Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 22, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TCBC | ||
Entity Registrant Name | TC BANCSHARES, INC. | ||
Entity Central Index Key | 0001850398 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-40637 | ||
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 | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 4,974,200 | ||
Entity Public Float | $ 60 | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant's definitive proxy statement (the "Proxy Statement") for its 2023 annual meeting of shareholders are incorporated by reference herein into Part III, Items 10 through 14 of this Annual Report. | ||
Document Annual Report | true | ||
Auditor Name | WIPFLI LLP | ||
Auditor Location | Atlanta, Georgia | ||
Auditor Firm ID | 344 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Cash and due from banks | $ 25,545,872 | $ 31,890,831 | |
Federal funds sold | 0 | 10,000,000 | |
Cash and cash equivalents | 25,545,872 | 41,890,831 | |
Certificates of deposit with other banks | 1,739,000 | 3,451,000 | |
Investment securities available-for-sale | 43,096,552 | 45,631,636 | |
Other investments | 1,377,500 | 190,700 | |
Mortgage loans held for sale | 2,085,099 | 2,844,707 | |
Loans, net | 334,138,871 | 266,304,448 | |
Premises and equipment, net | 3,132,282 | 3,224,889 | |
Other real estate owned | 683,800 | 1,115,100 | |
Bank owned life insurance | 11,442,653 | 11,166,573 | |
Accrued interest receivable and other assets | 6,375,897 | 5,122,263 | |
Total Assets | 429,617,526 | 380,942,147 | |
Deposits: | |||
Demand | 39,154,420 | 35,939,917 | |
Interest-bearing demand | 168,607,990 | 146,831,902 | |
Savings | 31,572,424 | 34,014,635 | |
Certificates of deposit | 89,505,398 | 72,530,254 | |
Total deposits | 328,840,232 | 289,316,708 | |
Federal Home Loan Bank advances | 11,000,000 | 0 | |
Accrued interest payable and other liabilities | 4,499,460 | 4,812,858 | |
Total liabilities | 344,339,692 | 294,129,566 | |
Commitments | |||
Stockholders' Equity | |||
Common stock, $.01 par value, 20,000,000 shares authorized as of December 31, 2022 and 2021; 5,049,372 and 4,898,350 shares issued as of December 31, 2022 and 2021; 4,974,200 and 4,898,350 shares outstanding as of December 31, 2022 and 2021, respectively | 50,494 | 48,984 | |
Additional paid in capital | 50,128,052 | 47,481,077 | |
Retained earnings | 45,876,694 | 44,613,668 | |
Accumulated other comprehensive loss | (4,305,039) | (1,608,401) | |
Treasury stock: 75,172 shares and 0 shares as of December 31, 2022 and December 31, 2021, respectively | (1,085,265) | 0 | |
Unearned ESOP 352,682 shares and 372,275 shares unallocated at December 31, 2022 and 2021, respectively | (3,526,812) | (3,722,747) | |
Restricted Stock | (1,860,290) | 0 | |
Total stockholders' equity | 85,277,834 | 86,812,581 | $ 39,858,288 |
Total liabilities and stockholders' equity | $ 429,617,526 | $ 380,942,147 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 5,049,372 | 4,898,350 |
Common stock, shares outstanding | 4,974,200 | 4,898,350 |
Unearned ESOP, shares unallocated | 352,682 | 372,275 |
Treasury stock, (Shares) | 75,172 | 0 |
Statements of Income
Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Dividend Income: | ||
Interest and fees on loans | $ 14,009,944 | $ 12,822,564 |
Interest and dividends on taxable investment securities | 862,572 | 439,153 |
Interest on deposits with other banks and federal fund sold | 584,357 | 202,452 |
Total interest and dividend income | 15,456,873 | 13,464,169 |
Interest Expense | ||
Interest on deposits | 1,301,618 | 977,150 |
Interest on borrowings | 55,300 | 40,137 |
Total interest expense | 1,356,918 | 1,017,287 |
Net interest income | 14,099,955 | 12,446,882 |
Provision for for Loan Losses | 110,905 | 123,183 |
Net interest income after provision for allowance for loan losses | 13,989,050 | 12,323,699 |
Other Income: | ||
Service charges on deposits accounts | 554,856 | 576,139 |
Gain on sale of mortgage loans | 971,970 | 2,064,404 |
Bank owned life insurance income | 276,080 | 283,145 |
Other | 105,159 | 29,412 |
Total other income | 1,908,065 | 2,953,100 |
Other Expense: | ||
Salaries and employee benefits | 8,008,837 | 7,429,568 |
Occupancy and equipment | 827,785 | 819,303 |
Other real estate owned, net of operations, loss on sales and write-downs | 131,606 | 111,590 |
Data processing conversion costs | 0 | 503 |
Other | 4,493,002 | 3,452,365 |
Total other expense | 13,461,230 | 11,813,329 |
Income Before Income Taxes | 2,435,885 | 3,463,470 |
Income tax (benefit) expense | 675,472 | 823,013 |
Net Income | $ 1,760,413 | $ 2,640,457 |
Earnings per share: | ||
Basic | $ 0.36 | $ 0.27 |
Diluted | $ 0.36 | $ 0.27 |
Weighted Average Shares Outstanding: | ||
Basic | 4,880,723 | 4,371,646 |
Diluted | 4,881,923 | 4,371,646 |
Statements of Comprehensive (lo
Statements of Comprehensive (loss) Income - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,760,413 | $ 2,640,457 |
Unrealized losses on securities available-for-sale: | ||
Holding losses arising during the period, net of taxes of $1,127,099 and $203,372, respectively | (3,371,973) | (542,668) |
Change in post-retirement benefit obligations, net of taxes of $226,917 and $352,533, respectively | 675,335 | 1,049,190 |
Total other comprehensive (loss) income | (2,696,638) | 506,522 |
Comprehensive (Loss) Income | $ (936,225) | $ 3,146,979 |
Statements of Comprehensive (_2
Statements of Comprehensive (loss) Income (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (losses) gains on available for sale securities tax component | $ 1,127,099 | $ 203,372 |
Change in post-retirement benefit obligations | $ 226,917 | $ 352,533 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Unearned-ESOP Shares [Member] | Restricted Stock [Member] |
Beginning Balance at Dec. 31, 2020 | $ 39,858,288 | $ 41,973,211 | $ (2,114,923) | |||||
Net income | 2,640,457 | 2,640,457 | ||||||
Other comprehensive income, net of tax | 506,522 | 506,522 | ||||||
Proceeds from issuance of common stock, net of offering expenses | 47,460,057 | $ 48,984 | $ 47,411,073 | |||||
ESOP loan payment and release of ESOP shares | 265,937 | 70,004 | $ 195,933 | |||||
Purchases of shares of common stock by the ESOP | (3,918,680) | (3,918,680) | ||||||
Ending Balance at Dec. 31, 2021 | 86,812,581 | 48,984 | 47,481,077 | 44,613,668 | (1,608,401) | (3,722,747) | ||
Net income | 1,760,413 | $ 1,760,413 | ||||||
Other comprehensive income, net of tax | (2,696,638) | (2,696,638) | ||||||
Restricted stock award | 1,566 | 2,323,796 | $ (2,325,362) | |||||
Amortization of unearned compensation associated with restricted stock | 465,072 | 465,072 | ||||||
Stock based compensation | 361,493 | 361,493 | ||||||
Repurchase of stock for tax obligation on restricted shares | (82,685) | (56) | (82,629) | |||||
ESOP loan payment and release of ESOP shares | $ 240,250 | 44,315 | 195,935 | |||||
Dividends | 497,387 | 497,387 | ||||||
Purchase of common stock | $ 1,085,265 | $ 1,085,265 | ||||||
Ending Balance at Dec. 31, 2022 | $ 85,277,834 | $ 50,494 | $ 50,128,052 | $ 45,876,694 | $ (4,305,039) | $ (1,085,265) | $ (3,526,812) | $ (1,860,290) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,760,413 | $ 2,640,457 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Depreciation, amortization and accretion | 652,727 | 465,520 |
Deferred income tax expense | 685,772 | 808,623 |
Provision for allowance for loan losses | 110,905 | 123,183 |
Amortization of unearned compensation associated with restricted stock | 465,072 | 0 |
Stock based compensation | 361,493 | 0 |
ESOP expense | 240,250 | 265,937 |
Increase in cash surrender value of bank owned life insurance | (276,080) | (283,145) |
Write-down of other real estate owned | 107,825 | 86,850 |
Gain on mortgage loans sold, net | (971,970) | (2,064,404) |
Proceeds from the sale of mortgage loans held for sale | 49,782,816 | 99,453,073 |
Originations of mortgage loans held for sale | (48,051,238) | (97,288,414) |
Change in: | ||
Accrued interest receivable and other assets | (1,039,225) | (21,045) |
Accrued interest payable and other liabilities | 588,854 | (238,960) |
Net cash provided by operating activities | 4,417,614 | 3,947,675 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 1,712,000 | 2,201,000 |
Purchases of investment securities available-for -sale | (5,750,000) | (34,711,467) |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 3,480,977 | 4,151,056 |
Purchase of other investments | (1,186,800) | 0 |
Proceeds from sales of other investments | 0 | 523,300 |
Net change in loans | (67,945,328) | (5,192,614) |
Proceeds from sales of other real estate owned | 323,475 | 0 |
Purchases of premises and equipment | (255,084) | (147,299) |
Net cash used in investing activities | (69,620,760) | (33,176,024) |
Cash Flows from Financing Activities: | ||
Net change in deposits | 39,523,524 | (4,783,119) |
Proceeds from Federal Home Loan Bank advances | 11,000,000 | 0 |
Repayments of Federal Home Loan Bank advances | 0 | (9,515,477) |
Proceeds from sale of common stock | 48,983,500 | |
Stock offering expenses | (1,523,443) | |
Common stock purchased by ESOP | 0 | (3,918,680) |
Dividends | (497,387) | 0 |
Repurchase of common stock | (1,085,265) | 0 |
Repurchase of stock for tax obligation on restricted shares | (82,685) | 0 |
Net cash provided by financing activities | 48,858,187 | 29,242,781 |
Net Change in Cash and Cash Equivalents | (16,344,959) | 14,432 |
Cash and Cash Equivalents, Beginning of Year | 41,890,831 | 41,876,399 |
Cash and Cash Equivalents, End of Year | 25,545,872 | 41,890,831 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 1,242,524 | 1,034,559 |
Cash received from tax refund | 6,885 | 0 |
Non-Cash Investing and Financing Activities: | ||
Transfer of loans to other real estate owned | 0 | 1,120,950 |
Change in unrealized losses on securities-for-sale, net of tax | (3,371,973) | (542,668) |
Change in defined benefit pension obligations, net of tax | $ 675,335 | $ 1,049,190 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: TC Bancshares, Inc. ("Company") is a 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 13 f or 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 and Jacksonville, 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 have been prepared in accordance with GAAP and with the instructions to Form 10-K adopted by the Securities and Exchange Commission (the “SEC”). In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of the post-retirement obligation, and valuation allowance associated with the realization of deferred tax assets, which are based on future taxable income. Cash and Cash Equivalents: For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within 90 days. Effective March 26, 2020, the Federal Reserve eliminated reserve requirements for all depository institutions. These reserve requirements are subject to annual adjustment by the Federal Reserve. Investment Securities: The Company classifies its securities in one of three categories: trading, available-for-sale, or held-to-maturity. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which the Company has the ability and intent to hold the security until maturity. All other securities not included in trading or held-to-maturity are classified as available-for-sale. As of December 31, 2022 and 2021, all securities were classified as available-for-sale. Trading and available-for-sale securities are recorded at fair value. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization of premiums and accretion of discounts. Unrealized holding gains and losses, net of the related tax effect, on securities available-for-sale are excluded from income and are reported as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Management evaluates investment securities for other-than-temporary impairment on an annual basis. A decline in the market value of any investment below cost that is deemed other-than-temporary is charged to income for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit related factors is recognized in other comprehensive income. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale are included in income and are derived using the specific identification method for determining the cost of securities sold. Other Investments: Other investments are carried at cost and consist of Federal Reserve Bank and Federal Home Loan Bank of Atlanta (“FHLB”) stock, which are held in accordance with certain lender and/or member requirements and are stated at cost, which approximates fair value. The Bank is required to hold the FHLB stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is pledged as collateral for outstanding FHLB advances. Loans, Loan Fees and Interest Income on Loans: Loans are stated at the principal amount outstanding, net of the allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts that the borrower’s financial condition is such that collection of interest is doubtful. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged to interest income on loans. Generally, payments on nonaccrual loans are applied to principal. Loan fees, net of certain origination costs, are deferred and amortized over the lives of the respective loans. A loan is impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price, or at the fair value of the collateral of the loan if the loan is collateral dependent. Estimated impairment losses for collateral dependent loans are set up as specific reserves. Interest income on impaired loans is recognized using the cash-basis method of accounting during the time the loans are impaired. Allowance for Loan Losses: The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. The allowance represents an amount which, in management’s judgment based on, among other things, historical losses and on the current economic environment, will be adequate to absorb probable losses on existing loans that may become uncollectible. Loans deemed uncollectible are charged-off and deducted from the allowance and recoveries on loans previously charged-off are added back to the allowance. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. These evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, current economic conditions that may affect the borrower’s ability to pay, overall portfolio quality, and review of specific problem loans. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. As a result of such review, the Bank may have to recognize additions to its allowance for loan losses. Mortgage Loans Held for Sale: The Bank sells mortgage loans for an amount equal to the principal amount of loans with yields to investors based upon current market rates. Realized gains and losses related to loan sales are included in gains on sale of loans and are determined using the specific identification method. For financial reporting purposes, the Bank classifies a portion of its loans as “Mortgage loans held for sale”. Included in this category are loans which the Bank has the current intent to sell and loans which are available to be sold in the event the Bank determines that loans should be sold to support the Bank’s investment and liquidity objectives. Loans included in this category for which the Bank has the current intention to sell are recorded at the lower of the aggregate cost or fair value. As of December 31, 2022 and 2021, the Bank had $ 2,085,099 and $ 2,844,707 , respectively, in loans classified as “Mortgage loans held for sale.” Premises and Equipment: Premises and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related asset. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. The cost of maintenance and repairs which do not improve or extend the useful life of the respective asset is charged to income as incurred, whereas significant renewals and improvements are capitalized. The range of estimated useful lives for premises and equipment is: Building and improvements 20 - 40 years Furniture, automobiles and equipment 5 - 10 years Advertising Costs: Advertising costs are expensed as incurred. Other Real Estate Owned: Other real estate owned represents properties acquired through or by deed in lieu of loan foreclosure and is initially recorded at fair value less estimated costs to sell. Any write-down to fair value at the time of transfer to other real estate owned is charged to the allowance for loan losses. Costs of improvements are capitalized, whereas costs relating to holding other real estate owned and subsequent adjustments to the value are expensed. There were no consumer mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2022 and 2021. The Bank held no foreclosed residential real estate at December 31, 2022 and 2021. Bank owned life insurance: The Bank has purchased life insurance policies on certain key executives and members of management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable of settlement. Income Taxes: The Company uses the liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Additionally, this method requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realization of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. The Company and the Bank file consolidated income tax returns, with income tax expense or benefit computed and allocated on a separate return basis. Post-Retirement Defined Benefit Obligation: The Bank accounts for its post-retirement defined benefit obligations under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, Retirement Benefits (“ASC 715”). The under or over funded status of the Bank’s post-retirement defined benefit obligations are recognized as a liability or asset in the balance sheet. To the extent these obligations are funded, changes in funded status are reflected in other comprehensive income. Net actuarial gains and losses and adjustments to prior service costs that are not recorded as components of the net periodic benefit cost are charged to other comprehensive income. 