Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
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 $0.01 | |
Trading Symbol | TCBC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 4,229,548 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 23,830,948 | $ 25,039,214 |
Investment securities available-for-sale (amortized cost of $53,032,453 and $46,807,212; $0 allowance for credit losses) | 49,124,679 | 42,964,495 |
Other investments | 1,667,550 | 1,629,150 |
Mortgage loans held for sale | 432,769 | 289,111 |
Loans | 381,404,580 | 376,899,968 |
Allowance for credit losses | (4,889,067) | (4,836,878) |
Net loans | 376,515,513 | 372,063,090 |
Premises and equipment, net | 4,714,647 | 4,782,760 |
Right-of-use asset | 1,895,340 | 1,944,885 |
Bank owned life insurance | 11,801,705 | 11,729,019 |
Accrued interest receivable and other assets | 4,692,523 | 6,141,545 |
Total Assets | 474,675,674 | 466,583,269 |
Deposits: | ||
Demand | 47,556,816 | 41,571,035 |
Interest-bearing demand | 51,994,757 | 52,721,981 |
Savings and money markets | 176,110,642 | 164,622,926 |
Certificates of deposit | 104,625,385 | 110,952,852 |
Total deposits | 380,287,600 | 369,868,794 |
Federal Home Loan Bank advances | 11,000,000 | 11,000,000 |
Lease liability | 2,070,719 | 2,102,426 |
Accrued interest payable and other liabilities | 3,477,977 | 3,977,628 |
Total liabilities | 396,836,296 | 386,948,848 |
Shareholders' Equity: | ||
Common stock, $.01 par value, 20,000,000 shares authorized as of March 31, 2024, and December 31, 2023; 4,321,148 and 4,461,667 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively | 43,211 | 44,617 |
Additional paid in capital | 41,970,845 | 43,181,994 |
Retained earnings | 42,329,976 | 42,863,945 |
Accumulated other comprehensive loss | (3,173,776) | (3,125,257) |
Unearned ESOP shares: 333,088 shares unallocated at March 31, 2024, and December 31, 2023 | (3,330,878) | (3,330,878) |
Total stockholders' equity | 77,839,378 | 79,634,421 |
Total Liabilities and Stockholders' Equity | $ 474,675,674 | $ 466,583,269 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 4,321,148 | 4,461,667 |
Common stock, shares outstanding | 4,321,148 | 4,461,667 |
Treasury stock, (Shares) | 506,358 | |
Unearned ESOP, shares unallocated | 333,088 | 333,088 |
Investment securities available-for-sale, amortized cost | $ 53,032,453 | $ 46,807,212 |
Allowance for credit losses on available for sale securities | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and Dividend Income: | ||
Interest and fees on loans | $ 5,227,620 | $ 4,244,634 |
Interest and dividends on investment securities | 510,961 | 334,068 |
Interest on deposits with other banks and federal fund sold | 306,181 | 300,619 |
Total interest and dividend income | 6,044,762 | 4,879,321 |
Interest Expense | ||
Interest on deposits | 2,533,091 | 1,154,629 |
Interest on borrowings | 122,212 | 107,667 |
Total interest expense | 2,655,303 | 1,262,296 |
Net interest income | 3,389,459 | 3,617,025 |
Provision for Credit Losses | 30,000 | 18,000 |
Net interest income after provision for credit losses | 3,359,459 | 3,599,025 |
Other Income: | ||
Service charges on deposits accounts | 104,556 | 135,745 |
Gain on sale of loans | 53,658 | 94,826 |
Gain on sale of premises and equipment | 0 | 12,086 |
Bank owned life insurance income | 72,686 | 68,728 |
Other | 7,786 | 20,393 |
Total other income | 238,686 | 331,778 |
Other Expense: | ||
Salaries and employee benefits | 2,094,912 | 2,062,979 |
Occupancy and equipment | 356,662 | 237,652 |
Other real estate owned, net of opereations, loss on sales and write-downs | 0 | (2,767) |
Other | 1,121,683 | 1,180,028 |
Total other expense | 3,573,257 | 3,477,892 |
Income Before Income Taxes | 24,888 | 452,911 |
Income Tax Expense | 2,651 | 120,882 |
Net Income | $ 22,237 | $ 332,029 |
Earnings per share: | ||
Basic | $ 0.01 | $ 0.07 |
Diluted | $ 0.01 | $ 0.07 |
Weighted Average Shares Outstanding: | ||
Basic | 4,361,088 | 4,974,200 |
Diluted | 4,361,088 | 4,974,200 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 22,237 | $ 332,029 |
Unrealized (losses) gains on securities available-for-sale: | ||
Holding (losses) gains arising during the period, net of taxes of ($16,537) and $96,755, respectively | (48,519) | 537,092 |
Total other comprehensive (loss) income | (48,519) | 537,092 |
Comprehensive (Loss) Income | $ (26,282) | $ 869,121 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (losses) gains on available for sale securities tax component | $ (16,537) | $ 96,755 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | 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, 2022 | $ 85,277,834 | $ 84,975,330 | $ 50,494 | $ 50,494 | $ 48,267,762 | $ 48,267,762 | $ 45,876,694 | $ 45,574,190 | $ (4,305,039) | $ (4,305,039) | $ (1,085,265) | $ (1,085,265) | $ (3,526,812) | $ (3,526,812) |
Cumulative change in accounting principle (Note 1) | (302,504) | (302,504) | ||||||||||||
Net income | 332,029 | 332,029 | ||||||||||||
Retirement of treasury stock | (752) | (751,519) | (332,994) | 1,085,265 | ||||||||||
Other comprehensive income (loss), net of tax | 537,092 | 537,092 | ||||||||||||
Ending Balance at Mar. 31, 2023 | 85,844,451 | 49,742 | 47,516,243 | 45,573,225 | (3,767,947) | (3,526,812) | ||||||||
Beginning Balance at Dec. 31, 2023 | 79,634,421 | 44,617 | 43,181,994 | 42,863,945 | (3,125,257) | (3,330,878) | ||||||||
Cumulative change in accounting principle (Note 1) | 302,504 | |||||||||||||
Net income | 22,237 | 22,237 | ||||||||||||
Repurchase of common stock | (1,961,396) | (1,961,396) | ||||||||||||
Retirement of treasury stock | (1,406) | (1,403,784) | (556,206) | $ 1,961,396 | ||||||||||
Other comprehensive income (loss), net of tax | (48,519) | (48,519) | ||||||||||||
Stock based compensation | 192,635 | 192,635 | ||||||||||||
Ending Balance at Mar. 31, 2024 | $ 77,839,378 | $ 43,211 | $ 41,970,845 | $ 42,329,976 | $ (3,173,776) | $ (3,330,878) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities | ||
Net income | $ 22,237 | $ 332,029 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, amortization and accretion | 136,970 | 154,491 |
Lease expense | 17,838 | 36,729 |
Provision for credit losses | 30,000 | 18,000 |
Net gain on sale of other real estate owned | 0 | (8,750) |
Gain sale of premises and equipment | 0 | (12,086) |
Stock based compensation | 192,635 | 0 |
Increase in cash surrender value of bank owned life insurance | (72,686) | (68,728) |
Gain on mortgage loans sold, net | (53,658) | (94,826) |
Proceeds from the sale of mortgage loans held for sale | 3,018,905 | 6,158,327 |
Originations of mortgage loans held for sale | (3,108,905) | (3,978,402) |
Change in: | ||
Accrued interest receivable and other assets | 1,465,558 | 345,049 |
Accrued interest payable and other liabilities | (276,568) | 1,781,227 |
Net cash provided by operating activities | 1,372,326 | 4,663,060 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 0 | 249,000 |
Purchase of investment securities available-for -sale | (11,687,114) | 0 |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 5,457,169 | 145,502 |
Purchase of other investments | (38,400) | (50,400) |
Proceeds from sales of other investment | 0 | 467,500 |
Net change in loans | (4,482,423) | 67,603 |
Proceeds from sales of other real estate owned | 0 | 639,650 |
Proceeds from sales of premises and equipment | 0 | 18,500 |
Purchase of premises and equipment | (64,151) | (935,591) |
Net cash (used in) provided by investing activities | (10,814,919) | 601,764 |
Cash Flows from Financing Activities: | ||
Net change in deposits | 10,418,806 | 7,074,505 |
Repayments of Federal Home Loan Bank advances | 0 | (11,000,000) |
Dividends | (223,083) | (252,469) |
Repurchase and retirement of common stock | (1,961,396) | 0 |
Net cash provided by (used in) financing activities | 8,234,327 | (4,177,964) |
Net Change in Cash and Cash Equivalents | (1,208,266) | 1,086,860 |
Cash and Cash Equivalents, Beginning of Year | 25,039,214 | 25,545,872 |
Cash and Cash Equivalents, End of Year | 23,830,948 | 26,632,732 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 2,765,307 | 1,076,907 |
Non-Cash Investing and Financing Activities: | ||
Change in unrealized losses on securities-for-sale, net of tax | (48,519) | 537,092 |
Right-of-use asset recorded in exchange for lease liabilities | $ 0 | $ 1,917,424 |
General; Basis of Presentation
General; Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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 opened in 1934 and was chartered by the Federal Home Loan Bank Board as a mutual savings and loan association owned 100% by its depositors. The Bank currently operates four branch locations; one each in Thomasville, and Savannah, Georgia, as well as in Tallahassee, and Jacksonville, Florida. In addition, the Bank maintains loan production offices in Tallahassee and Jacksonville, Florida. The Bank's primary lending products consist of single-family residential mortgage loans and commercial and multi-family real estate loans. Its deposit products are the primary source of funding. 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, 2023, included in the Company's 2023 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three months ended March 31, 2024, 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 2023 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 2023 Annual Report on Form 10-K. Allowance for Credit Losses: On January 1, 2023, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic ASC 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. 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 . 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 as deemed appropriate by management. c. Available-for-Sale ("AFS") Debt Securities For AFS securities in an unrealized loss position, management first assesses 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 consolidated balance sheets 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 same segmentation is utilized for off-balance sheet commitments as is applied to the funded loan portfolio. 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) for each loan segment. Management then applies the loss rates that were derived on the funded loan portfolio, by loan segment, to calculate the Unfunded Reserve. 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 employee stock ownership plan 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. The residual balance of unearned ESOP shares are reflected as a reduction of stockholders' equity on the Company's balance sheet. 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, 2024 , 357,510 stock options had been granted under the Equity Plan with 143,004 vested and 214,506 unvested. In addition, 156,590 restricted stock awards had been granted with 63,596 vested and 92,994 unvested. T he 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. Recently Issued Not Yet Effective Accounting Pronouncements: In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718) : Scope Application of Profits Interest and Similar Awards, which clarifies how an entity should apply scope guidance to determine whether a profits interest award should be accounted for in accordance with Topic 718. The guidance is effective for public companies for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted. The Company is assessing ASU 2024-01 and its impact on its accounting and disclosures. 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. Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale at March 31, 2024, and December 31, 2023, are as follows: Amortized Gross Gross Estimated Fair Value as March 31, 2024- US treasuries $ 5,083,796 $ — $ 564,597 $ 4,519,199 9 % US agency bonds 401,116 — 11,063 390,053 1 % Mortgage-backed securities 21,351,459 27,985 882,170 20,497,274 42 % Collateralized mortgage obligations 14,313,425 — 638,753 13,674,672 28 % Municipal bonds 8,757,657 — 1,331,348 7,426,309 15 % Corporate obligations 3,125,000 — 507,828 2,617,172 5 % $ 53,032,453 $ 27,985 $ 3,935,759 $ 49,124,679 100 % December 31, 2023- US treasuries $ 10,089,682 $ — $ 555,847 $ 9,533,835 22 % Mortgage-backed securities 10,157,271 43,157 787,592 9,412,836 22 % Collateralized mortgage obligations 14,676,623 — 722,772 13,953,851 33 % Municipal bonds 8,758,636 — 1,292,743 7,465,893 17 % Corporate obligations 3,125,000 — 526,920 2,598,080 6 % $ 46,807,212 $ 43,157 $ 3,885,874 $ 42,964,495 100 % 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, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ — $ — US agency bonds 390,053 11,063 — — Mortgage-backed securities 11,121,179 96,599 — — Collateralized mortgage obligations — — — — Municipal bonds — — — — Corporate obligations — — — — Total less than 12 months $ 11,511,232 $ 107,662 $ — $ — Unrealized loss for more than 12 months: US treasuries $ 4,519,199 $ 564,597 $ 9,533,835 $ 555,847 US agency bonds — — — — Mortgage-backed securities 8,383,260 785,571 8,406,330 787,592 Collateralized mortgage obligations 13,674,672 638,753 13,953,851 722,772 Municipal bonds 7,426,309 1,331,348 7,465,893 1,292,743 Corporate obligations 2,617,172 507,828 2,598,080 526,920 Total more than 12 months 36,620,612 3,828,097 41,957,989 3,885,874 Total $ 48,131,844 $ 3,935,759 $ 41,957,989 $ 3,885,874 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. As of March 31, 2024, and December 31, 2023, all positions within the securities portfolio contained unrealized losses, with the exception of two commercial mortgage-backed securities. As of March 31, 2024 , 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 management's analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our AFS 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 AFS 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, 2024, and December 31, 2023 , accrued interest on investment securities AFS was approximately $ 194,000 and $ 204,000 , respectively. The amortized cost and estimated fair value of investment securities AFS at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because some borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years 8,023,280 7,116,677 5 to 10 years 9,344,289 7,836,056 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 35,664,884 34,171,946 Total $ 53,032,453 $ 49,124,679 The Company did not sell any investment securities available-for-sale for the three months ended March 31, 2024 or 2023. Securities with market values of approximately $ 2.0 million at both March 31, 2024, and December 31, 2023, 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, 2024 | |
