July 15, 2022 , to the shareholders of record at the close of business on June 27, 2022 . Summary of Significant Accounting Policies: The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. The Notes to Consolidated Financial Statements appearing in the Company's 2021 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements. 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 Estimates as disclosed in the Company's 2021 Annual Report on Form 10-K. Employee Stock Ownership Plan: The Company sponsors an employee stock ownership plan ("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 proportion 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 shareholders' equity. TC Bancshares, Inc. 2022 Equity Incentive Plan: On September 21, 2022, the Company's shareholders approved the TC Bancshares, Inc. 2022 Equity Incentive Plan ("Equity Plan") which provides for the grant of stock options, restricted stock awards and other equity awards to our officers, employees, directors, advisors and consultants. As of September 30, 2022, no stock options, restricted stock awards or other equity awards had been granted under the Equity Plan. The Company will account for its stock-based compensation plan using a fair value based based method whereby compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. 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 in the process of working with a third-party vendor using their software solution to assist with the adoption. The Company is also currently gathering necessary data to implement this change and is continuing to assess the impact of the adoption of this ASU on its consolidated 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 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 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 earnings per share ("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 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 has elected 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, 2022 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale at September 30, 2022 and December 31, 2021 are as follows: Amortized Gross Gross Estimated Fair Value as September 30, 2022- US treasuries $ 10,121,544 $ — $ 800,398 $ 9,321,146 21 % Mortgage-backed securities 9,787,108 — 855,315 8,931,793 20 % Collateralized mortgage 16,530,557 — 869,758 15,660,799 36 % Municipal bonds 8,763,535 — 1,673,995 7,089,540 16 % Corporate obligations 3,625,000 — 395,449 3,229,551 7 % $ 48,827,744 $ — $ 4,594,915 $ 44,232,829 100 % December 31, 2021- US treasuries $ 5,129,275 $ — $ 25,271 $ 5,104,004 11 % Mortgage-backed securities 10,295,332 174,102 100,143 10,369,291 23 % Collateralized mortgage 18,804,325 70,925 145,656 18,729,594 41 % Municipal bonds 8,766,475 1,513 170,787 8,597,201 19 % Corporate obligations 2,875,000 — 43,454 2,831,546 6 % $ 45,870,407 $ 246,540 $ 485,311 $ 45,631,636 100 % 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, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 4,862,792 $ 144,599 $ 5,104,004 $ 25,271 Mortgage-backed securities 4,247,463 628,102 6,389,012 100,143 Collateralized mortgage obligations 6,247,094 287,495 11,190,910 145,656 Municipal bonds 2,325,350 461,160 7,828,330 170,787 Corporate obligations 1,116,119 133,881 2,831,546 43,454 Total less than 12 months $ 18,798,818 $ 1,655,237 $ 33,343,802 $ 485,311 Unrealized loss for more than 12 months: US treasuries 4,458,354 655,799 — — Mortgage-backed securities 4,684,330 227,213 — — Collateralized mortgage obligations 9,413,705 582,263 — — Municipal bonds 4,764,190 1,212,835 — — Corporate obligations 2,113,432 261,568 — — Total more than 12 months 25,434,011 2,939,678 — — Total $ 44,232,829 $ 4,594,915 $ 33,343,802 $ 485,311 At September 30, 2022 and December 31, 2021, unrealized losses in the investment portfolio related to debt securities. The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades or because the repayment sources of principal and interest are backed by government entities. At September 30, 2022, all five US treasuries, all 14 mortgage backed securities, all 13 collateralized mortgage obligations, all nine municipal bonds and all seven corporate obligations contained unrealized losses. At December 31, 2021, all US treasuries, four of 14 mortgage backed securities, 7 out of 13 collateralized mortgage obligations, eitght of nine municipal bonds and all six corporate obligations contained unrealized losses. 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, 2022, 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 - 1 to 5 years $ 5,007,392 $ 4,862,793 5 to 10 years 17,502,687 14,777,444 Mortgage-backed securities and collateralized mortgage obligations 26,317,665 24,592,592 Total $ 48,827,744 $ 44,232,829 The Bank did not sell any investment securities available-for-sale for the nine months ended September 30, 2022 or 2021 . Securities with carrying values of approximately $ 204,000 and $ 142,000 at September 30, 2022 and December 31, 2021 , 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, 2022 | |
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, 2022 and December 31, 2021, are summarized as follows: September 30, 2022 Percent December 31, 2021 Percent Real estate loans: Residential $ 126,247,970 39.84 % $ 98,433,124 36.27 % Home equity 11,699,041 3.69 % 11,510,661 4.24 % Multi-family 24,869,858 7.85 % 19,937,187 7.35 % Commercial 106,044,970 33.47 % 89,830,611 33.10 % Construction and land development 29,670,249 9.36 % 34,401,702 12.68 % Total real estate loans 298,532,088 254,113,285 Consumer loans 1,251,595 0.40 % 1,373,761 0.51 % Commercial and industrial loans 17,073,986 5.39 % 15,900,097 5.85 % Total loans 316,857,669 100.00 % 271,387,143 100.00 % Less: Allowance for loan losses 4,336,648 4,183,599 Deferred loan fees 1,006,995 899,096 Loans, net $ 311,514,026 $ 266,304,448 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations in its primary market areas surrounding Thomasville and Savannah, Georgia and Tallahassee and Jacksonville, Florida. 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 multi-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”), before the program expired on May 31, 2021. 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 three and nine months ended September 30, 2022, the Bank did no t record any PPP-related SBA fees, compared to $ 0 and $ 481,000 in PPP-related SBA fees in the three and nine months ended September 30, 2021, respectively. These fees are accreted 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, 2022, and 2021, the Bank had recognized approximately $ 100 , $ 58,900 , $ 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 $ 3,500 and $ 62,400 at Septem ber 30, 2022 and December 31, 2021, 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, 2022 2021 2022 2021 Beginning balance $ 4,271,782 $ 4,119,010 $ 4,183,599 $ 4,085,719 Charge-offs: Real estate loans: Residential — — ( 2,842 ) ( 11,123 ) Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development — — — — Total real estate loans — — ( 2,842 ) ( 11,123 ) Consumer loans ( 8,848 ) ( 6,448 ) ( 45,950 ) ( 28,037 ) Commercial and industrial loans — — — — Total charge-offs ( 8,848 ) ( 6,448 ) ( 48,792 ) ( 39,160 ) Recoveries: Real estate loans: Residential 11,349 9,979 41,473 22,256 Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development 11,345 13,047 11,345 24,392 Total real estate loans 22,694 23,026 52,818 46,648 Consumer loans 2,003 1,155 4,017 6,309 Commercial and industrial loans 11,273 3,499 46,574 24,379 Total recoveries 35,970 27,680 103,409 77,336 Net recoveries 27,122 21,232 54,617 38,176 Provision for loan losses 37,744 106,836 98,432 123,183 Ending balance $ 4,336,648 $ 4,247,078 $ 4,336,648 $ 4,247,078 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, 2022 and December 31, 2021: Loans Allowance for loan losses Individually Collectively Individually Collectively September 30, 2022 - Real estate loans: Residential $ 1,320,094 $ 124,927,876 $ — $ 1,727,639 Home equity — 11,699,041 — 164,516 Multi-family — 24,869,858 — 299,452 Commercial — 106,044,970 — 1,719,900 Construction and development 51,816 29,618,433 — 312,630 Total real estate loans 1,371,910 297,160,178 — 4,224,137 Consumer loans — 1,251,595 — 1,154 Commercial and industrial loans — 17,073,986 — 101,092 Unallocated — — — 10,265 Total $ 1,371,910 $ 315,485,759 $ — $ 4,336,648 December 31, 2021 - Real estate loans: Residential $ 1,517,822 $ 96,915,302 $ — $ 1,468,649 Home equity — 11,510,661 — 174,579 Multi-family — 19,937,187 — 288,455 Commercial — 89,830,611 — 1,757,794 Construction and development 9,928 34,391,774 — 350,586 Total real estate loans 1,527,750 252,585,535 — 4,040,063 Consumer loans — 1,373,761 — 1,798 Commercial and industrial loans — 15,900,097 — 109,724 Unallocated — — — 32,014 Total $ 1,527,750 $ 269,859,393 $ — $ 4,183,599 Impaired Loans: The following tables present impaired loans by class of loans as of September 30, 2022 and December 31, 2021: Recorded Principal Related September 30, 2022 - 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 $ 1,320,094 $ 1,320,094 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 51,816 51,816 — Total real estate loans 1,371,910 1,371,910 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,371,910 $ 1,371,910 $ — Recorded Principal Related December 31, 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 — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,517,822 $ 1,517,822 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 9,928 9,928 — Total real estate loans 1,527,750 1,527,750 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,527,750 $ 1,527,750 $ — The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,321,370 $ 14,276 $ 19,348 $ 1,589,919 $ 48,846 $ 24,631 Home equity — — — — — — Multi-family — — — — — — Commercial — — — 669,600 — — Construction and land development 30,281 1,753 1,742 10,408 355 129 Total real estate loans 1,351,651 16,029 21,090 2,269,927 49,201 24,760 Consumer loans — — — 39,390 10,755 13,139 Commercial and industrial loans — — — — — — Total $ 1,351,651 $ 16,029 $ 21,090 $ 2,309,317 $ 59,956 $ 37,899 Nine Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,381,503 $ 46,292 $ 49,789 $ 1,571,775 $ 70,611 $ 70,743 Home equity — — — 598 — — Multi-family — — — — — — Commercial — — — 1,039,595 — — Construction and land development 19,910 1,939 1,939 68,876 399 358 Total real estate loans 1,401,413 48,231 51,728 2,680,844 71,010 71,101 Consumer loans — — — — 10,755 13,139 Commercial and industrial loans — — — — — — Total $ 1,401,413 $ 48,231 $ 51,728 $ 2,680,844 $ 81,765 $ 84,240 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, 2022 and December 31, 2021, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual September 30, 2022 - Real estate loans: Residential $ 32,731 $ 582,558 $ 471,491 $ 1,086,780 $ 125,161,190 $ 126,247,970 $ 523,900 Home equity 42,121 — — 42,121 11,656,920 11,699,041 — Multi-family — — — — 24,869,858 24,869,858 — Commercial — — — — 106,044,970 106,044,970 — Construction — — — — 29,670,249 29,670,249 — Total real 74,852 582,558 471,491 1,128,901 297,403,187 298,532,088 523,900 Consumer loans — — — — 1,251,595 1,251,595 — Commercial and — — 109,561 109,561 16,964,425 17,073,986 — $ 74,852 $ 582,558 $ 581,052 $ 1,238,462 $ 315,619,207 $ 316,857,669 $ 523,900 December 31, 2021 - Real estate loans: Residential $ 1,330,647 $ 75,169 $ — $ 1,405,816 $ 97,027,308 $ 98,433,124 $ 354,295 Home equity — — — — 11,510,661 11,510,661 — Multi-family — — — — 19,937,187 19,937,187 — Commercial — — — — 89,830,611 89,830,611 — Construction — 9,928 60,111 70,039 34,331,663 34,401,702 60,111 Total real 1,330,647 85,097 60,111 1,475,855 252,637,430 254,113,285 414,406 Consumer loans — — — — 1,373,761 1,373,761 — Commercial and — — — — 15,900,097 15,900,097 — $ 1,330,647 $ 85,097 $ 60,111 $ 1,475,855 $ 269,911,288 $ 271,387,143 $ 414,406 As of September 30, 2022 and December 31, 2021 , there were no loans greater than 90 days past due and still accruing. Troubled Debt Restructurings: The Bank did not modify any loans in the nine months ended September 30, 2022 and 2021 in a manner that would be considered troubled debt restructurings. There were no specific allowances allocated to troubled debt restructurings as of September 30, 2022 or 2021. 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, 2022 and 2021 , no restructured loans defaulted subsequent to modification. COVID-19 Related Loan Modifications: In 2020, 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) were provided. As of September 30, 2022 and December 31, 2021, 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 between March 1, 2020 and January 1, 2022 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, 2022 and December 31, 2021, 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, 2022 - Real estate loans: Residential $ 124,467,571 $ 455,566 $ 1,324,833 $ — $ — $ 126,247,970 Home equity 11,699,041 — — — — 11,699,041 Multi-family 24,869,858 — — — — 24,869,858 Commercial 98,658,441 4,561,557 2,824,972 — — 106,044,970 Construction and land 26,969,647 2,634,703 65,899 — — 29,670,249 Total real estate loans 286,664,558 7,651,826 4,215,704 — — 298,532,088 Consumer loans 1,251,595 — — — — 1,251,595 Commercial and industrial loans 17,073,986 — — — — 17,073,986 $ 304,990,139 $ 7,651,826 $ 4,215,704 $ — $ — $ 316,857,669 December 31, 2021 - Real estate loans: Residential $ 95,421,741 $ 1,764,789 $ 1,246,594 $ — $ — $ 98,433,124 Home equity 11,510,661 — — — — 11,510,661 Multi-family 19,937,187 — — — — 19,937,187 Commercial 78,797,687 8,075,262 2,957,662 — — 89,830,611 Construction and land 31,347,154 2,920,406 134,142 — — 34,401,702 Total real estate loans 237,014,430 12,760,457 4,338,398 — — 254,113,285 Consumer loans 1,373,761 — — — — 1,373,761 Commercial and industrial loans 15,900,097 — — — — 15,900,097 $ 254,288,288 $ 12,760,457 $ 4,338,398 $ — $ — $ 271,387,143 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The Bank had approximately $ 48.9 million and $ 15.7 million in available borrowing capacity through the FHLB at September 30, 2022 and December 31, 2021, respectively. Any future FHLB advances would be 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 lendable value of approximately $ 48.9 million at September 30, 2022 and $ 15.7 million at December 31, 2021. Unsecured federal funds lines of credit totaling $ 19.5 million were available to the Bank for overnight borrowing through correspondent banks at both September 30, 2022 and December 31, 2021. The Bank also had approximately $ 5.8 million and $ 5.7 million in available borrowing capacity through the Federal Reserve Bank of Atlanta at September 30, 2022 and December 31, 2021 , respectively. There were no borrowings against either of these facilities at September 30, 2022 or December 31, 2021. 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 $ 8.4 million and $ 9.3 million at September 30, 2022 and December 31, 2021 , respectively. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 5 - COMMITMENTS 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, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 48,290,000 $ 28,204,000 Stand-by letters of credit $ 687,000 $ 931,000 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, 2022 and December 31, 2021 varies. |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