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 note receivable is shown as a reduction of stockholders' equity. Stock Based Compensation: The Company accounts for its stock-based compensation plan using a fair value-based method of accounting, whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. Revenue from Contracts with Customers: Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“Accounting Standards Codification (“ASC”) Topic 606”) (“ASU 2014-09”) focuses on revenues from contracts earned over time. Fee income is generally earned over a short period of time, such as monthly, or is earned concurrently with a specific transaction. The Company records a gain or loss from the sale of other real estate owned (“OREO”) when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. There are no ASC Topic 606 implications unless the Company finances the sale of the OREO property. ASC Topic 606 could change the timing of revenue recognition in the case of seller financing. The Company's other revenue streams are outside the scope of ASU 2014-09. Comprehensive Income (Loss): The Company has elected to present comprehensive income (loss) in a separate statement of comprehensive income (loss). Accumulated other comprehensive income (loss) includes the net of tax effect of unrealized gains (losses) on securities available-for-sale and the unfunded post-retirement benefit obligation of the Company’s defined benefit plan. Treasury Stock: 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 stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental commons shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. 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 stockholders of record at the close of business on June 27, 2022 . The Company announced that its Board of Directors declared a semi-annual cash dividend on December 22, 2022 , in the amount of $ .05 per share of common stock. The cash dividend was paid on January 18, 2023 , to stockholders of record at the close of business on January 3, 2023 . 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 elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. Subsequent Events: We have evaluated subsequent events through the time of filing on the date we have issued this Annual Report on Form 10-K. As of the time of filing, there were no material, reportable subsequent events. 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 business entities to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is estimating an overall increase in its allowance for credit losses ranging from $ 67,000 to $ 408,000 , or an allowance for credit losses to total loans of between 1.30 % and 1.40 % at December 31, 2022. The adoption of this standard on January 1, 2023, will be recognized as a cumulative effect adjustment to retained earnings. In March 2022, the FASB issued ASU 2022-02, Financial Instruments: Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the TDR recognition and measurement guidance as prescribed by ASC 310-40 and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates for the amendments in ASU 2022-02 are the same as the effective dates for ASU 2016-13. The adoption of this ASU did not have a significant impact on the Company's 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. The adoption of this ASU did not 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. The adoption of this ASU did not 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 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. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale at December 31, 2022 and 2021 are as follows: Amortized Gross Gross Estimated Fair Value as December 31, 2022- US treasuries $ 10,115,310 $ — $ 790,778 $ 9,324,532 22 % Mortgage-backed securities 9,618,355 — 886,322 8,732,033 20 % Collateralized mortgage 15,713,313 — 869,283 14,844,030 35 % Municipal bonds 8,762,417 — 1,733,506 7,028,911 16 % Corporate obligations 3,625,000 — 457,954 3,167,046 7 % $ 47,834,395 $ — $ 4,737,843 $ 43,096,552 100 % 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 December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 4,863,478 $ 142,541 $ 5,104,004 $ 25,271 Mortgage-backed securities 3,004,339 304,844 6,389,012 100,143 Collateralized mortgage obligations 5,558,664 329,329 11,190,910 145,656 Municipal bonds — — 7,828,330 170,787 Corporate obligations 651,464 98,536 2,831,546 43,454 Total less than 12 months $ 14,077,945 $ 875,250 $ 33,343,802 $ 485,311 Unrealized loss for more than 12 months: US treasuries 4,461,054 648,237 — — Mortgage-backed securities 5,727,694 581,478 — — Collateralized mortgage obligations 9,285,366 539,954 — — Municipal bonds 7,028,911 1,733,506 — — Corporate obligations 2,515,582 359,418 — — Total more than 12 months 29,018,607 3,862,593 — — Total $ 43,096,552 $ 4,737,843 $ 33,343,802 $ 485,311 At December 31, 2022 and 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 the repayment sources of principal and interest are backed by government entities. At December 31, 2022, all 48 securities contained unrealized losses. At December 31, 2021, all US treasuries, four of fourteen mortgage backed securities, seven of thirteen collateralized mortgage obligations, eight of nine municipal bonds and all 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 December 31, 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 - Within 1 year $ — $ — 1 to 5 years 5,006,018 4,863,478 5 to 10 years 17,496,709 14,657,011 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 25,331,668 23,576,063 Total $ 47,834,395 $ 43,096,552 The Bank did not sell any investment securities available-for-sale during 2022 or 2021. Securities with carrying values of approximately $ 197,000 and $ 142,000 at December 31, 2022 and 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, are summarized as follows: December 31, 2022 Percent December 31, 2021 Percent Real estate loans: Residential $ 136,382,014 40.16 % $ 98,433,124 36.27 % Home equity 12,410,820 3.65 % 11,510,661 4.24 % Multi-family 24,613,700 7.25 % 19,937,187 7.35 % Commercial 111,394,065 32.80 % 89,830,611 33.10 % Construction and land development 27,921,088 8.22 % 34,401,702 12.68 % Total real estate loans 312,721,687 254,113,285 Consumer loans 1,210,164 0.36 % 1,373,761 0.51 % Commercial and industrial loans 25,665,751 7.56 % 15,900,097 5.85 % Total loans 339,597,602 100.00 % 271,387,143 100.00 % Less: Allowance for loan losses 4,362,178 4,183,599 Deferred loan fees 1,096,553 899,096 Loans, net $ 334,138,871 $ 266,304,448 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations primarily in Thomas County, Georgia; Tallahassee, Florida; Savannah, Georgia; 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”), as prescribed in the CARES Act. These loans have an interest rate of 1.0 % and a two-year or five-year loan term to maturity. The Small Business Administration (“SBA”) guarantees 100 % of the PPP loans made to eligible borrowers, and loan proceeds may be partially or fully forgiven by the SBA if the funds are used for eligible expenses during the relevant forgiveness period and the borrower meets the employee retention criteria. The Bank was paid a processing fee from the SBA on PPP loan originations ranging from 1 % to 5 %, based on the size of the loans. During the years ended December 31, 2022 and 2021, the Bank recorded approximately $ 0 and 481,000 , respectively, in PPP-related SBA fees in total. 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. As of December 31, 2022 and 2021, the Bank has recognized approximately $ 62,000 and $ 678,000 , respectively, in PPP-related SBA fees through accretion. Deferred PPP-related SBA fees totaled $ 4,000 and $ 62,000 at December 31, 2022 and 2021, respectively. Allowance for Loan Losses: The following schedule presents a roll-forward of the allowance for loan losses as of December 31: Year Ended December 31, 2022 2021 Beginning balance $ 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 ( 64,612 ) ( 48,022 ) Commercial and industrial loans — ( 78,219 ) Total charge-offs ( 67,454 ) ( 137,364 ) Recoveries: Real estate loans: Residential 53,026 33,794 Home equity — — Multi-family — — Commercial — 19,651 Construction and land development 11,345 24,392 Total real estate loans 64,371 77,837 Consumer loans 6,884 6,595 Commercial and industrial loans 63,873 27,629 Total recoveries 135,128 112,061 Net recoveries (charge offs) 67,674 ( 25,303 ) Provision for allowance for loan losses 110,905 123,183 Ending balance $ 4,362,178 $ 4,183,599 Allowance for Loan Losses (Continued): 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 December 31, 2022 and 2021: Loans Allowance for loan losses Individually Collectively Individually Collectively December 31, 2022 - Real estate loans: Residential $ 1,037,428 $ 135,344,586 $ — $ 1,960,955 Home equity — 12,410,820 — 186,733 Multi-family — 24,613,700 — 225,869 Commercial 57,000 111,337,065 — 1,632,241 Construction and development 43,388 27,877,700 — 264,589 Total real estate loans 1,137,816 311,583,871 — 4,270,387 Consumer loans — 1,210,164 — 615 Commercial and industrial loans — 25,665,751 — 81,182 Unallocated — — — 9,994 Total $ 1,137,816 $ 338,459,786 $ — $ 4,362,178 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 December 31, 2022 and 2021: Recorded Principal Related December 31, 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 $ 1,037,428 $ 1,037,428 $ — Home equity — — — Multi-family — — — Commercial 57,000 57,000 — Construction and land development 43,388 43,388 — Total real estate loans 1,137,816 1,137,816 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,137,816 $ 1,137,816 $ — Impaired Loans (Continued): 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 on impaired loans and interest income recognized and received on impaired loans are as follows: Year Ended December 31, 2022 Average Interest Interest Real estate loans: Residential $ 1,312,688 $ 45,091 $ 63,343 Home equity — — — Multi-family — — — Commercial 19,000 1,247 1,247 Construction and land development 24,606 1,500 3,012 Total real estate loans 1,356,294 47,838 67,602 Consumer loans — — — Commercial and industrial loans — — — Total $ 1,356,294 $ 47,838 $ 67,602 2021 Average Interest Interest Real estate loans: Residential $ 1,560,984 $ 92,374 $ 92,705 Home equity 598 — — Multi-family — — — Commercial 831,676 — — Construction and land development 57,086 520 399 Total real estate loans 2,450,344 92,894 93,104 Consumer loans — — — Commercial and industrial loans — — — Total $ 2,450,344 $ 92,894 $ 93,104 Past Due and Nonaccrual Loans: The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of December 31, 2022 and 2021, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual December 31, 2022 - Real estate loans: Residential $ 221,100 $ — $ 31,541 $ 252,641 $ 136,129,373 $ 136,382,014 $ 453,749 Home equity 24,968 57,266 — 82,234 12,328,586 12,410,820 — Multi-family — — — — 24,613,700 24,613,700 — Commercial — — 57,000 57,000 111,337,065 111,394,065 57,000 Construction — — — — 27,921,088 27,921,088 43,388 Total real 246,068 57,266 88,541 391,875 312,329,812 312,721,687 554,137 Consumer loans 5,718 — — 5,718 1,204,446 1,210,164 — Commercial and — — — — 25,665,751 25,665,751 — $ 251,786 $ 57,266 $ 88,541 $ 397,593 $ 339,200,009 $ 339,597,602 $ 554,137 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 December 31, 2022 and 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 2022 or 2021 in a manner that would be considered troubled debt restructurings. There were no specific allowances allocated to troubled debt restructurings as of December 31, 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 years ended December 31, 2022 and 2021, no restructured loans defaulted subsequent to modification. COVID-19 Related Loan Modifications: The Bank implemented a customer payment deferral program to assist borrowers that may be experiencing financial hardship due to COVID-19 related challenges, whereby short-term deferrals of payments (generally three to six months) have been provided. As of December 31, 2020, all loans that were granted COVID-19 related payment deferrals had resumed making payments under the terms of the original loan agreements. Consistent with industry regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals continued to be reported as current loans throughout the agreed upon deferral period and were not classified as troubled debt restructurings. In 2022 and 2021, there were no COVID-19 related modifications. 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 December 31, 2022 and 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Credit Exposure Based on Risk Ratings: Pass Special Substandard Doubtful Loss Total December 31, 2022 - Real estate loans: Residential $ 134,695,557 $ 447,915 $ 1,238,542 $ — $ — $ 136,382,014 Home equity 12,410,820 — — — — 12,410,820 Multi-family 24,613,700 — — — — 24,613,700 Commercial 101,192,649 7,335,673 2,865,743 — — 111,394,065 Construction and land 27,793,996 20,263 106,829 — — 27,921,088 Total real estate loans 300,706,722 7,803,851 4,211,114 — — 312,721,687 Consumer loans 1,210,164 — — — — 1,210,164 Commercial and industrial loans 25,665,751 — — — — 25,665,751 $ 327,582,637 $ 7,803,851 $ 4,211,114 $ — $ — $ 339,597,602 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 4 - PREMISES AND EQUIPMENT Major classifications of premises and equipment at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 December 31, 2021 Land $ 47,512 $ 47,512 Buildings and improvements 4,976,189 4,951,619 Furniture and equipment 1,988,527 1,949,632 Leasehold improvements 16,675 — Automobiles 56,845 56,845 7,085,748 7,005,608 Less: Accumulated depreciation and amortization 3,953,466 3,780,719 Premises and equipment, net $ 3,132,282 $ 3,224,889 Depreciation expense was approximately $ 348,000 and $ 366,000 for the years ended December 31, 2022 and 2021, respectively. |
Certificates of Deposit
Certificates of Deposit | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Certificates of Deposit | NOTE 5 - CERTIFICATES OF DEPOSIT The aggregate amount of certificates of deposit, that exceed the FDIC insurance limit of $ 250,000 , were approximately $ 11,522,000 at December 31, 2022 and $ 7,833,000 at December 31, 2021. At December 31, 2022, the scheduled maturities of certificates of deposit were as follows: 2023 $ 76,686,579 2024 10,193,633 2025 1,642,485 2026 982,701 2027 — $ 89,505,398 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 6 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS Previous FHLB advances were paid off in July of 2021. Prepayment fees of $ 14,537 were netted against gains of $ 26,749 . A net gain of $ 12,212 was recognized in other income during the year ended December 31, 2021. The following advances from the FHLB were outstanding as of December 31, 2022: Advance Date Amount Rate Interest Maturity Call 11/18/2022 $ 11,000,000 Fixed 4.57 % 11/20/23 N/A The FHLB advances are collateralized by the Bank’s FHLB stock and a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximatel y $ 56,438,000 and $ 15,658,000 at December 31, 2022 and 2021, respectively. The Bank had approximately $ 45,400,000 and $ 15,700,000 in available borrowing capacity through the FHLB at December 31, 2022 and 2021, respectively. Unsecured federal funds lines of credit totaling $ 28,500,000 were available to the Bank for overnight borrowing through correspondent banks at December 31, 2022 and 2021. The Bank also had approximately $ 5,800,000 and $ 5,700,000 in available borrowing capacity through the Federal Reserve Bank of Atlanta at December 31, 2022 and 2021, respectively. There were no borrowings against either of these facilities at December 31, 2022 or 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 $ 8,400,000 and $ 9,300,000 at December 31, 2022 and 2021, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 - INCOME TAXES The components of income tax expense (benefit) for the years ended December 31, 2022 and 2021 are as follows: 2022 2021 Current - Alternative minimum tax $ ( 7,651 ) $ 14,390 Deferred 98,260 ( 62,721 ) Utilization of operating loss carryforward 614,475 849,585 Change in valuation allowance ( 29,612 ) 21,759 $ 675,472 $ 823,013 The difference between the actual income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the years ended December 31, 2022 and 2021, is as follows: 2022 2021 Pretax income at statutory rate $ 511,536 $ 727,329 Add (deduct): State income tax expense, net of federal benefit 99,166 114,775 Tax-exempt income ( 57,977 ) ( 68,496 ) Stock based compensation 74,747 — Change in valuation allowance ( 29,612 ) 21,759 Other 77,612 27,646 $ 675,472 $ 823,013 The following summarizes the sources and expected tax consequences of future taxable deductions or income, which comprise the net deferred tax asset, which is included as a component of other assets at December 31, 2022 and 2021: 2022 2021 Deferred income tax assets: Deferred compensation $ 363,195 $ 295,006 Net operating loss carryforward 719,078 1,333,553 Other real estate owned 36,452 26,804 State tax credits 168,609 198,221 Defined benefit obligations (non-qualified) 279,483 490,528 Non-accrual loans 64,818 126,915 Frozen pension accrual (tax qualified) 265,252 327,425 Unrealized loss on investment securities available-for-sale 1,191,567 64,467 Other 4,836 24,412 Total gross deferred tax assets 3,093,290 2,887,331 Less: Valuation allowance ( 168,609 ) ( 198,221 ) Net deferred tax asset 2,924,681 2,689,110 Deferred income tax liabilities: Premises and equipment 6,832 14,021 Allowance for loan losses 92,649 120,539 Director fee plan 24,535 8,663 Other — 3,863 Total gross deferred tax liabilities 124,016 147,086 Net deferred tax asset $ 2,800,665 $ 2,542,024 The future tax consequences of the differences between the financial reporting and tax basis of the Company's assets and liabilities resulted in a net deferred tax asset. A valuation allowance in the amount o f $ 168,609 and $ 198,221 as of December 31, 2022 and 2021, respectively, was established as these deferred tax assets relate to state tax credit carryforwards that will likely expire prior to realization. As of December 31, 2022, the Company had federal net operating loss carryforwards of approximatel y $ 2,631,000 and state net operating loss carryforwards of approximately $ 3,830,000 , which will begin to expire in 2031 unless previ ously utilized. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 8 - 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. December 31, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 49,189,000 $ 28,204,000 Stand-by letters of credit $ 819,000 $ 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 December 31, 2022 and 2021 varies. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 9 - RELATED PARTY TRANSACTIONS In the normal course of business, officers and directors of the Company and the Bank, and certain business organizations and individuals associated with them, maintain a variety of relationships with the Bank. Transactions with officers and directors are made on terms comparable to those available to other Bank customers. At December 31, 2022 and 2021, deposits from directors, executive officers, and their related interests aggregated approximat ely $ 753,000 an d $ 771,000 , respectively. The following summary reflects related party loan activity during 2022 and 2021. 2022 2021 Beginning balance $ 364,810 $ 571,210 New loans and advancements 319,453 40,000 Change in executive officers and directors — ( 131,838 ) Repayments ( 190,274 ) ( 114,562 ) Ending Balance $ 493,989 $ 364,810 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | NOTE 10 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under certain adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the Federal bank regulatory agencies issued a final rule that revised their risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The final rule applies to all depository institutions and, pursuant to the Federal Reserve Board’s policy statements, to top-tier bank and savings and loan holding companies with total consolidated assets of $ 3.0 billion or more. The rule established a new common equity Tier 1 minimum capital requirement, increased the minimum capital ratios and assigned a higher risk weight to certain assets based on the risk associated with these assets. The final rule includes a transition period that implements the new regulations over a five-year period. These changes were 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 December 31, 2022 and 2021, that the Bank met all capital adequacy requirements to which it is subject. As of December 31, 2022 and 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 December 31, 2022 and 2021, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2022: Common Equity Tier 1 Capital to Risk- $ 67,153 21.32 % $ 14,172 4.50 % $ 20,470 6.50 % Total Capital to Risk- Weighted Assets $ 71,094 22.57 % $ 25,194 8.00 % $ 31,492 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 67,153 21.32 % $ 18,895 6.00 % $ 25,194 8.00 % Tier I Capital to Average Assets $ 67,153 16.22 % $ 16,558 4.00 % $ 20,697 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 % |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Benefit Plans | NOTE 11 - EMPLOYEE BENEFIT PLANS 401(k): The Bank sponsors a 401(k) plan. The 401(k) plan covers substantially all employees and provides for an employer matching contribution based on a percentage of salary contributed to the plan. The Bank contributed approximatel y $ 193,000 a nd $ 210,000 to the 401(k) plan during 2022 and 2021, respectively. Supplemental Executive Retirement Plans: During 2019, the Bank entered into supplemental executive retirement agreements (each, a “SERP”) with certain of its officers whereby a specified monthly benefit is payable upon a normal retirement for a period of 10 years . Each SERP is a nonqualified deferred compensation arrangement that conditions payment of the full normal retirement benefit upon an officer’s attaining normal retirement age while in the service of the Bank. Otherwise, the retirement benefit is earned over time and, with the exception of the SERPs for a former and a current executive officer, is subject to a ten-year vesting schedule. Moreover, the amount and timing of payment of the retirement benefit may vary depending upon the circumstances of an officer’s earlier termination of employment, including death, disability, or in connection with a change in control. The retirement benefit is forfeited in the event of a termination of employment for cause or if grounds exist for such a termination. The expense associated with the SERPs is offset by earnings on life insurance policies owned by the Bank. The cash surrender value on these insurance policies was approximately $ 11,443,000 and $ 11,167,000 as of December 31, 2022 and 2021, respectively. Additionally, at December 31, 2022 and 2021, the Bank has recorded a liability for the present value of the future retirement benefits of approximately $ 913,000 and $ 641,000 , respectively, to be paid under the SERPs. Expense for the SERPs was approximately $ 272,000 and $ 150,000 for the years ended December 31, 2022 and 2021, respectively. In determining the SERPs obligation for 2022 and 2021, the discount rate used was 4.74 % and 2.17 %, respectively. Director Deferred Fee Practice: The Bank has maintained a discretionary practice of paying a retirement benefit to eligible non-employee directors who attain at least age 70 in the service of the Bank with at least 15 years of service to their credit. Under this practice, each eligible retired director received a monthly benefit in the amount of $ 825 . In anticipation of the Reorganization (see Note 13), t he Bank decided to formalize and revise this practice in 2020. The Bank has relinquished its discretion over the practice with respect to eligible retired directors and current non-employee directors who satisfied the eligibility criteria for the benefit as of December 31, 2019. The normal retirement benefit for this group will be a monthly benefit in the amount of $ 825 a month for the remaining life of the director. With respect to all other non-employee directors serving as of December 31, 2019, the amount of the normal monthly benefit will remain unchanged, but will be paid over a period of 10 years following retirement or, if less, the director’s remaining lifetime. The eligibility criteria for this group has been changed to the attainment of at least age 65 with at least 10 years of service. No future non-employee director will be eligible for a benefit under this formalized plan. The Bank has recorded and will continue to record a liability for these payments as post-retirement defined benefit obligations. The Bank recognized current year expense of $ 42,000 and $ 47,000 during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, the Bank had a projected defined benefit obligation of approximately $ 433,000 and $ 498,000 , respectively, assuming the continuation of its then existing practice. The discount rate used in determining the accumulated post-retirement defined benefit obligation was 4.74 % in 2022 and 2.17 % in 2021. Tax-Qualified Frozen Defined Benefit Pension Plan: The Bank also sponsors a tax-qualified defined benefit retirement plan. Effective March 31, 2019, eligibility for the plan was frozen so that no employee who was not then a participant in the plan could later become a participant and to freeze benefit accruals for all existing participants. For existing participants, the plan provides for retirement payments based on a formula using a participant’s years of creditable service and highest three years of annual compensation. Retirees age 66 and older are also eligible for an annual supplemental payment equal to one percent of their monthly benefit multiplied by the number of their retirement years beyond age 65. Participants who entered the plan prior to July 1, 1983 are also eligible for a one-time lump sum payment upon retirement after reaching age 55 equal to three times their monthly retirement benefit. A participant is also required to vest in any benefit earned under the plan formula by completing a minimum number of years of vesting service. The plan also provides for disability benefits and surviving spouse benefits in circumstances where the normal retirement benefit would not otherwise be payable. Tax-Qualified Frozen Defined Benefit Pension Plan (Continued): The following is a summary of the components of the net periodic post-retirement benefit cost (benefit) during 2022 and 2021: 2022 2021 Interest cost $ 318,035 $ 300,973 Expected return on assets ( 648,348 ) ( 710,539 ) Amortization of unrecognized loss 83,081 219,288 Periodic post-retirement cost (benefit) $ ( 247,232 ) $ ( 190,278 ) The discount rate used in determining the accumulated post-retirement benefit obligation was 2.68 % a nd 2.33 % in 2022 and 2021, respectively. The expected long-term rate of return on assets was 7.00 % and 8.00 % during 2022 and 2021, respectively. The assumed rates of salary increase used in measuring the accumulated post-retirement benefit obligation ranged from 5.35 % to 10.10 % during 2021. There was no assumed rate of salary increase used in measuring the accumulated post-retirement benefit obligation during 2022. The Bank expects to make contributions to the plan in 2023 totaling $ 27,000 . The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the five years thereafter as of December 31, 2022: 2023 $ 588,005 2024 591,598 2025 590,780 2026 590,647 2027 584,585 2027-2031 2,801,054 $ 5,746,669 The following is a reconciliation of the accumulated post-retirement benefit obligation as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation at beginning of year $ 12,159,755 $ 13,209,019 Interest cost 318,035 300,973 Actuarial gain ( 3,034,835 ) ( 766,993 ) Benefits paid ( 587,833 ) ( 583,244 ) Projected benefit obligation at end of year $ 8,855,122 $ 12,159,755 Tax-Qualified Frozen Defined Benefit Pension Plan (Continued): The following is a summary of the change in plan assets during 2022 and 2021: 2022 2021 Fair value of plan assets at beginning of year $ 9,587,893 $ 9,168,583 Actual (loss) return on assets ( 1,570,382 ) 1,068,427 Employer contributions — — Administrative expenses ( 60,041 ) ( 65,873 ) Benefits paid, net ( 587,833 ) ( 583,244 ) Fair value of plan assets at end of year $ 7,369,637 $ 9,587,893 The fair values of the Bank’s pension plan assets at December 31, 2022 and 2021, by asset category, are as follows: Fair Value Measurements Assets Measured at Fair Value Level 1 Level 2 Level 3 December 31, 2022: Cash and cash equivalents $ 13,488 $ 13,488 $ — $ — Debt securities mutual funds 2,410,250 2,410,250 — — Equity securities mutual funds 4,945,899 4,945,899 — — $ 7,369,637 $ 7,369,637 $ — $ — December 31, 2021: Cash and cash equivalents $ 14,881 $ 14,881 $ — $ — Debt securities mutual funds 3,059,854 3,059,854 — — Equity securities mutual funds 6,513,158 6,513,158 — — $ 9,587,893 $ 9,587,893 $ — $ — The fair value of all pension assets are determined from quoted market prices and are considered Level 1 fair value measurements. The plan’s investment policy includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. Central to the policy are target allocation ranges by major asset categories. The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plan’s actuarial assumptions and achieve asset returns that are competitive with like institutions employing similar investment strategies. Tax-Qualified Frozen Defined Benefit Pension Plan (Continued): The following is a summary of the amount recognized in other liabilities as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation at end of year $ 8,855,122 $ 12,159,755 Fair value of plan assets at end of year ( 7,369,637 ) ( 9,587,893 ) $ 1,485,485 $ 2,571,862 Amounts recognized in accumulated other comprehensive loss, net of tax, as of December 31, 2022 and 2021 were: 2022 2021 Net loss $ ( 1,111,263 ) $ ( 1,950,408 ) Total accumulated other comprehensive loss $ ( 1,111,263 ) $ ( 1,950,408 ) Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) for the years ended December 31, 2022 and 2021 were: 2022 2021 Net loss $ ( 756,064 ) $ ( 1,059,008 ) Amortization of net unrecognized gain ( 83,081 ) ( 219,288 ) Total accumulated other comprehensive loss $ ( 839,145 ) $ ( 1,278,296 ) Employee Stock Ownership Plan: As part of the stock offering, the Company established the TC Federal Bank Employee Stock Ownership Plan ("ESOP") to provide eligible employees of the Company the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal limits. The Company uses the principal and interest method to determine the release of shares amounts. The number of shares committed to be released per year through 2040 is 19,593 . The ESOP funded its purchase of 391,868 shares through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. The ESOP trustee will repay the loan principally through the Bank's contributions to the ESOP over the remaining loan term of 18 years. At December 31, 2022 and 2021, the remaining principal balance on the ESOP debt was $ 3.6 million and $ 3.7 million, respectively. Dividends on shares are used for debt service. Under applicable accounting requirements, the Company records compensation expense for the ESOP equal to the fair market value of shares when they are committed to be released from the suspense account to participants' accounts under the plan. Total compensation expense recognized in connection with the ESOP for the year ended December 31, 2022 and 2021 was approximately $ 342,000 and $ 335,000 , respectively . 2022 2021 Shares held by the ESOP include the following: Allocated — — Committed to be allocated 39,186 19,593 Unallocated 352,682 372,275 Total 391,868 391,868 The fair value of unallocated shares was approximate ly $ 5.3 million and $ 5.0 million at December 31, 2022 and 2021, respectively. Equity Plan: On September 21, 2022, the Company's stockholders approved the TC Bancshares, Inc. 2022 Equity Incentive Plan ("Equity Plan") which authorizes the issuance of up to 700,000 shares of the Company's common stock. This plan allows for the grant of stock options, restricted stock awards and other equity awards to its officers, employees, directors, advisors and consultants. Stock options time-vest over a five year period and have been fair valued as of the date of the grant. A summary of stock option activity for the year ended December 31, 2022 is presented below: 2022 Number of Options Weighted Average Grant Date Fair Value Stock Options Outstanding at beginning of year — — Granted 357,510 $ 5.06 Exercised — — Forfeited — — Outstanding at end of year 359,532 $ 5.06 For the year ended December 31, 2022, the Company recognized $ 361,000 in compensation cost related to stock options, which is included in salaries and employee benefits expense in the accompanying consolidated statements of income. At December 31, 2022, there was $ 1.4 million of unrecognized compensation cost related to stock options which is expected to be recognized over a period of 4 years. The estimated fair value of stock options granted during the year ended December 31, 2022 was determined as of the date of the grant, using the Black-Scholes options pricing model, under the following assumptions: 2022 Average-risk-free interest rate 3.77 % Expected life in years 7.50 Expected dividend yield 0.05 % Expected stock volatility 20.89 % Restricted stock awards time-vest over a five year period and have been fair valued as of the date of the grant. A summary of restricted stock activity for the year ended December 31, 2022 is presented below: 2022 Number of shares Weighted Average Grant Date Fair Value Restricted Stock Awards Outstanding at beginning of year — — Granted 156,590 $ 14.85 Vested ( 32,598 ) 14.85 Forfeited — — Outstanding at end of year 123,992 $ 14.85 For the year ended December 31, 2022, the Company recognized $ 465,000 in compensation cost related to restricted stock awards, which is included in salaries and employee benefits expense in the accompanying consolidated statements of income. At December 31, 2022, there was $ 1.9 million of unrecognized compensation cost related to stock options which is expected to be recognized over a period of 4 years The terms of the restricted stock agreements permit the surrender of shares to the 5,568 shares were surrendered during 2022. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 12 - 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 December 31, 2022 and 2021, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total December 31, 2022: US treasuries $ — $ 9,324,532 $ — $ 9,324,532 Mortgage-backed securities — 8,732,033 — 8,732,033 Collateralized mortgage obligations — 14,844,030 — 14,844,030 Municipal bonds — 7,028,911 7,028,911 Corporate obligations — 3,167,046 — 3,167,046 Investment securities available-for-sale $ — $ 43,096,552 $ — $ 43,096,552 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 December 31, 2022 and 2021: Level 1 Level 2 Level 3 Total December 31, 2022: Other real estate owned $ — $ — $ 683,800 $ 683,800 Impaired loans — — — — $ — $ — $ 683,800 $ 683,800 December 31, 2021: Other real estate owned $ — $ — $ 1,115,100 $ 1,115,100 Impaired loans — — — — $ — $ — $ 1,115,100 $ 1,115,100 The following tables show significant unobservable inputs used in the fair value measurement of Level 3 assets: Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount December 31, 2022: Other real estate owned $ 683,800 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 52 % Impaired loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — December 31, 2021: Other real estate owned $ 1,115,100 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 22 % Impaired loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — 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 and FRB 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 December 31, 2 022 and 2021 are as follows: Fair Value Measurements at December 31, 2022 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 25,545,872 $ 25,545,872 $ 25,545,872 $ — $ — Certificates of deposit with other banks 1,739,000 1,739,000 1,739,000 — — Investment securities available-for-sale 43,096,552 43,096,552 — 43,096,552 — Other investments 1,377,500 1,377,500 — 1,377,500 — Mortgage loans held for sale 2,085,099 2,085,099 — 2,085,099 — Loans, net 334,138,871 318,195,000 — — 318,195,000 Bank owned life insurance 11,442,653 11,442,653 11,442,653 — — Financial liabilities: Deposits 328,840,232 327,148,834 239,334,834 — 87,814,000 FHLB advances 11,000,000 10,953,000 — — 10,953,000 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 FHLB advances — — — — — 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. |