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 Call Report Code, at March 31, 2024, and December 31, 2023, are summarized as follows: March 31, 2024 Percent December 31, 2023 Percent Real estate loans: Residential $ 148,132,772 38.72 % $ 148,533,603 39.29 % Home equity 10,897,812 2.85 % 11,099,027 2.94 % Multi-family 18,415,043 4.81 % 19,137,789 5.06 % Commercial 131,685,609 34.43 % 123,572,774 32.69 % Construction and land development 51,680,539 13.51 % 55,461,430 14.67 % Total real estate loans 360,811,775 357,804,623 Consumer loans 3,387,244 0.89 % 3,345,453 0.88 % Commercial and industrial loans 18,327,919 4.79 % 16,918,558 4.47 % Total loans 382,526,938 100.00 % 378,068,634 100.00 % Less: Allowance for credit losses 4,889,067 4,836,878 Deferred loan fees 1,122,358 1,168,666 Loans, net $ 376,515,513 $ 372,063,090 The Company grants loans and extensions of credit to individuals, as well as a variety of firms and corporations throughout its footprint. Although the Company 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 Company 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 Company 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 Company 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 Company's market areas. Real Estate - Home Equity: The Company 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 Company'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 Company's market areas. The Company'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 Company's market areas. The Company'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 Company 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 Company'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 Company'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 Company'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. As of March 31, 2024, and December 31, 2023 , accrued interest on loans was approximately $ 1.5 million and $ 1.4 million, respectively. Allowance for Credit Losses: The Company's estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The following tables present the activity in the ACL by class of loans for the three months ended March 31, 2024, and March 31, 2023. 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, 2024 Allowance for credit losses: Beginning balance $ 3,077,852 $ 117,716 $ 82,293 $ 1,092,137 $ 306,149 $ 27,930 $ 132,801 $ — $ 4,836,878 Charge-offs — — — — — ( 4,534 ) — — ( 4,534 ) Recoveries 9,000 — — — 11,345 — 6,378 — 26,723 Provision ( 26,203 ) 6,519 ( 6,791 ) 117,271 ( 63,215 ) 5,061 ( 2,642 ) — 30,000 Balance at March 31, 2024 $ 3,060,649 $ 124,235 $ 75,502 $ 1,209,408 $ 254,279 $ 28,457 $ 136,537 $ — $ 4,889,067 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 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 reason for the increase in required ACL was to capture the expected lifetime losses of the portfolio, which was 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. The following table presents information relative to individually and collectively evaluated loans by portfolio segment as of March 31, 2024, and December 31, 2023: Loans Allowance for credit losses Individually Collectively Individually Collectively March 31, 2024 - Real estate loans: Residential $ 494,534 $ 147,638,238 $ — $ 3,060,649 Home equity — 10,897,812 — 124,235 Multi-family — 18,415,043 — 75,502 Commercial — 131,685,609 — 1,209,408 Construction and development — 51,680,539 — 254,279 Total real estate loans 494,534 360,317,241 — 4,724,073 Consumer loans — 3,387,244 — 28,457 Commercial and industrial loans 728,833 17,599,086 69,660 66,877 Total $ 1,223,367 $ 381,303,571 $ 69,660 $ 4,819,407 December 31, 2023 - Real estate loans: Residential $ 512,611 $ 148,020,992 $ — $ 3,077,852 Home equity 47,078 11,051,949 4,986 112,730 Multi-family — 19,137,789 — 82,293 Commercial — 123,572,774 — 1,092,137 Construction and development — 55,461,430 — 306,149 Total real estate loans 559,689 357,244,934 4,986 4,671,161 Consumer loans — 3,345,453 — 27,930 Commercial and industrial loans 728,483 16,190,075 69,660 63,141 Total $ 1,288,172 $ 376,780,462 $ 74,646 $ 4,762,232 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 present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation as of March 31, 2024, and December 31, 2023. Collateral Type Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation March 31, 2024 - Real estate loans: Residential $ 494,534 $ — $ 494,534 $ 494,534 $ — $ — Home equity — — — — — — Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 494,534 — 494,534 494,534 — — Consumer loans — — — — — — Commercial and industrial loans — 728,833 728,833 48,886 679,947 69,660 Total $ 494,534 $ 728,833 $ 1,223,367 $ 543,420 $ 679,947 $ 69,660 December 31, 2023 - Real estate loans: Residential $ 512,611 $ — $ 512,611 $ 512,611 $ — $ — Home equity 47,078 — 47,078 29,078 18,000 4,986 Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 559,689 — 559,689 541,689 18,000 4,986 Consumer loans — — — — — — Commercial and industrial loans — 728,483 728,483 48,536 679,947 69,660 Total $ 559,689 $ 728,483 $ 1,288,172 $ 590,225 $ 697,947 $ 74,646 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, 2024 and December 31, 2023, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2024 - Real estate loans: Residential $ 183,273 $ 164,057 $ 11,241 $ 358,571 $ 147,774,201 $ 148,132,772 $ 494,534 Home equity — — — — 10,897,812 10,897,812 — Multi-family — — — — 18,415,043 18,415,043 — Commercial — 2,742,136 — 2,742,136 128,943,473 131,685,609 — Construction — — — — 51,680,539 51,680,539 — Total real 183,273 2,906,193 11,241 3,100,707 357,711,068 360,811,775 494,534 Consumer loans — — — — 3,387,244 3,387,244 — Commercial and — — — — 18,327,919 18,327,919 728,833 $ 183,273 $ 2,906,193 $ 11,241 $ 3,100,707 $ 379,426,231 $ 382,526,938 $ 1,223,367 December 31, 2023 - Real estate loans: Residential $ 153,793 $ 89,089 $ 11,951 $ 254,833 $ 148,278,770 $ 148,533,603 $ 512,611 Home equity — — 47,078 47,078 11,051,949 11,099,027 47,078 Multi-family — — — — 19,137,789 19,137,789 — Commercial — — — — 123,572,774 123,572,774 — Construction — — — — 55,461,430 55,461,430 — Total real 153,793 89,089 59,029 301,911 357,502,712 357,804,623 559,689 Consumer loans — 993 — 993 3,344,460 3,345,453 — Commercial and — — — — 16,918,558 16,918,558 728,483 $ 153,793 $ 90,082 $ 59,029 $ 302,904 $ 377,765,730 $ 378,068,634 $ 1,288,172 As of March 31, 2024, and December 31, 2023 , there were no loans greater than 90 days past due and still accruing. As of March 31, 2024 , there was one individually evaluated nonaccrual commercial and industrial loan with a balance of $ 680,000 that had a related specific reserve of $ 70,000 . As of December 31, 2023, there were two individually evaluated nonaccrual loans with a combined related specific reserve of $ 75,000 . Loan Restructurings: As of January 1, 2023, the Company adopted the accounting guidance in ASU 2022-02 which eliminates the recognition and measurement of troubled 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. During the three months ended March 31, 2024, the Company has modified an additional loan for a borrower experiencing financial difficulty. As of March 31, 2024 , this loan had an outstanding balance of $ 10,000 and a specific reserve of $ 0 . Since the adoption of ASU 2022-02 the Company has modified a total of two loans for borrowers with financial difficulties. As of the end of the first quarter of 2024, the outstanding balance of these loans totaled $ 690,000 with specific reserves of $ 70,000 . 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. The Company had identified six loans as TDRs prior to the adoption of ASU 2022-02. These loans had a total outstanding principal balance of $ 334,000 at the end of the first quarter of 2024. Two of these loans, with outstanding balances totaling $ 48,000 and with no required specific reserves, were included in individually analyzed loans and were nonaccruing at March 31, 2024. 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, 2024, and 2023. None of the modified loans defaulted during the three months ended March 31, 2024. Credit Quality: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Company 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 Company'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 Company 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, 2024, and December 31, 2023, 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 2024 2023 2022 2021 2020 Prior Revolving Loans Total March 31, 2024 - Real estate loans: Residential Pass $ 706,053 $ 14,556,580 $ 56,543,215 $ 23,153,688 $ 12,633,420 $ 36,838,000 $ 1,911,323 $ 146,342,279 Special Mention — — — — — — — — Substandard — — 592,887 - 99,890 447,716 650,000 1,790,493 Total residential 706,053 14,556,580 57,136,102 23,153,688 12,733,310 37,285,716 2,561,323 148,132,772 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 10,869,916 10,869,916 Special Mention — — — — — — — — Substandard — — — — — — 27,896 27,896 Total home equity — — — — — — 10,897,812 10,897,812 YTD Gross Charge-offs — — — — — — — — Multi-family Pass — 386,914 947,811 3,707,859 6,258,769 7,113,690 — 18,415,043 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family — 386,914 947,811 3,707,859 6,258,769 7,113,690 — 18,415,043 YTD Gross Charge-offs — — — — — — — — Commercial Pass 5,424,452 27,270,476 16,390,063 24,069,366 13,404,101 36,011,280 104,946 122,674,684 Special Mention — — — — — 3,585,652 — 3,585,652 Substandard — — — 484,935 2,742,136 — 2,198,202 5,425,273 Total commercial 5,424,452 27,270,476 16,390,063 24,554,301 16,146,237 39,596,932 2,303,148 131,685,609 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 2,471,281 22,327,003 6,931,728 8,089,172 52,123 2,012,393 9,738,892 51,622,592 Special Mention — — — — — 7,866 — 7,866 Substandard — — — — — 50,081 — 50,081 Total construction and land development 2,471,281 22,327,003 6,931,728 8,089,172 52,123 2,070,340 9,738,892 51,680,539 YTD Gross Charge-offs — — — — — — — — Total real estate loans 8,601,786 64,540,973 81,405,704 59,505,020 35,190,439 86,066,678 25,501,175 360,811,775 Consumer loans Pass 242,463 2,656,549 287,681 62,043 34,850 64,908 38,750 3,387,244 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 242,463 2,656,549 287,681 62,043 34,850 64,908 38,750 3,387,244 YTD Gross Charge-offs — 4,534 — — — — — 4,534 Commercial and industrial loans Pass 2,274,471 2,304,213 3,453,363 1,202,440 1,303,549 1,069,239 2,279,532 13,886,807 Special Mention — — — — — — — — Substandard 200,707 372,233 1,317,425 2,501,861 — — 48,886 4,441,112 Total commercial and industrial loans 2,475,178 2,676,446 4,770,788 3,704,301 1,303,549 1,069,239 2,328,418 18,327,919 YTD Gross Charge-offs — — — — — — — — $ 11,319,427 $ 69,873,968 $ 86,464,173 $ 63,271,364 $ 36,528,838 $ 87,200,825 $ 27,868,343 $ 382,526,938 YTD Gross Charge-offs $ — $ 4,534 $ — $ — $ — $ — $ — $ 4,534 Amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total December 31, 2023 - Real estate loans: Residential Pass $ 14,694,776 $ 57,063,833 $ 23,699,662 $ 12,943,574 $ 5,972,902 $ 31,534,700 $ 1,162,823 $ 147,072,270 Special Mention — — — — — — — — Substandard — 595,374 — 103,571 103,813 358,575 300,000 1,461,333 Total residential 14,694,776 57,659,207 23,699,662 13,047,145 6,076,715 31,893,275 1,462,823 148,533,603 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 11,051,949 11,051,949 Special Mention — — — — — — — — Substandard — — — — — — 47,078 47,078 Total home equity — — — — — — 