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 included a transition period that implemented the new regulations over a five-year period. These changes were fully phased in on January 1, 2019. 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, 2022 and December 31, 2021, that the Bank met all capital adequacy requirements to which it is subject. As of September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2022: Common Equity Tier 1 Capital to Risk- $ 66,195 22.61 % $ 13,177 4.50 % $ 19,033 6.50 % Total Capital to Risk- Weighted Assets $ 69,863 23.86 % $ 23,425 8.00 % $ 29,281 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 66,195 22.61 % $ 17,569 6.00 % $ 23,425 8.00 % Tier I Capital to Average Assets $ 66,195 16.06 % $ 16,485 4.00 % $ 20,606 5.00 % December 31, 2021: Common Equity Tier 1 Capital to Risk- $ 63,764 25.08 % $ 11,441 4.50 % $ 16,526 6.50 % Total Capital to Risk- Weighted Assets $ 66,954 26.33 % $ 20,340 8.00 % $ 25,425 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 63,764 25.08 % $ 15,255 6.00 % $ 20,340 8.00 % Tier I Capital to Average Assets $ 63,764 16.64 % $ 15,327 4.00 % $ 19,159 5.00 % |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total September 30, 2022: US treasuries $ — $ 9,321,146 $ — $ 9,321,146 Mortgage-backed securities — 8,931,793 — 8,931,793 Collateralized mortgage obligations — 15,660,799 — 15,660,799 Municipal bonds — 7,089,540 — 7,089,540 Corporate obligations — 3,229,551 — 3,229,551 Investment securities available-for-sale $ — $ 44,232,829 $ — $ 44,232,829 December 31, 2021: US treasuries $ — $ 5,104,004 $ — $ 5,104,004 Mortgage-backed securities — 10,369,291 — 10,369,291 Collateralized mortgage obligations — 18,729,594 — 18,729,594 Municipal bonds — 8,597,201 — 8,597,201 Corporate obligations — 2,831,546 — 2,831,546 Investment securities available-for-sale $ — $ 45,631,636 $ — $ 45,631,636 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, 2022 and December 31, 2021: Level 1 Level 2 Level 3 Total September 30, 2022: Other real estate owned $ — $ — $ 948,400 $ 948,400 Impaired loans — — — — $ — $ — $ 948,400 $ 948,400 December 31, 2021: Other real estate owned $ — $ — $ 1,115,100 $ 1,115,100 Impaired loans — — — — $ — $ — $ 1,115,100 $ 1,115,100 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, 2022 and December 31, 2021 are as follows: Fair Value Measurements at September 30, 2022 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,731,747 $ 23,731,747 $ 23,731,747 $ — $ — Certificates of deposit with other banks 2,237,000 2,237,000 2,237,000 — — Investment securities available-for-sale 44,232,829 44,232,829 — 44,232,829 — Other investments 925,700 925,700 — 925,700 — Mortgage loans held for sale 1,795,761 1,795,761 — 1,795,761 — Loans, net 311,514,026 296,092,000 — — 296,092,000 Bank owned life insurance 11,372,284 11,372,284 11,372,284 — — Financial liabilities: Deposits 315,869,856 314,179,811 241,541,811 — 72,638,000 Fair Value Measurements at December 31, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 41,890,831 $ 41,890,831 $ 41,890,831 $ — $ — Certificates of deposit with other banks 3,451,000 3,451,000 3,451,000 — — Investment securities available-for-sale 45,631,636 45,631,636 — 45,631,636 — Other investments 190,700 190,700 — 190,700 — Mortgage loans held for sale 2,844,707 2,844,707 — 2,844,707 — Loans, net 266,304,448 274,168,000 — — 274,168,000 Bank owned life insurance 11,166,573 11,166,573 11,166,573 — — Financial liabilities: Deposits 289,316,708 289,267,454 216,786,454 — 72,481,000 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, 2022 | |
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 $ 1.5 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. |
General; Basis of Presentation
General; Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations: TC Bancshares, Inc. ("Company") is a Bank holding company incorporated under the laws of the State of Georgia in 2021, to serve as the holding company for TC Federal Bank ("Bank"). The Company owns 100 % of the outstanding stock of the Bank. See Note 8 for a detailed discussion of the Company. The 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. 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 requirements 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 | Basis of Presentation: The accounting and financial reporting policies of the Company 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 consolidated financial statements in this 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 consolidated 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 consolidated financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2021, included in the Company's 2021 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year or any future period. The COVID-19 pandemic has continued to cause extensive disruptions to the global economy, to businesses, and to the lives of individuals throughout the world. 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 in future periods cannot be reasonably estimated, as these events are still developing. |
Treasury Stock | Treasury Stock: On August 4, 2022, the Company announced a program to repurchase 250,000 shares of the Company’s common stock. Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. As o f September 30, 2022, 51,521 shares of the Company's common stock had been repurchased at an average price of $ 14.25 . Treasury stock is accounted for by the cost method. Subsequent reissuances are accounted for at average cost. |
Earnings per Share | Earnings per Share: Basic earnings per share represents income available to common shareholders 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 common 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. Dividends: The Company announced that its Board of Directors declared a semi-annual cash dividend on June 15, 2022 , in the amount of $ 0.05 per share of common stock. The cash dividend was paid on July 15, 2022 , to the shareholders of record at the close of business on June 27, 2022 . |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: The Company sponsors an employee stock ownership plan ("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 proportion 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 shareholders' equity. |
TC Bancshares, Inc. 2022 Equity Incentive Plan | TC Bancshares, Inc. 2022 Equity Incentive Plan: On September 21, 2022, the Company's shareholders approved the TC Bancshares, Inc. 2022 Equity Incentive Plan ("Equity Plan") which provides for the grant of stock options, restricted stock awards and other equity awards to our officers, employees, directors, advisors and consultants. As of September 30, 2022, no stock options, restricted stock awards or other equity awards had been granted under the Equity Plan. The Company will account for its stock-based compensation plan using a fair value based based method whereby compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. |
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 in the process of working with a third-party vendor using their software solution to assist with the adoption. The Company is also currently gathering necessary data to implement this change and is continuing to assess the impact of the adoption of this ASU on its consolidated 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 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 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 earnings per share ("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 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 has elected 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, 2022 | |
Investments [Abstract] | |