Stockholders' Equity and Change
Stockholders' Equity and Change in Corporate Form | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Change in Corporate Form | NOTE 13 – STOCKHOLDERS' EQUITY AND CHANGE IN CORPORATE FORM Stockholders' Equity: 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. During 2022, 75,172 shares of the Company's common stock had been repurchased at an average price of $ 14.44 . Earnings per Share: Earnings per common share was computed based on the following: 2022 2021 Numerator: Income applicable to common shares $ 1,760,413 $ 1,159,598 Denominator: Weighted average common shares outstanding 4,880,723 4,371,646 Effect of dilutive securities: Stock options 1,200 — Weighted average common shares outstanding - assuming dilution 4,881,923 4,371,646 Earnings per common share $ 0.36 $ 0.27 Earnings per common share - assuming dilution $ 0.36 $ 0.27 For the year December 31, 2022, earnings per share is calculated for the full year. For the year December 31, 2021, earnings per share is calculated for the period that the Company's shares of common stock were outstanding (July 20, 2021 through December 31, 2021). The net earnings for this period was approximately $ 1,200,000 and the weighted average shares outstanding were 4,371,646 . 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. Stock offering expenses totaled $ 1,523,443 , which were deducted from the proceeds from the sale of common stock. |
Condensed Financial Statements
Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Financial Statements of Parent Company | NOTE 14 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY Financial information pertaining to TC Bancshares Inc. only is as follows: CONDENSED BALANCE SHEETS December 31, 2022 December 31, 2021 (Dollars in thousands) ASSETS Cash and cash equivalents $ 18,456 $ 19,855 Investment in TC Federal Bank 63,524 63,251 Other assets 3,642 3,735 Total assets $ 85,622 $ 86,841 LIABILITIES Other liabilities $ 344 $ 28 Total liabilities 344 28 STOCKHOLDERS' EQUITY Stockholders' equity 85,278 86,813 Total liabilities and stockholders' equity $ 85,622 $ 86,841 CONDENSED STATEMENTS OF INCOME For the Year Ended December 31, 2022 December 31, 2021 (Dollars in thousands) INCOME Interest income $ 121 $ 59 EXPENSE Other expense 315 41 (Loss) Income before income tax expense and equity in undistributed net income of TC Federal Bank ( 194 ) 18 Income tax (benefit) expense ( 52 ) 4 Net (loss) income before equity in undistributed net income of TC Federal Bank ( 142 ) 14 Equity in undistributed net income of TC Federal Bank 1,903 2,626 Net income $ 1,761 $ 2,640 CONDENSED STATEMENTS OF CASH FLOW For the Year Ended December 31, 2022 December 31, 2021 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,761 $ 2,640 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Undistributed net income of TC Federal Bank ( 1,903 ) ( 2,626 ) ESOP expense 240 266 Amortization of unearned compensation associated with restricted stock 465 — Stock based compensation 361 — Decrease (increase) in other assets 93 ( 3,735 ) Increase in other liabilities 316 28 Net cash provided by (used in) operating activities 1,333 ( 3,427 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital contribution to TC Federal Bank ( 1,067 ) ( 20,260 ) Net cash used in investing activities ( 1,067 ) ( 20,260 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from sale of common stock — 48,984 Dividends ( 497 ) — Purchase of common stock ( 1,085 ) — Repurchase of stock for tax obligation on restricted shares ( 83 ) — Stock offering expenses — ( 1,523 ) Common stock purchased by ESOP — ( 3,919 ) Net cash (used in) provided by financing activities ( 1,665 ) 43,542 Net (decrease) increase in cash ( 1,399 ) 19,855 Cash at beginning of year 19,855 — Cash at end of year $ 18,456 $ 19,855 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: TC Bancshares, Inc. ("Company") is a 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 13 f or 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 and Jacksonville, 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 have been prepared in accordance with GAAP and with the instructions to Form 10-K adopted by the Securities and Exchange Commission (the “SEC”). In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ significantly from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are not limited to, the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of the post-retirement obligation, and valuation allowance associated with the realization of deferred tax assets, which are based on future taxable income. Cash and Cash Equivalents: |
Cash and Cash Equivalents | For purposes of reporting cash flows, cash and cash equivalents include cash and balances due from banks and federal funds sold, all of which mature within 90 days. Effective March 26, 2020, the Federal Reserve eliminated reserve requirements for all depository institutions. These reserve requirements are subject to annual adjustment by the Federal Reserve. |
Investment Securities | Investment Securities: The Company classifies its securities in one of three categories: trading, available-for-sale, or held-to-maturity. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which the Company has the ability and intent to hold the security until maturity. All other securities not included in trading or held-to-maturity are classified as available-for-sale. As of December 31, 2022 and 2021, all securities were classified as available-for-sale. Trading and available-for-sale securities are recorded at fair value. Held-to-maturity securities are recorded at amortized cost, adjusted for the amortization of premiums and accretion of discounts. Unrealized holding gains and losses, net of the related tax effect, on securities available-for-sale are excluded from income and are reported as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Management evaluates investment securities for other-than-temporary impairment on an annual basis. A decline in the market value of any investment below cost that is deemed other-than-temporary is charged to income for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit related factors is recognized in other comprehensive income. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale are included in income and are derived using the specific identification method for determining the cost of securities sold. |
Other Investments | Other Investments: Other investments are carried at cost and consist of Federal Reserve Bank and Federal Home Loan Bank of Atlanta (“FHLB”) stock, which are held in accordance with certain lender and/or member requirements and are stated at cost, which approximates fair value. The Bank is required to hold the FHLB stock as a member of the FHLB, and transfer of the stock is substantially restricted. The stock is pledged as collateral for outstanding FHLB advances. |
Loans Loan Fees and Interest Income on Loans | Loans, Loan Fees and Interest Income on Loans: Loans are stated at the principal amount outstanding, net of the allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions and collection efforts that the borrower’s financial condition is such that collection of interest is doubtful. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged to interest income on loans. Generally, payments on nonaccrual loans are applied to principal. Loan fees, net of certain origination costs, are deferred and amortized over the lives of the respective loans. A loan is impaired when, based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price, or at the fair value of the collateral of the loan if the loan is collateral dependent. Estimated impairment losses for collateral dependent loans are set up as specific reserves. Interest income on impaired loans is recognized using the cash-basis method of accounting during the time the loans are impaired. |
Allowance for Loan Losses | Allowance for Loan Losses: The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes that the collectability of the principal is unlikely. The allowance represents an amount which, in management’s judgment based on, among other things, historical losses and on the current economic environment, will be adequate to absorb probable losses on existing loans that may become uncollectible. Loans deemed uncollectible are charged-off and deducted from the allowance and recoveries on loans previously charged-off are added back to the allowance. Management’s judgment in determining the adequacy of the allowance is based on evaluations of the collectability of loans. These evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, current economic conditions that may affect the borrower’s ability to pay, overall portfolio quality, and review of specific problem loans. Management believes that the allowance for loan losses is adequate. While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. As a result of such review, the Bank may have to recognize additions to its allowance for loan losses. |
Mortgage Loans Held for Sale | Mortgage Loans Held for Sale: The Bank sells mortgage loans for an amount equal to the principal amount of loans with yields to investors based upon current market rates. Realized gains and losses related to loan sales are included in gains on sale of loans and are determined using the specific identification method. For financial reporting purposes, the Bank classifies a portion of its loans as “Mortgage loans held for sale”. Included in this category are loans which the Bank has the current intent to sell and loans which are available to be sold in the event the Bank determines that loans should be sold to support the Bank’s investment and liquidity objectives. Loans included in this category for which the Bank has the current intention to sell are recorded at the lower of the aggregate cost or fair value. As of December 31, 2022 and 2021, the Bank had $ 2,085,099 and $ 2,844,707 , respectively, in loans classified as “Mortgage loans held for sale.” |
Premises and Equipment | Premises and Equipment: Premises and equipment are carried at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the related asset. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. The cost of maintenance and repairs which do not improve or extend the useful life of the respective asset is charged to income as incurred, whereas significant renewals and improvements are capitalized. The range of estimated useful lives for premises and equipment is: Building and improvements 20 - 40 years Furniture, automobiles and equipment 5 - 10 years |
Advertising Costs | Advertising Costs: Advertising costs are expensed as incurred. |
Other Real Estate Owned | Other Real Estate Owned: Other real estate owned represents properties acquired through or by deed in lieu of loan foreclosure and is initially recorded at fair value less estimated costs to sell. Any write-down to fair value at the time of transfer to other real estate owned is charged to the allowance for loan losses. Costs of improvements are capitalized, whereas costs relating to holding other real estate owned and subsequent adjustments to the value are expensed. There were no consumer mortgage loans collateralized by residential real estate property in the process of foreclosure at December 31, 2022 and 2021. The Bank held no foreclosed residential real estate at December 31, 2022 and 2021. |
Bank Owned Life Insurance | Bank owned life insurance: The Bank has purchased life insurance policies on certain key executives and members of management. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable of settlement. |
Income Taxes | Income Taxes: The Company uses the liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Additionally, this method requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some portion or all of the deferred tax asset will not be realized. In assessing the realization of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. The Company currently evaluates income tax positions judged to be uncertain. A loss contingency reserve is accrued if it is probable that the tax position will be challenged, it is probable that the future resolution of the challenge will confirm that a loss has been incurred, and the amount of such loss can be reasonably estimated. The Company and the Bank file consolidated income tax returns, with income tax expense or benefit computed and allocated on a separate return basis. |
Post Retirement Defined Benefit Obligation | Post-Retirement Defined Benefit Obligation: The Bank accounts for its post-retirement defined benefit obligations under Accounting Standards Codification (“Codification” or “ASC”) Topic 715, Retirement Benefits (“ASC 715”). The under or over funded status of the Bank’s post-retirement defined benefit obligations are recognized as a liability or asset in the balance sheet. To the extent these obligations are funded, changes in funded status are reflected in other comprehensive income. Net actuarial gains and losses and adjustments to prior service costs that are not recorded as components of the net periodic benefit cost are charged to other comprehensive income. |
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 note receivable is shown as a reduction of stockholders' equity. |
Stock Based Compensation | Stock Based Compensation: The Company accounts for its stock-based compensation plan using a fair value-based method of accounting, whereby compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers: Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (“Accounting Standards Codification (“ASC”) Topic 606”) (“ASU 2014-09”) focuses on revenues from contracts earned over time. Fee income is generally earned over a short period of time, such as monthly, or is earned concurrently with a specific transaction. The Company records a gain or loss from the sale of other real estate owned (“OREO”) when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. There are no ASC Topic 606 implications unless the Company finances the sale of the OREO property. ASC Topic 606 could change the timing of revenue recognition in the case of seller financing. The Company's other revenue streams are outside the scope of ASU 2014-09. |
Comprehensive Income (Loss) | Comprehensive Income (Loss): The Company has elected to present comprehensive income (loss) in a separate statement of comprehensive income (loss). Accumulated other comprehensive income (loss) includes the net of tax effect of unrealized gains (losses) on securities available-for-sale and the unfunded post-retirement benefit obligation of the Company’s defined benefit plan. |
Treasury Stock | Treasury Stock: 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 stockholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental commons shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. 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 stockholders of record at the close of business on June 27, 2022 . The Company announced that its Board of Directors declared a semi-annual cash dividend on December 22, 2022 , in the amount of $ .05 per share of common stock. The cash dividend was paid on January 18, 2023 , to stockholders of record at the close of business on January 3, 2023 . |
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 elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Subsequent Events | Subsequent Events: We have evaluated subsequent events through the time of filing on the date we have issued this Annual Report on Form 10-K. As of the time of filing, there were no material, reportable subsequent events. |
