Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 11, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | SSB Bancorp, Inc. | |
Entity Central Index Key | 0001716188 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,236,538 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 6,902,759 | $ 10,610,445 |
Interest-bearing deposits with other financial institutions | 17,607,894 | 11,270,343 |
Cash and cash equivalents | 24,510,653 | 21,880,788 |
Certificates of deposit | 4,444,000 | 2,465,000 |
Securities available for sale | 8,395,742 | 9,849,599 |
Securities held to maturity (fair value of $3,374, and $3,932, respectively) | 3,323 | 3,879 |
Loans | 159,963,384 | 157,295,376 |
Allowance for loan losses | (1,195,761) | (1,183,261) |
Net loans | 158,767,623 | 156,112,115 |
Accrued interest receivable | 808,168 | 673,026 |
Federal Home Loan Bank stock, at cost | 3,046,900 | 2,924,600 |
Premises and equipment, net | 4,282,919 | 4,234,676 |
Bank-owned life insurance | 3,271,781 | 3,249,430 |
Deferred tax asset, net | 316,202 | 296,955 |
Other assets | 766,932 | 941,669 |
TOTAL ASSETS | 208,614,243 | 202,631,737 |
Deposits: | ||
Noninterest-bearing demand | 7,282,956 | 5,519,219 |
Interest-bearing demand | 24,692,640 | 18,218,407 |
Money market | 30,465,007 | 30,129,370 |
Savings | 1,336,342 | 1,314,513 |
Time | 91,027,286 | 93,839,220 |
Total deposits | 154,804,231 | 149,020,729 |
Federal Home Loan Bank advances | 31,374,500 | 31,374,500 |
Advances by borrowers for taxes and insurance | 752,566 | 712,189 |
Accrued interest payable | 311,648 | 331,133 |
Other liabilities | 339,310 | 309,988 |
TOTAL LIABILITIES | 187,582,255 | 181,748,539 |
STOCKHOLDERS' EQUITY | ||
Preferred Stock: $0.01 par value per share: 5,000,000 shares authorized and no shares issued or outstanding | ||
Common Stock: 20,000,000 shares authorized and 2,276,891 shares issued and outstanding at $0.01 par value | 22,769 | 22,769 |
Paid-in capital | 8,719,033 | 8,707,184 |
Retained earnings | 13,150,177 | 12,951,846 |
Unearned compensation - Employee Stock Ownership Plan (ESOP) | (782,163) | (793,180) |
Accumulated other comprehensive loss | (77,828) | (5,421) |
TOTAL STOCKHOLDERS' EQUITY | 21,031,988 | 20,883,198 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 208,614,243 | $ 202,631,737 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Fair value of held-to-maturity securities | $ 3,374 | $ 3,932 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 2,276,891 | 2,276,891 |
Common stock, shares outstanding | 2,276,891 | 2,276,891 |
Common stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST INCOME | ||
Loans, including fees | $ 1,888,087 | $ 1,832,246 |
Interest-bearing deposits with other financial institutions | 90,215 | 65,334 |
Certificates of deposit | 18,917 | 4,317 |
Investment securities: | ||
Taxable | 94,939 | 109,164 |
Exempt from federal income tax | 5,216 | 8,233 |
Total interest income | 2,097,374 | 2,019,294 |
INTEREST EXPENSE | ||
Deposits | 714,504 | 709,108 |
Federal Home Loan Bank advances and other bank obligations | 203,271 | 216,640 |
Total interest expense | 917,775 | 925,748 |
NET INTEREST INCOME | 1,179,599 | 1,093,546 |
Provision for loan losses | 12,500 | 45,500 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 1,167,099 | 1,048,046 |
NONINTEREST INCOME | ||
Securities gains, net | 35,567 | 5,791 |
Provision for loss on loans held for sale | ||
Gain on sale of loans | 119,172 | 64,631 |
Loan servicing fees | 47,729 | 39,414 |
Earnings on bank-owned life insurance | 22,350 | 16,120 |
Other | 15,938 | 13,322 |
Total noninterest income | 240,756 | 139,278 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 557,703 | 462,627 |
Occupancy | 90,630 | 100,352 |
Professional fees | 142,593 | 132,675 |
Federal deposit insurance | 43,000 | 49,000 |
Data processing | 97,183 | 96,342 |
Director fees | 32,494 | 32,494 |
Contributions and donations | 14,800 | 17,519 |
Other | 174,986 | 150,315 |
Total noninterest expense | 1,153,389 | 1,041,324 |
Income before income taxes | 254,466 | 146,000 |
Provision for income taxes | 56,135 | 33,287 |
NET INCOME | $ 198,331 | $ 112,713 |
EARNINGS PER COMMON SHARE | ||
Basic | $ 0.09 | $ 0.05 |
Diluted | $ 0.09 | $ 0.05 |
AVERAGE COMMON SHARES OUTSTANDING | ||
Basic | 2,171,861 | 2,165,076 |
Diluted | 2,172,602 | 2,165,076 |
DIVIDENDS DECLARED PER COMMON SHARE | ||
COMPREHENSIVE INCOME | $ 125,924 | $ 221,132 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 198,331 | $ 112,713 |
Other comprehensive income (loss): | ||
Net change in unrealized gain (loss) on available-for-sale securities | (56,087) | 143,030 |
Income tax effect | 11,778 | (30,036) |
Reclassification adjustment for net securities (gains) losses recognized in income | (35,567) | (5,791) |
Income tax effect included in provision for income taxes | 7,469 | 1,216 |
Other comprehensive income (loss), net of tax | (72,407) | 108,419 |
Total comprehensive income | $ 125,924 | $ 221,132 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Unearned Compensation Employee Stock Ownership Plan [Member] | Accumulated Other Comprehensive (Gain) Loss [Member] | Total |
Balance at Dec. 31, 2018 | $ 22,483 | $ 8,692,971 | $ 12,515,501 | $ (837,245) | $ (74,623) | $ 20,319,087 |
Net income | 436,345 | 112,713 | ||||
Other comprehensive income | 69,202 | 108,419 | ||||
Refund on offering expenses | 1,005 | 1,005 | ||||
Stock compensation plan | 286 | 20,875 | 21,161 | |||
Amortization of ESOP | (7,667) | 44,065 | 36,398 | |||
Balance at Mar. 31, 2019 | 22,769 | 8,707,184 | 12,951,846 | (793,180) | (5,421) | 20,883,198 |
Balance at Dec. 31, 2019 | 22,769 | 8,707,184 | 12,951,846 | (793,180) | (5,421) | 20,883,198 |
Net income | 198,331 | 198,331 | ||||
Other comprehensive income | (72,407) | (72,407) | ||||
Stock compensation plan | 14,350 | 14,350 | ||||
Amortization of ESOP | (2,501) | 11,017 | 8,516 | |||
Balance at Mar. 31, 2020 | $ 22,769 | $ 8,719,033 | $ 13,150,177 | $ (782,163) | $ (77,828) | $ 21,031,988 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 198,331 | $ 112,713 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 12,500 | 45,500 |
Depreciation | 41,731 | 41,025 |
Net amortization of investment securities | 25,801 | 6,622 |
Loss on sale of portfolio loans | 12,178 | |
Origination of loans held for sale | (3,754,600) | (3,255,550) |
Proceeds from sale of loans | 3,873,772 | 3,332,359 |
Gain on sale of loans | (119,172) | (76,809) |
Amortization of net deferred loan origination costs | 9,356 | |
Gain on sale of investments | (35,567) | (5,791) |
Increase in accrued interest receivable | (135,142) | (22,673) |
Increase (decrease) in accrued interest payable | (19,485) | 2,605 |
Stock compensation expense | 14,350 | |
Amortization of ESOP | 8,516 | 9,595 |
Increase in bank owned life insurance | (22,351) | (16,120) |
Other, net | 151,768 | 24,148 |
Net cash provided by (used in) operating activities | 249,808 | 209,802 |
INVESTING ACTIVITIES | ||
Purchase of certificates of deposit | (1,979,000) | (747,000) |
Redemption of certificates of deposit | 348,000 | |
Investment securities available for sale: | ||
Purchases | (1,118,359) | |
Proceeds from sales | 1,043,999 | 254,377 |
Proceeds from principal repayments, calls, and maturities | 1,446,329 | 240,284 |
Investment securities held to maturity: | ||
Proceeds from principal repayments, calls, and maturities | 556 | 651 |
Redemption of Federal Home Loan Bank stock | 27,900 | 5,000 |
Purchase of Federal Home Loan Bank stock | (150,200) | (69,300) |
Purchases of loans | (1,355,440) | (382,000) |
Decrease (increase) in loans receivable, net | (1,321,924) | 1,381,930 |
Proceeds from sale of portfolio loans | 3,569,527 | |
Proceeds from sale of other real estate owned | 44,397 | |
Purchases of premises and equipment | (82,080) | (46,694) |
Net cash (used for) provided by investing activities | (3,443,822) | 4,554,775 |
FINANCING ACTIVITIES | ||
Increase in deposits, net | 5,783,502 | 6,425,127 |