Summary of Investments Securities Available for Sale | Investment securities available-for-sale at September 30, 2022 and December 31, 2021 are as follows: Amortized Gross Gross Estimated Fair Value as September 30, 2022- US treasuries $ 10,121,544 $ — $ 800,398 $ 9,321,146 21 % Mortgage-backed securities 9,787,108 — 855,315 8,931,793 20 % Collateralized mortgage 16,530,557 — 869,758 15,660,799 36 % Municipal bonds 8,763,535 — 1,673,995 7,089,540 16 % Corporate obligations 3,625,000 — 395,449 3,229,551 7 % $ 48,827,744 $ — $ 4,594,915 $ 44,232,829 100 % December 31, 2021- US treasuries $ 5,129,275 $ — $ 25,271 $ 5,104,004 11 % Mortgage-backed securities 10,295,332 174,102 100,143 10,369,291 23 % Collateralized mortgage 18,804,325 70,925 145,656 18,729,594 41 % Municipal bonds 8,766,475 1,513 170,787 8,597,201 19 % Corporate obligations 2,875,000 — 43,454 2,831,546 6 % $ 45,870,407 $ 246,540 $ 485,311 $ 45,631,636 100 % |
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, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 4,862,792 $ 144,599 $ 5,104,004 $ 25,271 Mortgage-backed securities 4,247,463 628,102 6,389,012 100,143 Collateralized mortgage obligations 6,247,094 287,495 11,190,910 145,656 Municipal bonds 2,325,350 461,160 7,828,330 170,787 Corporate obligations 1,116,119 133,881 2,831,546 43,454 Total less than 12 months $ 18,798,818 $ 1,655,237 $ 33,343,802 $ 485,311 Unrealized loss for more than 12 months: US treasuries 4,458,354 655,799 — — Mortgage-backed securities 4,684,330 227,213 — — Collateralized mortgage obligations 9,413,705 582,263 — — Municipal bonds 4,764,190 1,212,835 — — Corporate obligations 2,113,432 261,568 — — Total more than 12 months 25,434,011 2,939,678 — — Total $ 44,232,829 $ 4,594,915 $ 33,343,802 $ 485,311 |
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, 2022, 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 - 1 to 5 years $ 5,007,392 $ 4,862,793 5 to 10 years 17,502,687 14,777,444 Mortgage-backed securities and collateralized mortgage obligations 26,317,665 24,592,592 Total $ 48,827,744 $ 44,232,829 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021, are summarized as follows: September 30, 2022 Percent December 31, 2021 Percent Real estate loans: Residential $ 126,247,970 39.84 % $ 98,433,124 36.27 % Home equity 11,699,041 3.69 % 11,510,661 4.24 % Multi-family 24,869,858 7.85 % 19,937,187 7.35 % Commercial 106,044,970 33.47 % 89,830,611 33.10 % Construction and land development 29,670,249 9.36 % 34,401,702 12.68 % Total real estate loans 298,532,088 254,113,285 Consumer loans 1,251,595 0.40 % 1,373,761 0.51 % Commercial and industrial loans 17,073,986 5.39 % 15,900,097 5.85 % Total loans 316,857,669 100.00 % 271,387,143 100.00 % Less: Allowance for loan losses 4,336,648 4,183,599 Deferred loan fees 1,006,995 899,096 Loans, net $ 311,514,026 $ 266,304,448 |
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, 2022 2021 2022 2021 Beginning balance $ 4,271,782 $ 4,119,010 $ 4,183,599 $ 4,085,719 Charge-offs: Real estate loans: Residential — — ( 2,842 ) ( 11,123 ) Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development — — — — Total real estate loans — — ( 2,842 ) ( 11,123 ) Consumer loans ( 8,848 ) ( 6,448 ) ( 45,950 ) ( 28,037 ) Commercial and industrial loans — — — — Total charge-offs ( 8,848 ) ( 6,448 ) ( 48,792 ) ( 39,160 ) Recoveries: Real estate loans: Residential 11,349 9,979 41,473 22,256 Home equity — — — — Multi-family — — — — Commercial — — — — Construction and land development 11,345 13,047 11,345 24,392 Total real estate loans 22,694 23,026 52,818 46,648 Consumer loans 2,003 1,155 4,017 6,309 Commercial and industrial loans 11,273 3,499 46,574 24,379 Total recoveries 35,970 27,680 103,409 77,336 Net recoveries 27,122 21,232 54,617 38,176 Provision for loan losses 37,744 106,836 98,432 123,183 Ending balance $ 4,336,648 $ 4,247,078 $ 4,336,648 $ 4,247,078 |
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, 2022 and December 31, 2021: Loans Allowance for loan losses Individually Collectively Individually Collectively September 30, 2022 - Real estate loans: Residential $ 1,320,094 $ 124,927,876 $ — $ 1,727,639 Home equity — 11,699,041 — 164,516 Multi-family — 24,869,858 — 299,452 Commercial — 106,044,970 — 1,719,900 Construction and development 51,816 29,618,433 — 312,630 Total real estate loans 1,371,910 297,160,178 — 4,224,137 Consumer loans — 1,251,595 — 1,154 Commercial and industrial loans — 17,073,986 — 101,092 Unallocated — — — 10,265 Total $ 1,371,910 $ 315,485,759 $ — $ 4,336,648 December 31, 2021 - Real estate loans: Residential $ 1,517,822 $ 96,915,302 $ — $ 1,468,649 Home equity — 11,510,661 — 174,579 Multi-family — 19,937,187 — 288,455 Commercial — 89,830,611 — 1,757,794 Construction and development 9,928 34,391,774 — 350,586 Total real estate loans 1,527,750 252,585,535 — 4,040,063 Consumer loans — 1,373,761 — 1,798 Commercial and industrial loans — 15,900,097 — 109,724 Unallocated — — — 32,014 Total $ 1,527,750 $ 269,859,393 $ — $ 4,183,599 |
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, 2022 and December 31, 2021: Recorded Principal Related September 30, 2022 - 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 $ 1,320,094 $ 1,320,094 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 51,816 51,816 — Total real estate loans 1,371,910 1,371,910 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,371,910 $ 1,371,910 $ — Recorded Principal Related December 31, 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 — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,517,822 $ 1,517,822 $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development 9,928 9,928 — Total real estate loans 1,527,750 1,527,750 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,527,750 $ 1,527,750 $ — |
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, 2022 2021 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,321,370 $ 14,276 $ 19,348 $ 1,589,919 $ 48,846 $ 24,631 Home equity — — — — — — Multi-family — — — — — — Commercial — — — 669,600 — — Construction and land development 30,281 1,753 1,742 10,408 355 129 Total real estate loans 1,351,651 16,029 21,090 2,269,927 49,201 24,760 Consumer loans — — — 39,390 10,755 13,139 Commercial and industrial loans — — — — — — Total $ 1,351,651 $ 16,029 $ 21,090 $ 2,309,317 $ 59,956 $ 37,899 Nine Months Ended September 30, 2022 2021 Average Interest Interest Average Interest Interest Real estate loans: Residential $ 1,381,503 $ 46,292 $ 49,789 $ 1,571,775 $ 70,611 $ 70,743 Home equity — — — 598 — — Multi-family — — — — — — Commercial — — — 1,039,595 — — Construction and land development 19,910 1,939 1,939 68,876 399 358 Total real estate loans 1,401,413 48,231 51,728 2,680,844 71,010 71,101 Consumer loans — — — — 10,755 13,139 Commercial and industrial loans — — — — — — Total $ 1,401,413 $ 48,231 $ 51,728 $ 2,680,844 $ 81,765 $ 84,240 |
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, 2022 and December 31, 2021, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual September 30, 2022 - Real estate loans: Residential $ 32,731 $ 582,558 $ 471,491 $ 1,086,780 $ 125,161,190 $ 126,247,970 $ 523,900 Home equity 42,121 — — 42,121 11,656,920 11,699,041 — Multi-family — — — — 24,869,858 24,869,858 — Commercial — — — — 106,044,970 106,044,970 — Construction — — — — 29,670,249 29,670,249 — Total real 74,852 582,558 471,491 1,128,901 297,403,187 298,532,088 523,900 Consumer loans — — — — 1,251,595 1,251,595 — Commercial and — — 109,561 109,561 16,964,425 17,073,986 — $ 74,852 $ 582,558 $ 581,052 $ 1,238,462 $ 315,619,207 $ 316,857,669 $ 523,900 December 31, 2021 - Real estate loans: Residential $ 1,330,647 $ 75,169 $ — $ 1,405,816 $ 97,027,308 $ 98,433,124 $ 354,295 Home equity — — — — 11,510,661 11,510,661 — Multi-family — — — — 19,937,187 19,937,187 — Commercial — — — — 89,830,611 89,830,611 — Construction — 9,928 60,111 70,039 34,331,663 34,401,702 60,111 Total real 1,330,647 85,097 60,111 1,475,855 252,637,430 254,113,285 414,406 Consumer loans — — — — 1,373,761 1,373,761 — Commercial and — — — — 15,900,097 15,900,097 — $ 1,330,647 $ 85,097 $ 60,111 $ 1,475,855 $ 269,911,288 $ 271,387,143 $ 414,406 |
