Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | TC Bancshares, Inc. | |
Entity Central Index Key | 0001850398 | |
Entity File Number | 001-40637 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 86-2650449 | |
Entity Address, Address Line One | 131 South Dawson Street | |
Entity Address, City or Town | Thomasville | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31792 | |
City Area Code | 229 | |
Local Phone Number | 226-3221 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Trading Symbol | TCBC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,839,381 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 26,632,732 | $ 25,545,872 |
Certificates of deposit with other banks | 1,490,000 | 1,739,000 |
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Other investments | 960,400 | 1,377,500 |
Mortgage loans held for sale | 0 | 2,085,099 |
Loans | 338,437,878 | 338,501,049 |
Allowance for credit losses | (4,639,610) | (4,362,178) |
Net loans | 333,798,268 | 334,138,871 |
Premises and equipment, net | 3,980,336 | 3,132,282 |
Right-of-use asset | 1,917,424 | 0 |
Other real estate owned | 52,900 | 683,800 |
Bank owned life insurance | 11,511,381 | 11,442,653 |
Accrued interest receivable and other assets | 5,886,589 | 6,375,897 |
Total Assets | 429,741,559 | 429,617,526 |
Deposits: | ||
Demand | 45,781,956 | 39,154,420 |
Interest-bearing demand | 159,848,806 | 168,607,990 |
Savings | 29,711,511 | 31,572,424 |
Certificates of deposit | 100,572,464 | 89,505,398 |
Total deposits | 335,914,737 | 328,840,232 |
Federal Home Loan Bank advances | 0 | 11,000,000 |
Lease liability | 1,954,153 | 0 |
Accrued interest payable and other liabilities | 6,028,218 | 4,499,460 |
Total liabilities | 343,897,108 | 344,339,692 |
Commitments | ||
Shareholders' Equity: | ||
Common stock, $.01 par value, 20,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 4,974,200 and 5,049,372 shares issued as of March 31, 2023 and December 31, 2022, respectively; 4,974,200 shares outstanding as of March 31, 2023 and December 31, 2022 | 49,742 | 50,494 |
Additional paid in capital | 49,376,533 | 50,128,052 |
Retained earnings | 45,573,225 | 45,876,694 |
Accumulated other comprehensive loss | (3,767,947) | (4,305,039) |
Treasury stock: -0- shares and 75,172 shares at March 31, 2023 and December 31, 2022, respectively | 0 | (1,085,265) |
Unearned ESOP shares: 352,682 shares unallocated at March 31, 2023 and December 31, 2022 | (3,526,812) | (3,526,812) |
Restricted stock | (1,860,290) | (1,860,290) |
Total shareholders' equity | 85,844,451 | 85,277,834 |
Total Liabilities and Shareholders' Equity | $ 429,741,559 | $ 429,617,526 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Loans, net of allowance for credit losses | $ 4,639,610 | $ 4,362,178 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,974,200 | 5,049,372 |
Common stock, shares outstanding | 4,974,200 | 4,974,200 |
Treasury stock, (Shares) | 0 | 75,172 |
Unearned ESOP, shares unallocated | 352,682 | 352,682 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest and Dividend Income: | ||
Interest and fees on loans | $ 4,277,837 | $ 3,138,193 |
Interest and dividends on taxable investment securities | 327,690 | 164,122 |
Interest on deposits with other banks and federal funds sold | 306,997 | 49,322 |
Total interest and dividend income | 4,912,524 | 3,351,637 |
Interest Expense | ||
Interest on deposits | 1,154,629 | 165,142 |
Interest on borrowings | 107,667 | 0 |
Total interest expense | 1,262,296 | 165,142 |
Net interest income | 3,650,228 | 3,186,495 |
Provision for Credit Losses | 18,000 | 0 |
Net interest income after provision for credit losses | 3,632,228 | 3,186,495 |
Other Income: | ||
Service charges on deposit accounts | 128,966 | 136,896 |
Gain on sale of mortgage loans | 94,826 | 353,930 |
Gain on sale of premises and equipment | 12,086 | 0 |
Bank owned life insurance income | 68,728 | 67,947 |
Other | 16,094 | 3,320 |
Total other income | 320,700 | 562,093 |
Other Expense | ||
Salaries and employee benefits | 2,086,785 | 1,744,554 |
Occupancy and equipment | 237,652 | 199,626 |
Other real estate owned, net of operations, (gain) loss on sales and write-downs | (2,767) | 10,820 |
Other | 1,178,347 | 883,567 |
Total other expense | 3,500,017 | 2,838,567 |
Income Before Income Taxes | 452,911 | 910,021 |
Income Tax Expense | 120,882 | 214,128 |
Net Income | $ 332,029 | $ 695,893 |
Earnings per share: | ||
Basic | $ 0.07 | $ 0.14 |
Diluted | $ 0.07 | $ 0.14 |
Weighted Average Shares Outstanding: | ||
Basic | 4,974,200 | 4,898,350 |
Diluted | 4,974,200 | 4,898,350 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (loss) Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 332,029 | $ 695,893 |
Unrealized gains (losses) on securities available-for-sale: | ||
Holding gains (losses) arising during the period, net of taxes of $96,755, and ($487,827), respectively | 537,092 | (1,318,938) |
Total other comprehensive income (loss) | 537,092 | (1,318,938) |
Comprehensive Income (Loss) | $ 869,121 | $ (623,045) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (loss) Income (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Supplemental Income Statement Elements [Abstract] | ||
Unrealized (losses) gains on available for sale securities tax component | $ 96,755 | $ 487,827 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Restricted Stock [Member] | Restricted Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Treasury Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Unearned-ESOP Shares [Member] | Unearned-ESOP Shares [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Beginning Balance at Dec. 31, 2021 | $ 86,812,581 | $ 48,984 | $ 47,481,077 | $ 44,613,668 | $ (1,608,401) | $ (3,722,747) | ||||||||||
Net income | 695,893 | 695,893 | ||||||||||||||
Other comprehensive income (loss), net of tax | (1,318,938) | (1,318,938) | ||||||||||||||
Ending Balance at Mar. 31, 2022 | 86,189,536 | 48,984 | 47,481,077 | 45,309,561 | (2,927,339) | (3,722,747) | ||||||||||
Beginning Balance at Dec. 31, 2022 | 85,277,834 | $ 84,975,330 | $ (1,860,290) | $ (1,860,290) | 50,494 | $ 50,494 | 50,128,052 | $ 50,128,052 | 45,876,694 | $ 45,574,190 | (4,305,039) | $ (4,305,039) | $ (1,085,265) | $ (1,085,265) | (3,526,812) | $ (3,526,812) |
Net income | 332,029 | 332,029 | ||||||||||||||
Other comprehensive income (loss), net of tax | 537,092 | 537,092 | ||||||||||||||
Retirement of treasury stock | (752) | (751,519) | (332,994) | $ 1,085,265 | ||||||||||||
Cumulative change in accounting principle (Note 1) | (302,504) | (302,504) | ||||||||||||||
Ending Balance at Mar. 31, 2023 | $ 85,844,451 | $ (1,860,290) | $ 49,742 | $ 49,376,533 | $ 45,573,225 | $ (3,767,947) | $ (3,526,812) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 332,029 | $ 695,893 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, amortization and accretion | 154,491 | 125,625 |
Lease expense | 36,729 | 0 |
Provision for credit losses | 18,000 | 0 |
Gain on sale of other real estate owned | (8,750) | 0 |
Gain on sale of premises and equipment | (12,086) | 0 |
Increase in cash surrender value of bank owned life insurance | (68,728) | (67,947) |
Gain on mortgage loans sold, net | (94,826) | (353,930) |
Proceeds from the sale of mortgage loans held for sale | 6,158,327 | 19,680,093 |
Originations of mortgage loans held for sale | (3,978,402) | (19,020,878) |
Change in: | ||
Accrued interest receivable and other assets | 345,049 | (92,289) |
Accrued interest payable and other liabilities | 1,528,758 | 70,208 |
Net cash provided by operating activities | 4,410,591 | 1,036,775 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 249,000 | 245,000 |
Purchase of investment securities available-for -sale | 0 | (5,010,156) |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 145,502 | 740,998 |
Purchase of other investments | (50,400) | (732,500) |
Proceeds from sales of other investments | 467,500 | 0 |
Net change in loans | 67,603 | (2,199,249) |
Proceeds from sales of other real estate owned | 639,650 | 0 |
Proceeds from sales of premises and equipment | 18,500 | 0 |
Purchase of premises and equipment | (935,591) | (70,611) |
Net cash provided by (used in) investing activities | 601,764 | (7,026,518) |
Cash Flows from Financing Activities: | ||
Net change in deposits | 7,074,505 | 17,518,540 |
Repayments of Federal Home Loan Bank advances | (11,000,000) | 0 |
Net cash (used in) provided by financing activities | (3,925,495) | 17,518,540 |
Net Change in Cash and Cash Equivalents | 1,086,860 | 11,528,797 |
Cash and Cash Equivalents, Beginning of Period | 25,545,872 | 41,890,831 |
Cash and Cash Equivalents, End of Period | 26,632,732 | 53,419,628 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 1,076,907 | 160,125 |
Non-Cash Investing and Financing Activities: | ||
Change in unrealized losses on securities-for-sale, net of tax | 537,092 | (1,318,938) |
Right-of-use asset recorded in exchange for lease liabilities | $ 1,917,424 | $ 0 |
General; Basis of Presentation
General; Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General; Basis of Presentation | NOTE 1 – GENERAL: BASIS OF PRESENTATION Nature of Operations: TC Bancshares, Inc. ("Company") is a 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. 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 in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management reflect all necessary adjustments for a fair presentation of the Company's consolidated financial position and consolidated results of operations. All adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the consolidated financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2022, included in the Company's 2022 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any future period. Summary of Significant Accounting Policies: The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. The Notes to Consolidated Financial Statements appearing in the Company's 2022 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Estimates as disclosed in the Company's 2022 Annual Report on Form 10-K, except as disclosed in the Allowance for Credit Losses below. Allowance for Credit Losses: On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $ 302,504 upon adoption. The transition adjustment includes an increase in credit related reserves of $ 255,000 for loans plus an increase in credit related reserves of $ 149,147 for unfunded commitments net of a corresponding decrease in deferred tax assets of $ 101,643 . As allowed by ASC 326, the Company elected to maintain pools of loans accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether modifications to individually acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The allowance for credit losses ("ACL") is evaluated on a regular basis and established through charges to earnings in the form of a provision for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. a. Portfolio Segmentation ("Collectively Evaluated Loans") Portfolio segmentation is defined as the pooling of loans based upon similar risk characteristics such that quantitative methodologies and qualitative adjustment factors for estimating the ACL are constructed for each segment. The Company has identified seven portfolio segments of loans including; 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. The ACL for Collectively Evaluated Loans estimate is based upon periodic review of the collectability of the loans quantitatively correlating historical loss experience with reasonable and supportable forecasts using forward looking information. Adjustments to the quantitative evaluation may be made for differences in current or expected qualitative risk characteristics. The Company has determined the nine “universal” qualitative adjustments categories prescribed by the 2006 Interagency Policy Statement are appropriate given their markets and pool of loans. These criteria are evaluated quarterly to ensure additional criteria do not need to be added, nor do the ranges assigned to each category need to be changed. The nine factors are as follows: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. 2. Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. 3. Changes in the nature and volume of the portfolio and in the terms of loans. 4. Changes in the experience, ability, and depth of lending management and other relevant staff. 5. Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans. 6. Changes in the quality of the institution’s loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentrations of credit, and changes in the level of such concentrations. 9. The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. b. Individually Evaluated Loans The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the collectively evaluated loan pools. These individually evaluated loans are removed from the pooling approach discussed above for the collectively evaluated loan pools, and may include nonaccrual loans, loan modifications to borrowers with financial difficulty, and other loans deemed appropriate by management. c. Available for Sale ("AFS") Debt Securities For AFS securities in an unrealized loss position, management first assess whether (i) the Company intends to sell, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. If there were any adjustments to the allowance, they would be reported in the Company's income statement as a component of credit loss expense. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. d. Accrued Interest Receivable Upon adoption of ASU 2016-13 and its related amendments on January 1, 2023, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances within another line item on the statements of financial condition labeled "accrued interest receivable and other assets". • Excluding accrued interest receivable that is included in the amortized cost of financing receivables and debt securities from related disclosure requirements. • Continuing the Company's policy to write off accrued interest receivable by reversing interest income. The write-off of accrued interest on loans typically occurs upon becoming 90 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Historically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivables by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. e. Reserve for Unfunded Commitments The reserve for unfunded commitments (the "Unfunded Reserve") represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (accrued interest payable and other liabilities in the consolidated balance sheets), with adjustments to the reserve recognized as an expense in other expenses in the consolidated statements of income. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying to the expected loss rates. Expected future fundings are based on historical averages of funding rates (i.e., the likelihood of draws taken). Allowance for Loan Losses: Prior to January 1, 2023, as described in further detail in the Company's 2022 Annual Report on Form 10K, the Company used the incurred loss impairment model. Under this methodology, 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. Treasury Stock: Treasury stock is accounted for by the cost method . Subsequent reissuances are accounted for at average cost. See Note 8 for further discussion. Earnings per Share: Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. Employee Stock Ownership Plan: The Company sponsors an employee stock ownership plan ("ESOP") that covers all employees who meet certain service requirements. The Company will make annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. In connection with the Company's initial public stock offering, the ESOP borrowed $ 3.9 million payable to the Company for the purpose of purchasing shares of the Company's common stock. A total of 391,868 shares were purchased with the loan proceeds. Because the source of the loan payments are contributions received by the ESOP from the Company, the related notes receivable is shown as a reduction of shareholders' equity. Equity Incentive Plan: On September 21, 2022, the Company's stockholders approved the TC Bancshares, Inc. 2022 Equity Incentive Plan ("Equity Plan") which provides for the grant of stock options, restricted stock awards and other equity awards to our officers, employees, directors, advisors and consultants. As of March 31, 2023, 357,710 stock options had been granted under the Equity Plan. In addition, 156,590 restricted stock awards had been granted with 32,598 vested and 123,992 unvested. The Company accounts for its stock-based compensation plan using a fair value based method whereby compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. Recent Accounting Pronouncements: In 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 earnings per share ("EPS") for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic. The amendments do not affect a holder's accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. Emerging Growth Company Status: The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale at March 31, 2023 and December 31, 2022 are as follows: Amortized Gross Gross Estimated Fair Value as March 31, 2023- US treasuries $ 10,109,181 $ — $ 661,037 $ 9,448,144 22 % Mortgage-backed securities 9,559,146 — 790,352 8,768,794 20 % Collateralized mortgage 15,560,843 — 743,194 14,817,649 34 % Municipal bonds 8,761,355 — 1,432,238 7,329,117 17 % Corporate obligations 3,625,000 — 477,175 3,147,825 7 % $ 47,615,525 $ — $ 4,103,996 $ 43,511,529 100 % 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 % 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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ 4,863,478 $ 142,541 Mortgage-backed securities 17,436 331 3,004,339 304,844 Collateralized mortgage obligations 688,596 4,418 5,558,664 329,329 Municipal bonds — — — — Corporate obligations 648,246 101,754 651,464 98,536 Total less than 12 months $ 1,354,278 $ 106,503 $ 14,077,945 $ 875,250 Unrealized loss for more than 12 months: US treasuries 9,448,144 661,037 4,461,054 648,237 Mortgage-backed securities 8,751,358 790,021 5,727,694 581,478 Collateralized mortgage obligations 14,129,053 738,776 9,285,366 539,954 Municipal bonds 7,329,117 1,432,238 7,028,911 1,733,506 Corporate obligations 2,499,579 375,421 2,515,582 359,418 Total more than 12 months 42,157,251 3,997,493 29,018,607 3,862,593 Total $ 43,511,529 $ 4,103,996 $ 43,096,552 $ 4,737,843 The unrealized losses on the debt securities arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades or because the repayment sources of principal and interest are backed by government entities. At March 31, 2023 and December 31, 2022, all five US treasuries, all 14 mortgage backed securities, all 13 collateralized mortgage obligations, all nine municipal bonds and all seven corporate obligations contained unrealized losses. As of March 31, 2023, no ACL has been recognized on AFS securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. As of March 31, 2023 and December 31, 2022, accrued interest on investment securities was $ 144,171 and $ 204,023 , respectively. The amortized cost and estimated fair value of investment securities available-for-sale at March 31, 2023, 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 $ 5,004,757 $ 4,890,430 1 to 5 years 3,486,353 3,112,382 5 to 10 years 14,004,426 11,922,274 Mortgage-backed securities and collateralized mortgage obligations 25,119,989 23,586,443 Total $ 47,615,525 $ 43,511,529 The Bank did not sell any investment securities available-for-sale for the three months ended March 31, 2023 or 2022 . Securities with carrying values of approximately $ 96,000 and $ 197,000 at March 31, 2023 and December 31, 2022 , respectively, were pledged to secure public deposits as required by law and for other purposes. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 3 - LOANS AND ALLOWANCE FOR CREDIT LOSSES Major classifications of loans, by purpose code, at March 31, 2023 and December 31, 2022, are summarized as follows: March 31, 2023 Percent December 31, 2022 Percent Real estate loans: Residential $ 142,756,710 42.05 % $ 136,382,014 40.16 % Home equity 11,347,634 3.34 % 12,410,820 3.65 % Multi-family 20,335,229 5.99 % 24,613,700 7.25 % Commercial 114,069,098 33.60 % 111,394,065 32.80 % Construction and land development 32,703,796 9.63 % 27,921,088 8.22 % Total real estate loans 321,212,467 312,721,687 Consumer loans 1,144,898 0.34 % 1,210,164 0.36 % Commercial and industrial loans 17,128,894 5.05 % 25,665,751 7.55 % Total loans 339,486,259 100.00 % 339,597,602 100.00 % Less: Allowance for credit losses 4,639,610 4,362,178 Deferred loan fees 1,048,381 1,096,553 Loans, net $ 333,798,268 $ 334,138,871 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. Allowance for Credit Losses: The Company's estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The contractual term does not consider extensions, renewals or modifications unless the Company has identified an expected trouble debt restructuring. The following tables present the activity in the ACL by class of loans for the three months ended March 31, 2023 and the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2022. Real Estate Loans Residential Home Equity Multi-family Commercial Construction and Land Development Consumer loans Commercial and Industrial loans Unallocated Total Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 1,960,955 $ 186,733 $ 225,869 $ 1,632,241 $ 264,589 $ 615 $ 81,182 $ 9,994 $ 4,362,178 ASC 326 adoption 1,028,700 ( 27,875 ) ( 68,217 ) ( 694,135 ) ( 102,349 ) 48,540 80,330 ( 9,994 ) 255,000 Charge-offs — — — — — ( 5,681 ) ( 77,940 ) — ( 83,621 ) Recoveries 11,553 — — — 11,345 534 64,621 — 88,053 Provision 77,459 ( 10,204 ) ( 33,607 ) 48,689 16,136 ( 36,766 ) ( 43,707 ) — 18,000 Balance at March 31, 2023 $ 3,078,667 $ 148,654 $ 124,045 $ 986,795 $ 189,721 $ 7,242 $ 104,486 $ — $ 4,639,610 Three Months Ended March 31, 2022 Allowance for loan losses: Beginning balance $ 1,468,649 $ 174,579 $ 288,455 $ 1,757,794 $ 350,586 $ 1,798 $ 109,724 $ 32,014 $ 4,183,599 Charge-offs — — — — — ( 8,633 ) — — ( 8,633 ) Recoveries 17,931 — — — — 1,066 17,126 — 36,123 Provision — — — — — — — — — Balance at March 31, 2022 $ 1,486,580 $ 174,579 $ 288,455 $ 1,757,794 $ 350,586 $ ( 5,769 ) $ 126,850 $ 32,014 $ 4,211,089 As described in Note 1 General: Basis of Presentation, the Company adopted ASU 2016-13 on January 1, 2023, which introduced the CECL methodology for estimating all expected losses over the life of a financial asset. The primary reasons for the increase in required ACL were to capture the expected lifetime losses of the portfolio, which were previously measured under an incurred loss model. The Company uses the weighted-average remaining maturity (WARM) method as the basis for the estimation of expected credit losses. The WARM method uses a historical average annual charge-off rate containing loss content over a historical lookback period and is used as a foundation for estimating the credit loss reserve for the remaining outstanding balances of loans in a segment at the balance sheet date. The average annual charge-off rate is applied to the contractual term, further adjusted for estimated prepayments, to determine the unadjusted historical charge-off rate. The calculation of the unadjusted historical charge-off rate is then adjusted, using qualitative factors described in Note 1, for current conditions and for reasonable and supportable forecast periods. Qualitative loss factors are based on the Company's judgment of the Company, market, industry or business specific data, differences in loan-specific risk characteristics such as underwriting standards, portfolio mix, risk grades, delinquency level or term. These qualitative factors serve to compensate for additional areas of uncertainty inherent in the portfolio that are not reflected in the Company's historical loss factors. Additionally, the Company has adjusted for changes in expected environmental and economic conditions, such as changes in unemployment rates, property values and other relevant factors over the next 12 to 24 months. Management adjusted the historical loss experience for these expectations. No reversion adjustments were necessary, as the starting point for the Company's estimate was a cumulative loss rate covering the expected contractual term of the portfolio. The ACL is measured on a collective segment basis when similar risk characteristics exist. Our loan portfolio is segmented first by the seven portfolio segments described above, and second, by internally identified risk grades (see description below). Consistent forecasts of the loan drivers are used across the loan segments. For loans that do not share general risk characteristics with segments, we estimate a specific reserve on an individual basis. A reserve is recorded when the carrying amount of the loan exceeds the discounted estimated cash flows using the loan's initial effective interest rate or the fair value of collateral for collateral-dependent loans. The Company closely monitors economic conditions and loan performance trends to manage and evaluate the exposure to credit risk. Key factors tracked by the Company and utilized in evaluating the credit quality of the loan portfolio include trends in delinquency ratios, the level of nonperforming assets, borrower's repayment capacity and collateral coverage. As of March 31, 2023 and December 31, 2022, accrued interest on loans was $ 1,140,289 and $ 1,089,938 , respectively. Collateral-Dependent Loans: A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation as of March 31, 2023. Collateral Type Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation March 31, 2023 - Real estate loans: Residential $ 1,017,793 $ — $ 1,017,793 $ 1,017,793 $ — $ — Home equity — — — — — — Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 1,017,793 — 1,017,793 1,017,793 — — Consumer loans — — — — — — Commercial and industrial loans — — — — — — Total $ 1,017,793 $ — $ 1,017,793 $ 1,017,793 $ — $ — Impaired Loans: The following table presents impaired loans by class of loans as of December 31, 2022: 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 $ — Past Due and Nonaccrual Loans: The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of March 31, 2023 and December 31, 2022, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2023 - Real estate loans: Residential $ 365,631 $ — $ — $ 365,631 $ 142,391,079 $ 142,756,710 $ 414,408 Home equity — — — — 11,347,634 11,347,634 — Multi-family — — — — 20,335,229 20,335,229 — Commercial — — — — 114,069,098 114,069,098 — Construction — — — — 32,703,796 32,703,796 — Total real 365,631 — — 365,631 320,846,836 321,212,467 414,408 Consumer loans — 4,790 — 4,790 1,140,108 1,144,898 — Commercial and 581,639 — — 581,639 16,547,255 17,128,894 — $ 947,270 $ 4,790 $ — $ 952,060 $ 338,534,199 $ 339,486,259 $ 414,408 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 As of March 31, 2023 and December 31, 2022 , there were no loans greater than 90 days past due and still accruing. Loan Restructurings: As of January 1, 2023, the Company adopted the accounting guidance in ASU 2022-02 which eliminates the recognition and measurement of trouble debt restructurings ("TDRs"). Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is a principal forgiveness, interest rate reduction, other-than-insignificant payment delay, term extension, or combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. A loan that is considered a restructured loan may be subject to the individually evaluated loan analysis; otherwise, the restructured loan remains in the appropriate segment in the ACL model and associated reserves are adjusted based on changes in the discounted cash flows resulting from the modification of the restructured loan. For a discussion with respect to reserve calculations regarding individually evaluated loans refer to the Assets Recorded at Fair Value on a Nonrecurring Basis section of Note 7, Fair Value Measurement, in the Notes to Consolidated Financial Statements in Item I of this Quarterly Report on Form 10-Q. Since the adoption of ASU 2022-02 and during the three months ended March 31, 2023, the Company has not modified any material loans for borrowers experiencing financial difficulty. Prior to our adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as TDRs. Loans identified as TDRs prior to the adoption of ASU 2022-02 included in impaired loans at March 31, 2023 consisted of one loan with a principal balance of $ 29,160 . There were $ 334,714 of loans identified as TDRs prior to the adoption of ASU 2022-02 that were still accruing interest as of March 31, 2023. The Company offered various types of concessions when modifying a loan. Concessions made to the original contractual term of the loan typically consisted of the deferral of interest and/or principal payments due to deterioration in the borrowers' financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of the restructure, and there were no commitments to lend additional funds to the borrower during the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2022, the Company did not modify any loans as a TDR prior to the adoption of ASU 2022-02. No loans were modified as a TDR prior to the adoption of ASU 2022-02 within the previous twelve months that subsequently defaulted during the three months ended March 31, 2023 and 2022. 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 March 31, 2023 and December 31, 2022, and based on the most recent analysis performed, the risk category of loans by class of loans and origination year is as follows: Amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total March 31, 2023 - Real estate loans: Residential Pass $ 3,719,574 $ 56,692,922 $ 23,741,506 $ 15,443,724 $ 6,367,448 $ 33,944,669 $ 788,096 $ 140,697,939 Special Mention — — — — — 244,805 — 244,805 Substandard — 602,654 — 35,600 142,878 1,032,834 — 1,813,966 Total residential 3,719,574 57,295,576 23,741,506 15,479,324 6,510,326 35,222,308 788,096 142,756,710 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 11,347,634 11,347,634 Special Mention — — — — — — — — Substandard — — — — — — — — Total home equity — — — — — — 11,347,634 11,347,634 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 1,276,000 974,376 3,926,814 6,451,055 907,004 6,799,980 — 20,335,229 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 1,276,000 974,376 3,926,814 6,451,055 907,004 6,799,980 — 20,335,229 YTD Gross Charge-offs — — — — — — — — Commercial Pass 3,655,546 15,764,239 26,463,985 15,001,470 20,417,854 23,497,858 1,378,202 106,179,154 Special Mention — — — — — 3,911,136 675,000 4,586,136 Substandard — — 511,882 2,791,926 — — — 3,303,808 Total commercial 3,655,546 15,764,239 26,975,867 17,793,396 20,417,854 27,408,994 2,053,202 114,069,098 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 1,034,310 18,578,996 8,961,283 56,968 17,737 2,146,227 1,787,700 32,583,221 Special Mention — — — — 17,853 — — 17,853 Substandard — 42,187 — — — 60,535 — 102,722 Total construction and land development 1,034,310 18,621,183 8,961,283 56,968 35,590 2,206,762 1,787,700 32,703,796 YTD Gross Charge-offs — — — — — — — — Total real estate loans 9,685,430 92,655,374 63,605,470 39,780,743 27,870,774 71,638,044 15,976,632 321,212,467 Consumer loans Pass 98,091 419,400 405,429 75,144 60,041 35,085 51,708 1,144,898 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 98,091 419,400 405,429 75,144 60,041 35,085 51,708 1,144,898 YTD Gross Charge-offs — 5,681 — — — — — 5,681 Commercial and industrial loans Pass 567,900 4,217,538 4,344,603 1,732,584 470,947 1,289,784 3,923,899 16,547,255 Special Mention — — — — — — — — Substandard — 581,639 — — — — — 581,639 Total commercial and industrial loans 567,900 4,799,177 4,344,603 1,732,584 470,947 1,289,784 3,923,899 17,128,894 YTD Gross Charge-offs — 77,940 — — — — — 77,940 $ 10,351,421 $ 97,873,951 $ 68,355,502 $ 41,588,471 $ 28,401,762 $ 72,962,913 $ 19,952,239 $ 339,486,259 YTD Gross Charge-offs $ — $ 83,621 $ — $ — $ — $ — $ — $ 83,621 Amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total December 31, 2022 - Real estate loans: Residential Pass $ 55,151,967 $ 22,610,519 $ 15,631,663 $ 6,623,691 $ 8,838,826 $ 25,753,062 $ 85,829 $ 134,695,557 Special Mention — — — — 447,915 — — 447,915 Substandard — — 35,877 146,167 830,558 225,940 — 1,238,542 Total residential 55,151,967 22,610,519 15,667,540 6,769,858 10,117,299 25,979,002 85,829 136,382,014 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 12,410,820 12,410,820 Special Mention — — — — — — — — Substandard — — — — — — — — Total home equity — — — — — — 12,410,820 12,410,820 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 981,012 3,980,555 7,316,026 5,295,123 824,352 6,216,632 — 24,613,700 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 981,012 3,980,555 7,316,026 5,295,123 824,352 6,216,632 — 24,613,700 YTD Gross Charge-offs — — — — — — — — Commercial Pass 16,459,869 25,642,201 15,466,808 16,482,391 11,501,425 14,184,995 1,454,960 101,192,649 Special Mention — 675,000 — 2,713,589 3,738,847 208,237 — 7,335,673 Substandard — 57,000 2,808,743 — — — — 2,865,743 Total commercial 16,459,869 26,374,201 18,275,551 19,195,980 15,240,272 14,393,232 1,454,960 111,394,065 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 13,391,574 11,404,271 58,143 37,012 197,857 735,124 1,970,015 27,793,996 Special Mention — — — — — 20,263 — 20,263 Substandard 43,388 — — — — 63,441 — 106,829 Total construction and land development 13,434,962 11,404,271 58,143 37,012 197,857 818,828 1,970,015 27,921,088 YTD Gross Charge-offs — — — — — — — — Total real estate loans 86,027,810 64,369,546 41,317,260 31,297,973 26,379,780 47,407,694 15,921,624 312,721,687 Consumer loans Pass 483,182 429,878 92,795 98,284 13,238 28,939 63,848 1,210,164 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 483,182 429,878 92,795 98,284 13,238 28,939 63,848 1,210,164 YTD Gross Charge-offs — 8,633 — — — — — 8,633 Commercial and industrial loans Pass 5,950,790 4,500,645 1,846,412 587,718 879,754 566,731 11,333,701 25,665,751 Special Mention — — — — — — — — Substandard — — — — — — — — Total commercial and industrial loans 5,950,790 4,500,645 1,846,412 587,718 879,754 566,731 11,333,701 25,665,751 YTD Gross Charge-offs — — — — — — — — $ 92,461,782 $ 69,300,069 $ 43,256,467 $ 31,983,975 $ 27,272,772 $ 48,003,364 $ 27,319,173 $ 339,597,602 YTD Gross Charge-offs $ — $ 8,633 $ — $ — $ — $ — $ — $ 8,633 There were no loans classified in the "doubtful" or "loss" risk rating categories as of the periods ended March 31, 2023 and December 31, 2022. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS There were no advances outstanding as of March 31, 2023. The following advances from the FHLB were outstanding as of December 31, 2022: December 31, 2022 - Advance Date Amount Rate Interest Rate Maturity Call Feature November 18, 2022 $ 11,000,000 Fixed 4.57 % November 20, 2023 N/A $ 11,000,000 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 approximately $ 86,165,000 and $ 56,438,000 at March 31, 2023 and December 31, 2022, respectively. The Bank had approximately $ 86,200,000 and $ 45,400,000 in available borrowing capacity through the FHLB at March 31, 2023 and December 31, 2022, respectively. Unsecured federal funds lines of credit totaling $ 28,500,000 were available to the Bank for overnight borrowing through correspondent banks at both March 31, 2023 and December 31, 2022. The Bank also had approximately $ 7.4 million and $ 5.8 million in available borrowing capacity through the Federal Reserve Bank of Atlanta at March 31, 2023 and December 31, 2022 , respectively. There were no borrowings against either of these facilities at March 31, 2023 or December 31, 2022. The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $ 10.7 million and $ 8.4 million at March 31, 2023 and December 31, 2022 , respectively. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 5 - COMMITMENTS Credit Related Financial Instruments: The Bank is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contractual amounts of those instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The Bank’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. In most cases, the Bank requires collateral or other security to support financial instruments with credit risk. March 31, 2023 December 31, 2022 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 41,252,000 $ 49,189,000 Stand-by letters of credit $ 830,000 $ 819,000 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 March 31, 2023 and December 31, 2022 varies. We maintain an ACL on unfunded lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the ACL for loans, modified to take into account the probability of a drawdown on the commitment. The ACL on unfunded loan commitments is classified as a liability account on the balance sheet within other liabilities, while the corresponding provision for these credit losses is recorded as a component of other expense. The allowance for credit losses on unfunded commitments was $ 146,778 at March 31, 2023. Prior to January 1, 2023, we calculated allowance for losses on unfunded loan commitments using an incurred losses methodology. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | NOTE 6 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under certain adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the Federal bank regulatory agencies issued a final rule that revised their risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The final rule applies to all depository institutions and, pursuant to the Federal Reserve Board’s policy statements, to top-tier bank and savings and loan holding companies with total consolidated assets of $ 3.0 billion or more. The rule established a new common equity Tier 1 minimum capital requirement, increased the minimum capital ratios and assigned a higher risk weight to certain assets based on the risk associated with these assets. The final rule included a transition period that implemented the new regulations over a five-year period. These changes were fully phased in on January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of total common equity Tier 1, total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets. Management believes, as of March 31, 2023 and December 31, 2022, that the Bank met all capital adequacy requirements to which it is subject. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2023: Common Equity Tier 1 Capital to Risk- $ 67,355 21.64 % $ 14,008 4.50 % $ 20,234 6.50 % Total Capital to Risk- Weighted Assets $ 71,257 22.89 % $ 24,904 8.00 % $ 31,130 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 67,355 21.64 % $ 18,678 6.00 % $ 24,904 8.00 % Tier I Capital to Average Assets $ 67,355 15.59 % $ 17,277 4.00 % $ 21,596 5.00 % 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 % |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 7 - FAIR VALUE MEASUREMENT The Bank utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. From time to time, the Bank may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Additionally, the Bank is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Bank groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Assets Recorded at Fair Value on a Recurring Basis. The table below presents the recorded amount of assets measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2023: US treasuries $ — $ 9,448,144 $ — $ 9,448,144 Mortgage-backed securities — 8,768,794 — 8,768,794 Collateralized mortgage obligations — 14,817,649 — 14,817,649 Municipal bonds — 7,329,117 — 7,329,117 Corporate obligations — 3,147,825 — 3,147,825 Investment securities available-for-sale $ — $ 43,511,529 $ — $ 43,511,529 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 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 March 31, 2023 and December 31, 2022: Level 1 Level 2 Level 3 Total March 31, 2023: Other real estate owned $ — $ — $ 52,900 $ 52,900 Individually evaluated loans — — — — $ — $ — $ 52,900 $ 52,900 December 31, 2022: Other real estate owned $ — $ — $ 683,800 $ 683,800 Impaired loans — — — — $ — $ — $ 683,800 $ 683,800 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 March 31, 2023: Other real estate owned $ 52,900 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 42 % Individually evaluated loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — 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 — The following methods and assumptions were used to estimate the fair value of each class of assets and liabilities either recorded or disclosed at fair value. Cash and Cash Equivalents. The carrying value of cash and cash equivalents is a reasonable estimate of fair value. Certificates of deposit with other banks. The carrying value of certificates of deposit with other banks is a reasonable estimate of fair value. Investment Securities Available-for-Sale. Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. Other Investments. Other investments consist of FHLB stock whose carrying value approximates its fair value. Mortgage Loans Held for Sale. The estimated fair value of mortgage loans held for sale, classified within Level 2, is approximated by the carrying value, given the short-term nature of the loans and similarly to what secondary markets are currently offering for portfolios of loans with similar characteristics. Loans. The Bank does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and a specific allocation is established within the allowance for credit 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 March 31, 2023 and December 31, 2022 are as follows: Fair Value Measurements at March 31, 2023 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 26,632,732 $ 26,632,732 $ 26,632,732 $ — $ — Certificates of deposit with other banks 1,490,000 1,490,000 1,490,000 — — Investment securities available-for-sale 43,511,529 43,511,529 — 43,511,529 — Other investments 960,400 960,400 — 960,400 — Mortgage loans held for sale — — — — — Loans, net 333,798,268 321,228,000 — — 321,228,000 Bank owned life insurance 11,511,381 11,511,381 11,511,381 — — Financial liabilities: Deposits 335,914,737 334,609,273 235,342,273 — 99,267,000 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 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 Earnin