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 business entities to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is estimating an overall increase in its allowance for credit losses ranging from $ 67,000 to $ 408,000 , or an allowance for credit losses to total loans of between 1.30 % and 1.40 % at December 31, 2022. The adoption of this standard on January 1, 2023, will be recognized as a cumulative effect adjustment to retained earnings. In March 2022, the FASB issued ASU 2022-02, Financial Instruments: Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the TDR recognition and measurement guidance as prescribed by ASC 310-40 and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have not yet adopted the amendments in ASU 2016-13, the effective dates for the amendments in ASU 2022-02 are the same as the effective dates for ASU 2016-13. The adoption of this ASU did not have a significant impact on the Company's 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. The adoption of this ASU did not 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. The adoption of this ASU did not 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 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. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Range of Estimated Useful Lives for Premises and Equipment | The range of estimated useful lives for premises and equipment is: Building and improvements 20 - 40 years Furniture, automobiles and equipment 5 - 10 years |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Summary of Investments Securities Available for Sale | Investment securities available-for-sale at December 31, 2022 and 2021 are as follows: Amortized Gross Gross Estimated Fair Value as December 31, 2022- US treasuries $ 10,115,310 $ — $ 790,778 $ 9,324,532 22 % Mortgage-backed securities 9,618,355 — 886,322 8,732,033 20 % Collateralized mortgage 15,713,313 — 869,283 14,844,030 35 % Municipal bonds 8,762,417 — 1,733,506 7,028,911 16 % Corporate obligations 3,625,000 — 457,954 3,167,046 7 % $ 47,834,395 $ — $ 4,737,843 $ 43,096,552 100 % 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 December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 4,863,478 $ 142,541 $ 5,104,004 $ 25,271 Mortgage-backed securities 3,004,339 304,844 6,389,012 100,143 Collateralized mortgage obligations 5,558,664 329,329 11,190,910 145,656 Municipal bonds — — 7,828,330 170,787 Corporate obligations 651,464 98,536 2,831,546 43,454 Total less than 12 months $ 14,077,945 $ 875,250 $ 33,343,802 $ 485,311 Unrealized loss for more than 12 months: US treasuries 4,461,054 648,237 — — Mortgage-backed securities 5,727,694 581,478 — — Collateralized mortgage obligations 9,285,366 539,954 — — Municipal bonds 7,028,911 1,733,506 — — Corporate obligations 2,515,582 359,418 — — Total more than 12 months 29,018,607 3,862,593 — — Total $ 43,096,552 $ 4,737,843 $ 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 December 31, 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 - Within 1 year $ — $ — 1 to 5 years 5,006,018 4,863,478 5 to 10 years 17,496,709 14,657,011 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 25,331,668 23,576,063 Total $ 47,834,395 $ 43,096,552 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of major classifications of loans, by purpose code | Major classifications of loans, by purpose code, at December 31, 2022 and 2021, are summarized as follows: December 31, 2022 Percent December 31, 2021 Percent Real estate loans: Residential $ 136,382,014 40.16 % $ 98,433,124 36.27 % Home equity 12,410,820 3.65 % 11,510,661 4.24 % Multi-family 24,613,700 7.25 % 19,937,187 7.35 % Commercial 111,394,065 32.80 % 89,830,611 33.10 % Construction and land development 27,921,088 8.22 % 34,401,702 12.68 % Total real estate loans 312,721,687 254,113,285 Consumer loans 1,210,164 0.36 % 1,373,761 0.51 % Commercial and industrial loans 25,665,751 7.56 % 15,900,097 5.85 % Total loans 339,597,602 100.00 % 271,387,143 100.00 % Less: Allowance for loan losses 4,362,178 4,183,599 Deferred loan fees 1,096,553 899,096 Loans, net $ 334,138,871 $ 266,304,448 |
Summary of allowance for loan losses | The following schedule presents a roll-forward of the allowance for loan losses as of December 31: Year Ended December 31, 2022 2021 Beginning balance $ 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 ( 64,612 ) ( 48,022 ) Commercial and industrial loans — ( 78,219 ) Total charge-offs ( 67,454 ) ( 137,364 ) Recoveries: Real estate loans: Residential 53,026 33,794 Home equity — — Multi-family — — Commercial — 19,651 Construction and land development 11,345 24,392 Total real estate loans 64,371 77,837 Consumer loans 6,884 6,595 Commercial and industrial loans 63,873 27,629 Total recoveries 135,128 112,061 Net recoveries (charge offs) 67,674 ( 25,303 ) Provision for allowance for loan losses 110,905 123,183 Ending balance $ 4,362,178 $ 4,183,599 |
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 December 31, 2022 and 2021: Loans Allowance for loan losses Individually Collectively Individually Collectively December 31, 2022 - Real estate loans: Residential $ 1,037,428 $ 135,344,586 $ — $ 1,960,955 Home equity — 12,410,820 — 186,733 Multi-family — 24,613,700 — 225,869 Commercial 57,000 111,337,065 — 1,632,241 Construction and development 43,388 27,877,700 — 264,589 Total real estate loans 1,137,816 311,583,871 — 4,270,387 Consumer loans — 1,210,164 — 615 Commercial and industrial loans — 25,665,751 — 81,182 Unallocated — — — 9,994 Total $ 1,137,816 $ 338,459,786 $ — $ 4,362,178 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 December 31, 2022 and 2021: Recorded Principal Related December 31, 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 $ 1,037,428 $ 1,037,428 $ — Home equity — — — Multi-family — — — Commercial 57,000 57,000 — Construction and land development 43,388 43,388 — Total real estate loans 1,137,816 1,137,816 — Consumer loans — — — Commercial and industrial loans — — — Total $ 1,137,816 $ 1,137,816 $ — Impaired Loans (Continued): 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 on impaired loans and interest income recognized and received on impaired loans are as follows: Year Ended December 31, 2022 Average Interest Interest Real estate loans: Residential $ 1,312,688 $ 45,091 $ 63,343 Home equity — — — Multi-family — — — Commercial 19,000 1,247 1,247 Construction and land development 24,606 1,500 3,012 Total real estate loans 1,356,294 47,838 67,602 Consumer loans — — — Commercial and industrial loans — — — Total $ 1,356,294 $ 47,838 $ 67,602 2021 Average Interest Interest Real estate loans: Residential $ 1,560,984 $ 92,374 $ 92,705 Home equity 598 — — Multi-family — — — Commercial 831,676 — — Construction and land development 57,086 520 399 Total real estate loans 2,450,344 92,894 93,104 Consumer loans — — — Commercial and industrial loans — — — Total $ 2,450,344 $ 92,894 $ 93,104 |
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 December 31, 2022 and 2021, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual December 31, 2022 - Real estate loans: Residential $ 221,100 $ — $ 31,541 $ 252,641 $ 136,129,373 $ 136,382,014 $ 453,749 Home equity 24,968 57,266 — 82,234 12,328,586 12,410,820 — Multi-family — — — — 24,613,700 24,613,700 — Commercial — — 57,000 57,000 111,337,065 111,394,065 57,000 Construction — — — — 27,921,088 27,921,088 43,388 Total real 246,068 57,266 88,541 391,875 312,329,812 312,721,687 554,137 Consumer loans 5,718 — — 5,718 1,204,446 1,210,164 — Commercial and — — — — 25,665,751 25,665,751 — $ 251,786 $ 57,266 $ 88,541 $ 397,593 $ 339,200,009 $ 339,597,602 $ 554,137 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 December 31, 2022 and 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Credit Exposure Based on Risk Ratings: Pass Special Substandard Doubtful Loss Total December 31, 2022 - Real estate loans: Residential $ 134,695,557 $ 447,915 $ 1,238,542 $ — $ — $ 136,382,014 Home equity 12,410,820 — — — — 12,410,820 Multi-family 24,613,700 — — — — 24,613,700 Commercial 101,192,649 7,335,673 2,865,743 — — 111,394,065 Construction and land 27,793,996 20,263 106,829 — — 27,921,088 Total real estate loans 300,706,722 7,803,851 4,211,114 — — 312,721,687 Consumer loans 1,210,164 — — — — 1,210,164 Commercial and industrial loans 25,665,751 — — — — 25,665,751 $ 327,582,637 $ 7,803,851 $ 4,211,114 $ — $ — $ 339,597,602 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Major Classification of Premises and Equipment | Major classifications of premises and equipment at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 December 31, 2021 Land $ 47,512 $ 47,512 Buildings and improvements 4,976,189 4,951,619 Furniture and equipment 1,988,527 1,949,632 Leasehold improvements 16,675 — Automobiles 56,845 56,845 7,085,748 7,005,608 Less: Accumulated depreciation and amortization 3,953,466 3,780,719 Premises and equipment, net $ 3,132,282 $ 3,224,889 |
Certificates of Deposit (Tables
Certificates of Deposit (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Maturities of Certificates of Deposit | At December 31, 2022, the scheduled maturities of certificates of deposit were as follows: 2023 $ 76,686,579 2024 10,193,633 2025 1,642,485 2026 982,701 2027 — $ 89,505,398 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Advances from the FHLB were Outstanding | The following advances from the FHLB were outstanding as of December 31, 2022: Advance Date Amount Rate Interest Maturity Call 11/18/2022 $ 11,000,000 Fixed 4.57 % 11/20/23 N/A |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31, 2022 and 2021 are as follows: 2022 2021 Current - Alternative minimum tax $ ( 7,651 ) $ 14,390 Deferred 98,260 ( 62,721 ) Utilization of operating loss carryforward 614,475 849,585 Change in valuation allowance ( 29,612 ) 21,759 $ 675,472 $ 823,013 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the actual income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the years ended December 31, 2022 and 2021, is as follows: 2022 2021 Pretax income at statutory rate $ 511,536 $ 727,329 Add (deduct): State income tax expense, net of federal benefit 99,166 114,775 Tax-exempt income ( 57,977 ) ( 68,496 ) Stock based compensation 74,747 — Change in valuation allowance ( 29,612 ) 21,759 Other 77,612 27,646 $ 675,472 $ 823,013 |
Schedule of Deferred Tax Assets and Liabilities | The following summarizes the sources and expected tax consequences of future taxable deductions or income, which comprise the net deferred tax asset, which is included as a component of other assets at December 31, 2022 and 2021: 2022 2021 Deferred income tax assets: Deferred compensation $ 363,195 $ 295,006 Net operating loss carryforward 719,078 1,333,553 Other real estate owned 36,452 26,804 State tax credits 168,609 198,221 Defined benefit obligations (non-qualified) 279,483 490,528 Non-accrual loans 64,818 126,915 Frozen pension accrual (tax qualified) 265,252 327,425 Unrealized loss on investment securities available-for-sale 1,191,567 64,467 Other 4,836 24,412 Total gross deferred tax assets 3,093,290 2,887,331 Less: Valuation allowance ( 168,609 ) ( 198,221 ) Net deferred tax asset 2,924,681 2,689,110 Deferred income tax liabilities: Premises and equipment 6,832 14,021 Allowance for loan losses 92,649 120,539 Director fee plan 24,535 8,663 Other — 3,863 Total gross deferred tax liabilities 124,016 147,086 Net deferred tax asset $ 2,800,665 $ 2,542,024 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | December 31, 2022 December 31, 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 49,189,000 $ 28,204,000 Stand-by letters of credit $ 819,000 $ 931,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Loan Activity | The following summary reflects related party loan activity during 2022 and 2021. 2022 2021 Beginning balance $ 364,810 $ 571,210 New loans and advancements 319,453 40,000 Change in executive officers and directors — ( 131,838 ) Repayments ( 190,274 ) ( 114,562 ) Ending Balance $ 493,989 $ 364,810 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) December 31, 2022: Common Equity Tier 1 Capital to Risk- $ 67,153 21.32 % $ 14,172 4.50 % $ 20,470 6.50 % Total Capital to Risk- Weighted Assets $ 71,094 22.57 % $ 25,194 8.00 % $ 31,492 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 67,153 21.32 % $ 18,895 6.00 % $ 25,194 8.00 % Tier I Capital to Average Assets $ 67,153 16.22 % $ 16,558 4.00 % $ 20,697 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 % |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Summary of the Components of the Net Periodic Post-Retirement Benefit Cost | The following is a summary of the components of the net periodic post-retirement benefit cost (benefit) during 2022 and 2021: 2022 2021 Interest cost $ 318,035 $ 300,973 Expected return on assets ( 648,348 ) ( 710,539 ) Amortization of unrecognized loss 83,081 219,288 Periodic post-retirement cost (benefit) $ ( 247,232 ) $ ( 190,278 ) |
Schedule of Estimated Benefit Payments | The Bank expects to make contributions to the plan in 2023 totaling $ 27,000 . The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the five years thereafter as of December 31, 2022: 2023 $ 588,005 2024 591,598 2025 590,780 2026 590,647 2027 584,585 2027-2031 2,801,054 $ 5,746,669 |
Reconciliation of the Accumulated Post-Retirement Benefit Obligation | The following is a reconciliation of the accumulated post-retirement benefit obligation as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation at beginning of year $ 12,159,755 $ 13,209,019 Interest cost 318,035 300,973 Actuarial gain ( 3,034,835 ) ( 766,993 ) Benefits paid ( 587,833 ) ( 583,244 ) Projected benefit obligation at end of year $ 8,855,122 $ 12,159,755 |
Summary of the Change in Plan Assets | The following is a summary of the change in plan assets during 2022 and 2021: 2022 2021 Fair value of plan assets at beginning of year $ 9,587,893 $ 9,168,583 Actual (loss) return on assets ( 1,570,382 ) 1,068,427 Employer contributions — — Administrative expenses ( 60,041 ) ( 65,873 ) Benefits paid, net ( 587,833 ) ( 583,244 ) Fair value of plan assets at end of year $ 7,369,637 $ 9,587,893 |
Schedule of Fair Values of the Bank’s Pension Plan Assets | The fair values of the Bank’s pension plan assets at December 31, 2022 and 2021, by asset category, are as follows: Fair Value Measurements Assets Measured at Fair Value Level 1 Level 2 Level 3 December 31, 2022: Cash and cash equivalents $ 13,488 $ 13,488 $ — $ — Debt securities mutual funds 2,410,250 2,410,250 — — Equity securities mutual funds 4,945,899 4,945,899 — — $ 7,369,637 $ 7,369,637 $ — $ — December 31, 2021: Cash and cash equivalents $ 14,881 $ 14,881 $ — $ — Debt securities mutual funds 3,059,854 3,059,854 — — Equity securities mutual funds 6,513,158 6,513,158 — — $ 9,587,893 $ 9,587,893 $ — $ — |
Summary of the Amount Recognized in Other Liabilities | The following is a summary of the amount recognized in other liabilities as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation at end of year $ 8,855,122 $ 12,159,755 Fair value of plan assets at end of year ( 7,369,637 ) ( 9,587,893 ) $ 1,485,485 $ 2,571,862 |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | Amounts recognized in accumulated other comprehensive loss, net of tax, as of December 31, 2022 and 2021 were: 2022 2021 Net loss $ ( 1,111,263 ) $ ( 1,950,408 ) Total accumulated other comprehensive loss $ ( 1,111,263 ) $ ( 1,950,408 ) |
Schedule of Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (loss) | Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) for the years ended December 31, 2022 and 2021 were: 2022 2021 Net loss $ ( 756,064 ) $ ( 1,059,008 ) Amortization of net unrecognized gain ( 83,081 ) ( 219,288 ) Total accumulated other comprehensive loss $ ( 839,145 ) $ ( 1,278,296 ) |
Employee Stock Ownership Plan (ESOP) Disclosures | 2022 2021 Shares held by the ESOP include the following: Allocated — — Committed to be allocated 39,186 19,593 Unallocated 352,682 372,275 Total 391,868 391,868 |
Summary of Stock Options | A summary of stock option activity for the year ended December 31, 2022 is presented below: 2022 Number of Options Weighted Average Grant Date Fair Value Stock Options Outstanding at beginning of year — — Granted 357,510 $ 5.06 Exercised — — Forfeited — — Outstanding at end of year 359,532 $ 5.06 |
Summary of Estimated Fair Value of Stock Options Granted | The estimated fair value of stock options granted during the year ended December 31, 2022 was determined as of the date of the grant, using the Black-Scholes options pricing model, under the following assumptions: 2022 Average-risk-free interest rate 3.77 % Expected life in years 7.50 Expected dividend yield 0.05 % Expected stock volatility 20.89 % |
Summary of Restricted Stock Activity | A summary of restricted stock activity for the year ended December 31, 2022 is presented below: 2022 Number of shares Weighted Average Grant Date Fair Value Restricted Stock Awards Outstanding at beginning of year — — Granted 156,590 $ 14.85 Vested ( 32,598 ) 14.85 Forfeited — — Outstanding at end of year 123,992 $ 14.85 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total December 31, 2022: US treasuries $ — $ 9,324,532 $ — $ 9,324,532 Mortgage-backed securities — 8,732,033 — 8,732,033 Collateralized mortgage obligations — 14,844,030 — 14,844,030 Municipal bonds — 7,028,911 7,028,911 Corporate obligations — 3,167,046 — 3,167,046 Investment securities available-for-sale $ — $ 43,096,552 $ — $ 43,096,552 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 December 31, 2022 and 2021: Level 1 Level 2 Level 3 Total December 31, 2022: Other real estate owned $ — $ — $ 683,800 $ 683,800 Impaired loans — — — — $ — $ — $ 683,800 $ 683,800 December 31, 2021: Other real estate owned $ — $ — $ 1,115,100 $ 1,115,100 Impaired loans — — — — $ — $ — $ 1,115,100 $ 1,115,100 |
Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets | The following tables show significant unobservable inputs used in the fair value measurement of Level 3 assets: Fair Value Valuation Technique Unobservable Inputs Weighted Average Discount December 31, 2022: Other real estate owned $ 683,800 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 52 % Impaired loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — December 31, 2021: Other real estate owned $ 1,115,100 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 22 % Impaired loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — |
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 December 31, 2 022 and 2021 are as follows: Fair Value Measurements at December 31, 2022 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 25,545,872 $ 25,545,872 $ 25,545,872 $ — $ — Certificates of deposit with other banks 1,739,000 1,739,000 1,739,000 — — Investment securities available-for-sale 43,096,552 43,096,552 — 43,096,552 — Other investments 1,377,500 1,377,500 — 1,377,500 — Mortgage loans held for sale 2,085,099 2,085,099 — 2,085,099 — Loans, net 334,138,871 318,195,000 — — 318,195,000 Bank owned life insurance 11,442,653 11,442,653 11,442,653 — — Financial liabilities: Deposits 328,840,232 327,148,834 239,334,834 — 87,814,000 FHLB advances 11,000,000 10,953,000 — — 10,953,000 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 FHLB advances — — — — — |
Stockholders' Equity and Chan_2
Stockholders' Equity and Change in Corporate Form (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Summary of Earnings per Common Share | Earnings per common share was computed based on the following: 2022 2021 Numerator: Income applicable to common shares $ 1,760,413 $ 1,159,598 Denominator: Weighted average common shares outstanding 4,880,723 4,371,646 Effect of dilutive securities: Stock options 1,200 — Weighted average common shares outstanding - assuming dilution 4,881,923 4,371,646 Earnings per common share $ 0.36 $ 0.27 Earnings per common share - assuming dilution $ 0.36 $ 0.27 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Jun. 15, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 04, 2022 | Jun. 30, 2022 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Mortgage loans held for sale | $ 2,085,099 | $ 2,844,707 | |||
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 3,900,000 | ||||
ESOP loan payment and release of ESOP shares | 391,868 | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,760,413 | $ 1,159,598 | |||
Basic | 4,880,723 | 4,371,646 | |||
Diluted | 4,881,923 | 4,371,646 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 250,000 | ||||
Treasury stock, (Shares) | 75,172 | 0 | |||
Average price of treasury stock per share | $ 14.44 | ||||
Description of dividends payable nature | semi-annual | semi-annual | |||
Dividends payable, date declared | Jun. 15, 2022 | Dec. 22, 2022 | |||
Dividends payable, date to be paid | Jul. 15, 2022 | Jan. 18, 2023 | |||
Dividends payable, date of record | Jun. 27, 2022 | Jan. 03, 2023 | |||
Consumer loans collateralized by residential real estate in the process of foreclosure | $ 0 | $ 0 | |||
Foreclosed residential real estate | $ 0 | 0 | |||
Subsequent event, description | As of the time of filing, there were no material, reportable subsequent events. | ||||
Maximum [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Increase in allowance for credit losses | $ 408,000 | ||||
Allowance for credit losses to total loans, percentage | 1.40% | ||||
Minimum [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Increase in allowance for credit losses | $ 67,000 | ||||
Allowance for credit losses to total loans, percentage | 1.30% | ||||
TC Federal Bank | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Ownership percentage | 100% | ||||
Reported Value Measurement [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Mortgage loans held for sale | $ 2,085,099 | $ 2,844,707 | |||
Federal Reserve Bank of Atlanta [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Federal funds maturity period | 90 days | ||||
Common Stock [Member] | |||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||
Dividends payable, amount per share | $ 0.05 | $ 0.05 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Range of Estimated Useful Lives for Premises and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Building and Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 20 years |
Minimum [Member] | Furniture Automobiles and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 days |
Maximum [Member] | Building and Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 40 days |
Maximum [Member] | Furniture Automobiles and Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 days |
Investment Securities - Summary
Investment Securities - Summary Of Investments Securities Available For Sale (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 47,834,395 | $ 45,870,407 |
Gross Unrealized Gains | 0 | 246,540 |
Gross Unrealized Losses | 4,737,843 | 485,311 |
Estimated Fair Value | $ 43,096,552 | $ 45,631,636 |
Fair Value as % of Total | 100% | 100% |
US treasuries [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 10,115,310 | $ 5,129,275 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 790,778 | 25,271 |
Estimated Fair Value | $ 9,324,532 | $ 5,104,004 |
Fair Value as % of Total | 22% | 11% |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 9,618,355 | $ 10,295,332 |
Gross Unrealized Gains | 0 | 174,102 |
Gross Unrealized Losses | 886,322 | 100,143 |
Estimated Fair Value | $ 8,732,033 | $ 10,369,291 |
Fair Value as % of Total | 20% | 23% |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 15,713,313 | $ 18,804,325 |
Gross Unrealized Gains | 0 | 70,925 |
Gross Unrealized Losses | 869,283 | 145,656 |
Estimated Fair Value | $ 14,844,030 | $ 18,729,594 |
Fair Value as % of Total | 35% | 41% |
Municipal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 8,762,417 | $ 8,766,475 |
Gross Unrealized Gains | 0 | 1,513 |
Gross Unrealized Losses | 1,733,506 | 170,787 |
Estimated Fair Value | $ 7,028,911 | $ 8,597,201 |
Fair Value as % of Total | 16% | 19% |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 3,625,000 | $ 2,875,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 457,954 | 43,454 |
Estimated Fair Value | $ 3,167,046 | $ 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 ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 14,077,945 | $ 33,343,802 |
Total less than 12 months, Unrealized Losses | 875,250 | 485,311 |
Total more than 12 months, Estimated Fair Value | 29,018,607 | 0 |
Total more than 12 months, Unrealized Losses | 3,862,593 | 0 |
Total | 43,096,552 | 33,343,802 |
Total | 4,737,843 | 485,311 |
US treasuries [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 4,863,478 | 5,104,004 |
Total less than 12 months, Unrealized Losses | 142,541 | 25,271 |
Total more than 12 months, Estimated Fair Value | 4,461,054 | 0 |
Total more than 12 months, Unrealized Losses | 648,237 | 0 |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 3,004,339 | 6,389,012 |
Total less than 12 months, Unrealized Losses | 304,844 | 100,143 |
Total more than 12 months, Estimated Fair Value | 5,727,694 | 0 |
Total more than 12 months, Unrealized Losses | 581,478 | 0 |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 5,558,664 | 11,190,910 |
Total less than 12 months, Unrealized Losses | 329,329 | 145,656 |
Total more than 12 months, Estimated Fair Value | 9,285,366 | 0 |
Total more than 12 months, Unrealized Losses | 539,954 | 0 |
Municipal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 7,828,330 |
Total less than 12 months, Unrealized Losses | 0 | 170,787 |
Total more than 12 months, Estimated Fair Value | 7,028,911 | 0 |
Total more than 12 months, Unrealized Losses | 1,733,506 | 0 |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 651,464 | 2,831,546 |
Total less than 12 months, Unrealized Losses | 98,536 | 43,454 |
Total more than 12 months, Estimated Fair Value | 2,515,582 | 0 |
Total more than 12 months, Unrealized Losses | $ 359,418 | $ 0 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Securities [Member] | ||
Schedule Of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | $ 197,000 | $ 142,000 |
Investment Securities - Summa_3
Investment Securities - Summary Of Amortized Cost and Estimated Fair Value Of Investment Securities Available For Sale (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Investments [Abstract] | ||
Amortized Cost, Within 1 year | $ 0 | |
Amortized Cost, 1 to 5 years | 5,006,018 | |
Amortized Cost, 5 to 10 years | 17,496,709 | |
Amortized Cost, Over 10 years | 0 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 25,331,668 | |
Total, Amortized Cost | 47,834,395 | $ 45,870,407 |
Estimated Fair Value, Within 1 year | 0 | |
Estimated Fair Value, 1 to 5 years | 4,863,478 | |
Estimated Fair Value, 5 to 10 years | 14,657,011 | |
Estimated Fair Value, Over 10 years | 0 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 23,576,063 | |
Total, Estimated Fair Value | $ 43,096,552 | $ 45,631,636 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary Of Major Classifications Of Loans, By Purpose Code - (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 339,597,602 | $ 271,387,143 | |
Less: Allowance for loan losses | 4,362,178 | 4,183,599 | $ 4,085,719 |
Deferred loan fees | 1,096,553 | 899,096 | |
Loans and Leases Receivable, Net Amount, Total | $ 334,138,871 | $ 266,304,448 | |
Gross Loans Receivable Percentage | 100% | 100% | |
Consumer loans [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 1,210,164 | $ 1,373,761 | |
Gross Loans Receivable Percentage | 0.36% | 0.51% | |
Commercial and industrial loans [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 25,665,751 | $ 15,900,097 | |
Gross Loans Receivable Percentage | 7.56% | 5.85% | |
Real Estate [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 312,721,687 | $ 254,113,285 | |
Real Estate [Member] | Residential [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 136,382,014 | $ 98,433,124 | |
Gross Loans Receivable Percentage | 40.16% | 36.27% | |
Real Estate [Member] | Home equity [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 12,410,820 | $ 11,510,661 | |
Gross Loans Receivable Percentage | 3.65% | 4.24% | |
Real Estate [Member] | Multi-family [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 24,613,700 | $ 19,937,187 | |
Gross Loans Receivable Percentage | 7.25% | 7.35% | |
Real Estate [Member] | Commercial [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 111,394,065 | $ 89,830,611 | |
Gross Loans Receivable Percentage | 32.80% | 33.10% | |
Real Estate [Member] | Construction and land development [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | $ 27,921,088 | $ 34,401,702 | |
Gross Loans Receivable Percentage | 8.22% | 12.68% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred loan fees | $ 1,096,553 | $ 899,096 |
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Loan Restructuring, Trial Modifications, Amount | $ 0 | 0 |
Paycheck Protection Program [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1% | |
Percentage of guarantee made to eligible borrowers under PPP loans | 100% | |
Small Business Administration [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Collateral Fee | $ 0 | 481,000 |
Small Business Administration [Member] | Paycheck Protection Program [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Deferred loan fees | 4,000 | 62,000 |
Debt Instrument, Collateral Fee | $ 62,000 | $ 678,000 |
Minimum [Member] | Paycheck Protection Program [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 2 years | |
Minimum [Member] | Small Business Administration [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Percentage of guarantee made to eligible borrowers under PPP loans | 1% | |
Maximum [Member] | Paycheck Protection Program [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Debt Instrument, Term | 5 years | |
Maximum [Member] | Small Business Administration [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Percentage of guarantee made to eligible borrowers under PPP loans | 5% |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary Of Allowance For Loan Losses - (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 4,183,599 | $ 4,085,719 |
Charge-offs | (67,454) | (137,364) |
Recoveries | 135,128 | 112,061 |
Net recoveries (charge offs) | 67,674 | (25,303) |
Provision for allowance for loan losses | 110,905 | 123,183 |
Ending balance | 4,362,178 | 4,183,599 |
Consumer loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | (64,612) | (48,022) |
Recoveries | 6,884 | 6,595 |
Commercial and industrial loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | (78,219) |
Recoveries | 63,873 | 27,629 |
Real Estate [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 2,842 | 11,123 |
Recoveries | 64,371 | 77,837 |
Real Estate [Member] | Residential [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 2,842 | 11,123 |
Recoveries | 53,026 | 33,794 |
Real Estate [Member] | Home equity [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 19,651 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | $ 11,345 | $ 24,392 |
Loans and Allowance for Loan _6
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 ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | $ 1,137,816 | $ 1,527,750 |
Loans Collectively Evaluated for Impairment | 338,459,786 | 269,859,393 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,362,178 | 4,183,599 |
Consumer loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | |
Loans Collectively Evaluated for Impairment | 1,210,164 | 1,373,761 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 615 | 1,798 |
Commercial and industrial loans [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | |
Loans Collectively Evaluated for Impairment | 25,665,751 | 15,900,097 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 81,182 | 109,724 |
Unallocated [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | |
Loans Collectively Evaluated for Impairment | 0 | |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 9,994 | 32,014 |
Real Estate [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,137,816 | 1,527,750 |
Loans Collectively Evaluated for Impairment | 311,583,871 | 252,585,535 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,270,387 | 4,040,063 |
Real Estate [Member] | Residential [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,037,428 | 1,517,822 |
Loans Collectively Evaluated for Impairment | 135,344,586 | 96,915,302 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,960,955 | 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 | 12,410,820 | 11,510,661 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 186,733 | 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 | 24,613,700 | 19,937,187 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 225,869 | 288,455 |
Real Estate [Member] | Commercial [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 57,000 | 0 |
Loans Collectively Evaluated for Impairment | 111,337,065 | 89,830,611 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,632,241 | 1,757,794 |
Real Estate [Member] | Construction and development [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 43,388 | 9,928 |
Loans Collectively Evaluated for Impairment | 27,877,700 | 34,391,774 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | $ 264,589 | $ 350,586 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Summary Of Impaired Loans With And Without Allowances For Credit Losses Recorded Investment Unpaid Principal Amount (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Impaired Loans Without Related Allowance Record Investment | $ 1,137,816 | $ 1,527,750 |
Impaired Loans With Related Allowance Principal Balance | 0 | |
Impaired Loans Without Related Allowance Principal Balance | 1,137,816 | 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 | |
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 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 | 1,137,816 | 1,527,750 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,137,816 | 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 | 1,037,428 | 1,517,822 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,037,428 | 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 | 57,000 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 57,000 | 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 | 43,388 | 9,928 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 43,388 | 9,928 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | $ 0 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired loans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 1,356,294 | $ 2,450,344 |
Interest Income Recognized | 47,838 | 92,894 |
Interest Income Received | 67,602 | 93,104 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | |
Commercial And Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | |
Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,356,294 | 2,450,344 |
Interest Income Recognized | 47,838 | 92,894 |
Interest Income Received | 67,602 | 93,104 |
Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,312,688 | 1,560,984 |
Interest Income Recognized | 45,091 | 92,374 |
Interest Income Received | 63,343 | 92,705 |
Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 598 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 19,000 | 831,676 |
Interest Income Recognized | 1,247 | 0 |
Interest Income Received | 1,247 | 0 |
Real Estate [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 24,606 | 57,086 |
Interest Income Recognized | 1,500 | 520 |
Interest Income Received | $ 3,012 | $ 399 |
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 ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Impaired [Line Items] | ||
Total | $ 339,597,602 | $ 271,387,143 |
Non-accrual | 554,137 | 414,406 |
Consumer loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 1,210,164 | 1,373,761 |
Non-accrual | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 25,665,751 | 15,900,097 |
Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 397,593 | 1,475,855 |
Financial Asset, Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,718 | 0 |
Financial Asset, Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 339,200,009 | 269,911,288 |
Financial Asset, Not Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,204,446 | 1,373,761 |
Financial Asset, Not Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25,665,751 | 15,900,097 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 251,786 | 1,330,647 |
30 to 59 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,718 | 0 |
30 to 59 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 57,266 | 85,097 |
60 to 89 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
60 to 89 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 88,541 | 60,111 |
90 Days or Greater Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable Impaired [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 Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 312,721,687 | 254,113,285 |
Non-accrual | 554,137 | 414,406 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 136,382,014 | 98,433,124 |
Non-accrual | 453,749 | 354,295 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 12,410,820 | 11,510,661 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 24,613,700 | 19,937,187 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 111,394,065 | 89,830,611 |
Non-accrual | 57,000 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Total | 27,921,088 | 34,401,702 |
Non-accrual | 43,388 | 60,111 |
Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 391,875 | 1,475,855 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 252,641 | 1,405,816 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 82,234 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 57,000 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 70,039 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 312,329,812 | 252,637,430 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 136,129,373 | 97,027,308 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 12,328,586 | 11,510,661 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 24,613,700 | 19,937,187 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 111,337,065 | 89,830,611 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 27,921,088 | 34,331,663 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 246,068 | 1,330,647 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 221,100 | 1,330,647 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 24,968 | 0 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 57,266 | 85,097 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 75,169 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 57,266 | 0 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 9,928 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 88,541 | 60,111 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 31,541 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Home equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Multi-family [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 57,000 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 60,111 |
Loan And Allowance for Loan los
Loan And Allowance for Loan losses - Summary of Credit Exposure Based on Risk Ratings (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 339,597,602 | $ 271,387,143 |
Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,210,164 | 1,373,761 |
Commercial And Industrial Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 25,665,751 | 15,900,097 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 327,582,637 | 254,288,288 |
Pass [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,210,164 | 1,373,761 |
Pass [Member] | Commercial And Industrial Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 25,665,751 | 15,900,097 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 7,803,851 | 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 | 4,211,114 | 4,338,398 |
Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 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 | |
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 |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 312,721,687 | 254,113,285 |
Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 136,382,014 | 98,433,124 |
Real Estate [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,410,820 | 11,510,661 |
Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,613,700 | 19,937,187 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 111,394,065 | 89,830,611 |
Real Estate [Member] | Construction And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 27,921,088 | 34,401,702 |
Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 300,706,722 | 237,014,430 |
Real Estate [Member] | Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 134,695,557 | 95,421,741 |
Real Estate [Member] | Pass [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,410,820 | 11,510,661 |
Real Estate [Member] | Pass [Member] | Multifamily [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,613,700 | 19,937,187 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 101,192,649 | 78,797,687 |
Real Estate [Member] | Pass [Member] | Construction And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 27,793,996 | 31,347,154 |
Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 7,803,851 | 12,760,457 |
Real Estate [Member] | Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 447,915 | 1,764,789 |
Real Estate [Member] | Special Mention [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multifamily [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 | 7,335,673 | 8,075,262 |
Real Estate [Member] | Special Mention [Member] | Construction And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 20,263 | 2,920,406 |
Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,211,114 | 4,338,398 |
Real Estate [Member] | Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,238,542 | 1,246,594 |
Real Estate [Member] | Substandard [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multifamily [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 | 2,865,743 | 2,957,662 |
Real Estate [Member] | Substandard [Member] | Construction And Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 106,829 | 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 Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Multifamily [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 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 Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Home Equity Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Multifamily [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 Development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Major Classification of Premises and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 7,085,748 | $ 7,005,608 |
Less: Accumulated depreciation and amortization | 3,953,466 | 3,780,719 |
Premises and equipment, net | 3,132,282 | 3,224,889 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 47,512 | 47,512 |
Buildings and Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,976,189 | 4,951,619 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,988,527 | 1,949,632 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 16,675 | 0 |
Automobiles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 56,845 | $ 56,845 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation Expense | $ 348,000 | $ 366,000 |
Certificates of Deposit - Addit
Certificates of Deposit - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
FDIC insurance limit | $ 250,000 | |
Aggregate amount of certificates of deposit, that meet or exceed the FDIC insurance limit | $ 11,522,000 | $ 7,833,000 |
Certificates of Deposit - Sched
Certificates of Deposit - Schedule of Maturities of Certificates of Deposit (Detail) | Dec. 31, 2022 USD ($) |
Deposits [Abstract] | |
2023 | $ 76,686,579 |
2024 | 10,193,633 |
2025 | 1,642,485 |
2026 | 982,701 |
2027 | 0 |
Total | $ 89,505,398 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings - Summary of Advances from the FHLB were Outstanding (Detail) - FHLB advance [Member] - Due on November 20,2023 with fixed rate 4.57% [Member] | Dec. 31, 2022 USD ($) |
Line Of Credit Facility [Line Items] | |
Line of Credit facility, Advance Date | Nov. 18, 2022 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 11,000,000 |
Line Of Credit Facility, Interest Rate Type | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4.57% |
Line of Credit facility, Maturity | Nov. 20, 2023 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
Federal Reserve Bank of Atlanta [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,700,000 | $ 5,800,000 | |
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 | 15,658,000 | 56,438,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 15,700,000 | 45,400,000 | |
Bank's residential and commercial real estate loans [Member] | Federal Reserve Bank of Atlanta [Member] | |||
Line Of Credit Facility [Line Items] | |||
Unsecured Debt, Current | 9,300,000 | 8,400,000 | |
Unsecured federal funds lines of credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Unsecured Debt, Current | 28,500,000 | $ 28,500,000 | |
FHLB advance [Member] | |||
Line Of Credit Facility [Line Items] | |||
Gain on extinguishment of debt | $ 26,749 | $ 12,212 | |
Debt prepayment fees | $ 14,537 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Current - Alternative minimum tax | $ (7,651) | $ 14,390 |
Deferred | 98,260 | (62,721) |
Utilization of operating loss carryforward | 614,475 | 849,585 |
Stock based compensation | 74,747 | 0 |
Change in valuation allowance | (29,612) | 21,759 |
Income tax benefit | $ 675,472 | $ 823,013 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Pretax income at statutory rate | $ 511,536 | $ 727,329 |
State income tax expense, net of federal benefit | 99,166 | 114,775 |
Tax-exempt income | (57,977) | (68,496) |
Stock based compensation | 74,747 | 0 |
Change in valuation allowance | (29,612) | 21,759 |
Other | 77,612 | 27,646 |
Income tax benefit | $ 675,472 | $ 823,013 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred income tax assets: | ||
Deferred compensation | $ 363,195 | $ 295,006 |
Net operating loss carryforward | 719,078 | 1,333,553 |
Other real estate owned | 36,452 | 26,804 |
State tax credits | 168,609 | 198,221 |
Defined benefit obligations (non-qualified) | 279,483 | 490,528 |
Non-accrual loans | 64,818 | 126,915 |
Frozen pension accrual (tax qualified) | 265,252 | 327,425 |
Unrealized loss on investment securities available-for-sale | 1,191,567 | 64,467 |
Other | 4,836 | 24,412 |
Total gross deferred tax assets | 3,093,290 | 2,887,331 |
Less: Valuation allowance | (168,609) | (198,221) |
Net deferred tax asset | 2,924,681 | 2,689,110 |
Deferred income tax liabilities: | ||
Premises and equipment | 6,832 | 14,021 |
Allowance for loan losses | 92,649 | 120,539 |
Director fee plan | 24,535 | 8,663 |
Other | 3,863 | |
Total gross deferred tax liabilities | 124,016 | 147,086 |
Net deferred tax asset | $ 2,800,665 | $ 2,542,024 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 168,609 | $ 198,221 |
Federal, net operating loss carryforwards | 2,631,000 | |
State, net operating loss carryforwards | $ 3,830,000 |
Commitments - Schedule of Loan
Commitments - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments And Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 49,189,000 | $ 28,204,000 |
Stand-by letters of credit [Member] | ||
Commitments And Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 819,000 | $ 931,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transactions [Abstract] | ||
Deposits from directors, executive officers and their related interests | $ 753,000 | $ 771,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Loan Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Beginning balance | $ 364,810 | $ 571,210 |
New loans and advancements | 319,453 | 40,000 |
Change in executive officers and directors | 0 | (131,838) |
Repayments | (190,274) | (114,562) |
Ending Balance | $ 493,989 | $ 364,810 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Billions | Dec. 31, 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) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk- Weighted Assets, Actual Amount | $ 67,153 | $ 63,764 |
Total Capital to Risk- Weighted Assets, Actual Amount | 71,094 | 66,954 |
Tier 1 Capital to Risk- Weighted Assets, Actual Amount | 67,153 | 63,764 |
Tier I Capital to Average Assets, Actual Amount | $ 67,153 | $ 63,764 |
Common Equity Tier 1 Capital to Risk- Weighted Assets, Actual Ratio | 21.32% | 25.08% |
Total Capital to Risk- Weighted Assets, Actual Ratio | 22.57% | 26.33% |
Tier 1 Capital to Risk- Weighted Assets, Actual Ratio | 21.32% | 25.08% |
Tier I Capital to Average Assets, Actual Ratio | 16.22% | 16.64% |
Common Equity Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | $ 14,172 | $ 11,441 |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 25,194 | 20,340 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 18,895 | 15,255 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 16,558 | $ 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 | $ 20,470 | $ 16,526 |
Total Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 31,492 | 25,425 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 25,194 | 20,340 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 20,697 | $ 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% |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 21, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 21, 2022 | |
Defined Contribution Plan Disclosure [Line Items] | ||||||
Present value liability | $ 1,485,485 | $ 2,571,862 | ||||
Defined benefit plan, expense | (247,232) | (190,278) | ||||
Employee stock ownership plan (ESOP) compensation expense | $ 240,250 | $ 265,937 | ||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | ||||
Restricted Stock [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Granted, weighted average grant date fair value | $ 14.85 | |||||
Issued stock option granted, term | 5 years | |||||
Restricted stock granted | 156,590 | |||||
Recognized expense for share-based payments | $ 465,000 | |||||
Unrecognized expense for share-based payments | $ 1,900,000 | |||||
Weighted average future recognition period | 4 years | |||||
Share-based payment arrangement, shares withheld for tax withholding obligation | 5,568 | |||||
401 (K) Plan [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Bank contribution amount | $ 193,000 | $ 210,000 | ||||
Supplemental Executive Retirement Plans [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Employee benefit plan retirement period | 10 years | |||||
Retirement benefit vesting schedule period | 10 years | |||||
Cash surrender value | 11,443,000 | 11,167,000 | ||||
Present value liability | 913,000 | 641,000 | ||||
Defined benefit plan, expense | $ 272,000 | $ 150,000 | ||||
Discount rate | 4.74% | 2.17% | ||||
Director Deferred Fee Practice [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Defined benefit plan, expense | $ 42,000 | $ 47,000 | ||||
Non employee benefit plan retirement period | 15 years | |||||
Retired director monthly benefit amount | $ 825 | $ 825 | ||||
Other non-employee directors normal monthly benefit payment period | 10 years | |||||
Other non-employee directors benefit plan retirement period | 10 years | |||||
Defined benefit plan, projected defined benefit obligation | $ 433,000 | $ 498,000 | ||||
Description of eligibility of non-employee directors retirement benefit | The Bank has maintained a discretionary practice of paying a retirement benefit to eligible non-employee directors who attain at least age 70 in the service of the Bank with at least 15 years of service to their credit. Under this practice, each eligible retired director received a monthly benefit in the amount of $825. In anticipation of the Reorganization (see Note 13), the Bank decided to formalize and revise this practice in 2020. The Bank has relinquished its discretion over the practice with respect to eligible retired directors and current non-employee directors who satisfied the eligibility criteria for the benefit as of December 31, 2019. The normal retirement benefit for this group will be a monthly benefit in the amount of $825 a month for the remaining life of the director. With respect to all other non-employee directors serving as of December 31, 2019, the amount of the normal monthly benefit will remain unchanged, but will be paid over a period of 10 years following retirement or, if less, the director’s remaining lifetime. The eligibility criteria for this group has been changed to the attainment of at least age 65 with at least 10 years of service. No future non-employee director will be eligible for a benefit under this formalized plan. | |||||
Description of tax-qualified defined benefit retirement plan | The Bank has recorded and will continue to record a liability for these payments as post-retirement defined benefit obligations. | |||||
Defined benefit plan, expected long-term rate of return on assets | 4.74% | 2.17% | ||||
Tax Qualified Frozen Defined Benefit Pension Plan [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Discount rate | 2.68% | 2.33% | ||||
Defined benefit plan, expected long-term rate of return on assets | 7% | 8% | ||||
Defined benefit plan, expected contributions to plan | $ 27,000 | |||||
Tax Qualified Frozen Defined Benefit Pension Plan [Member] | Minimum [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Discount rate | 0% | 5.35% | ||||
Tax Qualified Frozen Defined Benefit Pension Plan [Member] | Maximum [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Discount rate | 10.10% | |||||