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, 2022 and December 31, 2021, 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, 2022 - Real estate loans: Residential $ 124,467,571 $ 455,566 $ 1,324,833 $ — $ — $ 126,247,970 Home equity 11,699,041 — — — — 11,699,041 Multi-family 24,869,858 — — — — 24,869,858 Commercial 98,658,441 4,561,557 2,824,972 — — 106,044,970 Construction and land 26,969,647 2,634,703 65,899 — — 29,670,249 Total real estate loans 286,664,558 7,651,826 4,215,704 — — 298,532,088 Consumer loans 1,251,595 — — — — 1,251,595 Commercial and industrial loans 17,073,986 — — — — 17,073,986 $ 304,990,139 $ 7,651,826 $ 4,215,704 $ — $ — $ 316,857,669 December 31, 2021 - Real estate loans: Residential $ 95,421,741 $ 1,764,789 $ 1,246,594 $ — $ — $ 98,433,124 Home equity 11,510,661 — — — — 11,510,661 Multi-family 19,937,187 — — — — 19,937,187 Commercial 78,797,687 8,075,262 2,957,662 — — 89,830,611 Construction and land 31,347,154 2,920,406 134,142 — — 34,401,702 Total real estate loans 237,014,430 12,760,457 4,338,398 — — 254,113,285 Consumer loans 1,373,761 — — — — 1,373,761 Commercial and industrial loans 15,900,097 — — — — 15,900,097 $ 254,288,288 $ 12,760,457 $ 4,338,398 $ — $ — $ 271,387,143 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | September 30, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 48,290,000 $ 28,204,000 Stand-by letters of credit $ 687,000 $ 931,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) September 30, 2022: Common Equity Tier 1 Capital to Risk- $ 66,195 22.61 % $ 13,177 4.50 % $ 19,033 6.50 % Total Capital to Risk- Weighted Assets $ 69,863 23.86 % $ 23,425 8.00 % $ 29,281 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 66,195 22.61 % $ 17,569 6.00 % $ 23,425 8.00 % Tier I Capital to Average Assets $ 66,195 16.06 % $ 16,485 4.00 % $ 20,606 5.00 % December 31, 2021: Common Equity Tier 1 Capital to Risk- $ 63,764 25.08 % $ 11,441 4.50 % $ 16,526 6.50 % Total Capital to Risk- Weighted Assets $ 66,954 26.33 % $ 20,340 8.00 % $ 25,425 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 63,764 25.08 % $ 15,255 6.00 % $ 20,340 8.00 % Tier I Capital to Average Assets $ 63,764 16.64 % $ 15,327 4.00 % $ 19,159 5.00 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total September 30, 2022: US treasuries $ — $ 9,321,146 $ — $ 9,321,146 Mortgage-backed securities — 8,931,793 — 8,931,793 Collateralized mortgage obligations — 15,660,799 — 15,660,799 Municipal bonds — 7,089,540 — 7,089,540 Corporate obligations — 3,229,551 — 3,229,551 Investment securities available-for-sale $ — $ 44,232,829 $ — $ 44,232,829 December 31, 2021: US treasuries $ — $ 5,104,004 $ — $ 5,104,004 Mortgage-backed securities — 10,369,291 — 10,369,291 Collateralized mortgage obligations — 18,729,594 — 18,729,594 Municipal bonds — 8,597,201 — 8,597,201 Corporate obligations — 2,831,546 — 2,831,546 Investment securities available-for-sale $ — $ 45,631,636 $ — $ 45,631,636 |
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, 2022 and December 31, 2021: Level 1 Level 2 Level 3 Total September 30, 2022: Other real estate owned $ — $ — $ 948,400 $ 948,400 Impaired loans — — — — $ — $ — $ 948,400 $ 948,400 December 31, 2021: Other real estate owned $ — $ — $ 1,115,100 $ 1,115,100 Impaired loans — — — — $ — $ — $ 1,115,100 $ 1,115,100 |
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, 2022 and December 31, 2021 are as follows: Fair Value Measurements at September 30, 2022 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,731,747 $ 23,731,747 $ 23,731,747 $ — $ — Certificates of deposit with other banks 2,237,000 2,237,000 2,237,000 — — Investment securities available-for-sale 44,232,829 44,232,829 — 44,232,829 — Other investments 925,700 925,700 — 925,700 — Mortgage loans held for sale 1,795,761 1,795,761 — 1,795,761 — Loans, net 311,514,026 296,092,000 — — 296,092,000 Bank owned life insurance 11,372,284 11,372,284 11,372,284 — — Financial liabilities: Deposits 315,869,856 314,179,811 241,541,811 — 72,638,000 Fair Value Measurements at December 31, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 41,890,831 $ 41,890,831 $ 41,890,831 $ — $ — Certificates of deposit with other banks 3,451,000 3,451,000 3,451,000 — — Investment securities available-for-sale 45,631,636 45,631,636 — 45,631,636 — Other investments 190,700 190,700 — 190,700 — Mortgage loans held for sale 2,844,707 2,844,707 — 2,844,707 — Loans, net 266,304,448 274,168,000 — — 274,168,000 Bank owned life insurance 11,166,573 11,166,573 11,166,573 — — Financial liabilities: Deposits 289,316,708 289,267,454 216,786,454 — 72,481,000 |
General; Basis of Presentatio_2
General; Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Aug. 04, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 250,000 | ||
Number of treasury shares | 51,521 | 0 | |
Average price of treasury stock per share | $ 14.25 | ||
Description of dividends payable nature | semi-annual | ||
Dividends payable, date declared | Jun. 15, 2022 | ||
Dividends payable, date to be paid | Jul. 15, 2022 | ||
Dividends payable, date of record | Jun. 27, 2022 | ||
ESOP borrowings | $ 3.9 | ||
Shares purchased with ESOP loan proceeds | 391,868 | ||
Equity incentive, granted | 0 | ||
Restricted Stock [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Equity incentive, granted | 0 | ||
Common Stock [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Dividends payable, amount per share | $ 0.05 | ||
TC Federal Bank [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Ownership percentage | 100% |
Investment Securities - Summary
Investment Securities - Summary Of Investments Securities Available For Sale (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 48,827,744 | $ 45,870,407 |
Gross Unrealized Gains | 0 | 246,540 |
Gross Unrealized Losses | 4,594,915 | 485,311 |
Estimated Fair Value | $ 44,232,829 | $ 45,631,636 |
Fair Value as % of Total | 100% | 100% |
US treasuries [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 10,121,544 | $ 5,129,275 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 800,398 | 25,271 |
Estimated Fair Value | $ 9,321,146 | $ 5,104,004 |
Fair Value as % of Total | 21% | 11% |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 9,787,108 | $ 10,295,332 |
Gross Unrealized Gains | 0 | 174,102 |
Gross Unrealized Losses | 855,315 | 100,143 |
Estimated Fair Value | $ 8,931,793 | $ 10,369,291 |
Fair Value as % of Total | 20% | 23% |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 16,530,557 | $ 18,804,325 |
Gross Unrealized Gains | 0 | 70,925 |
Gross Unrealized Losses | 869,758 | 145,656 |
Estimated Fair Value | $ 15,660,799 | $ 18,729,594 |
Fair Value as % of Total | 36% | 41% |
Municipal bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 8,763,535 | $ 8,766,475 |
Gross Unrealized Gains | 0 | 1,513 |
Gross Unrealized Losses | 1,673,995 | 170,787 |
Estimated Fair Value | $ 7,089,540 | $ 8,597,201 |
Fair Value as % of Total | 16% | 19% |
Corporate obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Amortized Cost | $ 3,625,000 | $ 2,875,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 395,449 | 43,454 |
Estimated Fair Value | $ 3,229,551 | $ 2,831,546 |
Fair Value as % of Total | 7% | 6% |
Investment Securities - Summa_2