11,099,027 11,099,027 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 700,663 954,603 3,763,531 6,310,552 879,044 6,529,396 — 19,137,789 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 700,663 954,603 3,763,531 6,310,552 879,044 6,529,396 — 19,137,789 YTD Gross Charge-offs — — — — — — — — Commercial Pass 21,791,642 15,233,118 24,305,955 13,608,050 19,709,850 20,421,922 74,946 115,145,483 Special Mention — — — — — 3,605,149 — 3,605,149 Substandard — — 491,804 2,742,136 — — 1,588,202 4,822,142 Total commercial 21,791,642 15,233,118 24,797,759 16,350,186 19,709,850 24,027,071 1,663,148 123,572,774 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 25,084,297 9,150,217 8,140,282 53,356 31,944 2,118,212 10,821,270 55,399,578 Special Mention — — — — — 10,416 — 10,416 Substandard — — — — — 51,436 — 51,436 Total construction and land development 25,084,297 9,150,217 8,140,282 53,356 31,944 2,180,064 10,821,270 55,461,430 YTD Gross Charge-offs — — — — — — — — Total real estate loans 62,271,378 82,997,145 60,401,234 35,761,239 26,697,553 64,629,806 25,046,268 357,804,623 Consumer loans Pass 2,813,398 313,560 68,213 42,768 43,689 23,673 40,152 3,345,453 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 2,813,398 313,560 68,213 42,768 43,689 23,673 40,152 3,345,453 YTD Gross Charge-offs 28,198 5,681 — — — — — 33,879 Commercial and industrial loans Pass 2,168,653 2,730,858 1,272,875 1,546,208 334,685 881,462 3,589,607 12,524,348 Special Mention 288,188 — 2,596,029 — — — — 2,884,217 Substandard 105,369 1,356,088 — — — — 48,536 1,509,993 Total commercial and industrial loans 2,562,210 4,086,946 3,868,904 1,546,208 334,685 881,462 3,638,143 16,918,558 YTD Gross Charge-offs — 77,940 — — — — — 77,940 $ 67,646,986 $ 87,397,651 $ 64,338,351 $ 37,350,215 $ 27,075,927 $ 65,534,941 $ 28,724,563 $ 378,068,634 YTD Gross Charge-offs $ 28,198 $ 83,621 $ — $ — $ — $ — $ — $ 111,819 There were no loans classified in the "doubtful" or "loss" risk rating categories as of the periods ended March 31, 2024 and December 31, 2023 . |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Federal Home Loan Bank Advances and Other Borrowings | NOTE 4 - FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The following advances from the Federal Home Loan B ank ("FHLB") were outstanding as of March 31, 2024, and December 31, 2023: Advance Date Amount Rate Interest Maturity Call March 31, 2024 - May 16, 2023 $ 5,000,000 Fixed 4.00 % May 15, 2026 N/A November 16, 2023 3,000,000 Fixed 4.77 % November 16, 2026 N/A November 16, 2023 3,000,000 Fixed 4.68 % November 16, 2027 N/A $ 11,000,000 December 31, 2023 - May 16, 2023 $ 5,000,000 Fixed 4.00 % May 15, 2026 N/A November 16, 2023 3,000,000 Fixed 4.77 % November 16, 2026 N/A November 16, 2023 3,000,000 Fixed 4.68 % November 16, 2027 N/A $ 11,000,000 FHLB advances are collateralized by the Company's FHLB stock and a blanket lien on certain loans with a lendable collateral value of approximately $ 79.7 million and $ 80.8 million at March 31, 2024, and December 31, 2023, respectively. Given its pledged collateral position, the Company had approximately $ 60.7 million and $ 69.8 million in borrowing capacity with the FHLB at March 31, 2024, and December 31, 2023, respectively. Unsecured federal funds lines of credit totaling $ 28.5 million were available to the Company for overnight borrowing through correspondent banks at both March 31, 2024, and December 31, 2023. The Company also had approximately $ 26.5 million and $ 24.8 million in available borrowing capacity through the Federal Reserve Bank of Atlanta at March 31, 2024, and December 31, 2023 , respectively. There were no borrowings against these facilities at March 31, 2024, or December 31, 2023. The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain loans with a carrying value of approximately $ 37.8 million and $ 35.2 million at March 31, 2024 and December 31, 2023 , respectively. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | NOTE 5 - COMMITMENTS Credit Related Financial Instruments: In the normal course of business the Company is a party to off-balance sheet financial instruments to help 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 Company has in particular classes of financial instruments. The Company's exposure to a 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 Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. In most cases, the Company requires collateral or other security to support financial instruments with credit risk. March 31, 2024 December 31, 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 56,122,000 $ 47,871,000 Stand-by letters of credit $ 719,000 $ 719,000 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 Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company, 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 Company to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to businesses within the Company'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 Company 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, 2024, and December 31, 2023, varies. The Company maintains 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 approximately $ 167,000 and $ 140,000 at March 31, 2024, and December 31, 2023, respectively . |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
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 the federal bank regulatory 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. 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, 2024, and December 31, 2023, that the Bank met all capital adequacy requirements to which it is subject. As of March 31, 2024, and December 31, 2023, 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 regula tory standards, as of March 31, 2024, and December 31, 2023, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2024: Common Equity Tier 1 Capital to Risk- $ 68,662 19.31 % $ 15,998 4.50 % $ 23,108 6.50 % Total Capital to Risk- Weighted Assets $ 73,113 20.57 % $ 28,440 8.00 % $ 35,550 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 68,662 19.31 % $ 21,330 6.00 % $ 28,440 8.00 % Tier I Capital to Average Assets $ 68,662 14.56 % $ 18,867 4.00 % $ 23,584 5.00 % December 31, 2023: Common Equity Tier 1 Capital to Risk- $ 68,463 19.71 % $ 15,631 4.50 % $ 22,578 6.50 % Total Capital to Risk- Weighted Assets $ 72,812 20.96 % $ 27,788 8.00 % $ 34,735 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 68,463 19.71 % $ 20,841 6.00 % $ 27,788 8.00 % Tier I Capital to Average Assets $ 68,463 15.16 % $ 18,068 4.00 % $ 22,585 5.00 % |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 7 - FAIR VALUE MEASUREMENT The Company 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 Company 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 Company is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Company 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, 2024, and December 31, 2023, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2024: US treasuries $ — $ 4,519,199 $ — $ 4,519,199 US agency bonds — 390,053 — 390,053 Mortgage-backed securities — 20,497,274 — 20,497,274 Collateralized mortgage obligations — 13,674,672 — 13,674,672 Municipal bonds — 7,426,309 7,426,309 Corporate obligations — 2,617,172 — 2,617,172 Investment securities available-for-sale $ — $ 49,124,679 $ — $ 49,124,679 December 31, 2023: US treasuries $ — $ 9,533,835 $ — $ 9,533,835 Mortgage-backed securities — 9,412,836 — 9,412,836 Collateralized mortgage obligations — 13,953,851 — 13,953,851 Municipal bonds 7,465,893 — 7,465,893 Corporate obligations — 2,598,080 — 2,598,080 Investment securities available-for-sale $ — $ 42,964,495 $ — $ 42,964,495 Assets Recorded at Fair Value on a Nonrecurring Basis. The Company 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, 2024, and December 31, 2023: Level 1 Level 2 Level 3 Total March 31, 2024: Other real estate owned $ — $ — $ — $ — Individually evaluated loans — — 610,287 610,287 $ — $ — $ 610,287 $ 610,287 December 31, 2023: Other real estate owned $ — $ — $ — $ — Individually evaluated loans — — 623,301 623,301 $ — $ — $ 623,301 $ 623,301 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, 2024: Other real estate owned $ — Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell — Individually evaluated loans $ 610,287 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 10 % December 31, 2023: Other real estate owned $ — Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell — Individually evaluated loans $ 623,301 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 11 % 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. Investment Securities Available-for-Sale. Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange and U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter market funds. Level 2 securities include mortgage-backed securities and collateralized mortgage obligations issued by government sponsored enterprises and state, county and municipal bonds. Securities classified as Level 3 include asset-backed securities in less liquid markets. Other Investments. Other investments consist of FHLB and Federal Reserve Bank 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 Company does not record loans at fair value on a recurring basis. However, from time to time, a loan is individually evaluated 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 individually evaluated. Once a loan is identified as needing to be individually evaluated, management measures the loan using one of three methods, including collateral value, market value of similar debt, and discounted cash flows. Those individually evaluated 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. Individually evaluated 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 Company records the individually evaluated loan as nonrecurring Level 2. When an appraised value is utilized or management determines the fair value of the collateral is further reduced below the appraised value and there is no observable market price, the Company records the individually evaluated 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 Company 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 Company 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 estimat ed fair values of the Bank’s financial instruments as of March 31, 2024, and December 31, 2023, are as follows: Fair Value Measurements at March 31, 2024 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,830,948 $ 23,830,948 $ 23,830,948 $ — $ — Investment securities available-for-sale 49,124,679 49,124,679 — 49,124,679 — Other investments 1,667,550 1,667,550 — 1,667,550 — Mortgage loans held for sale 432,769 432,769 — 432,769 — Loans, net of deferred fees 376,515,513 363,573,513 — — 363,573,513 Bank owned life insurance 11,801,705 11,801,705 — 11,801,705 — Financial liabilities: Deposits 380,287,600 379,607,600 275,662,215 — 103,945,385 FHLB advances 11,000,000 10,918,819 — — 10,918,819 Fair Value Measurements at December 31, 2023 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 25,039,214 $ 25,039,214 $ 25,039,214 $ — $ — Investment securities available-for-sale 42,964,495 42,964,495 — 42,964,495 — Other investments 1,629,150 1,629,150 — 1,629,150 — Mortgage loans held for sale 289,111 289,111 — 289,111 — Loans, net of deferred fees 376,899,968 366,563,968 — — 366,563,968 Bank owned life insurance 11,729,019 11,729,019 — 11,729,019 — Financial liabilities: Deposits 369,868,794 369,191,794 258,915,942 — 110,275,852 FHLB advances 11,000,000 11,068,109 — — 11,068,109 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 Company's entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company'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. |
Shareholders' Equity and Earnin
Shareholders' Equity and Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity and Earnings Per Share | NOTE 8 – SHAREHOLDERS' EQUITY AND EARNINGS PER SHARE Shareholders' Equity: On August 4, 2022, the Company announced the first of two programs to repurchase up to 250,000 shares of the Company's common stock. The second repurchase program was announced on June 27, 2023. Then on December 15, 2023, a third plan to repurchase up to 450,000 shares of the Company's outstanding shares was announced. Shares may be repurchased on the open market or through 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 repurchases depends 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 2023, 506,358 shares of the Company's common stock was repurchased at an average price of $ 14.26 and subsequently retired prior to December 31, 2023. Additionally, during 2023, the Company retired the 75,172 shares previously repurchased during 2022 that were held in treasury stock as of December 31, 2022. During the three months ended March 31, 2024, the Company repurchased an additional 140,519 shares of the Company's common stock at an average price of $ 13.96 and subsequently retired prior to March 31, 2024. Earnings per share: Earnings per common share was computed based on the following: Three Months Ending March 31, 2024 2023 Numerator: Income applicable to common shares $ 22,237 $ 332,029 Denominator: Weighted average common shares outstanding 4,361,088 4,974,200 Effect of dilutive securities: Restricted stock — — Stock options — — Weighted average common shares outstanding - assuming dilution 4,361,088 4,974,200 Earnings per common share $ 0.01 $ 0.07 Earnings per common share - assuming dilution $ 0.01 $ 0.07 No options were deemed dilutive as the exercise price exceeded the market price as of the close of market on March 31, 2024. |