Stockholders' Equity and Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity and Earnings Per Share | NOTE 8 – STOCKHOLDERS' EQUITY AND EARNINGS PER SHARE 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 . During the period ending March 31, 2023, the Company retired 75,172 shares previously repurchased during 2022 and held in treasury stock as of December 31, 2022. Earnings per share: Earnings per common share was computed based on the following: Three Months Ending March 31, 2023 2022 Numerator: Income applicable to common shares $ 332,029 $ 695,893 Denominator: Weighted average common shares outstanding 4,974,200 4,898,350 Effect of dilutive securities: Restricted stock — — Stock options — — Weighted average common shares outstanding - assuming dilution 4,974,200 4,898,350 Earnings per common share $ 0.07 $ 0.14 Earnings per common share - assuming dilution $ 0.07 $ 0.14 No options were deemed dilutive as the exercise price exceeded the market price as of the close of market on March 31, 2023. |
General; Basis of Presentation
General; Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [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. 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 in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management reflect all necessary adjustments for a fair presentation of the Company's consolidated financial position and consolidated results of operations. All adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the consolidated financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2022, included in the Company's 2022 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year or any future period. Summary of Significant Accounting Policies: The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. The Notes to Consolidated Financial Statements appearing in the Company's 2022 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Estimates as disclosed in the Company's 2022 Annual Report on Form 10-K, except as disclosed in the Allowance for Credit Losses below. |
Allowance for Credit Losses | Allowance for Credit Losses: On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326) : Measurement of Credit Losses on Financial Instruments, as amended, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $ 302,504 upon adoption. The transition adjustment includes an increase in credit related reserves of $ 255,000 for loans plus an increase in credit related reserves of $ 149,147 for unfunded commitments net of a corresponding decrease in deferred tax assets of $ 101,643 . As allowed by ASC 326, the Company elected to maintain pools of loans accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether modifications to individually acquired financial assets accounted for in pools were troubled debt restructurings as of the date of adoption. The allowance for credit losses ("ACL") is evaluated on a regular basis and established through charges to earnings in the form of a provision for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. a. Portfolio Segmentation ("Collectively Evaluated Loans") Portfolio segmentation is defined as the pooling of loans based upon similar risk characteristics such that quantitative methodologies and qualitative adjustment factors for estimating the ACL are constructed for each segment. The Company has identified seven portfolio segments of loans including; 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. The ACL for Collectively Evaluated Loans estimate is based upon periodic review of the collectability of the loans quantitatively correlating historical loss experience with reasonable and supportable forecasts using forward looking information. Adjustments to the quantitative evaluation may be made for differences in current or expected qualitative risk characteristics. The Company has determined the nine “universal” qualitative adjustments categories prescribed by the 2006 Interagency Policy Statement are appropriate given their markets and pool of loans. These criteria are evaluated quarterly to ensure additional criteria do not need to be added, nor do the ranges assigned to each category need to be changed. The nine factors are as follows: 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses. 2. Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. 3. Changes in the nature and volume of the portfolio and in the terms of loans. 4. Changes in the experience, ability, and depth of lending management and other relevant staff. 5. Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans. 6. Changes in the quality of the institution’s loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentrations of credit, and changes in the level of such concentrations. 9. The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution’s existing portfolio. b. Individually Evaluated Loans The Company establishes a specific reserve for individually evaluated loans which do not share similar risk characteristics with the loans included in the collectively evaluated loan pools. These individually evaluated loans are removed from the pooling approach discussed above for the collectively evaluated loan pools, and may include nonaccrual loans, loan modifications to borrowers with financial difficulty, and other loans deemed appropriate by management. c. Available for Sale ("AFS") Debt Securities For AFS securities in an unrealized loss position, management first assess whether (i) the Company intends to sell, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. If there were any adjustments to the allowance, they would be reported in the Company's income statement as a component of credit loss expense. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. d. Accrued Interest Receivable Upon adoption of ASU 2016-13 and its related amendments on January 1, 2023, the Company made the following elections regarding accrued interest receivable: • Presenting accrued interest receivable balances within another line item on the statements of financial condition labeled "accrued interest receivable and other assets". • Excluding accrued interest receivable that is included in the amortized cost of financing receivables and debt securities from related disclosure requirements. • Continuing the Company's policy to write off accrued interest receivable by reversing interest income. The write-off of accrued interest on loans typically occurs upon becoming 90 days past due. Past due status is based on the contractual terms of the loan. In all cases, loans are placed on nonaccrual or charged off at an earlier date if collection of principal or interest is considered doubtful. Historically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivables by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. e. Reserve for Unfunded Commitments The reserve for unfunded commitments (the "Unfunded Reserve") represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (accrued interest payable and other liabilities in the consolidated balance sheets), with adjustments to the reserve recognized as an expense in other expenses in the consolidated statements of income. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying to the expected loss rates. Expected future fundings are based on historical averages of funding rates (i.e., the likelihood of draws taken). |
Allowance for Loan Losses | Allowance for Loan Losses: Prior to January 1, 2023, as described in further detail in the Company's 2022 Annual Report on Form 10K, the Company used the incurred loss impairment model. Under this methodology, 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. |
Treasury Stock | Treasury Stock: Treasury stock is accounted for by the cost method . Subsequent reissuances are accounted for at average cost. See Note 8 for further discussion. |
Earnings per Share | Earnings per Share: Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed in a manner similar to that of basic earnings per share except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares (computed using the treasury method) that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: The Company sponsors an employee stock ownership plan ("ESOP") that covers all employees who meet certain service requirements. The Company will make annual contributions to the ESOP in amounts as defined by the plan document. These contributions are used to pay debt service and purchase additional shares. Certain ESOP shares are pledged as collateral for debt. As the debt is repaid, shares are released from collateral and allocated to active employees, based on the proportion of debt service paid in the year. In connection with the Company's initial public stock offering, the ESOP borrowed $ 3.9 million payable to the Company for the purpose of purchasing shares of the Company's common stock. A total of 391,868 shares were purchased with the loan proceeds. Because the source of the loan payments are contributions received by the ESOP from the Company, the related notes receivable is shown as a reduction of shareholders' equity. |
Equity Incentive Plan | Equity Incentive Plan: On September 21, 2022, the Company's stockholders approved the TC Bancshares, Inc. 2022 Equity Incentive Plan ("Equity Plan") which provides for the grant of stock options, restricted stock awards and other equity awards to our officers, employees, directors, advisors and consultants. As of March 31, 2023, 357,710 stock options had been granted under the Equity Plan. In addition, 156,590 restricted stock awards had been granted with 32,598 vested and 123,992 unvested. The Company accounts for its stock-based compensation plan using a fair value based method whereby compensation cost is measured at the grant date based on the fair value of the award and is recognized over the service period, which is usually the vesting period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In 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 earnings per share ("EPS") for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic. The amendments do not affect a holder's accounting for freestanding call options. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. The adoption of this ASU did not have a significant impact on the Company's consolidated financial statements. |
Emerging Growth Company Status | Emerging Growth Company Status: The Company qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Company is an emerging growth company, it may choose to take advantage of exemptions from various reporting requirements applicable to other public companies but not to emerging growth companies. An emerging growth company may elect to use the extended transition period to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies, but must make such election when the company is first required to file a registration statement. The Company has elected to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
Summary of Investments Securities Available for Sale | Investment securities available-for-sale at March 31, 2023 and December 31, 2022 are as follows: Amortized Gross Gross Estimated Fair Value as March 31, 2023- US treasuries $ 10,109,181 $ — $ 661,037 $ 9,448,144 22 % Mortgage-backed securities 9,559,146 — 790,352 8,768,794 20 % Collateralized mortgage 15,560,843 — 743,194 14,817,649 34 % Municipal bonds 8,761,355 — 1,432,238 7,329,117 17 % Corporate obligations 3,625,000 — 477,175 3,147,825 7 % $ 47,615,525 $ — $ 4,103,996 $ 43,511,529 100 % 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 % |