Investment Securities - Summary Of Unrealized Losses and Estimated Fair Value (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 18,798,818 | $ 33,343,802 |
Total less than 12 months, Unrealized Losses | 1,655,237 | 485,311 |
Total more than 12 months, Estimated Fair Value | 25,434,011 | 0 |
Total more than 12 months, Unrealized Losses | 2,939,678 | 0 |
Total | 44,232,829 | 33,343,802 |
Total | 4,594,915 | 485,311 |
US treasuries [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 4,862,792 | 5,104,004 |
Total less than 12 months, Unrealized Losses | 144,599 | 25,271 |
Total more than 12 months, Estimated Fair Value | 4,458,354 | 0 |
Total more than 12 months, Unrealized Losses | 655,799 | 0 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 4,247,463 | 6,389,012 |
Total less than 12 months, Unrealized Losses | 628,102 | 100,143 |
Total more than 12 months, Estimated Fair Value | 4,684,330 | 0 |
Total more than 12 months, Unrealized Losses | 227,213 | 0 |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 6,247,094 | 11,190,910 |
Total less than 12 months, Unrealized Losses | 287,495 | 145,656 |
Total more than 12 months, Estimated Fair Value | 9,413,705 | 0 |
Total more than 12 months, Unrealized Losses | 582,263 | 0 |
Municipal bonds [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 2,325,350 | 7,828,330 |
Total less than 12 months, Unrealized Losses | 461,160 | 170,787 |
Total more than 12 months, Estimated Fair Value | 4,764,190 | 0 |
Total more than 12 months, Unrealized Losses | 1,212,835 | 0 |
Corporate obligations [Member] | ||
Debt Securities, Available-for-Sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 1,116,119 | 2,831,546 |
Total less than 12 months, Unrealized Losses | 133,881 | 43,454 |
Total more than 12 months, Estimated Fair Value | 2,113,432 | 0 |
Total more than 12 months, Unrealized Losses | $ 261,568 | $ 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, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Amortized Cost, 1 to 5 years | $ 5,007,392 | |
Amortized Cost, 5 to 10 years | 17,502,687 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 26,317,665 | |
Total, Amortized Cost | 48,827,744 | $ 45,870,407 |
Estimated Fair Value, 1 to 5 years | 4,862,793 | |
Estimated Fair Value, 5 to 10 years | 14,777,444 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 24,592,592 | |
Total, Estimated Fair Value | $ 44,232,829 | $ 45,631,636 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Debt securities unrealized losses for greater than 12 months | $ 2,939,678 | $ 0 |
Available-for-Sale Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | $ 204,000 | $ 142,000 |
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, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 316,857,669 | $ 271,387,143 | ||||
Gross Loans Receivable Percentage | 100% | 100% | ||||
Less: Allowance for loan losses | $ 4,336,648 | $ 4,271,782 | $ 4,183,599 | $ 4,247,078 | $ 4,119,010 | $ 4,085,719 |
Deferred loan fees | 1,006,995 | 899,096 | ||||
Loans, net | 311,514,026 | 266,304,448 | ||||
Consumer loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 1,251,595 | $ 1,373,761 | ||||
Gross Loans Receivable Percentage | 0.40% | 0.51% | ||||
Commercial and industrial loans [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 17,073,986 | $ 15,900,097 | ||||
Gross Loans Receivable Percentage | 5.39% | 5.85% | ||||
Real Estate [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 298,532,088 | $ 254,113,285 | ||||
Real Estate [Member] | Residential [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 126,247,970 | $ 98,433,124 | ||||
Gross Loans Receivable Percentage | 39.84% | 36.27% | ||||
Real Estate [Member] | Home equity [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 11,699,041 | $ 11,510,661 | ||||
Gross Loans Receivable Percentage | 3.69% | 4.24% | ||||
Real Estate [Member] | Multi-family [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 24,869,858 | $ 19,937,187 | ||||
Gross Loans Receivable Percentage | 7.85% | 7.35% | ||||
Real Estate [Member] | Commercial [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 106,044,970 | $ 89,830,611 | ||||
Gross Loans Receivable Percentage | 33.47% | 33.10% | ||||
Real Estate [Member] | Construction and land development [Member] | ||||||
Loans and Leases Receivable Disclosure [Line Items] | ||||||
Loans and Leases Receivable, Gross | $ 29,670,249 | $ 34,401,702 | ||||
Gross Loans Receivable Percentage | 9.36% | 12.68% |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Beginning balance | $ 4,271,782 | $ 4,119,010 | $ 4,183,599 | $ 4,085,719 |
Charge-offs | (8,848) | (6,448) | (48,792) | (39,160) |
Recoveries | 35,970 | 27,680 | 103,409 | 77,336 |
Net recoveries | 27,122 | 21,232 | 54,617 | 38,176 |
Provision for loan losses | 37,744 | 106,836 | 98,432 | 123,183 |
Ending balance | 4,336,648 | 4,247,078 | 4,336,648 | 4,247,078 |
Consumer loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | (8,848) | (6,448) | (45,950) | (28,037) |
Recoveries | 2,003 | 1,155 | 4,017 | 6,309 |
Commercial and industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 11,273 | 3,499 | 46,574 | 24,379 |
Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | (2,842) | (11,123) |
Recoveries | 22,694 | 23,026 | 52,818 | 46,648 |
Real Estate [Member] | Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Charge-offs | 0 | 0 | (2,842) | (11,123) |
Recoveries | 11,349 | 9,979 | 41,473 | 22,256 |
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 | $ 11,345 | $ 13,047 | $ 11,345 | $ 24,392 |
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, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | $ 1,371,910 | $ 1,527,750 |
Loans Collectively Evaluated for Impairment | 315,485,759 | 269,859,393 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,336,648 | 4,183,599 |
Consumer Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 1,251,595 | 1,373,761 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,154 | 1,798 |
Commercial And Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 17,073,986 | 15,900,097 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 101,092 | 109,724 |
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 | 10,265 | 32,014 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,371,910 | 1,527,750 |
Loans Collectively Evaluated for Impairment | 297,160,178 | 252,585,535 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,224,137 | 4,040,063 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,320,094 | 1,517,822 |
Loans Collectively Evaluated for Impairment | 124,927,876 | 96,915,302 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,727,639 | 1,468,649 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 11,699,041 | 11,510,661 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 164,516 | 174,579 |
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 | 24,869,858 | 19,937,187 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 299,452 | 288,455 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 106,044,970 | 89,830,611 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,719,900 | 1,757,794 |
Real Estate [Member] | Construction and development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 51,816 | 9,928 |
Loans Collectively Evaluated for Impairment | 29,618,433 | 34,391,774 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | $ 312,630 | $ 350,586 |
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, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | $ 0 | |
Impaired Loans Without Related Allowance Record Investment | $ 1,371,910 | 1,527,750 |
Impaired Loans With Related Allowance Principal Balance | 0 | |
Impaired Loans Without Related Allowance Principal Balance | 1,371,910 | 1,527,750 |