Increase in advances by borrowers for taxes and insurance | 40,377 | 111,251 |
Net proceeds from stock offering | ||
Refund on offering expenses | 1,005 | |
Net cash provided by (used in) financing activities | 5,823,879 | 6,537,383 |
Increase (decrease) in cash and cash equivalents | 2,629,865 | 11,301,960 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 21,880,788 | 9,034,070 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 24,510,653 | 20,336,030 |
Cash paid during the year for: | ||
Interest | 937,260 | 923,143 |
Income taxes | ||
Noncash investing activities: | ||
Loans held for investment transferred to loans held for sale | $ 3,581,705 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION SSB Bancorp, Inc. SSB Bancorp, Inc. (the “Company”) was incorporated on August 17, 2017 to serve as the subsidiary stock holding company for SSB Bank upon the reorganization of SSB Bank into a mutual holding company structure (the “Reorganization”). The Reorganization was completed effective January 24, 2018, with SSB Bank becoming the wholly-owned subsidiary of SSB Bancorp, Inc., and SSB Bancorp, Inc. becoming the majority-owned subsidiary of SSB Bancorp, MHC. In connection with the Reorganization, the Company sold 1,011,712 shares of common stock at an offering price of $10 per share. The Company’s stock began being quoted for listing on the OTC Pink Market on January 25, 2018, under the symbol “SSBP”. Also, in connection with the Reorganization, SSB Bank established an employee stock ownership plan (the “ESOP”), which purchased 88,131 shares of the Company’s common stock at a price of $10 per share. In the Reorganization, the Company also issued 1,236,538 shares of its common stock to SSB Bancorp, MHC. SSB Bank SSB Bank (the “Bank”) provides a variety of financial services to individuals and corporate customers through its offices in Pittsburgh, Pennsylvania. The Bank’s primary deposit products are passbook savings accounts, money market accounts, and certificates of deposit. Its primary lending products are commercial mortgage loan and single-family residential loans. The Bank is subject to regulation and supervision by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities. The interim consolidated financial statements at March 31, 2020, and for the three months ended March 31, 2020 and 2019, are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Such adjustments are the only adjustments reflected in the accompanying interim financial statements. The results of operations for the three months ended March 31, 2020, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2020, or any other period. The financial statements at December 31, 2019, are derived from the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Balance Sheet and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. For further information, refer to the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The consolidated financial statements include the accounts of SSB Bancorp, Inc. and the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards | 2. RECENT ACCOUNTING STANDARDS On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act”) was signed into law. The JOBS Act contains provisions that among other things, reduce certain reporting requirements for qualifying public companies and define and “emerging growth company.” As an emerging growth company, the Company may delay adoption of new or revised financial accounting standards until such date that the standards are required to be adopted by non-issuer companies. If such standards would not apply to non-issuer companies, no deferral would be applicable. We have elected to take advantage of the benefits of extended transition periods. Accordingly, our consolidated financial statements may not be comparable to those of public companies that adopt the new or revised financial accounting standards as of an earlier date. The effective dates of the following recent accounting standards reflect those that relate to non-issuer companies. In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. The Update is not expected to have a significant impact on the Company’s consolidated financial statements. On January 1, 2019, the Company adopted ASU 2014-09 Revenue from Contracts with Customers Revenue Recognition On December 31, 2019, the Company adopted ASU No. 2016-02 “Leases (Topic 842)” and subsequent amendments thereto, which requires the Company to recognize most leases onto the balance sheet. The Company adopted the standard under a modified retrospective approach as of the date of adoption and elected to apply several of the available practical expedients, including: ● Carry over of historical lease determination and lease classification conclusions ● Carry over of historical initial direct cost balances for existing leases ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets of $7,895 and operating lease liabilities of $7,895 as of March 31, 2020. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s Consolidated Income Statement. Prior periods were not restated and continue to be presented under legacy GAAP. Disclosures about the Company’s leasing activities are presented in Note 16 – Leases |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available for Sale | 3. SECURITIES AVAILABLE FOR SALE The amortized cost, gross unrealized gains and losses, and fair values of securities available for sale are as follows: March 31, 2020 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 4,361,843 $ 45,915 $ (817 ) $ 4,406,941 Obligations of state and political subdivisions 837,674 737 - 838,411 Corporate bonds 3,295,143 359 (145,112 ) 3,150,390 Total $ 8,494,660 $ 47,011 $ (145,929 ) $ 8,395,742 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 5,303,817 $ 19,894 $ (42,383 ) $ 5,281,328 Obligations of state and political subdivisions 1,363,535 2,174 (4 ) 1,365,705 Corporate bonds 3,189,510 24,963 (11,907 ) 3,202,566 Total $ 9,856,862 $ 47,031 $ (54,294 ) $ 9,849,599 The amortized cost and fair value of investment securities available for sale by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging from less than 1 year to 30 years. Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. March 31, 2020 (unaudited) Amortized Fair Cost Value Due within one year or less $ 149,881 150,298 Due after one year through five years 1,064,656 1,052,448 Due after five years through ten years 2,957,307 2,825,273 Due after ten years 4,322,815 4,367,723 Total $ 8,494,659 $ 8,395,742 For the three months ended March 31, 2020, there were 2 corporate bonds sold with a total amortized cost of $1,008,433 and an associated gain on sale of $35,567. The proceeds of the sale were $1,044,000. For the three months ended March 31, 2019, one corporate bond was sold with a total amortized cost of $248,584 and an associated gain on sale of $5,791. The proceeds of the sale were $254,375. |
Securities Held to Maturity
Securities Held to Maturity | 3 Months Ended |
Mar. 31, 2020 | |
Valuation Allowance Amortized Into Interest Income | |
Securities Held to Maturity | 4. SECURITIES HELD TO MATURITY The amortized cost, gross unrealized gains and losses, and fair values of securities held to maturity are as follows: March 31, 2020 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 3,323 $ 51 $ - $ 3,374 Total $ 3,323 $ 51 $ - $ 3,374 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 3,879 $ 53 $ - $ 3,932 Total $ 3,879 $ 53 $ - $ 3,932 The amortized cost and fair value of mortgage-backed securities by contractual maturity are shown below. Mortgage-backed securities provide for periodic payments of principal and interest and have contractual maturities ranging up to 8 years. Due to expected repayment terms being less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. March 31, 2020 (unaudited) Amortized Fair Cost Value Due within one year or less $ 80 $ 80 Due after one year through five years 2,036 2,049 Due after five years through nine years 1,207 1,245 Total $ 3,323 $ 3,374 |