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ 4,863,478 $ 142,541 Mortgage-backed securities 17,436 331 3,004,339 304,844 Collateralized mortgage obligations 688,596 4,418 5,558,664 329,329 Municipal bonds — — — — Corporate obligations 648,246 101,754 651,464 98,536 Total less than 12 months $ 1,354,278 $ 106,503 $ 14,077,945 $ 875,250 Unrealized loss for more than 12 months: US treasuries 9,448,144 661,037 4,461,054 648,237 Mortgage-backed securities 8,751,358 790,021 5,727,694 581,478 Collateralized mortgage obligations 14,129,053 738,776 9,285,366 539,954 Municipal bonds 7,329,117 1,432,238 7,028,911 1,733,506 Corporate obligations 2,499,579 375,421 2,515,582 359,418 Total more than 12 months 42,157,251 3,997,493 29,018,607 3,862,593 Total $ 43,511,529 $ 4,103,996 $ 43,096,552 $ 4,737,843 |
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 March 31, 2023, 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 $ 5,004,757 $ 4,890,430 1 to 5 years 3,486,353 3,112,382 5 to 10 years 14,004,426 11,922,274 Mortgage-backed securities and collateralized mortgage obligations 25,119,989 23,586,443 Total $ 47,615,525 $ 43,511,529 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Major Classifications of Loans, by Purpose Code | Major classifications of loans, by purpose code, at March 31, 2023 and December 31, 2022, are summarized as follows: March 31, 2023 Percent December 31, 2022 Percent Real estate loans: Residential $ 142,756,710 42.05 % $ 136,382,014 40.16 % Home equity 11,347,634 3.34 % 12,410,820 3.65 % Multi-family 20,335,229 5.99 % 24,613,700 7.25 % Commercial 114,069,098 33.60 % 111,394,065 32.80 % Construction and land development 32,703,796 9.63 % 27,921,088 8.22 % Total real estate loans 321,212,467 312,721,687 Consumer loans 1,144,898 0.34 % 1,210,164 0.36 % Commercial and industrial loans 17,128,894 5.05 % 25,665,751 7.55 % Total loans 339,486,259 100.00 % 339,597,602 100.00 % Less: Allowance for credit losses 4,639,610 4,362,178 Deferred loan fees 1,048,381 1,096,553 Loans, net $ 333,798,268 $ 334,138,871 |
Summary of Allowance for Credit Losses | The following tables present the activity in the ACL by class of loans for the three months ended March 31, 2023 and the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2022. Real Estate Loans Residential Home Equity Multi-family Commercial Construction and Land Development Consumer loans Commercial and Industrial loans Unallocated Total Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 1,960,955 $ 186,733 $ 225,869 $ 1,632,241 $ 264,589 $ 615 $ 81,182 $ 9,994 $ 4,362,178 ASC 326 adoption 1,028,700 ( 27,875 ) ( 68,217 ) ( 694,135 ) ( 102,349 ) 48,540 80,330 ( 9,994 ) 255,000 Charge-offs — — — — — ( 5,681 ) ( 77,940 ) — ( 83,621 ) Recoveries 11,553 — — — 11,345 534 64,621 — 88,053 Provision 77,459 ( 10,204 ) ( 33,607 ) 48,689 16,136 ( 36,766 ) ( 43,707 ) — 18,000 Balance at March 31, 2023 $ 3,078,667 $ 148,654 $ 124,045 $ 986,795 $ 189,721 $ 7,242 $ 104,486 $ — $ 4,639,610 Three Months Ended March 31, 2022 Allowance for loan losses: Beginning balance $ 1,468,649 $ 174,579 $ 288,455 $ 1,757,794 $ 350,586 $ 1,798 $ 109,724 $ 32,014 $ 4,183,599 Charge-offs — — — — — ( 8,633 ) — — ( 8,633 ) Recoveries 17,931 — — — — 1,066 17,126 — 36,123 Provision — — — — — — — — — Balance at March 31, 2022 $ 1,486,580 $ 174,579 $ 288,455 $ 1,757,794 $ 350,586 $ ( 5,769 ) $ 126,850 $ 32,014 $ 4,211,089 |
Summary of Collateral-Dependent Loans | The following table presents collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation as of March 31, 2023. Collateral Type Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation March 31, 2023 - Real estate loans: Residential $ 1,017,793 $ — $ 1,017,793 $ 1,017,793 $ — $ — Home equity — — — — — — Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 1,017,793 — 1,017,793 1,017,793 — — Consumer loans — — — — — — Commercial and industrial loans — — — — — — Total $ 1,017,793 $ — $ 1,017,793 $ 1,017,793 $ — $ — |
Summary of Impaired Loans With and Without Allowances for Credit Losses Recorded Investment Unpaid Principal Amount | The following table presents impaired loans by class of loans as of December 31, 2022: 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 $ — |
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 March 31, 2023 and December 31, 2022, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2023 - Real estate loans: Residential $ 365,631 $ — $ — $ 365,631 $ 142,391,079 $ 142,756,710 $ 414,408 Home equity — — — — 11,347,634 11,347,634 — Multi-family — — — — 20,335,229 20,335,229 — Commercial — — — — 114,069,098 114,069,098 — Construction — — — — 32,703,796 32,703,796 — Total real 365,631 — — 365,631 320,846,836 321,212,467 414,408 Consumer loans — 4,790 — 4,790 1,140,108 1,144,898 — Commercial and 581,639 — — 581,639 16,547,255 17,128,894 — $ 947,270 $ 4,790 $ — $ 952,060 $ 338,534,199 $ 339,486,259 $ 414,408 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 |
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 March 31, 2023 and December 31, 2022, and based on the most recent analysis performed, the risk category of loans by class of loans and origination year is as follows: Amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total March 31, 2023 - Real estate loans: Residential Pass $ 3,719,574 $ 56,692,922 $ 23,741,506 $ 15,443,724 $ 6,367,448 $ 33,944,669 $ 788,096 $ 140,697,939 Special Mention — — — — — 244,805 — 244,805 Substandard — 602,654 — 35,600 142,878 1,032,834 — 1,813,966 Total residential 3,719,574 57,295,576 23,741,506 15,479,324 6,510,326 35,222,308 788,096 142,756,710 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 11,347,634 11,347,634 Special Mention — — — — — — — — Substandard — — — — — — — — Total home equity — — — — — — 11,347,634 11,347,634 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 1,276,000 974,376 3,926,814 6,451,055 907,004 6,799,980 — 20,335,229 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 1,276,000 974,376 3,926,814 6,451,055 907,004 6,799,980 — 20,335,229 YTD Gross Charge-offs — — — — — — — — Commercial Pass 3,655,546 15,764,239 26,463,985 15,001,470 20,417,854 23,497,858 1,378,202 106,179,154 Special Mention — — — — — 3,911,136 675,000 4,586,136 Substandard — — 511,882 2,791,926 — — — 3,303,808 Total commercial 3,655,546 15,764,239 26,975,867 17,793,396 20,417,854 27,408,994 2,053,202 114,069,098 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 1,034,310 18,578,996 8,961,283 56,968 17,737 2,146,227 1,787,700 32,583,221 Special Mention — — — — 17,853 — — 17,853 Substandard — 42,187 — — — 60,535 — 102,722 Total construction and land development 1,034,310 18,621,183 8,961,283 56,968 35,590 2,206,762 1,787,700 32,703,796 YTD Gross Charge-offs — — — — — — — — Total real estate loans 9,685,430 92,655,374 63,605,470 39,780,743 27,870,774 71,638,044 15,976,632 321,212,467 Consumer loans Pass 98,091 419,400 405,429 75,144 60,041 35,085 51,708 1,144,898 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 98,091 419,400 405,429 75,144 60,041 35,085 51,708 1,144,898 YTD Gross Charge-offs — 5,681 — — — — — 5,681 Commercial and industrial loans Pass 567,900 4,217,538 4,344,603 1,732,584 470,947 1,289,784 3,923,899 16,547,255 Special Mention — — — — — — — — Substandard — 581,639 — — — — — 581,639 Total commercial and industrial loans 567,900 4,799,177 4,344,603 1,732,584 470,947 1,289,784 3,923,899 17,128,894 YTD Gross Charge-offs — 77,940 — — — — — 77,940 $ 10,351,421 $ 97,873,951 $ 68,355,502 $ 41,588,471 $ 28,401,762 $ 72,962,913 $ 19,952,239 $ 339,486,259 YTD Gross Charge-offs $ — $ 83,621 $ — $ — $ — $ — $ — $ 83,621 Amortized cost basis by origination year 2022 2021 2020 2019 2018 Prior Revolving Loans Total December 31, 2022 - Real estate loans: Residential Pass $ 55,151,967 $ 22,610,519 $ 15,631,663 $ 6,623,691 $ 8,838,826 $ 25,753,062 $ 85,829 $ 134,695,557 Special Mention — — — — 447,915 — — 447,915 Substandard — — 35,877 146,167 830,558 225,940 — 1,238,542 Total residential 55,151,967 22,610,519 15,667,540 6,769,858 10,117,299 25,979,002 85,829 136,382,014 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 12,410,820 12,410,820 Special Mention — — — — — — — — Substandard — — — — — — — — Total home equity — — — — — — 12,410,820 12,410,820 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 981,012 3,980,555 7,316,026 5,295,123 824,352 6,216,632 — 24,613,700 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 981,012 3,980,555 7,316,026 5,295,123 824,352 6,216,632 — 24,613,700 YTD Gross Charge-offs — — — — — — — — Commercial Pass 16,459,869 25,642,201 15,466,808 16,482,391 11,501,425 14,184,995 1,454,960 101,192,649 Special Mention — 675,000 — 2,713,589 3,738,847 208,237 — 7,335,673 Substandard — 57,000 2,808,743 — — — — 2,865,743 Total commercial 16,459,869 26,374,201 18,275,551 19,195,980 15,240,272 14,393,232 1,454,960 111,394,065 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 13,391,574 11,404,271 58,143 37,012 197,857 735,124 1,970,015 27,793,996 Special Mention — — — — — 20,263 — 20,263 Substandard 43,388 — — — — 63,441 — 106,829 Total construction and land development 13,434,962 11,404,271 58,143 37,012 197,857 818,828 1,970,015 27,921,088 YTD Gross Charge-offs — — — — — — — — Total real estate loans 86,027,810 64,369,546 41,317,260 31,297,973 26,379,780 47,407,694 15,921,624 312,721,687 Consumer loans Pass 483,182 429,878 92,795 98,284 13,238 28,939 63,848 1,210,164 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 483,182 429,878 92,795 98,284 13,238 28,939 63,848 1,210,164 YTD Gross Charge-offs — 8,633 — — — — — 8,633 Commercial and industrial loans Pass 5,950,790 4,500,645 1,846,412 587,718 879,754 566,731 11,333,701 25,665,751 Special Mention — — — — — — — — Substandard — — — — — — — — Total commercial and industrial loans 5,950,790 4,500,645 1,846,412 587,718 879,754 566,731 11,333,701 25,665,751 YTD Gross Charge-offs — — — — — — — — $ 92,461,782 $ 69,300,069 $ 43,256,467 $ 31,983,975 $ 27,272,772 $ 48,003,364 $ 27,319,173 $ 339,597,602 YTD Gross Charge-offs $ — $ 8,633 $ — $ — $ — $ — $ — $ 8,633 There were no loans classified in the "doubtful" or "loss" risk rating categories as of the periods ended March 31, 2023 and December 31, 2022. |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Advances from the FHLB were Outstanding | The following advances from the FHLB were outstanding as of December 31, 2022: December 31, 2022 - Advance Date Amount Rate Interest Rate Maturity Call Feature November 18, 2022 $ 11,000,000 Fixed 4.57 % November 20, 2023 N/A $ 11,000,000 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | March 31, 2023 December 31, 2022 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 41,252,000 $ 49,189,000 Stand-by letters of credit $ 830,000 $ 819,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2023: Common Equity Tier 1 Capital to Risk- $ 67,355 21.64 % $ 14,008 4.50 % $ 20,234 6.50 % Total Capital to Risk- Weighted Assets $ 71,257 22.89 % $ 24,904 8.00 % $ 31,130 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 67,355 21.64 % $ 18,678 6.00 % $ 24,904 8.00 % Tier I Capital to Average Assets $ 67,355 15.59 % $ 17,277 4.00 % $ 21,596 5.00 % 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 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2023: US treasuries $ — $ 9,448,144 $ — $ 9,448,144 Mortgage-backed securities — 8,768,794 — 8,768,794 Collateralized mortgage obligations — 14,817,649 — 14,817,649 Municipal bonds — 7,329,117 — 7,329,117 Corporate obligations — 3,147,825 — 3,147,825 Investment securities available-for-sale $ — $ 43,511,529 $ — $ 43,511,529 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 |
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 March 31, 2023 and December 31, 2022: Level 1 Level 2 Level 3 Total March 31, 2023: Other real estate owned $ — $ — $ 52,900 $ 52,900 Individually evaluated loans — — — — $ — $ — $ 52,900 $ 52,900 December 31, 2022: Other real estate owned $ — $ — $ 683,800 $ 683,800 Impaired loans — — — — $ — $ — $ 683,800 $ 683,800 |
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 March 31, 2023: Other real estate owned $ 52,900 Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell 42 % Individually evaluated loans $ — Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell — 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 — |
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 March 31, 2023 and December 31, 2022 are as follows: Fair Value Measurements at March 31, 2023 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 26,632,732 $ 26,632,732 $ 26,632,732 $ — $ — Certificates of deposit with other banks 1,490,000 1,490,000 1,490,000 — — Investment securities available-for-sale 43,511,529 43,511,529 — 43,511,529 — Other investments 960,400 960,400 — 960,400 — Mortgage loans held for sale — — — — — Loans, net 333,798,268 321,228,000 — — 321,228,000 Bank owned life insurance 11,511,381 11,511,381 11,511,381 — — Financial liabilities: Deposits 335,914,737 334,609,273 235,342,273 — 99,267,000 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 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of Earnings per Common Share | Earnings per common share was computed based on the following: Three Months Ending March 31, 2023 2022 Numerator: Income applicable to common shares $ 332,029 $ 695,893 Denominator: Weighted average common shares outstanding 4,974,200 4,898,350 Effect of dilutive securities: Restricted stock — — Stock options — — Weighted average common shares outstanding - assuming dilution 4,974,200 4,898,350 Earnings per common share $ 0.07 $ 0.14 Earnings per common share - assuming dilution $ 0.07 $ 0.14 |
