Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Jun. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | TC Bancshares, Inc. | |
Entity Central Index Key | 0001850398 | |
Entity File Number | 333-254212 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 86-2650449 | |
Entity Address, Address Line One | 131 South Dawson Street | |
Entity Address, City or Town | Thomasville | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 31792 | |
City Area Code | 229 | |
Local Phone Number | 226-3221 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 0 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 53,999,437 | $ 31,876,399 |
Federal funds sold | 10,000,000 | 10,000,000 |
Cash and cash equivalents | 63,999,437 | 41,876,399 |
Certificates of deposit with other banks | 4,687,000 | 5,652,000 |
Investment securities available-for-sale | 19,457,491 | 15,916,866 |
Other investments | 599,400 | 714,000 |
Mortgage loans held for sale | 2,582,893 | 2,944,962 |
Loans, net | 252,135,228 | 262,355,967 |
Premises and equipment, net | 3,422,668 | 3,443,509 |
Other real estate owned | 81,000 | 81,000 |
Bank owned life insurance | 10,954,649 | 10,883,428 |
Accrued interest receivable and other assets | 5,704,330 | 6,059,002 |
Total Assets | 363,624,096 | 349,927,133 |
Deposits: | ||
Demand | 38,996,566 | 28,768,659 |
Interest-bearing demand | 151,356,329 | 146,479,513 |
Savings | 34,995,892 | 32,275,374 |
Certificates of Deposit | 82,165,700 | 86,576,281 |
Total deposits | 307,514,487 | 294,099,827 |
Federal Home Loan Bank advances | 9,045,239 | 9,515,477 |
Accrued interest payable and other liabilities | 6,558,114 | 6,453,541 |
Total liabilities | 323,117,840 | 310,068,845 |
Commitments | ||
Equity: | ||
Retained earnings | 42,738,144 | 41,973,211 |
Accumulated other comprehensive loss | (2,231,888) | (2,114,923) |
Total equity | 40,506,256 | 39,858,288 |
Total Liabilities and Equity | $ 363,624,096 | $ 349,927,133 |
Condensed Statements of Income
Condensed Statements of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and Dividend Income: | ||
Interest and fees on loans | $ 3,225,305 | $ 2,984,411 |
Interest and dividends on taxable investment securities | 63,544 | 142,137 |
Interest on deposits with other banks and federal fund sold | 59,159 | 115,834 |
Total interest and dividend income | 3,348,008 | 3,242,382 |
Interest Expense | ||
Interest on deposits | 301,705 | 780,991 |
Interest on borrowings | 19,730 | 16,959 |
Total interest expense | 321,435 | 797,950 |
Net interest income | 3,026,573 | 2,444,432 |
Provision for Allowance for Loan Losses | 225,000 | |
Net interest income after provision for allowance for loan losses | 3,026,573 | 2,219,432 |
Other Income: | ||
Service charges on deposits accounts | 142,245 | 154,269 |
Gain on sale of mortgage loans | 540,053 | 86,803 |
Bank owned life insurance income | 71,221 | 75,854 |
Other | 3,080 | 18,326 |
Total other income | 756,599 | 335,252 |
Other Expense | ||
Salaries and employee benefits | 1,709,772 | 1,412,603 |
Occupancy and equipment | 204,564 | 175,941 |
Other real estate owned, net of operations, loss (gain) on sales and write-downs | 400 | (6,454) |
Data processing conversion costs | 503 | 6,000 |
Other | 871,650 | 645,095 |
Total other expense | 2,786,889 | 2,233,185 |
Income Before Income Taxes | 996,283 | 321,499 |
Income Tax Expense | 231,350 | 64,153 |
Net Income | $ 764,933 | $ 257,346 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 764,933 | $ 257,346 |
Unrealized losses on securities available-for-sale: | ||
Holding losses arising during the period, net of taxes of $45,922 and $32,482, respectively | (116,965) | (87,821) |
Total other comprehensive loss | (116,965) | (87,821) |
Comprehensive Income | $ 647,968 | $ 169,525 |
Condensed Statements of Compr_2
Condensed Statements of Comprehensive Income (Parethetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental Income Statement Elements [Abstract] | ||
Unrealized gains on available for sale securities tax component | $ 45,922 | $ 32,482 |
Condensed Statements of Changes
Condensed Statements of Changes In Equity - USD ($) | Total | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2019 | $ 39,788,462 | $ 41,665,557 | $ (1,877,095) |
Net income | 257,346 | 257,346 | |
Other comprehensive loss, net of tax | (87,821) | (87,821) | |
Ending Balance at Mar. 31, 2020 | 39,957,987 | 41,922,903 | (1,964,916) |
Beginning Balance at Dec. 31, 2020 | 39,858,288 | 41,973,211 | (2,114,923) |
Net income | 764,933 | 764,933 | |
Other comprehensive loss, net of tax | (116,965) | (116,965) | |
Ending Balance at Mar. 31, 2021 | $ 40,506,256 | $ 42,738,144 | $ (2,231,888) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net income | $ 764,933 | $ 257,346 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Depreciation, amortization and accretion | 103,684 | 97,366 |
Provision for allowance for loan losses | 225,000 | |
Gain on sale of other real estate owned | (6,986) | |
Increase in cash surrender value of bank owned life insurance | (71,221) | (75,854) |
Gain on mortgage loans sold, net | (540,053) | (86,803) |
Proceeds from the sale of mortgage loans held for sale | 27,581,298 | 5,153,535 |
Originations of mortgage loans held for sale | (26,679,176) | (4,372,424) |
Change in: | ||
Accrued interest receivable and other assets | 400,594 | (204,128) |
Accrued interest payable and other liabilities | 104,573 | 150,111 |
Net cash provided by (used in) operating activities | 1,664,632 | 1,137,163 |
Cash Flows from Investing Activities | ||
Net change in interest-bearing deposits in other banks | 965,000 | 738,000 |
Purchases of investment securities available-for -sale | (5,145,391) | |
Proceeds from calls, paydowns and maturities of investment securities available-for-sale | 1,428,101 | 757,504 |
Purchase of other investments | (22,100) | |
Proceeds from sales of other investments | 114,600 | |
Net change in loans | 10,220,739 | (3,800,292) |
Proceeds from sales of other real estate owned | 13,500 | |
Purchases of premises and equipment | (69,065) | (122,498) |
Net cash provided by (used in) investing activities | 7,513,984 | (2,435,886) |
Cash Flows from Financing Activities: | ||
Net increase in deposits | 13,414,660 | (8,717,623) |
Repayments of Federal Home Loan Bank advances | (470,238) | (41,666) |
Net cash provided by (used in) financing activities | 12,944,422 | (8,759,289) |
Net Change in Cash and Cash Equivalents | 22,123,038 | (10,058,012) |
Cash and Cash Equivalents, Beginning of Period | 41,876,399 | 24,191,882 |
Cash and Cash Equivalents, End of Period | 63,999,437 | 14,133,870 |
Supplement Disclosures of Cash Flow Information: | ||
Cash paid during the period for interest | 331,981 | 770,385 |
Cash received from tax refund | 26,976 | |
Non-Cash Investing and Financing Activities: | ||
Change in unrealized gains (losses) on securities-for-sale, net of tax | $ (116,965) | $ (87,821) |
General; Basis of Presentation
General; Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General; Basis of Presentation | NOTE 1 – GENERAL; BASIS OF PRESENTATION Nature of Operations: TC Federal Bank (“Bank”) was organized in 1934 and chartered in 1937 by the Federal Home Loan Bank Board as a mutual savings and loan association owned 100% by its depositors. Effective January 1, 2018, the Bank amended its corporate name to TC Federal Bank. The Bank operates one branch in Thomasville, Georgia, and one in Tallahassee, Florida as well as loan production offices in Tallahassee, Florida and Savannah, Georgia, that provide a variety of services to individuals and corporate customers in their markets. The Bank’s primary deposit products are interest-bearing checking accounts, savings accounts, and certificates of deposit. Its primary lending products consist of single-family residential mortgage loans and commercial and multi-family real estate loans. The Bank is regulated by the Office of the Comptroller of the Currency (“OCC”) and its deposits are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Bank undergoes periodic examinations by the OCC. Basis of Presentation: The accounting and financial reporting policies of the Bank conform, in all material respects to accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The condensed financial statements in the quarterly Report on Form 10-Q 10-Q S-1 In 2020, Coronavirus Disease 2019 (COVID-19) COVID-19 Summary of Significant Accounting Policies: The accounting and reporting policies of the Bank conform to GAAP and general practices within the banking industry. There have been no material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in the Bank’s financial statements for the year ended December 31, 2020 included in the Bank’s Form S-1. Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments available-for-sale 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 2016-13 In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities Derivatives and Hedging 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2017-12 In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU 2018-14 Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20): In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Emerging Growth Company Status: The Bank qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Bank 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 Bank intends to elect to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investment Securities | NOTE 2 - INVESTMENT SECURITIES Investment securities available-for-sale Amortized Gross Gross Estimated Fair Value as March 31, 2021- US treasuries $ 5,144,509 $ — $ 19,392 $ 5,125,117 26% Mortgage-backed securities 5,151,343 270,298 — 5,421,641 28% Collateralized mortgage obligations 8,817,257 93,476 — 8,910,733 46% Corporate obligations — — — — 0% $ 19,113,109 $ 363,774 $ 19,392 $ 19,457,491 100% December 31, 2020 - Mortgage-backed securities $ 5,943,804 $ 336,801 $ $ 6,280,605 39% Collateralized mortgage obligations 8,966,213 168,852 — 9,135,065 57% Corporate obligations 499,580 1,616 — 501,196 3% $ 15,409,597 $ 507,269 $ — $ 15,916,866 100% The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 5,125,117 $ 19,392 $ — $ — Mortgage-backed securities — — — — Collateralized mortgage obligations — — — — Corporate obligations — — — — Total less than 12 months 5,125,117 19,392 — — Unrealized loss for more than 12 months: Mortgage-backed securities — — — — Corporate obligations — — — — Total more than 12 months — — — — Total $ 5,125,117 $ 19,392 $ — $ — At March 31, 2021, unrealized losses in the investment portfolio related to US treasuries. The unrealized losses on the US treasuries arose due to changing interest rates and market conditions and are considered to be temporary because of acceptable investment grades or the repayment sources of principal and interest are backed by government entities. The Bank does not intend to sell the investments and it is not likely that the Bank will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The amortized cost and estimated fair value of investment securities available-for-sale Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years — — 5 to 10 years 5,144,509 5,125,117 Mortgage-backed securities and collateralized mortgage obligations 13,968,600 14,332,374 Total $ 19,113,109 $ 19,457,491 The Bank did not sell any investment securities available-for-sale |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Allowance for Loan Losses | NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES Major classifications of loans, by purpose code, at March 31, 2021 and December 31, 2020, are summarized as follows: 03/31/21 Percent 12/31/20 Percent Real estate loans: Residential $ 96,371,207 37.45 % $ 105,837,324 39.56 % Home equity 9,836,355 3.82 % 8,892,417 3.32 % Multi-family 15,686,952 6.10 % 15,140,468 5.66 % Commercial 79,131,689 30.75 % 72,717,869 27.18 % Construction and land development 28,129,484 10.93 % 29,982,506 11.21 % Total real estate loans 229,155,687 232,570,584 Consumer loans 5,308,204 2.06 % 5,372,529 2.01 % Commercial and industrial loans 22,881,413 8.89 % 29,599,982 11.06 % Total loans 257,345,304 100.00 % 267,543,095 100.00 % Less: Allowance for loan losses 4,087,400 4,085,719 Deferred loan fees 1,122,676 1,101,409 Loans, net $ 252,135,228 $ 262,355,967 The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations primarily in Thomas County, Georgia and other surrounding areas. Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent on the real estate market. The Bank has divided the loan portfolio into seven portfolio segments, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified by the Bank are real estate - residential, real estate - home equity, real estate - multi-family, real estate - commercial, real estate - construction and land development, consumer loans and commercial and industrial loans. Real Estate - Residential: Real Estate - Home Equity: closed-end Real Estate - Multi-family: Real Estate - Commercial: mixed-use Real Estate - Construction and land development: Consumer: Commercial and industrial: Commercial and industrial loans also include loans originated under the Paycheck Protection Program (“PPP”), as prescribed in the CARES Act. These loans have an interest rate of 1.0% and a two-year The Bank was paid a processing fee from the SBA on PPP loan originations ranging from 1% to 5%, based on the size of the loans. For the three months ended March 31, 2021 and 2020, the Bank had recorded approximately $227,000 and $0 in PPP-related PPP-related Allowance for Loan Losses: The following schedule presents a rollforward of the allowance for loan losses as of March 31: 2021 2020 Beginning balance $ 4,085,719 $ 3,064,777 Charge-offs: Real estate loans: Residential (11,123 ) — Home equity — — Multi-family — — Commercial — — Construction and land development — — Total real estate loans (11,123 ) — Consumer loans (15,842 ) — Commercial and industrial loans — — Total charge-offs (26,965 ) — Recoveries: Real estate loans: Residential 6,139 80,073 Home equity — — Multi-family — — Commercial — — Construction and land development 11,345 16,571 Total real estate loans 17,484 96,644 Consumer loans 3,912 3,919 Commercial and industrial loans 7,250 25,250 Total recoveries 28,646 125,813 Net recoveries 1,681 125,813 Provision for allowance for loan losses — 225,000 Ending balance $ 4,087,400 $ 3,415,590 The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2021 and December 31, 2020: Loans Allowance for loan losses Individually Collectively Individually Collectively March 31, 2021 - Real estate loans: Residential $ 1,778,594 $ 94,592,613 $ — $ 1,474,451 Home equity — 9,836,355 — 147,190 Multi-family — 15,686,952 — 310,951 Commercial 1,339,199 77,792,490 — 1,560,296 Construction and development — 28,129,484 — 366,037 Total real estate loans 3,117,793 226,037,894 — 3,858,925 Consumer loans — 5,308,204 — 465 Commercial and industrial loans — 22,881,413 — 122,344 Unallocated — — — 105,666 Total $ 3,117,793 $ 254,227,511 $ — $ 4,087,400 December 31, 2020 - Real estate loans: Residential $ 1,480,633 $ 104,356,691 $ — $ 1,444,921 Home equity 675 8,891,742 — 133,985 Multi-family — 15,140,468 — 311,409 Commercial 1,339,199 71,378,670 — 1,531,037 Construction and development 11,637 29,970,869 — 387,127 Total real estate loans 2,832,144 229,738,440 — 3,808,479 Consumer loans — 5,372,529 — 1,360 Commercial and industrial loans — 29,599,982 — 101,497 Unallocated — — — 174,383 Total $ 2,832,144 $ 264,710,951 $ — $ 4,085,719 Impaired Loans: The following tables present impaired loans by class of loans as of March 31, 2021 and December 31, 2020: Recorded Principal Related March 31, 2021 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,778,594 $ 1,778,594 $ — Home equity — — Multi-family — — Commercial 1,339,199 1,339,199 — Construction and land development — — Total real estate loans 3,117,793 3,117,793 — Consumer loans — — — Commercial and industrial loans — — — Total $ 3,117,793 $ 3,117,793 $ — December 31, 2020 - Investment Balance Allowance Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,480,633 $ 1,480,633 $ — Home equity 675 675 — Multi-family — — — Commercial 1,339,199 1,339,199 — Construction and land development 11,637 11,637 — Total real estate loans 2,832,144 2,832,144 — Consumer loans — — — Commercial and industrial loans — — — Total $ 2,832,144 $ 2,832,144 $ — The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended March 31, 2021 2020 Average Interest Interest Average Interest Interest March 31, 2021 - Real estate loans: Residential $ 1,553,631 $ 23,892 $ 23,892 $ 1,073,359 $ 9,898 $ 22,854 Home equity 1,196 — — 6,141 — — Multi-family — — — — — — Commercial 1,409,590 — — 1,245,537 — — Construction and land development 127,344 — — 590,059 23,222 23,222 Total real estate loans 3,091,761 23,892 23,892 2,915,096 33,120 46,076 Consumer loans — — — — — — Commercial and industrial loans — — — — — — Total $ 3,091,761 $ 23,892 $ 23,892 $ 2,915,096 $ 33,120 $ 46,076 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, 2021 and December 31, 2020, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2021 - Real estate loans: Residential $ 1,027,471 $ 13,494 $ 116,765 $ 1,157,730 $ 95,213,477 $ 96,371,207 $ 831,232 Home equity — — — — 9,836,355 9,836,355 — Multi-family — — — — 15,686,952 15,686,952 — Commercial — — 1,339,199 1,339,199 77,792,490 79,131,689 1,339,199 Construction and land development 53,780 — — 53,780 28,075,704 28,129,484 — Total real estate loans 1,081,251 13,494 1,455,964 2,550,709 226,604,978 229,155,687 2,170,431 Consumer loans — — — 5,308,204 5,308,204 — Commercial and industrial loans — — — 22,881,413 22,881,413 $ 1,081,251 $ 13,494 $ 1,455,964 $ 2,550,709 $ 254,794,595 $ 257,345,304 $ 2,170,431 December 31, 2020 - Real estate loans: Residential $ 40,583 $ 84,167 $ 196,826 $ 321,576 $ 105,515,748 $ 105,837,324 $ 623,998 Home equity — — — — 8,892,417 8,892,417 — Multi-family — — — 15,140,468 15,140,468 — Commercial — 1,339,199 1,339,199 71,378,670 72,717,869 1,339,199 Construction and land development — — — — 29,982,506 29,982,506 — Total real estate loans 40,583 84,167 1,536,025 1,660,775 230,909,809 232,570,584 1,963,197 Consumer loans — — — 5,372,529 5,372,529 — Commercial and industrial loans 151,136 — — 151,136 29,448,846 29,599,982 — $ 191,719 $ 84,167 $ 1,536,025 $ 1,811,911 $ 265,731,184 $ 267,543,095 $ 1,963,197 As of March 31, 2021, there were no loans greater than 90 days past due and still accruing. As of December 31, 2020, there was one loan greater than 90 days past due and still accruing totaling approximately $16,000. Troubled Debt Restructurings: The Bank did not modify any loans in the three months ended March 31, 2021 and 2020 in a manner that would be considered troubled debt restructurings. There were no specific allowances allocated to troubled debt restructurings as of March 31, 2021 or 2020. The Bank did not commit to lend any additional amounts to customers with outstanding loans that are classified as troubled restructurings. Certain troubled debt restructurings are accruing loans in which interest is earned when payments are made. Management continues to evaluate these accruing troubled debt restructurings for impairment on a quarterly basis. During the three months ended March 31, 2021 and 2020, no restructured loans defaulted subsequent to modification. COVID-19 The Bank implemented a customer payment deferral program to assist borrowers that may be experiencing financial hardship due to COVID-19 COVID-19 COVID-19 Credit Quality: The Bank categorized loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings: Special Mention. Substandard. Doubtful. Loss. . Credit Quality (Continued): 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, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Special Substandard Doubtful Loss Total March 31, 2021 - Real estate loans: Residential $ 93,699,625 $ 745,809 $ 1,925,773 $ — $ — $ 96,371,207 Home equity 9,836,355 — — — — 9,836,355 Multi-family 15,386,023 300,929 — — — 15,686,952 Commercial 66,893,981 7,898,509 4,339,199 — — 79,131,689 Construction and land development 24,417,682 3,632,104 79,698 — — 28,129,484 Total real estate loans 210,233,666 12,577,351 6,344,670 — — 229,155,687 Consumer loans 5,308,204 — — — 5,308,204 Commercial and industrial loans $ 22,443,960 $ 437,453 — — 22,881,413 $ 237,985,830 $ 13,014,804 $ 6,344,670 $ — $ — $ 257,345,304 December 31, 2020- Real estate loans: Residential $ 102,229,498 1,243,538 2,364,288 $ — $ — $ 105,837,324 Home equity 8,891,742 — 675 — — 8,892,417 Multi-family 14,831,774 308,694 — — — 15,140,468 Commercial 67,305,357 4,073,313 1,339,199 — — 72,717,869 Construction and land development 25,390,597 2,950,389 1,641,520 — — 29,982,506 Total real estate loans 218,648,968 8,575,934 5,345,682 — — 232,570,584 Consumer loans 5,372,529 — — — — 5,372,529 Commercial and industrial loans 27,643,564 466,020 1,490,398 — — 29,599,982 $ 251,665,061 $ 9,041,954 $ 6,836,080 $ — $ — $ 267,543,095 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Other Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
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 FHLB were outstanding as of March 31, 2021 and December 31, 2020: March 31, 2021 - Advance Date Amount Rate Interest Maturity Call Feature January 7, 2008 $ 183,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 433,334 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,083,333 Fixed 0.66 % April, 1 2025 N/A April 1, 2020 4,345,238 Fixed 0.79 % April 7, 2027 N/A $ 9,045,239 December 31, 2020 - Advance Date January 7, 2008 $ 208,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 450,000 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,333,333 Fixed 0.66 % April, 1 2025 N/A April 1, 2020 4,523,810 Fixed 0.79 % April 7, 2027 N/A $ 9,515,477 The FHLB advance maturing January 9, 2023 8,300 The FHLB advances are collateralized by the Bank’s FHLB stock and a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $24,890,000 and $37,248,000 at March 31, 2021 and December 31, 2020, respectively. The Bank had approximately $15,844,000 and $19,200,000 in available borrowing capacity through the FHLB at March 31, 2021 and December 31, 2020, respectively. Unsecured federal funds lines of credit totaling $18,300,000 were available to the Bank for overnight borrowing through correspondent banks at March 31, 2021 and 2020. The Bank also had approximately $8,500,000 and $9,900,000 in available borrowing capacity through the Federal Reserve Bank of Atlanta at March 31, 2021 and December 31, 2020, respectively. There were no borrowings against either of these facilities at March 31, 2021 or December 31, 2020. The available borrowings with the Federal Reserve Bank are collateralized by a blanket lien on certain of the Bank’s residential and commercial real estate loans with a carrying value of approximately $14,000,000 and $15,000,000 at March 31, 2021 and December 31, 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5 - COMMITMENTS AND CONTINGENCIES Credit Related Financial Instruments: The Bank is a party to financial instruments with off-balance-sheet The Bank’s exposure to credit loss in the event of non-performance on-balance-sheet 03/31/21 12/31/20 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 29,119,000 $ 30,288,000 Stand-by $ 725,000 $ 725,000 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. Those guarantees are primarily issued to businesses within the Bank’s trade area. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds real estate and assignments of deposit accounts as collateral supporting those commitments for which collateral is deemed necessary. The extent of collateral held for these commitments at March 31, 2021 and December 31, 2020 varies. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | NOTE 6 - REGULATORY MATTERS The Bank is subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under certain adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet In July 2013, the Federal bank regulatory agencies issued a final rule that revised their risk-based capital requirements and the method for calculating components of capital and of computing risk-weighted assets to make them consistent with agreements that were reached by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Act. The final rule applies to all depository institutions and, pursuant to the Federal Reserve Board’s policy statements, to top-tier 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, 2021 and December 31, 2020, that the Bank met all capital adequacy requirements to which it is subject. As of March 31, 2021 and December 31, 2020, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum common equity Tier 1 risk-based, total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth below. There are no conditions or events since that notification that management believes have changed the institution’s category. The Bank’s actual capital amounts and ratios, and minimum amounts under current regulatory standards, as of March 31, 2021 and December 31, 2020, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2021: Common Equity Tier 1 Capital to Risk-Weighted Assets $ 40,555 16.90 % $ 10,800 4.50 % $ 15,600 6.50 % Total Capital to Risk- Weighted Assets $ 43,568 18.15 % $ 19,200 8.00 % $ 24,000 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,555 16.90 % $ 14,400 6.00 % $ 19,200 8.00 % Tier I Capital to Average Assets $ 40,555 10.15 % $ 14,220 4.00 % $ 17,775 5.00 % December 31, 2020: Common Equity Tier 1 Capital to Risk-Weighted Assets $ 40,090 16.46 % $ 10,963 4.50 % $ 15,835 6.50 % Total Capital to Risk- Weighted Assets $ 43,148 17.71 % $ 19,489 8.00 % $ 24,361 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,090 16.46 % $ 14,617 6.00 % $ 19,489 8.00 % Tier I Capital to Average Assets $ 40,090 11.73 % $ 13,673 4.00 % $ 17,091 5.00 % |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NOTE 7 - FAIR VALUE MEASUREMENT The Bank utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. From time to time, the Bank may be required to record at fair value other assets on a nonrecurring basis, such as impaired loans and other real estate owned. These nonrecurring fair value adjustments typically involve application of the lower of cost or market accounting or write-downs of individual assets. Additionally, the Bank is required to disclose, but not record, the fair value of other financial instruments. Fair Value Hierarchy The Bank groups assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 - Valuation is based upon quoted prices for identical instruments traded in active markets. Level 2 - Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 - Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. Assets Recorded at Fair Value on a Recurring Basis. available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2021 : US treasuries $ — $ 5,125,117 $ — $ 5,125,117 Mortgage-backed securities — 5,421,641 — 5,421,641 Collateralized mortgage obligations — 8,910,733 — 8,910,733 Corporate obligations — — — — Investment securities available-for-sale $ — $ 19,457,491 $ — $ 19,457,491 December 31, 2020 : Mortgage-backed securities $ — $ 6,280,605 $ — $ 6,280,605 Collateralized mortgage obligations — 9,135,065 — 9,135,065 Corporate obligations — 501,196 — 501,196 Investment securities available-for-sale $ — $ 15,916,866 $ — $ 15,916,866 Assets Recorded at Fair Value on a Nonrecurring Basis. Level 1 Level 2 Level 3 Total March 31, 2021 : Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 December 31, 2020 : Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 The following methods and assumptions were used to estimate the fair value of each class of assets and liabilities either recorded or disclosed at fair value. Cash and Cash Equivalents. Certificates of deposit with other banks. Investment Securities Available-for-Sale. available-for-sale over-the-counter Other Investments. Mortgage Loans Held for Sale. Loans. Other Real Estate Owned. Bank Owned Life Insurance. Commitments to Extend Credit. Deposits. Federal Home Loan Bank Advances. The carrying amounts and estimated fair values of the Bank’s financial instruments as of March 31, 2021 and December 31, 2020 are as follows: Fair Value Measurements at March 31, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 63,999,437 $ 63,999,437 $ 63,999,437 $ — $ — Certificates of deposit with other banks 4,687,000 4,687,000 4,687,000 — — Investment securities available-for-sale 19,457,491 19,457,491 — 19,457,491 — Other investments 599,400 599,400 — 599,400 — Mortgage loans held for sale 2,582,893 2,582,893 — 2,582,893 — Loans, net 252,135,228 262,377,000 — — 262,377,000 Bank owned life insurance 10,954,649 10,954,649 10,954,649 — — Financial liabilities: Deposits 307,514,487 317,248,000 225,348,787 — 91,899,213 FHLB advances 9,045,239 9,072,000 — — 9,072,000 Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Bank’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Plan of Reorganization
Plan of Reorganization | 3 Months Ended |
Mar. 31, 2021 | |
Plan of Reorganization [Abstract] | |