Unrealized Losses on Securities
Unrealized Losses on Securities | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned Fair Value Disclosure | |
Unrealized Losses on Securities | 5. UNREALIZED LOSSES ON SECURITIES The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: March 31, 2020 (unaudited) Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities of government-sponsored entities $ 350,298 $ (817 ) $ - $ - $ 350,298 $ (817 ) Obligations of state and political subdivisions - - - - - - Corporate bonds 3,049,915 (145,112 ) - - 3,049,915 (145,112 ) U.S. treasury securities - - - - - - Total $ 3,400,213 $ (145,929 ) $ - $ - $ 3,400,213 $ (145,929 ) December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities of government-sponsored entities $ 3,005,336 $ (40,992 ) $ 273,818 $ (1,391 ) $ 3,279,154 $ (42,383 ) Obligations of state and political subdivisions 24,996 (4 ) - - 24,996 (4 ) Corporate bonds 2,068,955 (11,907 ) - - 2,068,955 (11,907 ) Total $ 5,099,287 $ (52,903 ) $ 273,818 $ (1,391 ) $ 5,373,105 $ (54,294 ) Management reviews the Company’s investment positions monthly. There were 7 investments that were temporarily impaired as of March 31, 2020, with aggregate depreciation of 1.7 percent of the Company’s amortized cost basis. There were 11 investments that were temporarily impaired as of December 31, 2019, with aggregate depreciation of 0.6 percent of the Company’s amortized cost basis. Management has asserted that at March 31, 2020 and December 31, 2019, the declines disclosed in the above table represent temporary declines and the Company does not intend to sell and does not believe it will be required to sell these securities before recovery of their cost basis, which may be at maturity. The Company has concluded that any impairment of its investment securities portfolio disclosed in the above table is not other-than-temporary and the declines are the result of interest rate changes, sector credit rating changes, or company-specific rating changes that are not expected to result in the non-collection of principal and interest during the period. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | 6. LOANS The Company’s loan portfolio summarized by category is as follows: March 31, December 31, 2020 2019 (unaudited) Mortgage loans: One-to-four family $ 69,475,072 $ 70,511,775 Commercial 59,571,468 57,117,861 129,046,540 127,629,636 Commercial and industrial 24,737,887 23,990,540 Consumer 6,234,988 5,690,941 160,019,415 157,311,117 Third-party loan acquisition and other net origination costs 101,571 147,441 Discount on loans previously held for sale (157,602 ) (163,182 ) Allowance for loan losses (1,195,761 ) (1,183,261 ) Total $ 158,767,623 $ 156,112,115 The Company’s primary business activity is with customers located in Pittsburgh and surrounding communities. The Company’s loan portfolio consists predominantly of one-to-four family mortgage and commercial mortgage loans. These loans are typically secured by first-lien positions on the respective real estate properties and are subject to the Company’s underwriting policies. During the normal course of business, the Company may sell a portion of a loan as a participation loan in order to manage portfolio risk. In order to be eligible for sales treatment, all cash flows from the loan must be divided proportionately, the rights of each loan holder must have the same priority, the loan holders must have no recourse to the transferor other than standard representations and warranties, and no loan holder can have the right to pledge or exchange the entire loan. The Company had transferred $9.0 million and $9.9 million in participation loans as of March 31, 2020 and December 31, 2019, respectively, to other financial institutions. As of March 31, 2020, and December 31, 2019, all these loans were being serviced by the Company. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | 7. ALLOWANCE FOR LOAN LOSSES The allowance for loan losses reflects management’s estimate of loan losses inherent in the loan portfolio at the balance sheet date. The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the three months ended March 31, 2020 (unaudited) and 2019 (unaudited), respectively: Three months ended March 31, 2020: Mortgage Commercial Consumer One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 Charge-offs - - - - - Recoveries - - - - - Provision (credit) (50,460 ) 12,461 38,006 12,493 12,500 Ending balance $ 492,630 $ 456,358 $ 208,775 $ 37,998 $ 1,195,761 Three months ended March 31, 2019: Mortgage Commercial Consumer One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 Charge-offs (28,268 ) (22,932 ) - - (51,200 ) Recoveries - - - - - Provision (credit) 42,304 4,175 (2,706 ) 1,727 45,500 Ending balance $ 436,575 $ 375,143 $ 261,015 $ 46,492 $ 1,119,225 The following tables summarize the loan portfolio and allowance for loan losses by the primary segments of the loan portfolio as of March 31, 2020 (unaudited), and December 31, 2019. Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total March 31, 2020 Allowance for loan losses: Loans deemed impaired $ 128,163 $ 2,511 $ - $ 8,607 $ 139,281 Loans not deemed impaired 364,467 453,847 208,775 29,391 1,056,480 Ending Balance $ 492,630 $ 456,358 $ 208,775 $ 37,998 $ 1,195,761 March 31, 2020 Loans: Loans deemed impaired $ 3,960,838 $ 2,479,102 $ 1,618,286 $ 188,060 $ 8,246,286 Loans not deemed impaired 65,514,234 57,092,366 23,119,601 6,046,928 151,773,129 Ending Balance $ 69,475,072 $ 59,571,468 $ 24,737,887 $ 6,234,988 $ 160,019,415 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2019 Allowance for loan losses: Loans deemed impaired $ 43,180 $ - $ - $ - $ 43,180 Loans not deemed impaired 499,910 443,897 170,769 25,505 1,140,081 Ending Balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 December 31, 2019 Loans: Loans deemed impaired $ 3,912,297 $ 2,472,890 $ 1,398,286 $ 188,060 $ 7,971,533 Loans not deemed impaired 66,599,478 54,644,971 22,592,254 5,502,881 149,339,584 Ending Balance $ 70,511,775 $ 57,117,861 $ 23,990,540 $ 5,690,941 $ 157,311,117 The following tables present impaired loans by class as of March 31, 2020, and December 31, 2019, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary. March 31, 2020 (unaudited) December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 2,936,004 $ 2,988,612 $ - $ 3,753,813 $ 3,785,265 $ - Commercial 2,287,601 2,325,216 - 2,472,890 2,497,469 - Commercial and Industrial 1,618,286 1,635,286 - 1,398,286 1,465,938 - Consumer and HELOC 151,732 151,732 - 188,060 194,255 - With an allowance recorded: Mortgage loans: One-to-four family 1,024,834 1,024,834 128,163 158,484 158,547 43,180 Commercial 191,501 192,509 2,511 - - - Commercial and Industrial - - - - - - Consumer and HELOC 36,328 36,328 8,607 - - - Total mortgage loans: One-to-four family 3,960,838 4,013,446 128,163 3,912,297 3,943,812 43,180 Commercial 2,479,102 2,517,725 2,511 2,472,890 2,497,469 - Commercial and Industrial 1,618,286 1,635,286 - 1,398,286 1,465,938 - Consumer and HELOC 188,060 188,060 8,607 188,060 194,255 - Total $ 8,246,286 $ 8,354,517 $ 139,281 $ 7,971,533 $ 8,101,474 $ 43,180 The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended Three Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 2,796,121 $ 8,876 $ 1,789,634 $ 14,931 Commercial 2,293,382 18,691 1,764,581 9,295 Commercial and industrial 1,618,286 33,829 155,660 - Consumer and HELOC 151,732 1,772 6,195 - With an allowance recorded: Mortgage loans: One-to-four family 1,024,834 9,209 308,916 810 Commercial 191,501 - - - Commercial and industrial - - - - Consumer and HELOC 36,328 - - - Total mortgage loans: One-to-four family 3,820,955 18,085 2,098,550 15,741 Commercial 2,484,883 18,691 1,764,581 9,295 Commercial and industrial 1,618,286 33,829 155,660 - Consumer and HELOC 188,060 1,772 6,195 - Total $ 8,112,184 $ 72,377 $ 4,024,986 $ 25,036 Aging Analysis of