Impaired Loans With Related Allowance | 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 | 0 | |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 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 | 1,371,910 | 1,527,750 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,371,910 | 1,527,750 |
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 | 1,320,094 | 1,517,822 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,320,094 | 1,517,822 |
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 | 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] | 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 | 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] | 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 | 51,816 | 9,928 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 51,816 | 9,928 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Line Items] | |||||
Deferred loan fees | $ 1,006,995 | $ 1,006,995 | $ 899,096 | ||
Debt securities, held-to-maturity, 90 days or more past due, still accruing | 0 | 0 | 0 | ||
Loan restructuring trial modifications, amount | 0 | $ 0 | |||
Small Business Administration [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Debt instrument, Collateral fee | $ 0 | $ 0 | $ 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% | ||||
Small Business Administration [Member] | Maximum [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Percentage of guarantee made to eligible borrowers under PPP loans | 5% | ||||
Paycheck Protection Program [Member] | |||||
Loans and Leases Receivable Disclosure [Line Items] | |||||
Debt instrument interest rate, stated percentage | 1% | 1% | |||
Percentage of guarantee made to eligible borrowers under PPP loans | 100% | ||||
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 | $ 100 | $ 151,000 | $ 58,900 | $ 436,000 | |
Deferred loan fees | $ 3,500 | $ 3,500 | $ 62,400 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 1,351,651 | $ 2,309,317 | $ 1,401,413 | $ 2,680,844 |
Interest Income Recognized | 16,029 | 59,956 | 48,231 | 81,765 |
Interest Income Received | 21,090 | 37,899 | 51,728 | 84,240 |
Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 39,390 | 0 | 0 |
Interest Income Recognized | 0 | 10,755 | 0 | 10,755 |
Interest Income Received | 0 | 13,139 | 0 | 13,139 |
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 | 1,351,651 | 2,269,927 | 1,401,413 | 2,680,844 |
Interest Income Recognized | 16,029 | 49,201 | 48,231 | 71,010 |
Interest Income Received | 21,090 | 24,760 | 51,728 | 71,101 |
Real Estate [Member] | Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,321,370 | 1,589,919 | 1,381,503 | 1,571,775 |
Interest Income Recognized | 14,276 | 48,846 | 46,292 | 70,611 |
Interest Income Received | 19,348 | 24,631 | 49,789 | 70,743 |
Real Estate [Member] | Home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 0 | 0 | 0 | 598 |
Interest Income Recognized | 0 | 0 | 0 | 0 |
Interest Income Received | 0 | 0 | 0 | 0 |
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 | 0 | 669,600 | 0 | 1,039,595 |
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 | 30,281 | 10,408 | 19,910 | 68,876 |
Interest Income Recognized | 1,753 | 355 | 1,939 | 399 |
Interest Income Received | $ 1,742 | $ 129 | $ 1,939 | $ 358 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 316,857,669 | $ 271,387,143 |
Non-accrual | 523,900 | 414,406 |
Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,251,595 | 1,373,761 |
Non-accrual | 0 | 0 |
Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,073,986 | 15,900,097 |
Non-accrual | 0 | |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,238,462 | 1,475,855 |
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 | 109,561 | 0 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 315,619,207 | 269,911,288 |
Financial Asset, Not Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,251,595 | 1,373,761 |
Financial Asset, Not Past Due [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,964,425 | 15,900,097 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 74,852 | 1,330,647 |
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 | 0 | 0 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 582,558 | 85,097 |
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 | 581,052 | 60,111 |
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 | 109,561 | 0 |
Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 298,532,088 | 254,113,285 |
Non-accrual | 523,900 | 414,406 |
Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 126,247,970 | 98,433,124 |
Non-accrual | 523,900 | 354,295 |
Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,699,041 | 11,510,661 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 24,869,858 | 19,937,187 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 106,044,970 | 89,830,611 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 29,670,249 | 34,401,702 |
Non-accrual | 0 | 60,111 |
Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,128,901 | 1,475,855 |
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 | 1,086,780 | 1,405,816 |
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 | 42,121 | 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 | 0 | 0 |
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 | 0 | 70,039 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 297,403,187 | 252,637,430 |
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 | 125,161,190 | 97,027,308 |
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 | 11,656,920 | 11,510,661 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 24,869,858 | 19,937,187 |
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 | 106,044,970 | 89,830,611 |
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 | 29,670,249 | 34,331,663 |
Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 74,852 | 1,330,647 |
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 | 32,731 | 1,330,647 |
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 | 42,121 | 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 | 0 | 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 | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 582,558 | 85,097 |
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 | 582,558 | 75,169 |
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 | 9,928 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 471,491 | 60,111 |
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 | 471,491 | 0 |
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 | 0 |
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 | $ 60,111 |
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, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 316,857,669 | $ 271,387,143 |
Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,251,595 | 1,373,761 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 17,073,986 | 15,900,097 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 304,990,139 | 254,288,288 |
Pass [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,251,595 | 1,373,761 |
Pass [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 17,073,986 | 15,900,097 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 7,651,826 | 12,760,457 |
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 | 0 | 0 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,215,704 | 4,338,398 |
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 | 0 | |