Plan of Reorganization | NOTE 8 - PLAN OF REORGANIZATION On March 5, 2021, the Board of Directors (the “Board”) of the Bank adopted a Plan of Conversion (the “Plan”) whereby the Bank will convert from a federally chartered mutual savings bank to a federally chartered stock savings bank and operate as a wholly owned subsidiary of a newly formed stock holding company, TC Bancshares, Inc. (the “Holding Company”), and offer the Holding Company stock (the “Stock Offering”) on a priority basis to qualifying depositors and borrowers and a tax-qualified The Plan must be approved by the affirmative vote of at least a majority of the total votes eligible to be cast by the voting members of the Bank at a special meeting which is scheduled to be held on June 29, 2021. The Federal Reserve Board approved on May 14, 2021, the Holding Company’s application to become the holding company of the Bank upon completion of the Conversion pursuant to the Plan. In addition, the OCC conditionally approved on May 14, 2021 the Bank’s Application for Conversion and related matters. The Holding Company filed a registration statement with the SEC which was declared effective on May 14, 2021. The final approval of the OCC as well as receipt of member approval of the Plan and satisfaction of customary closing conditions are required to consummate the Conversion and Stock Offering. As part of the Conversion, the Bank will establish a liquidation account in an amount equal to the retained earnings of the Bank as of the date of the latest balance sheet appearing in the final prospectus distributed in connection with the Conversion. The liquidation account will be maintained for the benefit of eligible account holders and supplemental eligible account holders who maintain their accounts at the Bank after the Conversion. The liquidation account will be reduced annually to the extent that such account holders have reduced their qualifying deposits as of each anniversary date. Subsequent increases will not restore an account holder’s interest in the liquidation account. In the event of a complete liquidation, each eligible account holder will be entitled to receive balances for accounts then held. The costs of issuing the common stock will be deferred and deducted from the sales proceeds of the Stock Offering. If the Conversion is unsuccessful, all deferred costs will be charged to operations. Deferred conversion costs totaled approximately $116,000 at December 31, 2020 and approximately $195,000 at March 31, 2021. In connection with the adoption of the Plan, the Bank terminated the Plan of Reorganization from a Mutual Savings Bank to a Mutual Holding Company and Stock Issuance Plan (the “Reorganization Plan”) previously adopted in February 2020 pursuant to which the Bank would have reorganized into the mutual holding company form of organization. In late March 2020, due to market conditions and concerns over potential adverse tax ramifications of proceeding with the Reorganization Plan, the Board determined to delay proceeding with the plan to reorganize into the mutual holding company form of structure until (i) a final determination was made with regard the effect of the mutual holding company reorganization on TC Federal Bank’s deferred tax assets and (ii) the COVID-19 mutual-to-stock |
General; Basis of Presentation
General; Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation: The accounting and financial reporting policies of the Bank conform, in all material respects to accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The condensed financial statements in the quarterly Report on Form 10-Q 10-Q S-1 In 2020, Coronavirus Disease 2019 (COVID-19) COVID-19 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments available-for-sale 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2016-13 2016-13 In August 2017, the FASB issued ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities Derivatives and Hedging 2019-10, Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) 2017-12 In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. In August 2018, the FASB issued ASU 2018-14 Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20): In December 2019, the FASB issued ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. |
Emerging Growth Company Status | Emerging Growth Company Status: The Bank qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Bank 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 Bank intends to elect to use the extended transition period described above and intends to maintain its emerging growth company status as allowed under the JOBS Act. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Summary of investments securities available for sale | Investment securities available-for-sale Amortized Gross Gross Estimated Fair Value as March 31, 2021- US treasuries $ 5,144,509 $ — $ 19,392 $ 5,125,117 26% Mortgage-backed securities 5,151,343 270,298 — 5,421,641 28% Collateralized mortgage obligations 8,817,257 93,476 — 8,910,733 46% Corporate obligations — — — — 0% $ 19,113,109 $ 363,774 $ 19,392 $ 19,457,491 100% December 31, 2020 - Mortgage-backed securities $ 5,943,804 $ 336,801 $ $ 6,280,605 39% Collateralized mortgage obligations 8,966,213 168,852 — 9,135,065 57% Corporate obligations 499,580 1,616 — 501,196 3% $ 15,409,597 $ 507,269 $ — $ 15,916,866 100% |
Summary of unrealized losses and estimated fair value | The following outlines the unrealized losses and estimated fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Estimated Unrealized Estimated Unrealized Unrealized loss for less than 12 months: US treasuries $ 5,125,117 $ 19,392 $ — $ — Mortgage-backed securities — — — — Collateralized mortgage obligations — — — — Corporate obligations — — — — Total less than 12 months 5,125,117 19,392 — — Unrealized loss for more than 12 months: Mortgage-backed securities — — — — Corporate obligations — — — — Total more than 12 months — — — — Total $ 5,125,117 $ 19,392 $ — $ — |
Summary of amortized cost and estimated fair value of investment securities available for sale | The amortized cost and estimated fair value of investment securities available-for-sale Amortized Estimated Investment securities with maturities - Within 1 year $ — $ — 1 to 5 years — — 5 to 10 years 5,144,509 5,125,117 Mortgage-backed securities and collateralized mortgage obligations 13,968,600 14,332,374 Total $ 19,113,109 $ 19,457,491 |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Summary of major classifications of loans, by purpose code | Major classifications of loans, by purpose code, at March 31, 2021 and December 31, 2020, are summarized as follows: 03/31/21 Percent 12/31/20 Percent Real estate loans: Residential $ 96,371,207 37.45 % $ 105,837,324 39.56 % Home equity 9,836,355 3.82 % 8,892,417 3.32 % Multi-family 15,686,952 6.10 % 15,140,468 5.66 % Commercial 79,131,689 30.75 % 72,717,869 27.18 % Construction and land development 28,129,484 10.93 % 29,982,506 11.21 % Total real estate loans 229,155,687 232,570,584 Consumer loans 5,308,204 2.06 % 5,372,529 2.01 % Commercial and industrial loans 22,881,413 8.89 % 29,599,982 11.06 % Total loans 257,345,304 100.00 % 267,543,095 100.00 % Less: Allowance for loan losses 4,087,400 4,085,719 Deferred loan fees 1,122,676 1,101,409 Loans, net $ 252,135,228 $ 262,355,967 |
Summary of allowance for loan losses | The following schedule presents a rollforward of the allowance for loan losses as of March 31: 2021 2020 Beginning balance $ 4,085,719 $ 3,064,777 Charge-offs: Real estate loans: Residential (11,123 ) — Home equity — — Multi-family — — Commercial — — Construction and land development — — Total real estate loans (11,123 ) — Consumer loans (15,842 ) — Commercial and industrial loans — — Total charge-offs (26,965 ) — Recoveries: Real estate loans: Residential 6,139 80,073 Home equity — — Multi-family — — Commercial — — Construction and land development 11,345 16,571 Total real estate loans 17,484 96,644 Consumer loans 3,912 3,919 Commercial and industrial loans 7,250 25,250 Total recoveries 28,646 125,813 Net recoveries 1,681 125,813 Provision for allowance for loan losses — 225,000 Ending balance $ 4,087,400 $ 3,415,590 |
Summary of allowances for loan losses and recorded investments in loans individually and collectively evaluated for impairment | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of March 31, 2021 and December 31, 2020: Loans Allowance for loan losses Individually Collectively Individually Collectively March 31, 2021 - Real estate loans: Residential $ 1,778,594 $ 94,592,613 $ — $ 1,474,451 Home equity — 9,836,355 — 147,190 Multi-family — 15,686,952 — 310,951 Commercial 1,339,199 77,792,490 — 1,560,296 Construction and development — 28,129,484 — 366,037 Total real estate loans 3,117,793 226,037,894 — 3,858,925 Consumer loans — 5,308,204 — 465 Commercial and industrial loans — 22,881,413 — 122,344 Unallocated — — — 105,666 Total $ 3,117,793 $ 254,227,511 $ — $ 4,087,400 December 31, 2020 - Real estate loans: Residential $ 1,480,633 $ 104,356,691 $ — $ 1,444,921 Home equity 675 8,891,742 — 133,985 Multi-family — 15,140,468 — 311,409 Commercial 1,339,199 71,378,670 — 1,531,037 Construction and development 11,637 29,970,869 — 387,127 Total real estate loans 2,832,144 229,738,440 — 3,808,479 Consumer loans — 5,372,529 — 1,360 Commercial and industrial loans — 29,599,982 — 101,497 Unallocated — — — 174,383 Total $ 2,832,144 $ 264,710,951 $ — $ 4,085,719 |
Summary of impaired loans with and without allowances for credit losses recorded investment unpaid principal amount | The following tables present impaired loans by class of loans as of March 31, 2021 and December 31, 2020: Recorded Principal Related March 31, 2021 - Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,778,594 $ 1,778,594 $ — Home equity — — Multi-family — — Commercial 1,339,199 1,339,199 — Construction and land development — — Total real estate loans 3,117,793 3,117,793 — Consumer loans — — — Commercial and industrial loans — — — Total $ 3,117,793 $ 3,117,793 $ — December 31, 2020 - Investment Balance Allowance Impaired loans with related allowance: Real estate loans: Residential $ — $ — $ — Home equity — — — Multi-family — — — Commercial — — — Construction and land development — — — Total real estate loans — — — Consumer loans — — — Commercial and industrial loans — — — Total $ — $ — $ — Impaired loans without related allowance: Real estate loans: Residential $ 1,480,633 $ 1,480,633 $ — Home equity 675 675 — Multi-family — — — Commercial 1,339,199 1,339,199 — Construction and land development 11,637 11,637 — Total real estate loans 2,832,144 2,832,144 — Consumer loans — — — Commercial and industrial loans — — — Total $ 2,832,144 $ 2,832,144 $ — |