General; Basis of Presentation
General; Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 opened in 1934 and was chartered by the Federal Home Loan Bank Board as a mutual savings and loan association owned 100% by its depositors. The Bank currently operates four branch locations; one each in Thomasville, and Savannah, Georgia, as well as in Tallahassee, and Jacksonville, Florida. In addition, the Bank maintains loan production offices in Tallahassee and Jacksonville, Florida. The Bank's primary lending products consist of single-family residential mortgage loans and commercial and multi-family real estate loans. Its deposit products are the primary source of funding. 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, 2023, included in the Company's 2023 Annual Report on Form 10-K as filed with the SEC. The results of operations for the three months ended March 31, 2024, 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 2023 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 2023 Annual Report on Form 10-K. |
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 ASC 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. 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 . 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 as deemed appropriate by management. c. Available-for-Sale ("AFS") Debt Securities For AFS securities in an unrealized loss position, management first assesses 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 consolidated balance sheets 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 same segmentation is utilized for off-balance sheet commitments as is applied to the funded loan portfolio. 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) for each loan segment. Management then applies the loss rates that were derived on the funded loan portfolio, by loan segment, to calculate the Unfunded Reserve. |
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 employee stock ownership plan 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. The residual balance of unearned ESOP shares are reflected as a reduction of stockholders' equity on the Company's balance sheet. |
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, 2024 , 357,510 stock options had been granted under the Equity Plan with 143,004 vested and 214,506 unvested. In addition, 156,590 restricted stock awards had been granted with 63,596 vested and 92,994 unvested. T he 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. |
Recently Issued Not Yet Effective Accounting Pronouncements | Recently Issued Not Yet Effective Accounting Pronouncements: In March 2024, the FASB issued ASU 2024-01, Compensation - Stock Compensation (Topic 718) : Scope Application of Profits Interest and Similar Awards, which clarifies how an entity should apply scope guidance to determine whether a profits interest award should be accounted for in accordance with Topic 718. The guidance is effective for public companies for annual periods beginning after December 15, 2024, and interim periods within those annual periods. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Early adoption is permitted. The Company is assessing ASU 2024-01 and its impact on its accounting and disclosures. |
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. |
Reclassifications | Reclassifications: Certain prior period amounts have been reclassified to conform to the current period presentation. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments [Abstract] | |
Summary of Investments Securities Available for Sale | Investment securities available-for-sale at March 31, 2024, and December 31, 2023, are as follows: Amortized Gross Gross Estimated Fair Value as March 31, 2024- US treasuries $ 5,083,796 $ — $ 564,597 $ 4,519,199 9 % US agency bonds 401,116 — 11,063 390,053 1 % Mortgage-backed securities 21,351,459 27,985 882,170 20,497,274 42 % Collateralized mortgage obligations 14,313,425 — 638,753 13,674,672 28 % Municipal bonds 8,757,657 — 1,331,348 7,426,309 15 % Corporate obligations 3,125,000 — 507,828 2,617,172 5 % $ 53,032,453 $ 27,985 $ 3,935,759 $ 49,124,679 100 % December 31, 2023- US treasuries $ 10,089,682 $ — $ 555,847 $ 9,533,835 22 % Mortgage-backed securities 10,157,271 43,157 787,592 9,412,836 22 % Collateralized mortgage obligations 14,676,623 — 722,772 13,953,851 33 % Municipal bonds 8,758,636 — 1,292,743 7,465,893 17 % Corporate obligations 3,125,000 — 526,920 2,598,080 6 % $ 46,807,212 $ 43,157 $ 3,885,874 $ 42,964,495 100 % |
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, 2024, and December 31, 2023: March 31, 2024 December 31, 2023 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ — $ — $ — $ — US agency bonds 390,053 11,063 — — Mortgage-backed securities 11,121,179 96,599 — — Collateralized mortgage obligations — — — — Municipal bonds — — — — Corporate obligations — — — — Total less than 12 months $ 11,511,232 $ 107,662 $ — $ — Unrealized loss for more than 12 months: US treasuries $ 4,519,199 $ 564,597 $ 9,533,835 $ 555,847 US agency bonds — — — — Mortgage-backed securities 8,383,260 785,571 8,406,330 787,592 Collateralized mortgage obligations 13,674,672 638,753 13,953,851 722,772 Municipal bonds 7,426,309 1,331,348 7,465,893 1,292,743 Corporate obligations 2,617,172 507,828 2,598,080 526,920 Total more than 12 months 36,620,612 3,828,097 41,957,989 3,885,874 Total $ 48,131,844 $ 3,935,759 $ 41,957,989 $ 3,885,874 |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities Available for Sale | The amortized cost and estimated fair value of investment securities AFS at March 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because some borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties. Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years 8,023,280 7,116,677 5 to 10 years 9,344,289 7,836,056 Over 10 years — — Mortgage-backed securities and collateralized mortgage obligations 35,664,884 34,171,946 Total $ 53,032,453 $ 49,124,679 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of Major Classifications of Loans, by Call Report Code | Major classifications of loans, by Call Report Code, at March 31, 2024, and December 31, 2023, are summarized as follows: March 31, 2024 Percent December 31, 2023 Percent Real estate loans: Residential $ 148,132,772 38.72 % $ 148,533,603 39.29 % Home equity 10,897,812 2.85 % 11,099,027 2.94 % Multi-family 18,415,043 4.81 % 19,137,789 5.06 % Commercial 131,685,609 34.43 % 123,572,774 32.69 % Construction and land development 51,680,539 13.51 % 55,461,430 14.67 % Total real estate loans 360,811,775 357,804,623 Consumer loans 3,387,244 0.89 % 3,345,453 0.88 % Commercial and industrial loans 18,327,919 4.79 % 16,918,558 4.47 % Total loans 382,526,938 100.00 % 378,068,634 100.00 % Less: Allowance for credit losses 4,889,067 4,836,878 Deferred loan fees 1,122,358 1,168,666 Loans, net $ 376,515,513 $ 372,063,090 |
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, 2024, and March 31, 2023. 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, 2024 Allowance for credit losses: Beginning balance $ 3,077,852 $ 117,716 $ 82,293 $ 1,092,137 $ 306,149 $ 27,930 $ 132,801 $ — $ 4,836,878 Charge-offs — — — — — ( 4,534 ) — — ( 4,534 ) Recoveries 9,000 — — — 11,345 — 6,378 — 26,723 Provision ( 26,203 ) 6,519 ( 6,791 ) 117,271 ( 63,215 ) 5,061 ( 2,642 ) — 30,000 Balance at March 31, 2024 $ 3,060,649 $ 124,235 $ 75,502 $ 1,209,408 $ 254,279 $ 28,457 $ 136,537 $ — $ 4,889,067 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 |
Summary of Collateral-Dependent Loans | The following table present collateral dependent loans by portfolio segment and collateral type, including those loans with and without a related allowance allocation as of March 31, 2024, and December 31, 2023. Collateral Type Real Estate Other Business Assets Total Without an Allowance With an Allowance Allowance Allocation March 31, 2024 - Real estate loans: Residential $ 494,534 $ — $ 494,534 $ 494,534 $ — $ — Home equity — — — — — — Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 494,534 — 494,534 494,534 — — Consumer loans — — — — — — Commercial and industrial loans — 728,833 728,833 48,886 679,947 69,660 Total $ 494,534 $ 728,833 $ 1,223,367 $ 543,420 $ 679,947 $ 69,660 December 31, 2023 - Real estate loans: Residential $ 512,611 $ — $ 512,611 $ 512,611 $ — $ — Home equity 47,078 — 47,078 29,078 18,000 4,986 Multi-family — — — — — — Commercial — — — — — — Construction and land development — — — — — — Total real estate loans 559,689 — 559,689 541,689 18,000 4,986 Consumer loans — — — — — — Commercial and industrial loans — 728,483 728,483 48,536 679,947 69,660 Total $ 559,689 $ 728,483 $ 1,288,172 $ 590,225 $ 697,947 $ 74,646 |
Summary of allowances for loan losses and recorded investments in loans individually and collectively evaluated for impairment | The following table presents information relative to individually and collectively evaluated loans by portfolio segment as of March 31, 2024, and December 31, 2023: Loans Allowance for credit losses Individually Collectively Individually Collectively March 31, 2024 - Real estate loans: Residential $ 494,534 $ 147,638,238 $ — $ 3,060,649 Home equity — 10,897,812 — 124,235 Multi-family — 18,415,043 — 75,502 Commercial — 131,685,609 — 1,209,408 Construction and development — 51,680,539 — 254,279 Total real estate loans 494,534 360,317,241 — 4,724,073 Consumer loans — 3,387,244 — 28,457 Commercial and industrial loans 728,833 17,599,086 69,660 66,877 Total $ 1,223,367 $ 381,303,571 $ 69,660 $ 4,819,407 December 31, 2023 - Real estate loans: Residential $ 512,611 $ 148,020,992 $ — $ 3,077,852 Home equity 47,078 11,051,949 4,986 112,730 Multi-family — 19,137,789 — 82,293 Commercial — 123,572,774 — 1,092,137 Construction and development — 55,461,430 — 306,149 Total real estate loans 559,689 357,244,934 4,986 4,671,161 Consumer loans — 3,345,453 — 27,930 Commercial and industrial loans 728,483 16,190,075 69,660 63,141 Total $ 1,288,172 $ 376,780,462 $ 74,646 $ 4,762,232 |
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, 2024 and December 31, 2023, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2024 - Real estate loans: Residential $ 183,273 $ 164,057 $ 11,241 $ 358,571 $ 147,774,201 $ 148,132,772 $ 494,534 Home equity — — — — 10,897,812 10,897,812 — Multi-family — — — — 18,415,043 18,415,043 — Commercial — 2,742,136 — 2,742,136 128,943,473 131,685,609 — Construction — — — — 51,680,539 51,680,539 — Total real 183,273 2,906,193 11,241 3,100,707 357,711,068 360,811,775 494,534 Consumer loans — — — — 3,387,244 3,387,244 — Commercial and — — — — 18,327,919 18,327,919 728,833 $ 183,273 $ 2,906,193 $ 11,241 $ 3,100,707 $ 379,426,231 $ 382,526,938 $ 1,223,367 December 31, 2023 - Real estate loans: Residential $ 153,793 $ 89,089 $ 11,951 $ 254,833 $ 148,278,770 $ 148,533,603 $ 512,611 Home equity — — 47,078 47,078 11,051,949 11,099,027 47,078 Multi-family — — — — 19,137,789 19,137,789 — Commercial — — — — 123,572,774 123,572,774 — Construction — — — — 55,461,430 55,461,430 — Total real 153,793 89,089 59,029 301,911 357,502,712 357,804,623 559,689 Consumer loans — 993 — 993 3,344,460 3,345,453 — Commercial and — — — — 16,918,558 16,918,558 728,483 $ 153,793 $ 90,082 $ 59,029 $ 302,904 $ 377,765,730 $ 378,068,634 $ 1,288,172 |