General; Basis of Presentatio_2
General; Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 USD ($) shares | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net Reduction of Retained Earnings upon Adoption | $ (302,504) |
Credit Related Reserves | 255,000 |
ESOP borrowings | $ 3,900,000 |
Shares purchased with ESOP loan proceeds | shares | 391,868 |
Unfunded Commitment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Credit Related Reserves | $ 149,147 |
2022 Equity Incentive Plan | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Number of options granted | shares | 357,710 |
Restricted Stock [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Restricted stock granted | shares | 156,590 |
Restricted stock vested | shares | 32,598 |
Restricted stock issued | shares | 123,992 |
Cumulative Effect Period Of Adoption Adjustment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred Tax Assets | $ 101,643 |
Retained Earnings [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net Reduction of Retained Earnings upon Adoption | $ (302,504) |
TC Federal Bank [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Ownership percentage | 100% |
Investment Securities - Summary
Investment Securities - Summary Of Investments Securities Available For Sale (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 47,615,525 | $ 47,834,395 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,103,996 | 4,737,843 |
Estimated Fair Value | $ 43,511,529 | $ 43,096,552 |
Fair Value as % of Total | 100% | 100% |
US treasuries [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 10,109,181 | $ 10,115,310 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 661,037 | 790,778 |
Estimated Fair Value | $ 9,448,144 | $ 9,324,532 |
Fair Value as % of Total | 22% | 22% |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 9,559,146 | $ 9,618,355 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 790,352 | 886,322 |
Estimated Fair Value | $ 8,768,794 | $ 8,732,033 |
Fair Value as % of Total | 20% | 20% |
Collateralized mortgage obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 15,560,843 | $ 15,713,313 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 743,194 | 869,283 |
Estimated Fair Value | $ 14,817,649 | $ 14,844,030 |
Fair Value as % of Total | 34% | 35% |
Municipal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 8,761,355 | $ 8,762,417 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,432,238 | 1,733,506 |
Estimated Fair Value | $ 7,329,117 | $ 7,028,911 |
Fair Value as % of Total | 17% | 16% |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 3,625,000 | $ 3,625,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 477,175 | 457,954 |
Estimated Fair Value | $ 3,147,825 | $ 3,167,046 |
Fair Value as % of Total | 7% | 7% |
Investment Securities - Summa_2
Investment Securities - Summary Of Unrealized Losses and Estimated Fair Value (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 1,354,278 | $ 14,077,945 |
Total less than 12 months, Unrealized Losses | 106,503 | 875,250 |
Total more than 12 months, Estimated Fair Value | 42,157,251 | 29,018,607 |
Total more than 12 months, Unrealized Losses | 3,997,493 | 3,862,593 |
Total | 43,511,529 | 43,096,552 |
Total | 4,103,996 | 4,737,843 |
US treasuries [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 4,863,478 |
Total less than 12 months, Unrealized Losses | 0 | 142,541 |
Total more than 12 months, Estimated Fair Value | 9,448,144 | 4,461,054 |
Total more than 12 months, Unrealized Losses | 661,037 | 648,237 |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 17,436 | 3,004,339 |
Total less than 12 months, Unrealized Losses | 331 | 304,844 |
Total more than 12 months, Estimated Fair Value | 8,751,358 | 5,727,694 |
Total more than 12 months, Unrealized Losses | 790,021 | 581,478 |
Collateralized mortgage obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 688,596 | 5,558,664 |
Total less than 12 months, Unrealized Losses | 4,418 | 329,329 |
Total more than 12 months, Estimated Fair Value | 14,129,053 | 9,285,366 |
Total more than 12 months, Unrealized Losses | 738,776 | 539,954 |
Municipal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 0 |
Total less than 12 months, Unrealized Losses | 0 | 0 |
Total more than 12 months, Estimated Fair Value | 7,329,117 | 7,028,911 |
Total more than 12 months, Unrealized Losses | 1,432,238 | 1,733,506 |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 648,246 | 651,464 |
Total less than 12 months, Unrealized Losses | 101,754 | 98,536 |
Total more than 12 months, Estimated Fair Value | 2,499,579 | 2,515,582 |
Total more than 12 months, Unrealized Losses | $ 375,421 | $ 359,418 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Allowance for credit losses on available for sale securities | $ 0 | |
Accrued interest on investment securites | 5,886,589 | $ 6,375,897 |
Available-for-Sale Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | 96,000 | 197,000 |
Investment Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Accrued interest on investment securites | $ 144,171 | $ 204,023 |
Investment Securities - Summa_3
Investment Securities - Summary Of Amortized Cost and Estimated Fair Value Of Investment Securities Available For Sale (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Investments [Abstract] | ||
Amortized Cost, Within 1 year | $ 5,004,757 | |
Amortized Cost, 1 to 5 years | 3,486,353 | |
Amortized Cost, 5 to 10 years | 14,004,426 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 25,119,989 | |
Total, Amortized Cost | 47,615,525 | $ 47,834,395 |
Estimated Fair Value, Within 1 year | 4,890,430 | |
Estimated Fair Value, 1 to 5 years | 3,112,382 | |
Estimated Fair Value, 5 to 10 years | 11,922,274 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 23,586,443 | |
Total, Estimated Fair Value | $ 43,511,529 | $ 43,096,552 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary Of Major Classifications Of Loans, By Purpose Code - (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 339,486,259 | $ 339,597,602 | ||
Gross Loans Receivable Percentage | 100% | 100% | ||
Less: Allowance for credit losses | $ 4,639,610 | $ 4,362,178 | $ 4,211,089 | $ 4,183,599 |
Deferred loan fees | 1,048,381 | 1,096,553 | ||
Net loans | 333,798,268 | 334,138,871 | ||
Consumer loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 1,144,898 | $ 1,210,164 | ||
Gross Loans Receivable Percentage | 0.34% | 0.36% | ||
Less: Allowance for credit losses | $ 7,242 | $ 615 | (5,769) | 1,798 |
Commercial and industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 17,128,894 | $ 25,665,751 | ||
Gross Loans Receivable Percentage | 5.05% | 7.55% | ||
Less: Allowance for credit losses | $ 104,486 | $ 81,182 | 126,850 | 109,724 |
Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 321,212,467 | 312,721,687 | ||
Real Estate [Member] | Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 142,756,710 | $ 136,382,014 | ||
Gross Loans Receivable Percentage | 42.05% | 40.16% | ||
Less: Allowance for credit losses | $ 3,078,667 | $ 1,960,955 | 1,486,580 | 1,468,649 |
Real Estate [Member] | Home equity [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 11,347,634 | $ 12,410,820 | ||
Gross Loans Receivable Percentage | 3.34% | 3.65% | ||
Less: Allowance for credit losses | $ 148,654 | $ 186,733 | 174,579 | 174,579 |
Real Estate [Member] | Multi-family [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 20,335,229 | $ 24,613,700 | ||
Gross Loans Receivable Percentage | 5.99% | 7.25% | ||
Less: Allowance for credit losses | $ 124,045 | $ 225,869 | 288,455 | 288,455 |
Real Estate [Member] | Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 114,069,098 | $ 111,394,065 | ||
Gross Loans Receivable Percentage | 33.60% | 32.80% | ||
Less: Allowance for credit losses | $ 986,795 | $ 1,632,241 | 1,757,794 | 1,757,794 |
Real Estate [Member] | Construction and land development [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 32,703,796 | $ 27,921,088 | ||
Gross Loans Receivable Percentage | 9.63% | 8.22% | ||
Less: Allowance for credit losses | $ 189,721 | $ 264,589 | $ 350,586 | $ 350,586 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Summary Of Allowance For Credit Losses - (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 4,362,178 | $ 4,183,599 |
ASC 326 adoption | 255,000 | |
Charge-offs | (83,621) | (8,633) |
Recoveries | 88,053 | 36,123 |
Provision | 18,000 | 0 |
Ending balance | 4,639,610 | 4,211,089 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 615 | 1,798 |
ASC 326 adoption | 48,540 | |
Charge-offs | (5,681) | (8,633) |
Recoveries | 534 | 1,066 |
Provision | (36,766) | 0 |
Ending balance | 7,242 | (5,769) |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 81,182 | 109,724 |
ASC 326 adoption | 80,330 | |
Charge-offs | (77,940) | 0 |
Recoveries | 64,621 | 17,126 |
Provision | (43,707) | 0 |
Ending balance | 104,486 | 126,850 |
Unallocated [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 9,994 | 32,014 |
ASC 326 adoption | (9,994) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 0 |
Ending balance | 0 | 32,014 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,960,955 | 1,468,649 |
ASC 326 adoption | 1,028,700 | |
Charge-offs | 0 | 0 |
Recoveries | 11,553 | 17,931 |
Provision | 77,459 | 0 |
Ending balance | 3,078,667 | 1,486,580 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 186,733 | 174,579 |
ASC 326 adoption | (27,875) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (10,204) | 0 |
Ending balance | 148,654 | 174,579 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 225,869 | 288,455 |
ASC 326 adoption | (68,217) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (33,607) | 0 |
Ending balance | 124,045 | 288,455 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,632,241 | 1,757,794 |
ASC 326 adoption | (694,135) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 48,689 | 0 |
Ending balance | 986,795 | 1,757,794 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 264,589 | 350,586 |
ASC 326 adoption | (102,349) | |
Charge-offs | 0 | 0 |
Recoveries | 11,345 | 0 |
Provision | 16,136 | 0 |
Ending balance | $ 189,721 | $ 350,586 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Collateral-Dependent Loans - (Details) | Mar. 31, 2023 USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | $ 1,017,793 |
Without an Allowance | 1,017,793 |
With an Allowance | 0 |
Allowance Allocation | 0 |
Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Without an Allowance | 1,017,793 |
With an Allowance | 0 |
Allowance Allocation | 0 |
Home equity [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Multi-family [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Construction and land development [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Consumer loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Commercial and industrial loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Real Estate [Member] | Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Real Estate [Member] | Home equity [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Real Estate [Member] | Multi-family [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Real Estate [Member] | Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Real Estate [Member] | Construction and land development [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Real Estate [Member] | Consumer loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Real Estate [Member] | Commercial and industrial loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Home equity [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Multi-family [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Construction and land development [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Consumer loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Other Business Assets [Member] | Commercial and industrial loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary Of Allowances For Credit Losses And Recorded Investments In Loans Individually And Collectively Evaluated For Impairment (Detail) | Mar. 31, 2023 USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | $ 1,017,793 |
Without an Allowance | 1,017,793 |
With an Allowance | 0 |
Allowance Allocation | 0 |
Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Without an Allowance | 1,017,793 |
With an Allowance | 0 |
Allowance Allocation | 0 |
Residential [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | 1,017,793 |
Residential [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Home equity [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Home equity [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Home equity [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Multi-family [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Multi-family [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Multi-family [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Commercial [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Commercial [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Consumer Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Consumer Loans [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Consumer Loans [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Commercial And Industrial Loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Without an Allowance | |
With an Allowance | 0 |
Allowance Allocation | 0 |
Commercial And Industrial Loans [Member] | Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans | |
Commercial And Industrial Loans [Member] | Other Business Assets [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Loans |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary Of Impaired Loans With And Without Allowances For Credit Losses Recorded Investment Unpaid Principal Amount (Detail) | Dec. 31, 2022 USD ($) |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | $ 0 |
Impaired Loans Without Related Allowance Record Investment | 1,137,816 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,137,816 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 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 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Commercial and industrial loans [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,137,816 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,137,816 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | Residential [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,037,428 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,037,428 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | Home equity [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | Multi-family [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | Commercial [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 57,000 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 57,000 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | 0 |
Real Estate [Member] | Construction and land development [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Impaired Loans With Related Allowance Record Investment | 0 |
Impaired Loans Without Related Allowance Record Investment | 43,388 |
Impaired Loans With Related Allowance Principal Balance | 0 |
Impaired Loans Without Related Allowance Principal Balance | 43,388 |
Impaired Loans With Related Allowance | 0 |
Impaired Loans Without Related Allowance | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Deferred loan fees | $ 1,048,381 | $ 1,096,553 |
Accrued interest on loans | 1,140,289 | 1,089,938 |
Debt securities, held-to-maturity, 90 days or more past due, still accruing | 0 | 0 |
Amount of TDRs still accruing interest | 334,714 | |
Loans classified in doubtful or loss risk rating | 0 | $ 0 |
Impaired Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable Modifications Number Of Contracts | 1 | |
Amount of TDRs still accruing interest | $ 29,160 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Aging of the Recorded Investment in Past Due Loans and Nonaccrual Loans (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 338,437,878 | $ 338,501,049 |
Loans | 339,486,259 | 339,597,602 |
Non-accrual | 414,408 | 554,137 |
Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 1,144,898 | 1,210,164 |
Non-accrual | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 17,128,894 | 25,665,751 |
Non-accrual | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 952,060 | 397,593 |
Financial Asset, Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,790 | 5,718 |
Financial Asset, Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 581,639 | 0 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 338,534,199 | 339,200,009 |
Financial Asset, Not Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,140,108 | 1,204,446 |
Financial Asset, Not Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,547,255 | 25,665,751 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 947,270 | 251,786 |
30-59 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 5,718 |
30-59 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 581,639 | 0 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,790 | 57,266 |
60-89 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,790 | 0 |
60-89 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 | 0 | 88,541 |
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] | ||
Loans | 321,212,467 | 312,721,687 |
Non-accrual | 414,408 | 554,137 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 142,756,710 | 136,382,014 |
Non-accrual | 414,408 | 453,749 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 11,347,634 | 12,410,820 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 20,335,229 | 24,613,700 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 114,069,098 | 111,394,065 |
Non-accrual | 0 | 57,000 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 32,703,796 | 27,921,088 |
Non-accrual | 0 | 43,388 |
Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 365,631 | 391,875 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 365,631 | 252,641 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 82,234 |
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 | 0 | 57,000 |
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 | 0 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 320,846,836 | 312,329,812 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 142,391,079 | 136,129,373 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,347,634 | 12,328,586 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,335,229 | 24,613,700 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 114,069,098 | 111,337,065 |
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 | 32,703,796 | 27,921,088 |
Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 365,631 | 246,068 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 365,631 | 221,100 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 24,968 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 30-59 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] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 57,266 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 57,266 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | 60-89 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] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 88,541 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 31,541 |
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 | 0 | 57,000 |
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 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Loans not Meeting the Criteria are Analyzed Individually are considered to be Pass Rated Loans, Based on the Most Recent Analysis Performed, the Risk Category of Loans by Class of Loans (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 339,486,259 | $ 339,597,602 |
YTD Gross Charge-offs | 83,621 | 8,633 |
2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 10,351,421 | |
YTD Gross Charge-offs | 0 | |
2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 97,873,951 | 92,461,782 |
YTD Gross Charge-offs | 83,621 | 0 |
2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 68,355,502 | 69,300,069 |
YTD Gross Charge-offs | 0 | 8,633 |
2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 41,588,471 | 43,256,467 |
YTD Gross Charge-offs | 0 | 0 |
2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 28,401,762 | 31,983,975 |
YTD Gross Charge-offs | 0 | 0 |
2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,272,772 | |
YTD Gross Charge-offs | 0 | |
Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 72,962,913 | 48,003,364 |
YTD Gross Charge-offs | 0 | 0 |
Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 19,952,239 | 27,319,173 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,144,898 | 1,210,164 |
YTD Gross Charge-offs | 5,681 | 8,633 |
Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 98,091 | |
YTD Gross Charge-offs | 0 | |
Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 419,400 | 483,182 |
YTD Gross Charge-offs | 5,681 | 0 |
Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 405,429 | 429,878 |
YTD Gross Charge-offs | 0 | 8,633 |
Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 75,144 | 92,795 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 60,041 | 98,284 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,238 | |
YTD Gross Charge-offs | 0 | |
Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,085 | 28,939 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 51,708 | 63,848 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,128,894 | 25,665,751 |
YTD Gross Charge-offs | 77,940 | 0 |
Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 567,900 | |
YTD Gross Charge-offs | 0 | |
Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,799,177 | 5,950,790 |
YTD Gross Charge-offs | 77,940 | 0 |
Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,344,603 | 4,500,645 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,732,584 | 1,846,412 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 470,947 | 587,718 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 879,754 | |
YTD Gross Charge-offs | 0 | |
Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,289,784 | 566,731 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,923,899 | 11,333,701 |
YTD Gross Charge-offs | 0 | 0 |
Pass [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,144,898 | 1,210,164 |
Pass [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 98,091 | |
Pass [Member] | Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 419,400 | 483,182 |
Pass [Member] | Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 405,429 | 429,878 |
Pass [Member] | Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 75,144 | 92,795 |
Pass [Member] | Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 60,041 | 98,284 |
Pass [Member] | Consumer loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,238 | |
Pass [Member] | Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,085 | 28,939 |
Pass [Member] | Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 51,708 | 63,848 |
Pass [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 16,547,255 | 25,665,751 |
Pass [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 567,900 | |
Pass [Member] | Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,217,538 | 5,950,790 |
Pass [Member] | Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,344,603 | 4,500,645 |
Pass [Member] | Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,732,584 | 1,846,412 |
Pass [Member] | Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 470,947 | 587,718 |
Pass [Member] | Commercial and industrial loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 879,754 | |
Pass [Member] | Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,289,784 | 566,731 |
Pass [Member] | Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,923,899 | 11,333,701 |
Special Mention [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Substandard [Member] | Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Substandard [Member] | Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 581,639 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Substandard [Member] | Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 581,639 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Substandard [Member] | Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 321,212,467 | 312,721,687 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,685,430 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 92,655,374 | 86,027,810 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 63,605,470 | 64,369,546 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 39,780,743 | 41,317,260 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,870,774 | 31,297,973 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 26,379,780 | |
Real Estate [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 71,638,044 | 47,407,694 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,976,632 | 15,921,624 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 142,756,710 | 136,382,014 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,719,574 | |
Real Estate [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 57,295,576 | 55,151,967 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,741,506 | 22,610,519 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,479,324 | 15,667,540 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,510,326 | 6,769,858 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 10,117,299 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,222,308 | 25,979,002 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 788,096 | 85,829 |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,347,634 | 12,410,820 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Home equity [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Home equity [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,347,634 | 12,410,820 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 20,335,229 | 24,613,700 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,276,000 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 974,376 | 981,012 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,926,814 | 3,980,555 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,451,055 | 7,316,026 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 907,004 | 5,295,123 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 824,352 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,799,980 | 6,216,632 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 114,069,098 | 111,394,065 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,655,546 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,764,239 | 16,459,869 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 26,975,867 | 26,374,201 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,793,396 | 18,275,551 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 20,417,854 | 19,195,980 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,240,272 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,408,994 | 14,393,232 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,053,202 | 1,454,960 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 32,703,796 | 27,921,088 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,034,310 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 18,621,183 | 13,434,962 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,961,283 | 11,404,271 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 56,968 | 58,143 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,590 | 37,012 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 197,857 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,206,762 | 818,828 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,787,700 | 1,970,015 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 140,697,939 | 134,695,557 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,719,574 | |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 56,692,922 | 55,151,967 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,741,506 | 22,610,519 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,443,724 | 15,631,663 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,367,448 | 6,623,691 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,838,826 | |