Summary of Impaired loans | The average net investment in impaired loans and interest income recognized and received on impaired loans are as follows: Three Months Ended March 31, 2021 2020 Average Interest Interest Average Interest Interest March 31, 2021 - Real estate loans: Residential $ 1,553,631 $ 23,892 $ 23,892 $ 1,073,359 $ 9,898 $ 22,854 Home equity 1,196 — — 6,141 — — Multi-family — — — — — — Commercial 1,409,590 — — 1,245,537 — — Construction and land development 127,344 — — 590,059 23,222 23,222 Total real estate loans 3,091,761 23,892 23,892 2,915,096 33,120 46,076 Consumer loans — — — — — — Commercial and industrial loans — — — — — — Total $ 3,091,761 $ 23,892 $ 23,892 $ 2,915,096 $ 33,120 $ 46,076 |
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, 2021 and December 31, 2020, by class of loans: 30-59 60-89 90 Days Total Current Total Non-accrual March 31, 2021 - Real estate loans: Residential $ 1,027,471 $ 13,494 $ 116,765 $ 1,157,730 $ 95,213,477 $ 96,371,207 $ 831,232 Home equity — — — — 9,836,355 9,836,355 — Multi-family — — — — 15,686,952 15,686,952 — Commercial — — 1,339,199 1,339,199 77,792,490 79,131,689 1,339,199 Construction and land development 53,780 — — 53,780 28,075,704 28,129,484 — Total real estate loans 1,081,251 13,494 1,455,964 2,550,709 226,604,978 229,155,687 2,170,431 Consumer loans — — — 5,308,204 5,308,204 — Commercial and industrial loans — — — 22,881,413 22,881,413 $ 1,081,251 $ 13,494 $ 1,455,964 $ 2,550,709 $ 254,794,595 $ 257,345,304 $ 2,170,431 December 31, 2020 - Real estate loans: Residential $ 40,583 $ 84,167 $ 196,826 $ 321,576 $ 105,515,748 $ 105,837,324 $ 623,998 Home equity — — — — 8,892,417 8,892,417 — Multi-family — — — 15,140,468 15,140,468 — Commercial — 1,339,199 1,339,199 71,378,670 72,717,869 1,339,199 Construction and land development — — — — 29,982,506 29,982,506 — Total real estate loans 40,583 84,167 1,536,025 1,660,775 230,909,809 232,570,584 1,963,197 Consumer loans — — — 5,372,529 5,372,529 — Commercial and industrial loans 151,136 — — 151,136 29,448,846 29,599,982 — $ 191,719 $ 84,167 $ 1,536,025 $ 1,811,911 $ 265,731,184 $ 267,543,095 $ 1,963,197 |
Summary of loans not meeting the criteria are analyzed individually are considered to be pass rated loans, based on the most recent analysis performed, the risk category of loans by class of loans | Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of March 31, 2021 and December 31, 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows: Pass Special Substandard Doubtful Loss Total March 31, 2021 - Real estate loans: Residential $ 93,699,625 $ 745,809 $ 1,925,773 $ — $ — $ 96,371,207 Home equity 9,836,355 — — — — 9,836,355 Multi-family 15,386,023 300,929 — — — 15,686,952 Commercial 66,893,981 7,898,509 4,339,199 — — 79,131,689 Construction and land development 24,417,682 3,632,104 79,698 — — 28,129,484 Total real estate loans 210,233,666 12,577,351 6,344,670 — — 229,155,687 Consumer loans 5,308,204 — — — 5,308,204 Commercial and industrial loans $ 22,443,960 $ 437,453 — — 22,881,413 $ 237,985,830 $ 13,014,804 $ 6,344,670 $ — $ — $ 257,345,304 December 31, 2020- Real estate loans: Residential $ 102,229,498 1,243,538 2,364,288 $ — $ — $ 105,837,324 Home equity 8,891,742 — 675 — — 8,892,417 Multi-family 14,831,774 308,694 — — — 15,140,468 Commercial 67,305,357 4,073,313 1,339,199 — — 72,717,869 Construction and land development 25,390,597 2,950,389 1,641,520 — — 29,982,506 Total real estate loans 218,648,968 8,575,934 5,345,682 — — 232,570,584 Consumer loans 5,372,529 — — — — 5,372,529 Commercial and industrial loans 27,643,564 466,020 1,490,398 — — 29,599,982 $ 251,665,061 $ 9,041,954 $ 6,836,080 $ — $ — $ 267,543,095 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Advances from the FHLB were Outstanding | The following advances from the FHLB were outstanding as of March 31, 2021 and December 31, 2020: March 31, 2021 - Advance Date Amount Rate Interest Maturity Call Feature January 7, 2008 $ 183,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 433,334 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,083,333 Fixed 0.66 % April, 1 2025 N/A April 1, 2020 4,345,238 Fixed 0.79 % April 7, 2027 N/A $ 9,045,239 December 31, 2020 - Advance Date January 7, 2008 $ 208,334 Fixed 4.49 % January 9, 2023 N/A September 20, 2012 450,000 Fixed 1.80 % September 20, 2022 N/A April 1, 2020 4,333,333 Fixed 0.66 % April, 1 2025 N/A April 1, 2020 4,523,810 Fixed 0.79 % April 7, 2027 N/A $ 9,515,477 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loan Commitments Representing Off-Balance Sheet Risk | 03/31/21 12/31/20 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 29,119,000 $ 30,288,000 Stand-by $ 725,000 $ 725,000 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual and Required Capital Amounts and Ratios of the Bank | The Bank’s actual capital amounts and ratios, and minimum amounts under current regulatory standards, as of March 31, 2021 and December 31, 2020, are presented in the following table: Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) March 31, 2021: Common Equity Tier 1 Capital to Risk-Weighted Assets $ 40,555 16.90 % $ 10,800 4.50 % $ 15,600 6.50 % Total Capital to Risk- Weighted Assets $ 43,568 18.15 % $ 19,200 8.00 % $ 24,000 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,555 16.90 % $ 14,400 6.00 % $ 19,200 8.00 % Tier I Capital to Average Assets $ 40,555 10.15 % $ 14,220 4.00 % $ 17,775 5.00 % December 31, 2020: Common Equity Tier 1 Capital to Risk-Weighted Assets $ 40,090 16.46 % $ 10,963 4.50 % $ 15,835 6.50 % Total Capital to Risk- Weighted Assets $ 43,148 17.71 % $ 19,489 8.00 % $ 24,361 10.00 % Tier 1 Capital to Risk- Weighted Assets $ 40,090 16.46 % $ 14,617 6.00 % $ 19,489 8.00 % Tier I Capital to Average Assets $ 40,090 11.73 % $ 13,673 4.00 % $ 17,091 5.00 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of assets recorded at fair value on a recurring basis | Assets Recorded at Fair Value on a Recurring Basis. available-for-sale: Level 1 Level 2 Level 3 Total March 31, 2021 : US treasuries $ — $ 5,125,117 $ — $ 5,125,117 Mortgage-backed securities — 5,421,641 — 5,421,641 Collateralized mortgage obligations — 8,910,733 — 8,910,733 Corporate obligations — — — — Investment securities available-for-sale $ — $ 19,457,491 $ — $ 19,457,491 December 31, 2020 : Mortgage-backed securities $ — $ 6,280,605 $ — $ 6,280,605 Collateralized mortgage obligations — 9,135,065 — 9,135,065 Corporate obligations — 501,196 — 501,196 Investment securities available-for-sale $ — $ 15,916,866 $ — $ 15,916,866 |
Summary of assets recorded at fair value on a nonrecurring basis | Assets measured at fair value on a nonrecurring basis are included in the table below as of March 31, 2021 and December 31, 2020: Level 1 Level 2 Level 3 Total March 31, 2021 : Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 December 31, 2020 : Other real estate owned $ — $ — $ 81,000 $ 81,000 Impaired loans — — — — $ — $ — $ 81,000 $ 81,000 |
Summary of carrying amounts and estimated fair values of the bank's financial instruments | The carrying amounts and estimated fair values of the Bank’s financial instruments as of March 31, 2021 and December 31, 2020 are as follows: Fair Value Measurements at March 31, 2021 Carrying Total Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 63,999,437 $ 63,999,437 $ 63,999,437 $ — $ — Certificates of deposit with other banks 4,687,000 4,687,000 4,687,000 — — Investment securities available-for-sale 19,457,491 19,457,491 — 19,457,491 — Other investments 599,400 599,400 — 599,400 — Mortgage loans held for sale 2,582,893 2,582,893 — 2,582,893 — Loans, net 252,135,228 262,377,000 — — 262,377,000 Bank owned life insurance 10,954,649 10,954,649 10,954,649 — — Financial liabilities: Deposits 307,514,487 317,248,000 225,348,787 — 91,899,213 FHLB advances 9,045,239 9,072,000 — — 9,072,000 |
Investment Securities - Summary
Investment Securities - Summary Of Investments Securities Available For Sale (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 19,113,109 | $ 15,409,597 |
Gross Unrealized Gains | 363,774 | 507,269 |
Gross Unrealized Losses | 19,392 | 0 |
Estimated Fair Value | $ 19,457,491 | $ 15,916,866 |
Fair Value as % of Total | 100.00% | 100.00% |
US treasuries [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,144,509 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 19,392 | |
Estimated Fair Value | $ 5,125,117 | |
Fair Value as % of Total | 26.00% | |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,151,343 | $ 5,943,804 |
Gross Unrealized Gains | 270,298 | 336,801 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 5,421,641 | $ 6,280,605 |
Fair Value as % of Total | 28.00% | 39.00% |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 8,817,257 | $ 8,966,213 |
Gross Unrealized Gains | 93,476 | 168,852 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 8,910,733 | $ 9,135,065 |
Fair Value as % of Total | 46.00% | 57.00% |
Corporate obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 0 | $ 499,580 |
Gross Unrealized Gains | 0 | 1,616 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 0 | $ 501,196 |
Fair Value as % of Total | 0.00% | 3.00% |