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, 2024, and December 31, 2023, 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 2024 2023 2022 2021 2020 Prior Revolving Loans Total March 31, 2024 - Real estate loans: Residential Pass $ 706,053 $ 14,556,580 $ 56,543,215 $ 23,153,688 $ 12,633,420 $ 36,838,000 $ 1,911,323 $ 146,342,279 Special Mention — — — — — — — — Substandard — — 592,887 - 99,890 447,716 650,000 1,790,493 Total residential 706,053 14,556,580 57,136,102 23,153,688 12,733,310 37,285,716 2,561,323 148,132,772 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 10,869,916 10,869,916 Special Mention — — — — — — — — Substandard — — — — — — 27,896 27,896 Total home equity — — — — — — 10,897,812 10,897,812 YTD Gross Charge-offs — — — — — — — — Multi-family Pass — 386,914 947,811 3,707,859 6,258,769 7,113,690 — 18,415,043 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family — 386,914 947,811 3,707,859 6,258,769 7,113,690 — 18,415,043 YTD Gross Charge-offs — — — — — — — — Commercial Pass 5,424,452 27,270,476 16,390,063 24,069,366 13,404,101 36,011,280 104,946 122,674,684 Special Mention — — — — — 3,585,652 — 3,585,652 Substandard — — — 484,935 2,742,136 — 2,198,202 5,425,273 Total commercial 5,424,452 27,270,476 16,390,063 24,554,301 16,146,237 39,596,932 2,303,148 131,685,609 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 2,471,281 22,327,003 6,931,728 8,089,172 52,123 2,012,393 9,738,892 51,622,592 Special Mention — — — — — 7,866 — 7,866 Substandard — — — — — 50,081 — 50,081 Total construction and land development 2,471,281 22,327,003 6,931,728 8,089,172 52,123 2,070,340 9,738,892 51,680,539 YTD Gross Charge-offs — — — — — — — — Total real estate loans 8,601,786 64,540,973 81,405,704 59,505,020 35,190,439 86,066,678 25,501,175 360,811,775 Consumer loans Pass 242,463 2,656,549 287,681 62,043 34,850 64,908 38,750 3,387,244 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 242,463 2,656,549 287,681 62,043 34,850 64,908 38,750 3,387,244 YTD Gross Charge-offs — 4,534 — — — — — 4,534 Commercial and industrial loans Pass 2,274,471 2,304,213 3,453,363 1,202,440 1,303,549 1,069,239 2,279,532 13,886,807 Special Mention — — — — — — — — Substandard 200,707 372,233 1,317,425 2,501,861 — — 48,886 4,441,112 Total commercial and industrial loans 2,475,178 2,676,446 4,770,788 3,704,301 1,303,549 1,069,239 2,328,418 18,327,919 YTD Gross Charge-offs — — — — — — — — $ 11,319,427 $ 69,873,968 $ 86,464,173 $ 63,271,364 $ 36,528,838 $ 87,200,825 $ 27,868,343 $ 382,526,938 YTD Gross Charge-offs $ — $ 4,534 $ — $ — $ — $ — $ — $ 4,534 Amortized cost basis by origination year 2023 2022 2021 2020 2019 Prior Revolving Loans Total December 31, 2023 - Real estate loans: Residential Pass $ 14,694,776 $ 57,063,833 $ 23,699,662 $ 12,943,574 $ 5,972,902 $ 31,534,700 $ 1,162,823 $ 147,072,270 Special Mention — — — — — — — — Substandard — 595,374 — 103,571 103,813 358,575 300,000 1,461,333 Total residential 14,694,776 57,659,207 23,699,662 13,047,145 6,076,715 31,893,275 1,462,823 148,533,603 YTD Gross Charge-offs — — — — — — — — Home equity Pass — — — — — — 11,051,949 11,051,949 Special Mention — — — — — — — — Substandard — — — — — — 47,078 47,078 Total home equity — — — — — — 11,099,027 11,099,027 YTD Gross Charge-offs — — — — — — — — Multi-family Pass 700,663 954,603 3,763,531 6,310,552 879,044 6,529,396 — 19,137,789 Special Mention — — — — — — — — Substandard — — — — — — — — Total multi-family 700,663 954,603 3,763,531 6,310,552 879,044 6,529,396 — 19,137,789 YTD Gross Charge-offs — — — — — — — — Commercial Pass 21,791,642 15,233,118 24,305,955 13,608,050 19,709,850 20,421,922 74,946 115,145,483 Special Mention — — — — — 3,605,149 — 3,605,149 Substandard — — 491,804 2,742,136 — — 1,588,202 4,822,142 Total commercial 21,791,642 15,233,118 24,797,759 16,350,186 19,709,850 24,027,071 1,663,148 123,572,774 YTD Gross Charge-offs — — — — — — — — Construction and land Pass 25,084,297 9,150,217 8,140,282 53,356 31,944 2,118,212 10,821,270 55,399,578 Special Mention — — — — — 10,416 — 10,416 Substandard — — — — — 51,436 — 51,436 Total construction and land development 25,084,297 9,150,217 8,140,282 53,356 31,944 2,180,064 10,821,270 55,461,430 YTD Gross Charge-offs — — — — — — — — Total real estate loans 62,271,378 82,997,145 60,401,234 35,761,239 26,697,553 64,629,806 25,046,268 357,804,623 Consumer loans Pass 2,813,398 313,560 68,213 42,768 43,689 23,673 40,152 3,345,453 Special Mention — — — — — — — — Substandard — — — — — — — — Total consumer loans 2,813,398 313,560 68,213 42,768 43,689 23,673 40,152 3,345,453 YTD Gross Charge-offs 28,198 5,681 — — — — — 33,879 Commercial and industrial loans Pass 2,168,653 2,730,858 1,272,875 1,546,208 334,685 881,462 3,589,607 12,524,348 Special Mention 288,188 — 2,596,029 — — — — 2,884,217 Substandard 105,369 1,356,088 — — — — 48,536 1,509,993 Total commercial and industrial loans 2,562,210 4,086,946 3,868,904 1,546,208 334,685 881,462 3,638,143 16,918,558 YTD Gross Charge-offs — 77,940 — — — — — 77,940 $ 67,646,986 $ 87,397,651 $ 64,338,351 $ 37,350,215 $ 27,075,927 $ 65,534,941 $ 28,724,563 $ 378,068,634 YTD Gross Charge-offs $ 28,198 $ 83,621 $ — $ — $ — $ — $ — $ 111,819 There were no loans classified in the "doubtful" or "loss" risk rating categories as of the periods ended March 31, 2024 and December 31, 2023 . |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Advances from the FHLB were Outstanding | The following advances from the Federal Home Loan B ank ("FHLB") were outstanding as of March 31, 2024, and December 31, 2023: Advance Date Amount Rate Interest Maturity Call March 31, 2024 - May 16, 2023 $ 5,000,000 Fixed 4.00 % May 15, 2026 N/A November 16, 2023 3,000,000 Fixed 4.77 % November 16, 2026 N/A November 16, 2023 3,000,000 Fixed 4.68 % November 16, 2027 N/A $ 11,000,000 December 31, 2023 - May 16, 2023 $ 5,000,000 Fixed 4.00 % May 15, 2026 N/A November 16, 2023 3,000,000 Fixed 4.77 % November 16, 2026 N/A November 16, 2023 3,000,000 Fixed 4.68 % November 16, 2027 N/A $ 11,000,000 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | March 31, 2024 December 31, 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 56,122,000 $ 47,871,000 Stand-by letters of credit $ 719,000 $ 719,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 regula tory standards, as of March 31, 2024, and December 31, 2023, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2024: Common Equity Tier 1 Capital to Risk- $ 68,662 19.31 % $ 15,998 4.50 % $ 23,108 6.50 % Total Capital to Risk- Weighted Assets $ 73,113 20.57 % $ 28,440 8.00 % $ 35,550 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 68,662 19.31 % $ 21,330 6.00 % $ 28,440 8.00 % Tier I Capital to Average Assets $ 68,662 14.56 % $ 18,867 4.00 % $ 23,584 5.00 % December 31, 2023: Common Equity Tier 1 Capital to Risk- $ 68,463 19.71 % $ 15,631 4.50 % $ 22,578 6.50 % Total Capital to Risk- Weighted Assets $ 72,812 20.96 % $ 27,788 8.00 % $ 34,735 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 68,463 19.71 % $ 20,841 6.00 % $ 27,788 8.00 % Tier I Capital to Average Assets $ 68,463 15.16 % $ 18,068 4.00 % $ 22,585 5.00 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024, and December 31, 2023, all of which consisted of investment securities available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2024: US treasuries $ — $ 4,519,199 $ — $ 4,519,199 US agency bonds — 390,053 — 390,053 Mortgage-backed securities — 20,497,274 — 20,497,274 Collateralized mortgage obligations — 13,674,672 — 13,674,672 Municipal bonds — 7,426,309 7,426,309 Corporate obligations — 2,617,172 — 2,617,172 Investment securities available-for-sale $ — $ 49,124,679 $ — $ 49,124,679 December 31, 2023: US treasuries $ — $ 9,533,835 $ — $ 9,533,835 Mortgage-backed securities — 9,412,836 — 9,412,836 Collateralized mortgage obligations — 13,953,851 — 13,953,851 Municipal bonds 7,465,893 — 7,465,893 Corporate obligations — 2,598,080 — 2,598,080 Investment securities available-for-sale $ — $ 42,964,495 $ — $ 42,964,495 |
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, 2024, and December 31, 2023: Level 1 Level 2 Level 3 Total March 31, 2024: Other real estate owned $ — $ — $ — $ — Individually evaluated loans — — 610,287 610,287 $ — $ — $ 610,287 $ 610,287 December 31, 2023: Other real estate owned $ — $ — $ — $ — Individually evaluated loans — — 623,301 623,301 $ — $ — $ 623,301 $ 623,301 |
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, 2024: Other real estate owned $ — Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell — Individually evaluated loans $ 610,287 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 10 % December 31, 2023: Other real estate owned $ — Third party appraisals and sales contracts Collateral values, market discounts and estimated costs to sell — Individually evaluated loans $ 623,301 Third party appraisals and discounted cash flows Collateral values, market discounts and estimated costs to sell 11 % |
Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Instruments | The carrying amounts and estimat ed fair values of the Bank’s financial instruments as of March 31, 2024, and December 31, 2023, are as follows: Fair Value Measurements at March 31, 2024 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 23,830,948 $ 23,830,948 $ 23,830,948 $ — $ — Investment securities available-for-sale 49,124,679 49,124,679 — 49,124,679 — Other investments 1,667,550 1,667,550 — 1,667,550 — Mortgage loans held for sale 432,769 432,769 — 432,769 — Loans, net of deferred fees 376,515,513 363,573,513 — — 363,573,513 Bank owned life insurance 11,801,705 11,801,705 — 11,801,705 — Financial liabilities: Deposits 380,287,600 379,607,600 275,662,215 — 103,945,385 FHLB advances 11,000,000 10,918,819 — — 10,918,819 Fair Value Measurements at December 31, 2023 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 25,039,214 $ 25,039,214 $ 25,039,214 $ — $ — Investment securities available-for-sale 42,964,495 42,964,495 — 42,964,495 — Other investments 1,629,150 1,629,150 — 1,629,150 — Mortgage loans held for sale 289,111 289,111 — 289,111 — Loans, net of deferred fees 376,899,968 366,563,968 — — 366,563,968 Bank owned life insurance 11,729,019 11,729,019 — 11,729,019 — Financial liabilities: Deposits 369,868,794 369,191,794 258,915,942 — 110,275,852 FHLB advances 11,000,000 11,068,109 — — 11,068,109 |
Shareholders' Equity and Earn_2
Shareholders' Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Numerator: Income applicable to common shares $ 22,237 $ 332,029 Denominator: Weighted average common shares outstanding 4,361,088 4,974,200 Effect of dilutive securities: Restricted stock — — Stock options — — Weighted average common shares outstanding - assuming dilution 4,361,088 4,974,200 Earnings per common share $ 0.01 $ 0.07 Earnings per common share - assuming dilution $ 0.01 $ 0.07 |
General; Basis of Presentatio_2
General; Basis of Presentation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net Reduction of Retained Earnings upon Adoption | $ 302,504 | |
Credit Related Reserves | $ 255,000 | 255,000 |
ESOP borrowings | $ 3,900,000 | |
Shares purchased with ESOP loan proceeds | 391,868 | |
Stock options vested | 0 | |
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 | 357,510 | |
Stock options vested | 143,004 | |
Stock options unvested | 214,506 | |
Restricted Stock [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Restricted stock granted | 156,590 | |
Restricted stock vested | 63,596 | |
Restricted stock issued | 92,994 | |
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) | $ 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, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 53,032,453 | $ 46,807,212 |
Gross Unrealized Gains | 27,985 | 43,157 |
Gross Unrealized Losses | 3,935,759 | 3,885,874 |
Estimated Fair Value | $ 49,124,679 | $ 42,964,495 |
Fair Value as % of Total | 100% | 100% |
US treasuries [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 5,083,796 | $ 10,089,682 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 564,597 | 555,847 |
Estimated Fair Value | $ 4,519,199 | $ 9,533,835 |
Fair Value as % of Total | 9% | 22% |
US agency bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 401,116 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 11,063 | |
Estimated Fair Value | $ 390,053 | |
Fair Value as % of Total | 1% | |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 21,351,459 | $ 10,157,271 |
Gross Unrealized Gains | 27,985 | 43,157 |
Gross Unrealized Losses | 882,170 | 787,592 |
Estimated Fair Value | $ 20,497,274 | $ 9,412,836 |
Fair Value as % of Total | 42% | 22% |
Collateralized mortgage obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 14,313,425 | $ 14,676,623 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 638,753 | 722,772 |
Estimated Fair Value | $ 13,674,672 | $ 13,953,851 |
Fair Value as % of Total | 28% | 33% |
Municipal bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 8,757,657 | $ 8,758,636 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,331,348 | 1,292,743 |
Estimated Fair Value | $ 7,426,309 | $ 7,465,893 |
Fair Value as % of Total | 15% | 17% |
Corporate obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 3,125,000 | $ 3,125,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 507,828 | 526,920 |
Estimated Fair Value | $ 2,617,172 | $ 2,598,080 |
Fair Value as % of Total | 5% | 6% |
Investment Securities - Summa_2
Investment Securities - Summary Of Unrealized Losses and Estimated Fair Value (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 11,511,232 | $ 0 |
Total less than 12 months, Unrealized Losses | 107,662 | 0 |
Total more than 12 months, Estimated Fair Value | 36,620,612 | 41,957,989 |
Total more than 12 months, Unrealized Losses | 3,828,097 | 3,885,874 |
Total | 48,131,844 | 41,957,989 |
Total | 3,935,759 | 3,885,874 |
US treasuries [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 | 4,519,199 | 9,533,835 |
Total more than 12 months, Unrealized Losses | 564,597 | 555,847 |
US agency bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 390,053 | 0 |
Total less than 12 months, Unrealized Losses | 11,063 | 0 |
Total more than 12 months, Estimated Fair Value | 0 | 0 |
Total more than 12 months, Unrealized Losses | 0 | 0 |
Mortgage-backed securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 11,121,179 | 0 |