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 | 0 | 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 | 0 | |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 298,532,088 | 254,113,285 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 126,247,970 | 98,433,124 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,699,041 | 11,510,661 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,869,858 | 19,937,187 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 106,044,970 | 89,830,611 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 29,670,249 | 34,401,702 |
Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 286,664,558 | 237,014,430 |
Real Estate [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 124,467,571 | 95,421,741 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 11,699,041 | 11,510,661 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,869,858 | 19,937,187 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 98,658,441 | 78,797,687 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 26,969,647 | 31,347,154 |
Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 7,651,826 | 12,760,457 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 455,566 | 1,764,789 |
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 | 0 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,561,557 | 8,075,262 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 2,634,703 | 2,920,406 |
Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,215,704 | 4,338,398 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,324,833 | 1,246,594 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
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 | 2,824,972 | 2,957,662 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 65,899 | 134,142 |
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_2
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 5,800,000 | $ 5,700,000 |
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 | 48,900,000 | 15,700,000 |
Line of credit facility, maximum borrowing capacity | 48,900,000 | 15,700,000 |
Bank's residential and commercial real estate loans [Member] | Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured debt, current | 8,400,000 | 9,300,000 |
Unsecured federal funds lines of credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Unsecured debt, current | $ 19,500,000 | $ 19,500,000 |
Commitments - Schedule of Loan
Commitments - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 48,290,000 | $ 28,204,000 |
Stand-by letters of credit [Member] | ||
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 687,000 | $ 931,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Additional Information (Detail) $ in Billions | Sep. 30, 2022 USD ($) |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 66,195 | $ 63,764 |
Total Capital to Risk- Weighted Assets, Actual Amount | 69,863 | 66,954 |
Tier 1 Capital to Risk- Weighted Assets, Actual Amount | 66,195 | 63,764 |
Tier I Capital to Average Assets, Actual Amount | $ 66,195 | $ 63,764 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 22.61 | 25.08 |
Total Capital to Risk- Weighted Assets, Actual Ratio | 23.86 | 26.33 |
Tier 1 Capital to Risk- Weighted Assets, Actual Ratio | 22.61 | 25.08 |
Tier I Capital to Average Assets, Actual Ratio | 16.06 | 16.64 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Amount | $ 13,177 | $ 11,441 |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 23,425 | 20,340 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 17,569 | 15,255 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 16,485 | $ 15,327 |
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 | $ 19,033 | $ 16,526 |
Total Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 29,281 | 25,425 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 23,425 | 20,340 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 20,606 | $ 19,159 |
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, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 44,232,829 | $ 45,631,636 |
US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,321,146 | 5,104,004 |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,931,793 | 10,369,291 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 15,660,799 | 18,729,594 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,089,540 | 8,597,201 |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,229,551 | 2,831,546 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Level 2 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,321,146 | 5,104,004 |
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 | 8,931,793 | 10,369,291 |
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 | 15,660,799 | 18,729,594 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,089,540 | 8,597,201 |
Level 2 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 3,229,551 | $ 2,831,546 |
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, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | $ 948,400 | $ 1,115,100 |
Assets recorded at fair value on a recurring basis | 948,400 | 1,115,100 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 948,400 | 1,115,100 |
Assets recorded at fair value on a recurring basis | $ 948,400 | $ 1,115,100 |
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, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Cash and cash equivalents | $ 23,731,747 | $ 41,890,831 |
Certificates of deposit with other banks | 2,237,000 | 3,451,000 |
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Other investments | 925,700 | 190,700 |
Mortgage loans held for sale | 1,795,761 | 2,844,707 |
Loans, net | 311,514,026 | 266,304,448 |
Bank owned life insurance | 11,372,284 | 11,166,573 |
Financial liabilities: | ||
Deposits | 315,869,856 | 289,316,708 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,731,747 | 41,890,831 |
Certificates of deposit with other banks | 2,237,000 | 3,451,000 |
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Other investments | 925,700 | 190,700 |
Mortgage loans held for sale | 1,795,761 | 2,844,707 |
Loans, net | 311,514,026 | 266,304,448 |
Bank owned life insurance | 11,372,284 | 11,166,573 |
Financial liabilities: | ||
Deposits | 315,869,856 | 289,316,708 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,731,747 | 41,890,831 |
Certificates of deposit with other banks | 2,237,000 | 3,451,000 |
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Other investments | 925,700 | 190,700 |
Mortgage loans held for sale | 1,795,761 | 2,844,707 |
Loans, net | 296,092,000 | 274,168,000 |
Bank owned life insurance | 11,372,284 | 11,166,573 |
Financial liabilities: | ||
Deposits | 314,179,811 | 289,267,454 |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,731,747 | 41,890,831 |
Certificates of deposit with other banks | 2,237,000 | 3,451,000 |
Bank owned life insurance | 11,372,284 | 11,166,573 |
Financial liabilities: | ||
Deposits | 241,541,811 | 216,786,454 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 44,232,829 | 45,631,636 |
Other investments | 925,700 | 190,700 |
Mortgage loans held for sale | 1,795,761 | 2,844,707 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 296,092,000 | 274,168,000 |
Financial liabilities: | ||
Deposits | $ 72,638,000 | $ 72,481,000 |
Change in Corporate Form - Addi
Change in Corporate Form - Additional Information (Detail) $ / shares in Units, $ in Millions | Jul. 20, 2021 USD ($) $ / shares shares |
Change in Corporate Form [Line Items] | |
Regulatory Requirements,Amount transferred to Liquidation account at the time of Convrsion | $ | $ 42 |
Conversion into Stock Form Ownership [Member] | |
Change in Corporate Form [Line Items] | |
Sale of stock price per share | $ / shares | $ 10 |
Stock issued during period shares new issues | shares | 4,898,350 |
Conversion and issuance of capital stock expenses | $ | $ 1.5 |
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% |
Stock issued during period shares new issues | shares | 391,868 |