Investment Securities - Summa_2
Investment Securities - Summary Of Unrealized Losses and Estimated Fair Value (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | $ 5,125,117 | $ 0 |
Total more than 12 months, Estimated Fair Value | 0 | 0 |
Total | 5,125,117 | 0 |
Total less than 12 months, Unrealized Losses | 19,392 | 0 |
Total more than 12 months, Unrealized Losses | 0 | 0 |
Total | 19,392 | 0 |
US treasuries [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 5,125,117 | 0 |
Total less than 12 months, Unrealized Losses | 19,392 | 0 |
Mortgage-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 0 |
Total more than 12 months, Estimated Fair Value | 0 | 0 |
Total less than 12 months, Unrealized Losses | 0 | 0 |
Total more than 12 months, Unrealized Losses | 0 | 0 |
Collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 0 |
Total less than 12 months, Unrealized Losses | 0 | 0 |
Corporate obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total less than 12 months, Estimated Fair Value | 0 | 0 |
Total more than 12 months, Estimated Fair Value | 0 | 0 |
Total less than 12 months, Unrealized Losses | 0 | 0 |
Total more than 12 months, Unrealized Losses | $ 0 | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary Of Amortized Cost and Estimated Fair Value Of Investment Securities Available For Sale (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Amortized Cost, Within 1 year | $ 0 | |
Amortized Cost, 1 to 5 years | 0 | |
Amortized Cost, 5 to 10 years | 5,144,509 | |
Amortized Cost, Mortgage-backed securities and collateralized mortgage obligations | 13,968,600 | |
Total, Amortized Cost | 19,113,109 | $ 15,409,597 |
Estimated Fair Value, Within 1 year | 0 | |
Estimated Fair Value, 1 to 5 years | 0 | |
Estimated Fair Value, 5 to 10 years | 5,125,117 | |
Estimated Fair Value, Mortgage-backed securities and collateralized mortgage obligations | 14,332,374 | |
Total, Estimated Fair Value | $ 19,457,491 | $ 15,916,866 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Available-for-sale Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale securities pledged to secure public deposits | $ 224,000 | $ 265,000 |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Summary Of Major Classifications Of Loans, By Purpose Code - (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 257,345,304 | $ 267,543,095 | ||
Gross Loans Receivable Percentage | 100.00% | 100.00% | ||
Less: Allowance for loan losses | $ 4,087,400 | $ 4,085,719 | $ 3,415,590 | $ 3,064,777 |
Deferred loan fees | 1,122,676 | 1,101,409 | ||
Loans, net | 252,135,228 | 262,355,967 | ||
Consumer loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 5,308,204 | $ 5,372,529 | ||
Gross Loans Receivable Percentage | 2.06% | 2.01% | ||
Commercial and industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 22,881,413 | $ 29,599,982 | ||
Gross Loans Receivable Percentage | 8.89% | 11.06% | ||
Real Estate [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 229,155,687 | $ 232,570,584 | ||
Real Estate [Member] | Residential [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 96,371,207 | $ 105,837,324 | ||
Gross Loans Receivable Percentage | 37.45% | 39.56% | ||
Real Estate [Member] | Home equity [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 9,836,355 | $ 8,892,417 | ||
Gross Loans Receivable Percentage | 3.82% | 3.32% | ||
Real Estate [Member] | Multi-family [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 15,686,952 | $ 15,140,468 | ||
Gross Loans Receivable Percentage | 6.10% | 5.66% | ||
Real Estate [Member] | Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 79,131,689 | $ 72,717,869 | ||
Gross Loans Receivable Percentage | 30.75% | 27.18% | ||
Real Estate [Member] | Construction and land development [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 28,129,484 | $ 29,982,506 | ||
Gross Loans Receivable Percentage | 10.93% | 11.21% |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Summary Of Allowance For Loan Losses - (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 4,085,719 | $ 3,064,777 |
Charge-offs | (26,965) | 0 |
Recoveries | 28,646 | 125,813 |
Net recoveries | 1,681 | 125,813 |
Provision for allowance for loan losses | 0 | 225,000 |
Ending balance | 4,087,400 | 3,415,590 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | (15,842) | 0 |
Recoveries | 3,912 | 3,919 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 7,250 | 25,250 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | (11,123) | 0 |
Recoveries | 17,484 | 96,644 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | (11,123) | 0 |
Recoveries | 6,139 | 80,073 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Charge-offs | 0 | 0 |
Recoveries | $ 11,345 | $ 16,571 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Summary Of Allowances For Loan Losses And Recorded Investments In Loans Individually And Collectively Evaluated For Impairment (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | $ 3,117,793 | $ 2,832,144 |
Loans Collectively Evaluated for Impairment | 254,227,511 | 264,710,951 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 4,087,400 | 4,085,719 |
Consumer Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | |
Loans Collectively Evaluated for Impairment | 5,372,529 | |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,360 | |
Commercial And Industrial Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 22,881,413 | 29,599,982 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 122,344 | 101,497 |
Unallocated [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 105,666 | 174,383 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 3,117,793 | 2,832,144 |
Loans Collectively Evaluated for Impairment | 226,037,894 | 229,738,440 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 3,858,925 | 3,808,479 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,778,594 | 1,480,633 |
Loans Collectively Evaluated for Impairment | 94,592,613 | 104,356,691 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,474,451 | 1,444,921 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 675 |
Loans Collectively Evaluated for Impairment | 9,836,355 | 8,891,742 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 147,190 | 133,985 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 0 |
Loans Collectively Evaluated for Impairment | 15,686,952 | 15,140,468 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 310,951 | 311,409 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 1,339,199 | 1,339,199 |
Loans Collectively Evaluated for Impairment | 77,792,490 | 71,378,670 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 1,560,296 | 1,531,037 |
Real Estate [Member] | Construction and development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | 11,637 |
Loans Collectively Evaluated for Impairment | 28,129,484 | 29,970,869 |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | 0 |
Allowance For Loan Losses Collectively Evaluated for Impairment | 366,037 | $ 387,127 |
Real Estate [Member] | Consumer Loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans Individually Evaluated for Impairment | 0 | |
Loans Collectively Evaluated for Impairment | 5,308,204 | |
Allowance For Loan Losses Individually Evaluated for Impairment | 0 | |
Allowance For Loan Losses Collectively Evaluated for Impairment | $ 465 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Summary Of Impaired Loans With And Without Allowances For Credit Losses Recorded Investment Unpaid Principal Amount (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | $ 0 | $ 0 |
Impaired Loans Without Related Allowance Record Investment | 3,117,793 | 2,832,144 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 3,117,793 | 2,832,144 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Consumer loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Commercial and industrial loans [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | 0 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 3,117,793 | 2,832,144 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 3,117,793 | 2,832,144 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Residential [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,778,594 | 1,480,633 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,778,594 | 1,480,633 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Home equity [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 675 | |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 675 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 0 | |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 0 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 1,339,199 | 1,339,199 |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 1,339,199 | 1,339,199 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Impaired Loans With Related Allowance Record Investment | 0 | 0 |
Impaired Loans Without Related Allowance Record Investment | 11,637 | |
Impaired Loans With Related Allowance Principal Balance | 0 | 0 |
Impaired Loans Without Related Allowance Principal Balance | 0 | 11,637 |
Impaired Loans With Related Allowance | 0 | 0 |
Impaired Loans Without Related Allowance | $ 0 | $ 0 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Securities, Held-to-maturity, 90 Days or More Past Due, Still Accruing | $ 0 | $ 1 | |
Debt Securities, Held-to-maturity | 16,000 | ||
Loan Restructuring, Trial Modifications, Amount | 0 | $ 0 | |
Small Business Administration [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Instrument, Collateral Fee | $ 227,000 | 0 | |
Small Business Administration [Member] | Minimum [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percenatge of guarantee made to eligible borrowers under PPP loans | 1.00% | ||