Past-Due Loans by Class Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories at the dates indicated: March 31, 2020 (unaudited) 90 Days or 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 382,031 669,338 1,564,580 2,615,949 $ 66,859,123 $ 69,475,072 $ 24,926 Commercial 380,408 302,092 879,290 1,561,790 58,009,678 59,571,468 663,131 Commercial and industrial 1,563,532 1,604,225 220,000 3,387,757 21,350,130 24,737,887 - Consumer and HELOC 57,314 - 42,918 100,232 6,134,756 6,234,988 4,054 Total $ 2,383,285 $ 2,575,655 $ 2,706,788 $ 7,665,728 $ 152,353,687 $ 160,019,415 $ 692,111 December 31, 2019 90 Days or 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 338,997 856,490 1,799,005 2,994,492 $ 67,517,283 $ 70,511,775 $ - Commercial 280,198 138,256 823,417 1,241,871 55,875,990 57,117,861 645,201 Commercial and industrial 32,261 220,000 - 252,261 23,738,279 23,990,540 - Consumer and HELOC 4,512 - 38,864 43,376 5,647,565 5,690,941 - Total $ 655,968 $ 1,214,746 $ 2,661,286 $ 4,532,000 $ 152,779,117 $ 157,311,117 $ 645,201 The increase in total past due of $3.1 million from December 31, 2019 to March 31, 2020 was primarily due to two commercial and industrial relationships that became delinquent during the quarter ended March 31, 2020. Management believes that this delinquency is temporary and will continue to monitor the relationships. The following table presents the loans on nonaccrual status, by class: March 31, December 31, 2020 2019 (unaudited) Mortgage loans: One-to-four family $ 2,349,834 $ 2,045,845 Commercial 980,927 1,055,876 Commercial and industrial - 74,864 Consumer and HELOC 38,864 38,864 Total $ 3,369,625 $ 3,215,449 Credit Quality Information The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes commercial loans individually by classifying the loans as to their credit risk. The Company uses a nine-grade internal loan rating system for commercial mortgage loans and commercial and industrial loans as follows: ● Loans rated 1, 2, 3, 4, and 5: ● Loans rated 6: ● Loans rated 7: ● Loans rated 8: ● Loans rated 9: The risk category of loans by class is as follows: March 31, 2020 (unaudited) December 31, 2019 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 57,194,085 $ 23,052,748 $ 54,749,767 $ 23,848,823 Loans rated 6 24,658 1,543,422 24,658 - Loans rated 7 2,352,725 141,717 2,343,436 141,717 Ending balance $ 59,571,468 $ 24,737,887 $ 57,117,861 $ 23,990,540 There were no loans classified as doubtful or loss at March 31, 2020, or December 31, 2019. For one-to-four family mortgage loans and consumer and HELOC loans, the Company evaluates credit quality based on whether the loan is considered to be performing or nonperforming. Loans are generally considered to be nonperforming when they are placed on nonaccrual or become 90 days past due. The following table presents the balances of loans by class based on payment performance: March 31, 2020 (unaudited) December 31, 2019 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 67,125,238 $ 6,196,124 $ 68,465,930 $ 5,652,077 Nonperforming 2,349,834 38,864 2,045,845 38,864 Total $ 69,475,072 $ 6,234,988 $ 70,511,775 $ 5,690,941 Troubled Debt Restructurings There were no loans modified as troubled debt restructurings during the three months ended March 31, 2020 or 2019. As of March 31, 2020, and December 31, 2019, the Company allocated $139,281 and $43,180, respectively, within the allowance for loan losses related to all loans modified as troubled debt restructurings. As of March 31, 2020, the Company had four loans modified as a troubled debt restructuring in the preceding 12 months that subsequently defaulted in the current reporting period. One of the defaulted troubled debt restructurings is a commercial mortgage totaling $24,658. Three of the defaulted troubled debt restructurings are commercial and industrial loans totaling $1,323,422. The three commercial and industrial loans are classified as “special mention.” thus carry greater weight when calculating the allowance for loan losses. Management believes a full recovery of principal will be made on these loans. The commercial mortgage has been tested for impairment and it does not have a shortage, thus it is removed from the allowance for loan losses calculation. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 3 Months Ended |
Mar. 31, 2020 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP [Abstract] | |
Employee Stock Ownership Plan | 8. EMPLOYEE STOCK OWNERSHIP PLAN The Bank established a tax qualified Employee Stock Ownership Plan (“ESOP”) for the benefit of its employees in conjunction with the Reorganization effective on January 24, 2018. Eligible employees become 20% vested in their accounts after two years of service, 40% after three years of service, 60% after four years of service, 80% after five years of service, and 100% after six years of service, or earlier, upon death, disability or attainment of normal retirement age. The ESOP purchased 88,131 shares of Company common stock, which was funded by a loan from the Company. Unreleased ESOP shares collateralize the loan payable, and the cost of the shares is recorded as a contra-equity account in the stockholders’ equity of the Company. Shares are to be released as debt payments are made by the ESOP to the loan. The ESOP’s sources of repayment of the loan can include dividends, if any, on the unallocated stock held by the ESOP and discretionary contributions from the Company to the ESOP and earnings thereon. Compensation expense is equal to the fair value of the shares committed to be released and unallocated ESOP shares are excluded from outstanding shares for purposes of computing earnings per share. During the three months ended March 31, 2020, the Company recognized $8,516 in compensation expense. |
Stock Compensation Plan
Stock Compensation Plan | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Stock Compensation Plan | 9. STOCK COMPENSATION PLAN In May 2019, the Company’s board adopted, and its shareholders approved, the SSB Bancorp, Inc. 2019 Equity Incentive Plan (the “Plan”) authorizing the grant of options or restricted stock covering 154,229 shares of common stock. The maximum number of shares of stock that may be delivered under the Plan pursuant to the exercise of stock options is 110,164 and the maximum number of shares of stock that may be issued as restricted stock awards, restricted stock units, and performances shares is 44,065. Under the Plan, options or restricted stock can be granted to directors, officers, and employees that provide services to the Company, as selected by the compensation committee of the Board. The option price at which a granted stock option may be exercised will not be less than 100% of the fair market value per share of common stock on the grant date. The maximum term of any option granted under the Plan cannot exceed 10 years. On May 23, 2019, 11,015 shares of restricted stock and 27,540 stock options were awarded to directors under the Plan. The shares of restricted stock and stock options vest at a rate of 20% per year commencing on May 23, 2020, and the related expense is being recognized straight-line over the 60-month period. Additionally, on November 20, 2019, 17,626 shares of restricted stock and 44,066 stock options were awarded to certain executives under the Plan. The shares of restricted stock and stock options vest at a rate of 20% per year commencing on November 20, 2020, and the related expense is being recognized straight-line over the 60- month period. At March 31, 2020, there were 15,424 shares of stock and 38,558 stock options available to be issued under the Plan. The following tables summarize transactions regarding the restricted stock under the Plan for the three months ended March 31, 2020. Weighted average Number of grant date price restricted shares per share Non-vested shares at December 31, 2019 28,641 $ 7.89 Granted - - Vested - - Forfeited - - Non-vested shares at March 