Real Estate [Member] | Pass [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 33,944,669 | 25,753,062 |
Real Estate [Member] | Pass [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 788,096 | 85,829 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,347,634 | 12,410,820 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Pass [Member] | Home equity [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,347,634 | 12,410,820 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 20,335,229 | 24,613,700 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,276,000 | |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 974,376 | 981,012 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,926,814 | 3,980,555 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,451,055 | 7,316,026 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 907,004 | 5,295,123 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 824,352 | |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,799,980 | 6,216,632 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 106,179,154 | 101,192,649 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,655,546 | |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,764,239 | 16,459,869 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 26,463,985 | 25,642,201 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 15,001,470 | 15,466,808 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 20,417,854 | 16,482,391 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,501,425 | |
Real Estate [Member] | Pass [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,497,858 | 14,184,995 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,378,202 | 1,454,960 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 32,583,221 | 27,793,996 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,034,310 | |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 18,578,996 | 13,391,574 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,961,283 | 11,404,271 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 56,968 | 58,143 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,737 | 37,012 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 197,857 | |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,146,227 | 735,124 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,787,700 | 1,970,015 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 244,805 | 447,915 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 447,915 | |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 244,805 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,586,136 | 7,335,673 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 675,000 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 2,713,589 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,738,847 | |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,911,136 | 208,237 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 675,000 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,853 | 20,263 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 17,853 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 20,263 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,813,966 | 1,238,542 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 602,654 | 0 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,600 | 35,877 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 142,878 | 146,167 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 830,558 | |
Real Estate [Member] | Substandard [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,032,834 | 225,940 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,303,808 | 2,865,743 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 511,882 | 57,000 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,791,926 | 2,808,743 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 102,722 | 106,829 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 42,187 | 43,388 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2018 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 60,535 | 63,441 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 0 | $ 0 |
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] | Dec. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 11,000,000 |
Due on November 20,2023 with fixed rate 4.57% [Member] | |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | ||
Advances outstanding | $ 0 | |
Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 7,400,000 | $ 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 | 86,165,000 | 56,438,000 |
Line of credit facility, maximum borrowing capacity | 86,200,000 | 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 | 10,700,000 | 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] | ||
Line of credit facility, maximum borrowing capacity | $ 11,000,000 |
Commitments - Schedule of Loan
Commitments - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 41,252,000 | $ 49,189,000 |
Stand-by letters of credit [Member] | ||
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 830,000 | $ 819,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Commitments And Letters Of Credit [Line Items] | ||
Unfunded commitments, allowance for credit loss | $ 4,639,610 | $ 4,362,178 |
Unfunded Loan Commitment [Member] | ||
Commitments And Letters Of Credit [Line Items] | ||
Unfunded commitments, allowance for credit loss | $ 146,778 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) $ in Billions | Mar. 31, 2023 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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 67,355 | $ 67,153 |
Total Capital to Risk - Weighted Assets, Actual Amount | 71,257 | 71,094 |
Tier 1 Capital to Risk - Weighted Assets, Actual Amount | 67,355 | 67,153 |
Tier I Capital to Average Assets, Actual Amount | $ 67,355 | $ 67,153 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 21.64% | 21.32% |
Total Capital to Risk - Weighted Assets, Actual Ratio | 22.89% | 22.57% |
Tier 1 Capital to Risk - Weighted Assets, Actual Ratio | 21.64% | 21.32% |
Tier I Capital to Average Assets, Actual Ratio | 15.59% | 16.22% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Amount | $ 14,008 | $ 14,172 |
Total Capital to Risk - Weighted Assets, For Capital Adequacy Purposes Amount | 24,904 | 25,194 |
Tier 1 Capital to Risk - Weighted Assets, For Capital Adequacy Purposes Amount | 18,678 | 18,895 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 17,277 | $ 16,558 |
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 | $ 20,234 | $ 20,470 |
Total Capital to Risk - Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 31,130 | 31,492 |
Tier 1 Capital to Risk - Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 24,904 | 25,194 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 21,596 | $ 20,697 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Total Capital to Risk - Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 10% | 10% |
Tier 1 Capital to Risk - Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 8% | 8% |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5% | 5% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 43,511,529 | $ 43,096,552 |
US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,448,144 | 9,324,532 |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,768,794 | 8,732,033 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,817,649 | 14,844,030 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,329,117 | 7,028,911 |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,147,825 | 3,167,046 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Level 2 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,448,144 | 9,324,532 |
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 | 8,768,794 | 8,732,033 |
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 | 14,817,649 | 14,844,030 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,329,117 | 7,028,911 |
Level 2 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 3,147,825 | $ 3,167,046 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Detail) - Fair Value, Nonrecurring [Member] - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | $ 52,900 | $ 683,800 |
Assets recorded at fair value on a recurring basis | 52,900 | 683,800 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 52,900 | 683,800 |
Assets recorded at fair value on a recurring basis | $ 52,900 | $ 683,800 |
Fair Value Measurement - Signif
Fair Value Measurement - Significant unobservable inputs used in fair value measurement of Level 3 assets (Detail) - Fair Value, Nonrecurring [Member] | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned Fair Value Disclosure | $ 52,900 | $ 683,800 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned Fair Value Disclosure | $ 52,900 | $ 683,800 |
Fair Value, Inputs, 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 | 42 | 52 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Carrying Amounts and Estimated Fair Values of the Bank's Financial Instruments (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Certificates of deposit with other banks | $ 1,490,000 | $ 1,739,000 |
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Other investments | 960,400 | 1,377,500 |
Mortgage loans held for sale | 0 | 2,085,099 |
Loans, net | 333,798,268 | 334,138,871 |
Bank owned life insurance | 11,511,381 | 11,442,653 |
Financial liabilities: | ||
Deposits | 335,914,737 | 328,840,232 |
FHLB advances | 0 | 11,000,000 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 26,632,732 | 25,545,872 |
Certificates of deposit with other banks | 1,490,000 | 1,739,000 |
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Other investments | 960,400 | 1,377,500 |
Mortgage loans held for sale | 0 | 2,085,099 |
Loans, net | 333,798,268 | 334,138,871 |
Bank owned life insurance | 11,511,381 | 11,442,653 |
Financial liabilities: | ||
Deposits | 335,914,737 | 328,840,232 |
FHLB advances | 11,000,000 | |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 26,632,732 | 25,545,872 |
Certificates of deposit with other banks | 1,490,000 | 1,739,000 |
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Other investments | 960,400 | 1,377,500 |
Mortgage loans held for sale | 0 | 2,085,099 |
Loans, net | 321,228,000 | 318,195,000 |
Bank owned life insurance | 11,511,381 | 11,442,653 |
Financial liabilities: | ||
Deposits | 334,609,273 | 327,148,834 |
FHLB advances | 10,953,000 | |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 26,632,732 | 25,545,872 |
Certificates of deposit with other banks | 1,490,000 | 1,739,000 |
Bank owned life insurance | 11,511,381 | 11,442,653 |
Financial liabilities: | ||
Deposits | 235,342,273 | 239,334,834 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 43,511,529 | 43,096,552 |
Other investments | 960,400 | 1,377,500 |
Mortgage loans held for sale | 0 | 2,085,099 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 321,228,000 | 318,195,000 |
Financial liabilities: | ||
Deposits | $ 99,267,000 | 87,814,000 |
FHLB advances | $ 10,953,000 |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Aug. 04, 2022 | |
Class of Stock [Line Items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 250,000 | ||
Treasury stock, (Shares) | 0 | 75,172 | |
Average price of treasury stock per share | $ 14.44 | ||
Options were deemed dilutive | 0 | ||
Retired treasury stock | 75,172 |
Stockholders' Equity and Earn_4
Stockholders' Equity and Earnings Per Share - Summary of Earnings per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Income applicable to common shares | $ 332,029 | $ 695,893 |
Denominator: | ||
Weighted average common shares outstanding | 4,974,200 | 4,898,350 |
Effective of dilutive securities: | ||
Weighted average common shares outstanding - assuming dilution | 4,974,200 | 4,898,350 |
Earnings per common share | $ 0.07 | $ 0.14 |
Earnings per common share - assuming dilution | $ 0.07 | $ 0.14 |
Restricted Stock [Member] | ||
Effective of dilutive securities: | ||
Restricted stock / Stock options (in shares) | 0 | 0 |
Stock options [Member] | ||
Effective of dilutive securities: | ||
Restricted stock / Stock options (in shares) | 0 | 0 |