Small Business Administration [Member] | Maximum [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Percenatge of guarantee made to eligible borrowers under PPP loans | 5.00% | ||
Paycheck Protection Program [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||
Percenatge of guarantee made to eligible borrowers under PPP loans | 100.00% | ||
Paycheck Protection Program [Member] | Minimum [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Instrument, Term | 2 days | ||
Paycheck Protection Program [Member] | Maximum [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Instrument, Term | 5 days | ||
Paycheck Protection Program [Member] | Small Business Administration [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Debt Instrument, Collateral Fee | $ 205,000 | $ 0 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Summary of Impaired Loans (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 3,091,761 | $ 2,915,096 |
Interest Income Recognized | 23,892 | 33,120 |
Interest Income Received | 23,892 | 46,076 |
Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 3,091,761 | 2,915,096 |
Interest Income Recognized | 23,892 | 33,120 |
Interest Income Received | 23,892 | 46,076 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,553,631 | 1,073,359 |
Interest Income Recognized | 23,892 | 9,898 |
Interest Income Received | 23,892 | 22,854 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,196 | 6,141 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 1,409,590 | 1,245,537 |
Interest Income Recognized | 0 | 0 |
Interest Income Received | 0 | 0 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | 127,344 | 590,059 |
Interest Income Recognized | 0 | 23,222 |
Interest Income Received | $ 0 | $ 23,222 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Schedule of Aging of the Recorded Investment in Past Due Loans and Nonaccrual Loans (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 2,550,709 | $ 1,811,911 |
Current | 254,794,595 | 265,731,184 |
Total | 257,345,304 | 267,543,095 |
Non-accrual | 2,170,431 | 1,963,197 |
Consumer loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 5,308,204 | 5,372,529 |
Total | 5,308,204 | 5,372,529 |
Non-accrual | 0 | 0 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 151,136 |
Current | 22,881,413 | 29,448,846 |
Total | 22,881,413 | 29,599,982 |
Non-accrual | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 2,550,709 | 1,660,775 |
Current | 226,604,978 | 230,909,809 |
Total | 229,155,687 | 232,570,584 |
Non-accrual | 2,170,431 | 1,963,197 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,157,730 | 321,576 |
Current | 95,213,477 | 105,515,748 |
Total | 96,371,207 | 105,837,324 |
Non-accrual | 831,232 | 623,998 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 9,836,355 | 8,892,417 |
Total | 9,836,355 | 8,892,417 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
Current | 15,686,952 | 15,140,468 |
Total | 15,686,952 | 15,140,468 |
Non-accrual | 0 | 0 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,339,199 | 1,339,199 |
Current | 77,792,490 | 71,378,670 |
Total | 79,131,689 | 72,717,869 |
Non-accrual | 1,339,199 | 1,339,199 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 53,780 | 0 |
Current | 28,075,704 | 29,982,506 |
Total | 28,129,484 | 29,982,506 |
Non-accrual | 0 | 0 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,081,251 | 191,719 |
30-59 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
30-59 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 151,136 |
30-59 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,081,251 | 40,583 |
30-59 Days Past Due [Member] | Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,027,471 | 40,583 |
30-59 Days Past Due [Member] | Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
30-59 Days Past Due [Member] | Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
30-59 Days Past Due [Member] | Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
30-59 Days Past Due [Member] | Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 53,780 | 0 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 13,494 | 84,167 |
60-89 Days Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60-89 Days Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60-89 Days Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 13,494 | 84,167 |
60-89 Days Past Due [Member] | Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 13,494 | 84,167 |
60-89 Days Past Due [Member] | Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60-89 Days Past Due [Member] | Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60-89 Days Past Due [Member] | Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
60-89 Days Past Due [Member] | Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,455,964 | 1,536,025 |
90 Days or Greater Past Due [Member] | Consumer loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or Greater Past Due [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,455,964 | 1,536,025 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 116,765 | 196,826 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 0 | 0 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | 1,339,199 | 1,339,199 |
90 Days or Greater Past Due [Member] | Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Past Due | $ 0 | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Schedule of Loans not Meeting the Criteria are Analyzed Individually are considered to be Pass Rated Loans, Based on the Most Recent Analysis Performed, the Risk Category of Loans by Class of Loans (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 257,345,304 | $ 267,543,095 |
Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 5,308,204 | 5,372,529 |
Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 22,881,413 | 29,599,982 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 237,985,830 | 251,665,061 |
Pass [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 5,308,204 | 5,372,529 |
Pass [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 22,443,960 | 27,643,564 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 13,014,804 | 9,041,954 |
Special Mention [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Special Mention [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 437,453 | 466,020 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 6,344,670 | 6,836,080 |
Substandard [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Substandard [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 1,490,398 |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Doubtful [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Consumer loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Loss [Member] | Commercial and industrial loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 229,155,687 | 232,570,584 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 96,371,207 | 105,837,324 |
Real Estate [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 9,836,355 | 8,892,417 |
Real Estate [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 15,686,952 | 15,140,468 |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 79,131,689 | 72,717,869 |
Real Estate [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 28,129,484 | 29,982,506 |
Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 210,233,666 | 218,648,968 |
Real Estate [Member] | Pass [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 93,699,625 | 102,229,498 |
Real Estate [Member] | Pass [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 9,836,355 | 8,891,742 |
Real Estate [Member] | Pass [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 15,386,023 | 14,831,774 |
Real Estate [Member] | Pass [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 66,893,981 | 67,305,357 |
Real Estate [Member] | Pass [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 24,417,682 | 25,390,597 |
Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 12,577,351 | 8,575,934 |
Real Estate [Member] | Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 745,809 | 1,243,538 |
Real Estate [Member] | Special Mention [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Special Mention [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 300,929 | 308,694 |
Real Estate [Member] | Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 7,898,509 | 4,073,313 |
Real Estate [Member] | Special Mention [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 3,632,104 | 2,950,389 |
Real Estate [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 6,344,670 | 5,345,682 |
Real Estate [Member] | Substandard [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 1,925,773 | 2,364,288 |
Real Estate [Member] | Substandard [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 675 |
Real Estate [Member] | Substandard [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 4,339,199 | 1,339,199 |
Real Estate [Member] | Substandard [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 79,698 | 1,641,520 |
Real Estate [Member] | Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Doubtful [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Residential [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Home equity [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Multi-family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | 0 | 0 |
Real Estate [Member] | Loss [Member] | Construction and land development [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Other Borrowings - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Federal Reserve Bank of Atlanta [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,500,000 | $ 9,900,000 | |
Line of Credit Facility, Current Borrowing Capacity | 0 | 0 | |
Bank's residential and commercial real estate loans [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Collateral Amount | 24,890,000 | 37,248,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 15,844,000 | 19,200,000 | |