Total less than 12 months, Unrealized Losses | 96,599 | 0 |
Total more than 12 months, Estimated Fair Value | 8,383,260 | 8,406,330 |
Total more than 12 months, Unrealized Losses | 785,571 | 787,592 |
Collateralized mortgage obligations [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 | 13,674,672 | 13,953,851 |
Total more than 12 months, Unrealized Losses | 638,753 | 722,772 |
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 | 7,426,309 | 7,465,893 |
Total more than 12 months, Unrealized Losses | 1,331,348 | 1,292,743 |
Corporate obligations [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 | 2,617,172 | 2,598,080 |
Total more than 12 months, Unrealized Losses | $ 507,828 | $ 526,920 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Allowance for credit losses on available for sale securities | $ 0 | |
Accrued interest on investment securites | 4,692,523 | $ 6,141,545 |
Available-for-Sale Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | 2,000,000 | 2,000,000 |
Investment Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Accrued interest on investment securites | $ 194,000 | $ 204,000 |
Investment Securities - Summa_3
Investment Securities - Summary Of Amortized Cost and Estimated Fair Value Of Investment Securities Available For Sale (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments [Abstract] | ||
Amortized Cost, Within 1 year | $ 0 | |
Amortized Cost, 1 to 5 years | 8,023,280 | |
Amortized Cost, 5 to 10 years | 9,344,289 | |
Amortized Cost, Over 10 years | 0 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 35,664,884 | |
Total, Amortized Cost | 53,032,453 | $ 46,807,212 |
Estimated Fair Value, Within 1 year | 0 | |
Estimated Fair Value, 1 to 5 years | 7,116,677 | |
Estimated Fair Value, 5 to 10 years | 7,836,056 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 0 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 34,171,946 | |
Total, Estimated Fair Value | $ 49,124,679 | $ 42,964,495 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary Of Major Classifications Of Loans, By Call Report Code - (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 382,526,938 | $ 378,068,634 | ||
Gross Loans Receivable Percentage | 100% | 100% | ||
Less: Allowance for credit losses | $ 4,889,067 | $ 4,836,878 | $ 4,639,610 | $ 4,362,178 |
Deferred loan fees | 1,122,358 | 1,168,666 | ||
Net loans | 376,515,513 | 372,063,090 | ||
Consumer loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 3,387,244 | $ 3,345,453 | ||
Gross Loans Receivable Percentage | 0.89% | 0.88% | ||
Less: Allowance for credit losses | $ 28,457 | $ 27,930 | 7,242 | 615 |
Commercial and industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 18,327,919 | $ 16,918,558 | ||
Gross Loans Receivable Percentage | 4.79% | 4.47% | ||
Less: Allowance for credit losses | $ 136,537 | $ 132,801 | 104,486 | 81,182 |
Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 360,811,775 | 357,804,623 | ||
Real Estate [Member] | Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 148,132,772 | $ 148,533,603 | ||
Gross Loans Receivable Percentage | 38.72% | 39.29% | ||
Less: Allowance for credit losses | $ 3,060,649 | $ 3,077,852 | 3,078,667 | 1,960,955 |
Real Estate [Member] | Home equity [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 10,897,812 | $ 11,099,027 | ||
Gross Loans Receivable Percentage | 2.85% | 2.94% | ||
Less: Allowance for credit losses | $ 124,235 | $ 117,716 | 148,654 | 186,733 |
Real Estate [Member] | Multi-family [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 18,415,043 | $ 19,137,789 | ||
Gross Loans Receivable Percentage | 4.81% | 5.06% | ||
Less: Allowance for credit losses | $ 75,502 | $ 82,293 | 124,045 | 225,869 |
Real Estate [Member] | Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 131,685,609 | $ 123,572,774 | ||
Gross Loans Receivable Percentage | 34.43% | 32.69% | ||
Less: Allowance for credit losses | $ 1,209,408 | $ 1,092,137 | 986,795 | 1,632,241 |
Real Estate [Member] | Construction and land development [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 51,680,539 | $ 55,461,430 | ||
Gross Loans Receivable Percentage | 13.51% | 14.67% | ||
Less: Allowance for credit losses | $ 254,279 | $ 306,149 | $ 189,721 | $ 264,589 |
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, 2024 | Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 4,836,878 | $ 4,362,178 |
ASC 326 adoption | 255,000 | 255,000 |
Charge-offs | (4,534) | (83,621) |
Recoveries | 26,723 | 88,053 |
Provision | 30,000 | 18,000 |
Ending balance | 4,889,067 | 4,639,610 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 27,930 | 615 |
ASC 326 adoption | 48,540 | |
Charge-offs | (4,534) | (5,681) |
Recoveries | 0 | 534 |
Provision | 5,061 | (36,766) |
Ending balance | 28,457 | 7,242 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 132,801 | 81,182 |
ASC 326 adoption | 80,330 | |
Charge-offs | 0 | (77,940) |
Recoveries | 6,378 | 64,621 |
Provision | (2,642) | (43,707) |
Ending balance | 136,537 | 104,486 |
Unallocated [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 0 | 9,994 |
ASC 326 adoption | (9,994) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 0 | 0 |
Ending balance | 0 | 0 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 3,077,852 | 1,960,955 |
ASC 326 adoption | 1,028,700 | |
Charge-offs | 0 | 0 |
Recoveries | 9,000 | 11,553 |
Provision | (26,203) | 77,459 |
Ending balance | 3,060,649 | 3,078,667 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 117,716 | 186,733 |
ASC 326 adoption | (27,875) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 6,519 | (10,204) |
Ending balance | 124,235 | 148,654 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 82,293 | 225,869 |
ASC 326 adoption | (68,217) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | (6,791) | (33,607) |
Ending balance | 75,502 | 124,045 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,092,137 | 1,632,241 |
ASC 326 adoption | (694,135) | |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 117,271 | 48,689 |
Ending balance | 1,209,408 | 986,795 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 306,149 | 264,589 |
ASC 326 adoption | (102,349) | |
Charge-offs | 0 | 0 |
Recoveries | 11,345 | 11,345 |
Provision | (63,215) | 16,136 |
Ending balance | $ 254,279 | $ 189,721 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of allowances for loan losses and recorded investments in loans individually and collectively evaluated for impairment (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | $ 1,223,367 | $ 1,288,172 |
Loans Collectively Evaluated | 381,303,571 | 376,780,462 |
Allowance for Credit Losses, Individually Evaluated | 69,660 | 74,646 |
Allowance for Credit Losses, Collectively Evaluated | 4,819,407 | 4,762,232 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 0 | 0 |
Loans Collectively Evaluated | 3,387,244 | 3,345,453 |
Allowance for Credit Losses, Individually Evaluated | 0 | 0 |
Allowance for Credit Losses, Collectively Evaluated | 28,457 | 27,930 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 728,833 | 728,483 |
Loans Collectively Evaluated | 17,599,086 | 16,190,075 |
Allowance for Credit Losses, Individually Evaluated | 69,660 | 69,660 |
Allowance for Credit Losses, Collectively Evaluated | 66,877 | 63,141 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 494,534 | 559,689 |
Loans Collectively Evaluated | 360,317,241 | 357,244,934 |
Allowance for Credit Losses, Individually Evaluated | 0 | 4,986 |
Allowance for Credit Losses, Collectively Evaluated | 4,724,073 | 4,671,161 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 494,534 | 512,611 |
Loans Collectively Evaluated | 147,638,238 | 148,020,992 |
Allowance for Credit Losses, Individually Evaluated | 0 | 0 |
Allowance for Credit Losses, Collectively Evaluated | 3,060,649 | 3,077,852 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 0 | 47,078 |
Loans Collectively Evaluated | 10,897,812 | 11,051,949 |
Allowance for Credit Losses, Individually Evaluated | 0 | 4,986 |
Allowance for Credit Losses, Collectively Evaluated | 124,235 | 112,730 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 0 | 0 |
Loans Collectively Evaluated | 18,415,043 | 19,137,789 |
Allowance for Credit Losses, Individually Evaluated | 0 | 0 |
Allowance for Credit Losses, Collectively Evaluated | 75,502 | 82,293 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 0 | 0 |
Loans Collectively Evaluated | 131,685,609 | 123,572,774 |
Allowance for Credit Losses, Individually Evaluated | 0 | 0 |
Allowance for Credit Losses, Collectively Evaluated | 1,209,408 | 1,092,137 |
Real Estate [Member] | Construction and development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated | 0 | 0 |
Loans Collectively Evaluated | 51,680,539 | 55,461,430 |
Allowance for Credit Losses, Individually Evaluated | 0 | 0 |
Allowance for Credit Losses, Collectively Evaluated | $ 254,279 | $ 306,149 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Collateral-Dependent Loans - (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 494,534 | $ 559,689 |
Without an Allowance | 494,534 | 541,689 |
With an Allowance | 0 | 18,000 |
Allowance Allocation | 0 | 4,986 |
Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 494,534 | 512,611 |
Without an Allowance | 494,534 | 512,611 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 47,078 |
Without an Allowance | 0 | 29,078 |
With an Allowance | 0 | 18,000 |
Allowance Allocation | 0 | 4,986 |
Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Without an Allowance | 0 | 0 |
With an Allowance | 0 | 0 |
Allowance Allocation | 0 | 0 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 728,833 | 728,483 |
Without an Allowance | 48,886 | 48,536 |
With an Allowance | 679,947 | 679,947 |
Allowance Allocation | 69,660 | 69,660 |
Consumer Loans, Commercial and Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,223,367 | 1,288,172 |
Without an Allowance | 543,420 | 590,225 |
With an Allowance | 679,947 | 697,947 |
Allowance Allocation | 69,660 | 74,646 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 494,534 | 559,689 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 494,534 | 512,611 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 47,078 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Consumer Loans, Commercial and Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 494,534 | 559,689 |
Other Business Assets [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 0 | 0 |
Other Business Assets [Member] | Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 728,833 | 728,483 |
Other Business Assets [Member] | Consumer Loans, Commercial and Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 728,833 | $ 728,483 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Deferred loan fees | $ 1,122,358 | $ 1,168,666 |
Accrued interest on loans | 1,500,000 | 1,400,000 |
Debt securities, held-to-maturity, 90 days or more past due, still accruing | 0 | 0 |
Nonaccrual loan | 1,223,367 | 1,288,172 |
Outstanding balance of loan | 10,000 | |
Specific reserve | 0 | |
Amount of TDRs still accruing interest | 334,000 | |
Loans classified in doubtful or loss risk rating | 0 | 0 |
ASU 2022-02 [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Outstanding balance of loan | 690,000 | |
Specific reserve | 70,000 | |
Impaired Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Financing Receivable Modifications Number Of Contracts | 6 | |
Amount of TDRs still accruing interest | 48,000 | |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual loan | 728,833 | 728,483 |
Nonaccrual loan | 680,000 | |
Specific reserve | $ 70,000 | $ 75,000 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Aging of the Recorded Investment in Past Due Loans and Nonaccrual Loans (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 381,404,580 | $ 376,899,968 |
Loans | 382,526,938 | 378,068,634 |
Non-accrual | 1,223,367 | 1,288,172 |
Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 3,387,244 | 3,345,453 |
Non-accrual | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 18,327,919 | 16,918,558 |
Non-accrual | 728,833 | 728,483 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,100,707 | 302,904 |
Financial Asset, Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 993 |
Financial Asset, Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 379,426,231 | 377,765,730 |
Financial Asset, Not Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,387,244 | 3,344,460 |
Financial Asset, Not Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 18,327,919 | 16,918,558 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 183,273 | 153,793 |
30-59 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
30-59 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,906,193 | 90,082 |
60-89 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 993 |
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 | 11,241 | 59,029 |
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 | 360,811,775 | 357,804,623 |