31, 2020 28,641 7.89 A summary of the status of the awarded stock options at March 31, 2020, and changes during the three months ended March 31, 2020 is presented in the tables and narrative following: Three months ended March 31, 2020 Shares Weighted Average Exercise Price Weighted Average Fair Value Outstanding at January 1, 2020 71,606 $ 7.89 $ 0.95 Granted - - - Exercised - - - Forfeited - - - Outstanding at March 31, 2020 71,606 7.89 0.95 Exercisable at March 31, 2020 - - - Weighted average of options granted in current year $ N/A N/A At March 31, 2020, none of the 71,606 options outstanding were exercisable. Of the 71,606 options that are not yet exercisable, 27,540 have an exercise price of $8.35, and 44,066 have an exercise price of $7.60. The weighted average remaining contractual life of the 71,606 options is 9.5 years. The fair value of each option grant is estimated on the date of grant using the Binomial or Black-Scholes option pricing model. There were no shares granted during the three months ended March 31, 2020. The Company uses the modified prospective method for accounting for stock-based compensation. For the three months ended March 31, 2020, the Company recognized $11,000 and $3,000 of pretax compensation expense related to restricted stock awards and stock option awards, respectively. As of March 31, 2020, there was $198,000 of unrecognized compensation expense related to restricted stock awards, and $54,000 of unrecognized compensation expense related to stock option awards, that will be recognized over the remaining vesting periods. No stock options had been exercised as of March 31, 2020. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements | 10. REGULATORY CAPITAL REQUIREMENTS The Bank is subject to various regulatory capital requirements administered by federal and state 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 capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company must meet specific capital guidelines that involve quantitative measure of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The net unrealized gain or loss on available for sale securities is not included in computing regulatory capital. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of March 31, 2020, the most recent notification from the Federal Deposit Insurance Corporation 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 capital ratios as set forth in the following table. There are no conditions or events since the notification that management believes have changed the Bank’s category. Management believes that the Bank meets all capital adequacy requirements to which it is subject. Although the Company is not subject to regulatory capital requirements because its total consolidated assets are less than $3.0 billion, the Company’s actual capital amounts and ratios are presented in the table below. March 31, December 31, 2020 2019 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 21,109,816 13.69 % $ 20,888,619 14.00 % For capital adequacy purposes 6,939,990 4.50 % 6,714,585 4.50 % To be well capitalized 10,024,430 6.50 % 9,698,845 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 21,109,816 13.69 % $ 20,888,619 14.00 % For capital adequacy purposes 9,253,320 6.00 % 8,952,780 6.00 % To be well capitalized 12,337,760 8.00 % 11,937,040 8.00 % Total capital (to risk-weighted assets) Actual $ 22,305,577 14.46 % $ 22,071,880 14.79 % For capital adequacy purposes 12,337,760 8.00 % 11,937,040 8.00 % To be well capitalized 15,422,200 10.00 % 14,921,300 10.00 % Tier 1 capital (to average assets) Actual $ 21,109,816 10.16 % $ 20,888,619 10.66 % For capital adequacy purposes 8,313,378 4.00 % 7,834,802 4.00 % To be well capitalized 10,391,722 5.00 % 9,793,503 5.00 % The Bank’s actual capital amounts and ratios are presented in the table below. March 31, December 31, 2020 2019 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 17,490,586 11.34 % $ 17,287,045 11.59 % For capital adequacy purposes 6,939,990 4.50 % 6,714,585 4.50 % To be well capitalized 10,024,430 6.50 % 9,698,845 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 17,490,586 11.34 % $ 17,287,045 11.59 % For capital adequacy purposes 9,253,320 6.00 % 8,952,780 6.00 % To be well capitalized 12,337,760 8.00 % 11,937,040 8.00 % Total capital (to risk-weighted assets) Actual $ 18,686,347 12.12 % $ 18,470,306 12.38 % For capital adequacy purposes 12,337,760 8.00 % 11,937,040 8.00 % To be well capitalized 15,422,200 10.00 % 14,921,300 10.00 % Tier 1 capital (to average assets) Actual $ 17,490,586 8.42 % $ 17,287,045 8.83 % For capital adequacy purposes 8,313,200 4.00 % 7,834,797 4.00 % To be well capitalized 10,391,500 5.00 % 9,793,496 5.00 % |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 11. COMMITMENTS In the normal course of business, the Company makes various commitments that are not reflected in the Company’s consolidated financial statements. The Company offers such products to enable its customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized on the balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other parties to the financial instruments is represented by the contractual amounts as disclosed. The Company minimizes its exposure to credit loss under these commitments by subjecting them to credit approval and review procedures and collateral requirements as deemed necessary. Off-balance sheet commitments consist of the following: March 31, 2020 (unaudited) Commitments to extend credit $ 5,141,132 Construction unadvanced funds 3,413,015 Unused lines of credit 8,908,264 Letters of credit 5,163,454 $ 22,625,865 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These commitments consisted primarily of mortgage loan commitments. The Company uses the same credit policies in making loan commitments and conditional obligations as it does for on-balance sheet instruments. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as deemed necessary, is based upon management’s credit evaluation in compliance with the Company’s lending policy guidelines. The Company and certain executives are parties to employment agreements that provide for a base salary and certain other benefits. The initial terms of the agreements are for three years with annual renewals thereafter. In the event of the executive’s termination without cause, as defined, the executive will receive a lump-sum cash payment equal to the amount remaining under the contract. Additional benefits are payable upon a change in control, as defined. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. FAIR VALUE MEASUREMENTS The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three broad pricing levels are as follows: Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. This hierarchy requires the use of observable market data, when available. Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. At March 31, 2020 and December 31, 2019, fair value measurements were obtained from a third-party pricing service and were not adjusted by management. Transfers are recognized at the end of the reporting period, as applicable. The following tables present the assets reported on the balance sheets at their fair value by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. March 31, 2020 (unaudited) Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities of government-sponsored entities $ - $ 4,406,941 $ - $ 4,406,941 Obligations of state and political subdivisions - 838,411 - 838,411 Corporate bonds - 3,150,390 - 3,150,390 Mortgage servicing rights - - 321,999 321,999 Impaired loans with reserve - - 1,113,383 1,113,383 December 31, 2019 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities of government-sponsored entities $ - $ 5,281,328 $ - $ 5,281,328 Obligations of state and political subdivisions - 1,365,705 - 1,365,705 Corporate bonds - 3,202,566 - 3,202,566 Mortgage servicing rights - - 317,939 317,939 Impaired loans with reserve - - 115,304 115,304 March 31, 2020 (unaudited) Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ - $ - December 31, 2019 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 45,000 $ 45,000 Other Real Estate Owned Other real estate owned is measured at fair value, less estimated cost to sell, at the date of foreclosure, which establishes a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management. The assets are carried at fair value, less estimated cost to sell. Income and expense from operations and changes in valuation allowance are included in other noninterest expense. Level III Inputs The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques: Fair Value at Range March 31, Valuation (Weighted 2020 Valuation Techniques Unobservable Inputs Average) (unaudited) Other real estate owned $ - Appraised collateral values Discount for time since appraisal 10% (10%) Selling costs 10% (10%) Impaired loans with reserve 1,113,383 Discounted cash flows Discount for evaluation 10% (10%) Selling costs 10% (10%) Mortgage servicing rights 321,999 Discounted cash flows Loan prepayment speeds 8.49% - 10.52% (9.41%) Fair Value at Range December 31, Valuation (Weighted 2019 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 45,000 Appraised collateral values Discount for time since appraisal 10% (10%) Selling costs 10% (10%) Impaired loans with reserve 115,304 Discounted cash flows Discount for evaluation 10% (10%) Selling costs 10% (10%) Mortgage servicing rights 317,939 Discounted cash flows Loan prepayment speeds 8.49%-10.52% (9.38%) The estimated fair values of the Company’s financial instruments are as follows: March 31, 2020 (unaudited) Carrying Value Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 24,510,653 $ 24,510,653 $ 24,510,653 $ - $ - Certificates of deposit 4,444,000 4,715,000 - 4,715,000 - Investment securities: Available for sale 8,395,742 8,395,742 - 8,395,742 - Held to maturity 3,323 3,374 - 3,374 - Loans, net 158,767,623 173,079,623 - - 173,079,623 Accrued interest receivable 808,168 808,168 - 808,168 - FHLB Stock 3,046,900 3,046,900 - - 3,046,900 Financial liabilities: Deposits 154,804,231 158,529,231 63,776,945 - 94,752,286 FHLB advances 31,374,500 32,791,500 - 32,791,500 - Accrued interest payable 311,648 311,648 - 311,648 - December 31, 2019 Carrying Value Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 21,880,788 $ 21,880,788 $ 21,880,788 $ - $ - Certificates of deposit 2,465,000 2,576,000 - 2,576,000 - Investment securities: Available for sale 9,849,599 9,849,599 - 9,849,599 - Held to maturity 3,879 3,932 - 3,932 - Loans, net 156,112,115 163,239,115 - - 163,239,115 Accrued interest receivable 673,026 673,026 - 673,026 - FHLB Stock 2,924,600 2,924,600 - - 2,924,600 Financial liabilities: Deposits 149,020,729 150,700,557 55,206,337 - 95,494,220 FHLB advances 31,374,500 31,773,500 - 31,773,500 - Accrued interest payable 331,133 331,133 - 331,133 - Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the estimated fair value would be calculated based upon the market price per trading unit of the instrument. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | 13. FAIR VALUE OF FINANCIAL INSTRUMENTS If no readily available market exists, the fair value estimates for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors as determined through various option pricing formulas or simulation modeling. Since many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting estimated fair values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the estimated fair values are based may have a significant impact on the resulting estimated fair values. Since certain assets, such as deferred tax assets and premises and equipment, are not considered financial instruments, the estimated fair value of financial instruments would not represent the full value of the Company. Cash and Cash Equivalents, Accrued Interest Receivable, FHLB Stock, and Accrued Interest Payable The fair value is equal to the current carrying value. Certificates of Deposit The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Securities Fair values for securities are determined by obtaining quoted prices on nationally recognized securities exchanges or matrix pricing, which is a mathematical technique that is widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark-quoted securities. Fair values of securities determined by quoted prices in active markets, when available, are classified as Level I. Loans, Net The fair value is estimated by discounting future cash flows using current market inputs at which loans with similar terms and qualities would be made to borrowers of similar credit quality. Certain collateral dependent impaired loans have been adjusted to fair value based on the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, along with management’s assumptions in various factors, such as estimated selling costs and discounts for time since last appraised. FHLB Advances The fair value of FHLB advances is based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Deposits The fair values of certificates of deposit are based on the discounted value of contractual cash flows. The discount rates are estimated using rates currently offered for similar instruments with similar remaining maturities. Demand, savings, and money market deposit accounts are valued at the amount payable on demand as of the period end. Commitments These financial instruments are generally not subject to sale, and estimated fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, are not considered material for disclosure. The contractual amounts of unfunded commitments are presented in Note 11. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Three months ended March 31, 2020 2019 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (5,421 ) $ (74,623 ) Other comprehensive income (loss) on securities before reclassification, net of tax (44,309 ) 112,994 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (28,098 ) (4,575 ) Net other comprehensive income (loss) (72,407 ) 108,419 Accumulated other comprehensive income (loss), end of period $ (77,828 ) $ 33,796 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
EARNINGS PER COMMON SHARE | |
Earnings Per Share | 15. EARNINGS PER SHARE Earnings per common share for the three months ended March 31, 2020 and 2019, are represented in the following table. Three months ended Three months ended March 31, 2020 March 31, 2019 (unaudited) Net Income $ 198,331 $ 112,713 Shares outstanding for basic EPS: Average shares outstanding 2,250,799 2,248,250 Less: Average unearned ESOP shares 78,938 83,174 Shares outstanding for basic EPS 2,171,861 2,165,076 Additional dilutive shares 741 - Shares oustanding for diluted EPS 2,172,602 2,165,076 Basic income per share $ 0.09 $ 0.05 Diluted income per share $ 0.09 $ 0.05 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 16. LEASES Due to the adoption of ASU 2016-02, Leases (Topic 842) The discount rate utilized in calculating the present value of the remaining lease payments for the lease was the Federal Home Loan Bank of Pittsburgh advance rate corresponding to the remaining maturity of the lease. The following table presents the weighted-average lease term and discount rate for the lease outstanding at March 31, 2020. Operating Weighted-average remaining term (years) 1.3 Weighted-average discount rate 1.87 % The following table presents the undiscounted cash flows due to operating leases as of March 31, 2020, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets: Undiscounted cash flows due: Operating Within 1 year $ 6,000 After 1 year but within 2 years 2,000 After 2 years - Total undiscounted cash flows 8,000 Discount on cash flows (105 ) Total lease liabilities $ 7,895 Under Topic 842, the lessee can elect to not record on the Consolidated Balance Sheets a lease whose term is 12 months or less and does not include a purchase option that the lessee is reasonably certain to exercise. As of March 31, 2020, the Company had no leases that had a term of 12 months or less. The Company has recorded a right-of-use asset of $7,895 and a lease liability of $7,895 included with premises and equipment and other liabilities, respectively, on the Consolidated Balance Sheet as of March 31, 2020. Rental expense under operating leases totaled $1,500 for each of the three months ended March 31, 2020 and 2019. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 17. REVENUE RECOGNITION Due to the Company’s adoption of ASC 606 on January 1, 2019, the Company conforms to the standard framework for recognizing revenue from contracts with customers. Interest income, net securities (losses) gains and bank-owned life insurance are not in scope of ASC 606. For the revenue streams within the scope of ASC 606, including service charges on deposits, electronic banking fees, mortgage banking income, and net gain or loss on sale of other real estate owned, there are no significant judgements related to the amount and timing of revenue recognition. Service Charges on Deposits There are monthly service charges for both commercial and personal banking customers, depending on their account types, which are earned over the month per the related fee schedule based on the customers’ level of deposits. There are also transaction-based fees, which are earned based on specific transactions or customer activity within the customers’ deposit accounts. These are earned at the time the transaction or customer activity occurs. The fees are debited from the customer account. Electronic Banking Fees Interchange fees are earned based on customer transactions. Revenue is recognized when the transaction is settled. The Company does not charge ATM fees. Mortgage Banking Income Income is earned when SSB Bank-originated loans are sold to an investor on the secondary market. The investors offer pricing for loans at least daily. The Company makes commitments to deliver loans when pricing is acceptable. After a salable loan is originated and delivery is committed, the loan is sold, loan documents are delivered to the investor, revenue is recognized, and the loan is derecognized from the Consolidated Balance Sheets. Typically this happens within days of consummation. Mortgage servicing rights are retained in most cases, and the value of the mortgage servicing rights is recognized as revenue at the time of the sale. Net Gain or Loss on Sale of Other Real Estate Owned Net gain or loss is recorded when other real estate owned is sold to a third party and the Company collects substantially all of the consideration to which the Company is entitled in exchange for the transfer of the property. The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three ended March 31, 2020 and 2019: For the three months ended March 31, Revenue Streams Point of revenue recognition 2020 2019 Service charges on deposits At a point in time & over time $ 3,149 $ 1,730 Electronic banking fees At a point in time $ 8,874 $ 6,077 Mortgage banking income At a point in time $ 119,172 $ 76,809 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair values of securities available for sale are as follows: March 31, 2020 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 4,361,843 $ 45,915 $ (817 ) $ 4,406,941 Obligations of state and political subdivisions 837,674 737 - 838,411 Corporate bonds 3,295,143 359 (145,112 ) 3,150,390 Total $ 8,494,660 $ 47,011 $ (145,929 ) $ 8,395,742 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 5,303,817 $ 19,894 $ (42,383 ) $ 5,281,328 Obligations of state and political subdivisions 1,363,535 2,174 (4 ) 1,365,705 Corporate bonds 3,189,510 24,963 (11,907 ) 3,202,566 Total $ 9,856,862 $ 47,031 $ (54,294 ) $ 9,849,599 |
Schedule of Contractual Maturities | Due to expected repayment terms being significantly less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. March 31, 2020 (unaudited) Amortized Fair Cost Value Due within one year or less $ 149,881 150,298 Due after one year through five years 1,064,656 1,052,448 Due after five years through ten years 2,957,307 2,825,273 Due after ten years 4,322,815 4,367,723 Total $ 8,494,659 $ 8,395,742 |
Securities Held to Maturity (Ta
Securities Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Valuation Allowance Amortized Into Interest Income | |
Schedule of Securities Held to Maturity | The amortized cost, gross unrealized gains and losses, and fair values of securities held to maturity are as follows: March 31, 2020 (unaudited) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 3,323 $ 51 $ - $ 3,374 Total $ 3,323 $ 51 $ - $ 3,374 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value Mortgage-backed securities of government-sponsored entities $ 3,879 $ 53 $ - $ 3,932 Total $ 3,879 $ 53 $ - $ 3,932 |
Schedule of Contractual Maturities | Due to expected repayment terms being less than the underlying mortgage pool contractual maturities, estimated lives of these securities could be significantly shorter. March 31, 2020 (unaudited) Amortized Fair Cost Value Due within one year or less $ 80 $ 80 Due after one year through five years 2,036 2,049 Due after five years through nine years 1,207 1,245 Total $ 3,323 $ 3,374 |
Unrealized Losses on Securiti_2
Unrealized Losses on Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Real Estate Owned Fair Value Disclosure | |
Schedule of Unrealized Loss on Securities | The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position: March 31, 2020 (unaudited) Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities of government-sponsored entities $ 350,298 $ (817 ) $ - $ - $ 350,298 $ (817 ) Obligations of state and political subdivisions - - - - - - Corporate bonds 3,049,915 (145,112 ) - - 3,049,915 (145,112 ) U.S. treasury securities - - - - - - Total $ 3,400,213 $ (145,929 ) $ - $ - $ 3,400,213 $ (145,929 ) December 31, 2019 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Mortgage-backed securities of government-sponsored entities $ 3,005,336 $ (40,992 ) $ 273,818 $ (1,391 ) $ 3,279,154 $ (42,383 ) Obligations of state and political subdivisions 24,996 (4 ) - - 24,996 (4 ) Corporate bonds 2,068,955 (11,907 ) - - 2,068,955 (11,907 ) Total $ 5,099,287 $ (52,903 ) $ 273,818 $ (1,391 ) $ 5,373,105 $ (54,294 ) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio by Category | The Company’s loan portfolio summarized by category is as follows: March 31, December 31, 2020 2019 (unaudited) Mortgage loans: One-to-four family $ 69,475,072 $ 70,511,775 Commercial 59,571,468 57,117,861 129,046,540 127,629,636 Commercial and industrial 24,737,887 23,990,540 Consumer 6,234,988 5,690,941 160,019,415 157,311,117 Third-party loan acquisition and other net origination costs 101,571 147,441 Discount on loans previously held for sale (157,602 ) (163,182 ) Allowance for loan losses (1,195,761 ) (1,183,261 ) Total $ 158,767,623 $ 156,112,115 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Changes in Allowance for Loan Losses and Recorded Investment in Loans | The following tables present, by portfolio segment, the changes in the allowance for loan losses and the recorded investment in loans for the three months ended March 31, 2020 (unaudited) and 2019 (unaudited), respectively: Three months ended March 31, 2020: Mortgage Commercial Consumer One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 Charge-offs - - - - - Recoveries - - - - - Provision (credit) (50,460 ) 12,461 38,006 12,493 12,500 Ending balance $ 492,630 $ 456,358 $ 208,775 $ 37,998 $ 1,195,761 Three months ended March 31, 2019: Mortgage Commercial Consumer One-to-Four Mortgage and and Allowance for loan losses: Family Commercial Industrial HELOC Total Beginning balance $ 422,539 $ 393,900 $ 263,721 $ 44,765 $ 1,124,925 Charge-offs (28,268 ) (22,932 ) - - (51,200 ) Recoveries - - - - - Provision (credit) 42,304 4,175 (2,706 ) 1,727 45,500 Ending balance $ 436,575 $ 375,143 $ 261,015 $ 46,492 $ 1,119,225 |