Bank's residential and commercial real estate loans [Member] | Federal Reserve Bank of Atlanta [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured Debt, Current | 14,000,000 | 15,000,000 | |
Unsecured federal funds lines of credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured Debt, Current | 18,300,000 | $ 18,300,000 | |
FHLB advance [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,045,239 | $ 9,515,477 | |
FHLB advance [Member] | Due on January 9, 2023 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Jan. 9, 2023 | ||
Long-term Line of Credit | $ 8,300 | ||
FHLB advance [Member] | Due on September 20, 2022 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Sep. 20, 2022 | ||
Long-term Line of Credit | $ 5,600 | ||
FHLB advance [Member] | Due on April 01, 2025 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Apr. 1, 2025 | ||
Long-term Line of Credit | $ 83,000 | ||
FHLB advance [Member] | Due on April 07, 2027 [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Apr. 7, 2027 | ||
Long-term Line of Credit | $ 59,000 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Other Borrowings - Summary of Advances from the FHLB were Outstanding (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Due on January 9,2023 with fixed rate 4.49% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Jan. 7, 2008 | |
Due on September 20,2022 with fixed rate 1.80% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Sep. 20, 2012 | |
Due on April 1,2025 with fixed rate 0.66% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Apr. 1, 2020 | |
Due on April 07, 2027 with fixed rate 0.79% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Apr. 1, 2020 | |
FHLB advance [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,045,239 | $ 9,515,477 |
FHLB advance [Member] | Due on January 9,2023 with fixed rate 4.49% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Jan. 7, 2008 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 183,334 | $ 208,334 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 4.49% | 4.49% |
Line of Credit Facility, Expiration Period | 0 days | 0 days |
FHLB advance [Member] | Due on September 20,2022 with fixed rate 1.80% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Sep. 20, 2012 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 433,334 | $ 450,000 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 1.80% | 1.80% |
Line of Credit Facility, Expiration Period | 0 days | 0 days |
FHLB advance [Member] | Due on April 1,2025 with fixed rate 0.66% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Apr. 1, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,083,333 | $ 4,333,333 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 0.66% | 0.66% |
Line of Credit Facility, Expiration Period | 0 days | 0 days |
FHLB advance [Member] | Due on April 07, 2027 with fixed rate 0.79% [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit facility, Advance Date | Apr. 1, 2020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,345,238 | $ 4,523,810 |
Line Of Credit Facility, Interest Rate Type | Fixed | Fixed |
Line of Credit Facility, Interest Rate at Period End | 0.79% | 0.79% |
Line of Credit Facility, Expiration Period | 0 days | 0 days |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Loan Commitments Representing Off-Balance Sheet Risk (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 29,119,000 | $ 30,288,000 |
Stand-by letters of credit [Member] | ||
Commitments and Letters Of Credit [Line Items] | ||
Commitments to extend credit | $ 725,000 | $ 725,000 |
Regulatory Matters - Summary of
Regulatory Matters - Summary of Additional Information (Detail) $ in Billions | Mar. 31, 2021USD ($) |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Minimum consolidated assets | $ 3 |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Actual and Required Capital Amounts and Ratios of the Bank (Detail) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Amount | $ 40,555 | $ 40,090 |
Total Capital to Risk- Weighted Assets, Actual Amount | 43,568 | 43,148 |
Tier 1 Capital to Risk- Weighted Assets, Actual Amount | 40,555 | 40,090 |
Tier I Capital to Average Assets, Actual Amount | $ 40,555 | $ 40,090 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 16.90 | 16.46 |
Total Capital to Risk- Weighted Assets, Actual Ratio | 18.15 | 17.71 |
Tier 1 Capital to Risk- Weighted Assets, Actual Ratio | 16.90 | 16.46 |
Tier I Capital to Average Assets, Actual Ratio | 10.15 | 11.73 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Amount | $ 10,800 | $ 10,963 |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 19,200 | 19,489 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Amount | 14,400 | 14,617 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes Amount | $ 14,220 | $ 13,673 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Total Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Ratio | 8 | 8 |
Tier 1 Capital to Risk- Weighted Assets, For Capital Adequacy Purposes Ratio | 6 | 6 |
Tier I Capital to Average Assets, For Capital Adequacy Purposes ratio | 4 | 4 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized Under prompt Corrective Action Provisions Amount | $ 15,600 | $ 15,835 |
Total Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 24,000 | 24,361 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 19,200 | 19,489 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 17,775 | $ 17,091 |
Common Equity Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Total Capital to Risk- Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier 1 Capital to Risk- Weighted Assets, To Be Well Capitalization Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Tier I Capital to Average Assets, To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Recurring Basis (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 19,457,491 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,457,491 | |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,457,491 | $ 15,916,866 |
Fair Value, Recurring [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 5,125,117 | |
Fair Value, Recurring [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 5,421,641 | 6,280,605 |
Fair Value, Recurring [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,910,733 | 9,135,065 |
Fair Value, Recurring [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 501,196 | |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 1 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 1 [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 1 [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 1 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 19,457,491 | 15,916,866 |
Fair Value, Recurring [Member] | Level 2 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 5,125,117 | |
Fair Value, Recurring [Member] | 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 | 5,421,641 | 6,280,605 |
Fair Value, Recurring [Member] | 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 | 8,910,733 | 9,135,065 |
Fair Value, Recurring [Member] | Level 2 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 501,196 | |
Fair Value, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 3 [Member] | US treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Collateralized mortgage obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Corporate obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Assets Recorded at Fair Value on a Nonrecurring Basis (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | ||
Impaired loans | ||
Assets recorded at fair value on a recurring basis | ||
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 81,000 | 81,000 |
Assets recorded at fair value on a recurring basis | 81,000 | 81,000 |
Fair Value, Nonrecurring [Member] | Level 3 [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Other real estate owned | 81,000 | 81,000 |
Assets recorded at fair value on a recurring basis | $ 81,000 | $ 81,000 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Carrying Amounts and Estimated Fair Values of the Bank's Financial Instruments (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and cash equivalents | $ 63,999,437 | $ 41,876,399 |
Cash and cash equivalents | 63,999,437 | |
Certificates of deposit with other banks | 4,687,000 | 5,652,000 |
Certificates of deposit with other banks | 4,687,000 | |
Investment securities available-for-sale | 19,457,491 | 15,916,866 |
Investment securities available-for-sale | 19,457,491 | |
Other investments | 599,400 | 714,000 |
Other investments | 599,400 | |
Mortgage loans held for sale | 2,582,893 | 2,944,962 |
Loans, net | 252,135,228 | 262,355,967 |
Loans, net | 262,377,000 | |
Bank owned life insurance | 10,954,649 | 10,883,428 |
Bank owned life insurance | 10,954,649 | |
Financial liabilities: | ||
Deposits | 307,514,487 | 294,099,827 |
Deposits | 317,248,000 | |
FHLB advances | 9,045,239 | $ 9,515,477 |
FHLB advances | 9,072,000 | |
Level 1 [Member] | ||
Financial assets: | ||
Cash and cash equivalents | 63,999,437 | |
Certificates of deposit with other banks | 4,687,000 | |
Bank owned life insurance | 10,954,649 | |
Financial liabilities: | ||
Deposits | 225,348,787 | |
Level 2 [Member] | ||
Financial assets: | ||
Investment securities available-for-sale | 19,457,491 | |
Other investments | 599,400 | |
Mortgage loans held for sale | 2,582,893 | |
Level 3 [Member] | ||
Financial assets: | ||
Loans, net | 262,377,000 | |
Financial liabilities: | ||
Deposits | 91,899,213 | |
FHLB advances | $ 9,072,000 |
Plan of Reorganization - Additi
Plan of Reorganization - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Plan of Reorganization [Abstract] | ||
Deferred conversion costs | $ 195,000 | $ 116,000 |
Deferred reorganization plan costs | $ 0 | $ 506,500 |