Non-accrual | 494,534 | 559,689 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 148,132,772 | 148,533,603 |
Non-accrual | 494,534 | 512,611 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 10,897,812 | 11,099,027 |
Non-accrual | 0 | 47,078 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 18,415,043 | 19,137,789 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 131,685,609 | 123,572,774 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 51,680,539 | 55,461,430 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,100,707 | 301,911 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 358,571 | 254,833 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 47,078 |
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 | 2,742,136 | 0 |
Real Estate [Member] | Financial Asset, Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 357,711,068 | 357,502,712 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 147,774,201 | 148,278,770 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10,897,812 | 11,051,949 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 18,415,043 | 19,137,789 |
Real Estate [Member] | Financial Asset, Not Past Due [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 128,943,473 | 123,572,774 |
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 | 51,680,539 | 55,461,430 |
Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 183,273 | 153,793 |
Real Estate [Member] | 30-59 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 183,273 | 153,793 |
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 | 0 |
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 | 2,906,193 | 89,089 |
Real Estate [Member] | 60-89 Days Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 164,057 | 89,089 |
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 | 0 |
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 | 2,742,136 | 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 | 11,241 | 59,029 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 11,241 | 11,951 |
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 | 47,078 |
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 | 0 |
Real Estate [Member] | 90 Days or Greater Past Due [Member] | Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans and Allowance for Credi_9
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | $ 382,526,938 | $ 378,068,634 |
YTD Gross Charge-offs | 4,534 | 111,819 |
2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 11,319,427 | |
YTD Gross Charge-offs | 0 | |
2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 69,873,968 | 67,646,986 |
YTD Gross Charge-offs | 4,534 | 28,198 |
2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 86,464,173 | 87,397,651 |
YTD Gross Charge-offs | 0 | 83,621 |
2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 63,271,364 | 64,338,351 |
YTD Gross Charge-offs | 0 | 0 |
2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 36,528,838 | 37,350,215 |
YTD Gross Charge-offs | 0 | 0 |
2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,075,927 | |
YTD Gross Charge-offs | 0 | |
Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 87,200,825 | 65,534,941 |
YTD Gross Charge-offs | 0 | 0 |
Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,868,343 | 28,724,563 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,387,244 | 3,345,453 |
YTD Gross Charge-offs | 4,534 | 33,879 |
Consumer loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 242,463 | |
YTD Gross Charge-offs | 0 | |
Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,656,549 | 2,813,398 |
YTD Gross Charge-offs | 4,534 | 28,198 |
Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 287,681 | 313,560 |
YTD Gross Charge-offs | 0 | 5,681 |
Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 62,043 | 68,213 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 34,850 | 42,768 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 43,689 | |
YTD Gross Charge-offs | 0 | |
Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 64,908 | 23,673 |
YTD Gross Charge-offs | 0 | 0 |
Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 38,750 | 40,152 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 18,327,919 | 16,918,558 |
YTD Gross Charge-offs | 0 | 77,940 |
Commercial and industrial loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,475,178 | |
YTD Gross Charge-offs | 0 | |
Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,676,446 | 2,562,210 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 4,770,788 | 4,086,946 |
YTD Gross Charge-offs | 0 | 77,940 |
Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,704,301 | 3,868,904 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,303,549 | 1,546,208 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 334,685 | |
YTD Gross Charge-offs | 0 | |
Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,069,239 | 881,462 |
YTD Gross Charge-offs | 0 | 0 |
Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,328,418 | 3,638,143 |
YTD Gross Charge-offs | 0 | 0 |
Pass [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,387,244 | 3,345,453 |
Pass [Member] | Consumer loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 242,463 | |
Pass [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,656,549 | 2,813,398 |
Pass [Member] | Consumer loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 287,681 | 313,560 |
Pass [Member] | Consumer loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 62,043 | 68,213 |
Pass [Member] | Consumer loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 34,850 | 42,768 |
Pass [Member] | Consumer loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 43,689 | |
Pass [Member] | Consumer loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 64,908 | 23,673 |
Pass [Member] | Consumer loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 38,750 | 40,152 |
Pass [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,886,807 | 12,524,348 |
Pass [Member] | Commercial and industrial loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,274,471 | |
Pass [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,304,213 | 2,168,653 |
Pass [Member] | Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,453,363 | 2,730,858 |
Pass [Member] | Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,202,440 | 1,272,875 |
Pass [Member] | Commercial and industrial loans [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,303,549 | 1,546,208 |
Pass [Member] | Commercial and industrial loans [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 334,685 | |
Pass [Member] | Commercial and industrial loans [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,069,239 | 881,462 |
Pass [Member] | Commercial and industrial loans [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,279,532 | 3,589,607 |
Special Mention [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Special Mention [Member] | Consumer loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 2,884,217 |
Special Mention [Member] | Commercial and industrial loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Special Mention [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 288,188 |
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 | 2,596,029 |
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 | |
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] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Substandard [Member] | Consumer loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 4,441,112 | 1,509,993 |
Substandard [Member] | Commercial and industrial loans [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 200,707 | |
Substandard [Member] | Commercial and industrial loans [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 372,233 | 105,369 |
Substandard [Member] | Commercial and industrial loans [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,317,425 | 1,356,088 |
Substandard [Member] | Commercial and industrial loans [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,501,861 | 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 | |
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 | 48,886 | 48,536 |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 360,811,775 | 357,804,623 |
Real Estate [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,601,786 | |
Real Estate [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 64,540,973 | 62,271,378 |
Real Estate [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 81,405,704 | 82,997,145 |
Real Estate [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 59,505,020 | 60,401,234 |
Real Estate [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 35,190,439 | 35,761,239 |
Real Estate [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 26,697,553 | |
Real Estate [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 86,066,678 | 64,629,806 |
Real Estate [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 25,501,175 | 25,046,268 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 148,132,772 | 148,533,603 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 706,053 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,556,580 | 14,694,776 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 57,136,102 | 57,659,207 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,153,688 | 23,699,662 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 12,733,310 | 13,047,145 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,076,715 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 37,285,716 | 31,893,275 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,561,323 | 1,462,823 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 10,897,812 | 11,099,027 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Home equity [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
YTD Gross Charge-offs | 0 | 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 | |
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 | 10,897,812 | 11,099,027 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 18,415,043 | 19,137,789 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 386,914 | 700,663 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 947,811 | 954,603 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,707,859 | 3,763,531 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,258,769 | 6,310,552 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 879,044 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,113,690 | 6,529,396 |
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 | 131,685,609 | 123,572,774 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,424,452 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,270,476 | 21,791,642 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 16,390,063 | 15,233,118 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 24,554,301 | 24,797,759 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 16,146,237 | 16,350,186 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 19,709,850 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 39,596,932 | 24,027,071 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,303,148 | 1,663,148 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 51,680,539 | 55,461,430 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,471,281 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 22,327,003 | 25,084,297 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,931,728 | 9,150,217 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,089,172 | 8,140,282 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 52,123 | 53,356 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 31,944 | |
YTD Gross Charge-offs | 0 | |
Real Estate [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,070,340 | 2,180,064 |
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 | 9,738,892 | 10,821,270 |
YTD Gross Charge-offs | 0 | 0 |
Real Estate [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 146,342,279 | 147,072,270 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 706,053 | |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 14,556,580 | 14,694,776 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 56,543,215 | 57,063,833 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 23,153,688 | 23,699,662 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 12,633,420 | 12,943,574 |
Real Estate [Member] | Pass [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,972,902 | |
Real Estate [Member] | Pass [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 36,838,000 | 31,534,700 |
Real Estate [Member] | Pass [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 1,911,323 | 1,162,823 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 10,869,916 | 11,051,949 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Pass [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 10,869,916 | 11,051,949 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 18,415,043 | 19,137,789 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 386,914 | 700,663 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 947,811 | 954,603 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,707,859 | 3,763,531 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,258,769 | 6,310,552 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 879,044 | |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,113,690 | 6,529,396 |