Employee Stock Ownership Plan [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Employee stock ownership plan (ESOP), Plan description | As part of the stock offering, the Company established the TC Federal Bank Employee Stock Ownership Plan ("ESOP") to provide eligible employees of the Company the opportunity to own Company stock. The ESOP is a tax-qualified retirement plan for the benefit of Company employees. Contributions are allocated to eligible participants on the basis of compensation, subject to federal limits. The Company uses the principal and interest method to determine the release of shares amounts. | |||||
Committed to be allocated | 19,593 | |||||
Employee stock ownership plan (ESOP), Debt structure, Indirect loan, Description | The ESOP funded its purchase of 391,868 shares through a loan from the Company equal to 100% of the aggregate purchase price of the common stock. The ESOP trustee will repay the loan principally through the Bank's contributions to the ESOP over the remaining loan term of 18 years. | |||||
Employee stock ownership plan (ESOP), Shares in ESOP | 391,868 | |||||
Principal balance on ESOP debt | $ 3,600,000 | $ 3,700,000 | ||||
Employee stock ownership plan (ESOP) compensation expense | 342,000 | 335,000 | ||||
Employee Stock Ownership Plan (ESOP), Deferred Shares, Fair Value | $ 5,300,000 | $ 5,000,000 | ||||
2022 Equity Incentive Plan | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Common stock, shares authorized | 700,000 | |||||
Number of options, Granted | 357,510 | |||||
Issued stock option granted, term | 5 years | |||||
Recognized expense for share-based payments | $ 361,000 | |||||
Unrecognized compensation expense for stock options | $ 1,400,000 | |||||
Weighted average future recognition period | 4 years |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of the Components of the Net Periodic Post-Retirement Benefit Cost (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
Interest cost | $ 318,035 | $ 300,973 |
Expected return on assets | (648,348) | (710,539) |
Amortization of unrecognized loss | 83,081 | 219,288 |
Periodic post-retirement cost (benefit) | $ (247,232) | $ (190,278) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Estimated Benefit Payments (Detail) | Dec. 31, 2022 USD ($) |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
2023 | $ 588,005 |
2024 | 591,598 |
2025 | 590,780 |
2026 | 590,647 |
2027 | 584,585 |
2027-2031 | 2,801,054 |
Total | $ 5,746,669 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the Accumulated Post-Retirement Benefit Obligation (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Roll Forwards [Abstract] | ||
Projected benefit obligation at beginning of year | $ 12,159,755 | $ 13,209,019 |
Interest cost | 318,035 | 300,973 |
Actuarial gain | (3,034,835) | (766,993) |
Benefits paid | (587,833) | (583,244) |
Projected benefit obligation at end of year | $ 8,855,122 | $ 12,159,755 |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of the Change in Plan Assets (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
Fair value of plan assets at beginning of year | $ 9,587,893 | $ 9,168,583 |
Actual (loss) return on assets | (1,570,382) | 1,068,427 |
Employer contributions | 0 | 0 |
Administrative expenses | (60,041) | (65,873) |
Benefits paid, net | (587,833) | (583,244) |
Fair value of plan assets at end of year | $ 7,369,637 | $ 9,587,893 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Fair Values of the Bank's Pension Plan Assets (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | $ 7,369,637 | $ 9,587,893 |
Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 13,488 | 14,881 |
Debt Securities Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 2,410,250 | 3,059,854 |
Equity Securities Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 4,945,899 | 6,513,158 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 7,369,637 | 9,587,893 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 13,488 | 14,881 |
Level 1 [Member] | Debt Securities Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | 2,410,250 | 3,059,854 |
Level 1 [Member] | Equity Securities Mutual Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | $ 4,945,899 | $ 6,513,158 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of the Amount Recognized in Other Liabilities (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||
Projected benefit obligation at end of year | $ 8,855,122 | $ 12,159,755 | $ 13,209,019 |
Fair value of plan assets at end of year | (7,369,637) | (9,587,893) | $ (9,168,583) |
Other liability, Defined benefit plan | $ 1,485,485 | $ 2,571,862 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||
Net loss | $ (1,111,263) | $ (1,950,408) |
Total accumulated other comprehensive loss | $ (1,111,263) | $ (1,950,408) |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (loss) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net income | $ 1,760,413 | $ 2,640,457 |
Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net income | (756,064) | (1,059,008) |
Amortization of net unrecognized gain | (83,081) | (219,288) |
Total accumulated other comprehensive loss | $ 839,145 | $ (1,278,296) |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Ownership Plan (ESOP) Disclosures (Detail) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Unallocated | 352,682 | 372,275 |
Employee Stock Ownership Plan [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated | 0 | 0 |
Committed to be allocated | 39,186 | 19,593 |
Unallocated | 352,682 | 372,275 |
Total | 391,868 | 391,868 |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Stock Options (Details) - 2022 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of options at beginning of year | shares | 0 |
Number of options, Granted | shares | 357,510 |
Number of options, Exercised | shares | 0 |
Number of options, Forfeited | shares | 0 |
Number of options at end of year | shares | 359,532 |
Weighted Average Grant Date Fair Value, Options at beginning of year | $ / shares | $ 0 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 5.06 |
Weighted Average Grant Date Fair Value, Exercised | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Options at end of year | $ / shares | $ 5.06 |
Employee Benefit Plans - Summ_5
Employee Benefit Plans - Summary of Estimated Fair Value of Stock Options Granted (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Employee Benefit and Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Average-risk-free interest rate | 3.77% |
Expected life in years | 7 years 6 months |
Expected dividend yield | $ 0.05 |
Expected stock volatility | 20.89% |
Employee Benefit Plans - Summ_6
Employee Benefit Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Outstanding at beginning of year | shares | 0 |
Restricted stock granted | shares | 156,590 |
Restricted stock vested | shares | 32,598 |
Restricted stock forfeited | shares | 0 |
Outstanding at end of year | shares | 123,992 |
Outstanding grant date fair value, beginning balance | $ / shares | $ 0 |
Granted, weighted average grant date fair value | $ / shares | 14.85 |
Vested, weighted average grant date fair value | $ / shares | 14.85 |
Forfeited, weighted average grant date fair value | $ / shares | 0 |
Outstanding grant date fair value, ending balance | $ / shares | $ 14.85 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements Recurring [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 43,096,552 | $ 45,631,636 |
US treasuries [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,324,532 | 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 | 8,732,033 | 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 | 14,844,030 | 18,729,594 |
Municipal bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,028,911 | 8,597,201 |
Corporate obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,167,046 | 2,831,546 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 43,096,552 | 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 | 9,324,532 | 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 | 8,732,033 | 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 | 14,844,030 | 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 | 7,028,911 | 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 | $ 3,167,046 | $ 2,831,546 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets recorded at fair value on a recurring basis | $ 7,369,637 | $ 9,587,893 |
Fair Value, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 683,800 | 1,115,100 |
Assets recorded at fair value on a recurring basis | 683,800 | 1,115,100 |
Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other real estate owned | 683,800 | 1,115,100 |
Assets recorded at fair value on a recurring basis | $ 683,800 | $ 1,115,100 |
Fair value measures - significa
Fair value measures - significant unobservable inputs used in fair value measurement of level 3 assets (Detail) - Fair Value, Nonrecurring [Member] | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 683,800 | $ 1,115,100 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 683,800 | $ 1,115,100 |
Level 3 [Member] | Valuation third party appraisals and sales contracts [Member] | Weighted Average [Member] | Measurement input collateral discounts and estimated costs to sell [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned, measurement input | 0.52 | 0.22 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Carrying Amounts and Estimated Fair Values of the Bank's Financial Instruments (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Cash and cash equivalents | $ 25,545,872 | $ 41,890,831 |
Certificates of deposit with other banks | 1,739,000 | 3,451,000 |
Investment securities available-for-sale | 43,096,552 | 45,631,636 |
Other investments | 1,377,500 | 190,700 |
Mortgage loans held for sale | 2,085,099 | 2,844,707 |
Loans, net | 334,138,871 | 266,304,448 |
Bank owned life insurance | 11,442,653 | 11,166,573 |
Financial liabilities: | ||
Deposits | 328,840,232 | 289,316,708 |
FHLB advances | 11,000,000 | 0 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 25,545,872 | 41,890,831 |
Certificates of deposit with other banks | 1,739,000 | 3,451,000 |
Investment securities available-for-sale | 43,096,552 | 45,631,636 |
Other investments | 1,377,500 | 190,700 |
Mortgage loans held for sale | 2,085,099 | 2,844,707 |
Loans, net | 334,138,871 | 266,304,448 |
Bank owned life insurance | 11,442,653 | 11,166,573 |
Financial liabilities: | ||
Deposits | 328,840,232 | 289,316,708 |
FHLB advances | 11,000,000 | |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 25,545,872 | 41,890,831 |
Certificates of deposit with other banks | 1,739,000 | 3,451,000 |
Investment securities available-for-sale | 43,096,552 | 45,631,636 |
Other investments | 1,377,500 | 190,700 |
Mortgage loans held for sale | 2,085,099 | 2,844,707 |
Loans, net | 318,195,000 | 274,168,000 |
Bank owned life insurance | 11,442,653 | 11,166,573 |
Financial liabilities: | ||
Deposits | 327,148,834 | 289,267,454 |
FHLB advances | 10,953,000 | |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 25,545,872 | 41,890,831 |
Certificates of deposit with other banks | 1,739,000 | 3,451,000 |
Bank owned life insurance | 11,442,653 | 11,166,573 |
Financial liabilities: | ||
Deposits | 239,334,834 | 216,786,454 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 43,096,552 | 45,631,636 |
Other investments | 1,377,500 | 190,700 |
Mortgage loans held for sale | 2,085,099 | 2,844,707 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 318,195,000 | 274,168,000 |
Financial liabilities: | ||
Deposits | 87,814,000 | $ 72,481,000 |
FHLB advances | $ 10,953,000 |
Stockholders' Equity and Chan_3
Stockholders' Equity and Change in Corporate Form - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jul. 20, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 04, 2022 | |
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 250,000 | |||
Treasury stock, (Shares) | 75,172 | 0 | ||
Average price of treasury stock per share | $ 14.44 | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 1,760,413 | $ 1,159,598 | ||
Weighted average common shares outstanding | 4,880,723 | 4,371,646 | ||
Regulatory Requirements,Amount transferred to Liquidation account at the time of Convrsion | $ 42,000,000 | |||
Stock offering expenses | $ 1,523,443 | |||
Conversion into Stock Form Ownership [Member] | ||||
Class of Stock [Line Items] | ||||
Sale of stock price per share | $ 10 | |||
Stock issued during period shares new issues | 4,898,350 | |||
Conversion and issuance of capital stock expenses | $ 1,500,000 | |||
Conversion into Stock Form Ownership [Member] | Employee Stock Ownership Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of shares subscribed to the common stock sold in the offering | 8% | |||
Stock issued during period shares new issues | 391,868 |
Stockholders' Equity and Chan_4
Stockholders' Equity and Change in Corporate Form - Summary of Earnings per Common Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | ||
Income applicable to common shares | $ 1,760,413 | $ 1,159,598 |
Denominator: | ||
Weighted average common shares outstanding | 4,880,723 | 4,371,646 |
Effective of dilutive securities: | ||
Weighted average common shares outstanding - assuming dilution | 4,881,923 | 4,371,646 |
Earnings per common share | $ 0.36 | $ 0.27 |
Earnings per common share - assuming dilution | $ 0.36 | $ 0.27 |
Stock options [Member] | ||
Effective of dilutive securities: | ||
Restricted stock / Stock options (in shares) | 1,200 | 0 |
Condensed Financial Statement_2
Condensed Financial Statements of Parent Company - Condensed Balance Sheets (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Total Assets | $ 429,617,526 | $ 380,942,147 | |
Liabilities | |||
Total liabilities | 344,339,692 | 294,129,566 | |
STOCKHOLDERS' EQUITY | |||
Stockholders' equity | 85,277,834 | 86,812,581 | $ 39,858,288 |
Total liabilities and stockholders' equity | 429,617,526 | 380,942,147 | |
Parent Company | |||
ASSETS | |||
Cash and cash equivalents | 18,456,000 | 19,855,000 | $ 0 |
Investment in TC Federal Bank | 63,524,000 | 63,251,000 | |
Other Assets | 3,642,000 | 3,735,000 | |
Total Assets | 85,622,000 | 86,841,000 | |
Liabilities | |||
Other Liabilities | 344,000 | 28,000 | |
Total liabilities | 344,000 | 28,000 | |
STOCKHOLDERS' EQUITY | |||
Stockholders' equity | 85,278,000 | 86,813,000 | |
Total liabilities and stockholders' equity | $ 85,622,000 | $ 86,841,000 |
Condensed Financial Statement_3
Condensed Financial Statements of Parent Company - Condensed Statements of Income (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Interest Expense | ||
Other | $ 4,493,002 | $ 3,452,365 |
Income tax (benefit) expense | 675,472 | 823,013 |
Net Income | 1,760,413 | 2,640,457 |
Parent Company | ||
Income | ||
Interest income | 121,000 | 59,000 |
Interest Expense | ||
Other | 315,000 | 41,000 |
(Loss) Income Before Income Taxes | (194,000) | 18,000 |
Income tax (benefit) expense | (52,000) | 4,000 |
Net (loss) income before equity in undistributed net income of TC Federal Bank | (142,000) | 14,000 |
Equity in undistributed net income of TC Federal Bank | 1,903,000 | 2,626,000 |
Net Income | $ 1,761,000 | $ 2,640,000 |
Condensed Financial Statement_4
Condensed Financial Statements of Parent Company - Condensed Statements of Cash Flow (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net income | $ 1,760,413 | $ 2,640,457 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
ESOP expense | 240,250 | 265,937 |
Amortization of unearned compensation associated with restricted stock | 465,072 | |
Stock based compensation | 361,493 | |
Net cash provided by operating activities | 4,417,614 | 3,947,675 |
Cash Flows from Investing Activities | ||
Net cash used in investing activities | (69,620,760) | (33,176,024) |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Proceeds from sale of common stock | 48,983,500 | |
Dividends | (497,387) | 0 |
Purchase of common stock | (1,085,265) | 0 |
Repurchase of stock for tax obligation on restricted shares | (82,685) | 0 |
Stock offering expenses | (1,523,443) | |
Common stock purchased by ESOP | 0 | (3,918,680) |
Net cash provided by financing activities | 48,858,187 | 29,242,781 |
Net Change in Cash and Cash Equivalents | (16,344,959) | 14,432 |
Parent Company | ||
Cash Flows from Operating Activities | ||
Net income | 1,761,000 | 2,640,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||
Undistributed Net Income | (1,903,000) | (2,626,000) |
ESOP expense | 240,000 | 266,000 |
Amortization of unearned compensation associated with restricted stock | 465,000 | 0 |
Stock based compensation | 361,000 | 0 |
Decrease (increase) in other assets | 93,000 | (3,735,000) |
Increase in other liabilities | 316,000 | 28,000 |
Net cash provided by operating activities | 1,333,000 | (3,427,000) |
Cash Flows from Investing Activities | ||
Capital contribution to TC Federal Bank | (1,067,000) | (20,260,000) |
Net cash used in investing activities | (1,067,000) | (20,260,000) |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||
Proceeds from sale of common stock | 0 | 48,984,000 |
Dividends | (497,000) | 0 |
Purchase of common stock | (1,085,000) | 0 |
Repurchase of stock for tax obligation on restricted shares | (83,000) | 0 |
Stock offering expenses | 0 | (1,523,000) |
Common stock purchased by ESOP | 0 | (3,919,000) |
Net cash provided by financing activities | (1,665,000) | 43,542,000 |
Net Change in Cash and Cash Equivalents | (1,399,000) | 19,855,000 |
Cash and Cash Equivalents, Beginning of Period | 19,855,000 | 0 |
Cash and Cash Equivalents, End of Period | $ 18,456,000 | $ 19,855,000 |