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 | 122,674,684 | 115,145,483 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 5,424,452 | |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,270,476 | 21,791,642 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 16,390,063 | 15,233,118 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 24,069,366 | 24,305,955 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 13,404,101 | 13,608,050 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 19,709,850 | |
Real Estate [Member] | Pass [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 36,011,280 | 20,421,922 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 104,946 | 74,946 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 51,622,592 | 55,399,578 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,471,281 | |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 22,327,003 | 25,084,297 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 6,931,728 | 9,150,217 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2021 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 8,089,172 | 8,140,282 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 52,123 | 53,356 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 31,944 | |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,012,393 | 2,118,212 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 9,738,892 | 10,821,270 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 3,585,652 | 3,605,149 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | 0 |
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 | |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 3,585,652 | 3,605,149 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,866 | 10,416 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | 0 | |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 7,866 | 10,416 |
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 | 1,790,493 | 1,461,333 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 592,887 | 595,374 |
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 | 99,890 | 103,571 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | 2019 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 103,813 | |
Real Estate [Member] | Substandard [Member] | Residential [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 447,716 | 358,575 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | Revolving loans [member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 650,000 | 300,000 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 27,896 | 47,078 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 27,896 | 47,078 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | |
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 | 5,425,273 | 4,822,142 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 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 | 484,935 | 491,804 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2020 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 2,742,136 | 2,742,136 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | 2019 | ||
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 | 2,198,202 | 1,588,202 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 50,081 | 51,436 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2024 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2023 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | 2022 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 0 | 0 |
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 | |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | Prior | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans | 50,081 | 51,436 |
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] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 11,000,000 | $ 11,000,000 |
Due On May 15 2026 With Fixed Rate Four Percentage [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | May 16, 2023 | May 16, 2023 |
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | $ 5,000,000 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4% | 4% |
Line of Credit facility, Maturity | May 15, 2026 | May 15, 2026 |
Due On November 16, 2026 With Fixed Rate Four Point Seven Seven Percentage [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Nov. 16, 2023 | Nov. 16, 2023 |
Line of credit facility, maximum borrowing capacity | $ 3,000,000 | $ 3,000,000 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4.77% | 4.77% |
Line of Credit facility, Maturity | Nov. 16, 2026 | Nov. 16, 2026 |
Due On November 16, 2027 With Fixed Rate Four Point Six Eight Percentage [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Nov. 16, 2023 | Nov. 16, 2023 |
Line of credit facility, maximum borrowing capacity | $ 3,000,000 | $ 3,000,000 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4.68% | 4.68% |
Line of Credit facility, Maturity | Nov. 16, 2027 | Nov. 16, 2027 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 26,500,000 | $ 24,800,000 |
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 | 79,700,000 | 80,800,000 |
Line of credit facility, maximum borrowing capacity | 60,700,000 | 69,800,000 |
Bank's residential and commercial real estate loans [Member] | Federal Reserve Bank of Atlanta [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, collateral amount | 37,800,000 | 35,200,000 |
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 | $ 11,000,000 |
Commitments - Schedule of Loan
Commitments - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 56,122,000 | $ 47,871,000 |
Stand-by letters of credit [Member] | ||
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 719,000 | $ 719,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments And Letters Of Credit [Line Items] | ||
Unfunded commitments, allowance for credit loss | $ 4,889,067 | $ 4,836,878 |
Unfunded Loan Commitment [Member] | ||
Commitments And Letters Of Credit [Line Items] | ||
Unfunded commitments, allowance for credit loss | $ 167,000 | $ 140,000 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual and Required Capital Amounts and Ratios of the Bank (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 68,662 | $ 68,463 |
Total Capital to Risk - Weighted Assets, Actual Amount | 73,113 | 72,812 |
Tier 1 Capital to Risk - Weighted Assets, Actual Amount | 68,662 | 68,463 |
Tier I Capital to Average Assets, Actual Amount | $ 68,662 | $ 68,463 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 19.31% | 19.71% |
Total Capital to Risk - Weighted Assets, Actual Ratio | 20.57% | 20.96% |
Tier 1 Capital to Risk - Weighted Assets, Actual Ratio | 19.31% | 19.71% |
Tier I Capital to Average Assets, Actual Ratio | 14.56% | 15.16% |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Amount | $ 15,998 | $ 15,631 |
Total Capital to Risk - Weighted Assets, For Capital Adequacy Purposes Amount | 28,440 | 27,788 |
Tier 1 Capital to Risk - Weighted Assets, For Capital Adequacy Purposes Amount | 21,330 | 20,841 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 18,867 | $ 18,068 |
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 | $ 23,108 | $ 22,578 |
Total Capital to Risk - Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 35,550 | 34,735 |
Tier 1 Capital to Risk - Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 28,440 | 27,788 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 23,584 | $ 22,585 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 49,124,679 | $ 42,964,495 |
US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 4,519,199 | 9,533,835 |
US agency bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 390,053 | |
Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 20,497,274 | 9,412,836 |
Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 13,674,672 | 13,953,851 |
Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,426,309 | 7,465,893 |
Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,617,172 | 2,598,080 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 49,124,679 | 42,964,495 |
Level 2 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 4,519,199 | 9,533,835 |
Level 2 [Member] | US agency bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 390,053 | |
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 | 20,497,274 | 9,412,836 |
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 | 13,674,672 | 13,953,851 |
Level 2 [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 7,426,309 | 7,465,893 |
Level 2 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 2,617,172 | $ 2,598,080 |
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, 2024 | Dec. 31, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | $ 0 | $ 0 |
Individually evaluated loans | 610,287 | 623,301 |
Assets recorded at fair value on a recurring basis | 610,287 | 623,301 |
Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 0 | 0 |
Individually evaluated loans | 610,287 | 623,301 |
Assets recorded at fair value on a recurring basis | $ 610,287 | $ 623,301 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Significant Unobservable Inputs Used in Fair Value Measurement of Level 3 Assets (Detail) - Fair Value, Nonrecurring [Member] | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Real Estate Owned Fair Value Disclosure | $ 0 | $ 0 |
Individually evaluated loans | 610,287 | 623,301 |
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 | 0 | 0 |
Individually evaluated loans | $ 610,287 | $ 623,301 |
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 | 0 | 0 |
Individually evaluated loans, Measurement input | 10 | 11 |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Carrying Amounts and Estimated Fair Values of Bank's Financial Instruments (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Investment securities available-for-sale (amortized cost of $53,032,453 and $46,807,212; $0 allowance for credit losses) | $ 49,124,679 | $ 42,964,495 |
Other investments | 1,667,550 | 1,629,150 |
Mortgage loans held for sale | 432,769 | 289,111 |
Loans, net | 376,515,513 | 372,063,090 |
Bank owned life insurance | 11,801,705 | 11,729,019 |
Financial liabilities: | ||
Deposits | 380,287,600 | 369,868,794 |
FHLB advances | 11,000,000 | 11,000,000 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,830,948 | 25,039,214 |
Investment securities available-for-sale (amortized cost of $53,032,453 and $46,807,212; $0 allowance for credit losses) | 49,124,679 | 42,964,495 |
Other investments | 1,667,550 | 1,629,150 |
Mortgage loans held for sale | 432,769 | 289,111 |
Loans, net | 376,515,513 | 376,899,968 |
Bank owned life insurance | 11,801,705 | 11,729,019 |
Financial liabilities: | ||
Deposits | 380,287,600 | 369,868,794 |
FHLB advances | 11,000,000 | 11,000,000 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,830,948 | 25,039,214 |
Investment securities available-for-sale | 49,124,679 | 42,964,495 |
Other investments | 1,667,550 | 1,629,150 |
Mortgage loans held for sale | 432,769 | 289,111 |
Loans, net | 363,573,513 | 366,563,968 |
Bank owned life insurance | 11,801,705 | 11,729,019 |
Financial liabilities: | ||
Deposits | 379,607,600 | 369,191,794 |
FHLB advances | 10,918,819 | 11,068,109 |
Estimate of Fair Value Measurement [Member] | Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 23,830,948 | 25,039,214 |
Financial liabilities: | ||
Deposits | 275,662,215 | 258,915,942 |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 49,124,679 | 42,964,495 |
Other investments | 1,667,550 | 1,629,150 |
Mortgage loans held for sale | 432,769 | 289,111 |
Bank owned life insurance | 11,801,705 | 11,729,019 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 363,573,513 | 366,563,968 |
Financial liabilities: | ||
Deposits | 103,945,385 | 110,275,852 |
FHLB advances | $ 10,918,819 | $ 11,068,109 |
Shareholders' Equity and Earn_3
Shareholders' Equity and Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 15, 2023 | Aug. 04, 2022 | |
Class of Stock [Line Items] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 450,000 | 250,000 | ||
Treasury stock, (Shares) | 506,358 | |||
Shares repurchased and retired | 140,519 | |||
Average price of treasury stock per share | $ 13.96 | $ 14.26 | ||
Options were deemed dilutive | 0 | |||
Retired treasury stock | 75,172 |
Shareholders' Equity and Earn_4
Shareholders' Equity and Earnings Per Share - Summary of Earnings per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Income applicable to common shares | $ 22,237 | $ 332,029 |
Denominator: | ||
Weighted average common shares outstanding | 4,361,088 | 4,974,200 |
Effective of dilutive securities: | ||
Weighted average common shares outstanding - assuming dilution | 4,361,088 | 4,974,200 |
Earnings per common share | $ 0.01 | $ 0.07 |
Earnings per common share - assuming dilution | $ 0.01 | $ 0.07 |
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 |