Schedule of Primary Segments of Loan Portfolio | The following tables summarize the loan portfolio and allowance for loan losses by the primary segments of the loan portfolio as of March 31, 2020 (unaudited), and December 31, 2019. Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total March 31, 2020 Allowance for loan losses: Loans deemed impaired $ 128,163 $ 2,511 $ - $ 8,607 $ 139,281 Loans not deemed impaired 364,467 453,847 208,775 29,391 1,056,480 Ending Balance $ 492,630 $ 456,358 $ 208,775 $ 37,998 $ 1,195,761 March 31, 2020 Loans: Loans deemed impaired $ 3,960,838 $ 2,479,102 $ 1,618,286 $ 188,060 $ 8,246,286 Loans not deemed impaired 65,514,234 57,092,366 23,119,601 6,046,928 151,773,129 Ending Balance $ 69,475,072 $ 59,571,468 $ 24,737,887 $ 6,234,988 $ 160,019,415 Mortgage One-to-Four Family Mortgage Commercial Commercial and Industrial Consumer and HELOC Total December 31, 2019 Allowance for loan losses: Loans deemed impaired $ 43,180 $ - $ - $ - $ 43,180 Loans not deemed impaired 499,910 443,897 170,769 25,505 1,140,081 Ending Balance $ 543,090 $ 443,897 $ 170,769 $ 25,505 $ 1,183,261 December 31, 2019 Loans: Loans deemed impaired $ 3,912,297 $ 2,472,890 $ 1,398,286 $ 188,060 $ 7,971,533 Loans not deemed impaired 66,599,478 54,644,971 22,592,254 5,502,881 149,339,584 Ending Balance $ 70,511,775 $ 57,117,861 $ 23,990,540 $ 5,690,941 $ 157,311,117 |
Schedule of Impaired Loans by Class | The following tables present impaired loans by class as of March 31, 2020, and December 31, 2019, segregated by those for which a specific allowance was required and those for which a specific allowance was not necessary. March 31, 2020 (unaudited) December 31, 2019 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance With no allowance recorded: Mortgage loans: One-to-four family $ 2,936,004 $ 2,988,612 $ - $ 3,753,813 $ 3,785,265 $ - Commercial 2,287,601 2,325,216 - 2,472,890 2,497,469 - Commercial and Industrial 1,618,286 1,635,286 - 1,398,286 1,465,938 - Consumer and HELOC 151,732 151,732 - 188,060 194,255 - With an allowance recorded: Mortgage loans: One-to-four family 1,024,834 1,024,834 128,163 158,484 158,547 43,180 Commercial 191,501 192,509 2,511 - - - Commercial and Industrial - - - - - - Consumer and HELOC 36,328 36,328 8,607 - - - Total mortgage loans: One-to-four family 3,960,838 4,013,446 128,163 3,912,297 3,943,812 43,180 Commercial 2,479,102 2,517,725 2,511 2,472,890 2,497,469 - Commercial and Industrial 1,618,286 1,635,286 - 1,398,286 1,465,938 - Consumer and HELOC 188,060 188,060 8,607 188,060 194,255 - Total $ 8,246,286 $ 8,354,517 $ 139,281 $ 7,971,533 $ 8,101,474 $ 43,180 |
Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income | The following table presents the average recorded investment in impaired loans and related interest income recognized for the periods indicated. Three Months Ended Three Months Ended (unaudited) (unaudited) Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no allowance recorded: Mortgage loans: One-to-four family $ 2,796,121 $ 8,876 $ 1,789,634 $ 14,931 Commercial 2,293,382 18,691 1,764,581 9,295 Commercial and industrial 1,618,286 33,829 155,660 - Consumer and HELOC 151,732 1,772 6,195 - With an allowance recorded: Mortgage loans: One-to-four family 1,024,834 9,209 308,916 810 Commercial 191,501 - - - Commercial and industrial - - - - Consumer and HELOC 36,328 - - - Total mortgage loans: One-to-four family 3,820,955 18,085 2,098,550 15,741 Commercial 2,484,883 18,691 1,764,581 9,295 Commercial and industrial 1,618,286 33,829 155,660 - Consumer and HELOC 188,060 1,772 6,195 - Total $ 8,112,184 $ 72,377 $ 4,024,986 $ 25,036 |
Schedule of Classes of Loan Portfolio by Aging | The following tables present the classes of the loan portfolio summarized by the aging categories at the dates indicated: March 31, 2020 (unaudited) 90 Days or 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 382,031 669,338 1,564,580 2,615,949 $ 66,859,123 $ 69,475,072 $ 24,926 Commercial 380,408 302,092 879,290 1,561,790 58,009,678 59,571,468 663,131 Commercial and industrial 1,563,532 1,604,225 220,000 3,387,757 21,350,130 24,737,887 - Consumer and HELOC 57,314 - 42,918 100,232 6,134,756 6,234,988 4,054 Total $ 2,383,285 $ 2,575,655 $ 2,706,788 $ 7,665,728 $ 152,353,687 $ 160,019,415 $ 692,111 December 31, 2019 90 Days or 30-59 Days 60-89 Days 90 Days or Greater Total Past Total Loans Greater Still Past Due Past Due Past Due Due Current Receivable Accruing Mortgage loans: One-to-four family $ 338,997 856,490 1,799,005 2,994,492 $ 67,517,283 $ 70,511,775 $ - Commercial 280,198 138,256 823,417 1,241,871 55,875,990 57,117,861 645,201 Commercial and industrial 32,261 220,000 - 252,261 23,738,279 23,990,540 - Consumer and HELOC 4,512 - 38,864 43,376 5,647,565 5,690,941 - Total $ 655,968 $ 1,214,746 $ 2,661,286 $ 4,532,000 $ 152,779,117 $ 157,311,117 $ 645,201 |
Schedule of Loans on Nonaccrual Status | The following table presents the loans on nonaccrual status, by class: March 31, December 31, 2020 2019 (unaudited) Mortgage loans: One-to-four family $ 2,349,834 $ 2,045,845 Commercial 980,927 1,055,876 Commercial and industrial - 74,864 Consumer and HELOC 38,864 38,864 Total $ 3,369,625 $ 3,215,449 |
Schedule of Risk Category of Loans | The risk category of loans by class is as follows: March 31, 2020 (unaudited) December 31, 2019 Mortgage Commercial and Mortgage Commercial and Commercial Industrial Commercial Industrial Loans rated 1 - 5 $ 57,194,085 $ 23,052,748 $ 54,749,767 $ 23,848,823 Loans rated 6 24,658 1,543,422 24,658 - Loans rated 7 2,352,725 141,717 2,343,436 141,717 Ending balance $ 59,571,468 $ 24,737,887 $ 57,117,861 $ 23,990,540 |
Schedule of Balances of Loans by Class Based on Payment Performance | The following table presents the balances of loans by class based on payment performance: March 31, 2020 (unaudited) December 31, 2019 Mortgage Consumer Mortgage Consumer One-to-Four and One-to-Four and Family HELOC Family HELOC Performing $ 67,125,238 $ 6,196,124 $ 68,465,930 $ 5,652,077 Nonperforming 2,349,834 38,864 2,045,845 38,864 Total $ 69,475,072 $ 6,234,988 $ 70,511,775 $ 5,690,941 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Nonvested Restricted Stock Under Plan | The following tables summarize transactions regarding the restricted stock under the Plan for the three months ended March 31, 2020. Weighted average Number of grant date price restricted shares per share Non-vested shares at December 31, 2019 28,641 $ 7.89 Granted - - Vested - - Forfeited - - Non-vested shares at March 31, 2020 28,641 7.89 |
Schedule of Stock Option Activity | A summary of the status of the awarded stock options at March 31, 2020, and changes during the three months ended March 31, 2020 is presented in the tables and narrative following: Three months ended March 31, 2020 Shares Weighted Average Exercise Price Weighted Average Fair Value Outstanding at January 1, 2020 71,606 $ 7.89 $ 0.95 Granted - - - Exercised - - - Forfeited - - - Outstanding at March 31, 2020 71,606 7.89 0.95 Exercisable at March 31, 2020 - - - Weighted average of options granted in current year $ N/A N/A |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | Although the Company is not subject to regulatory capital requirements because its total consolidated assets are less than $3.0 billion, the Company’s actual capital amounts and ratios are presented in the table below. March 31, December 31, 2020 2019 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 21,109,816 13.69 % $ 20,888,619 14.00 % For capital adequacy purposes 6,939,990 4.50 % 6,714,585 4.50 % To be well capitalized 10,024,430 6.50 % 9,698,845 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 21,109,816 13.69 % $ 20,888,619 14.00 % For capital adequacy purposes 9,253,320 6.00 % 8,952,780 6.00 % To be well capitalized 12,337,760 8.00 % 11,937,040 8.00 % Total capital (to risk-weighted assets) Actual $ 22,305,577 14.46 % $ 22,071,880 14.79 % For capital adequacy purposes 12,337,760 8.00 % 11,937,040 8.00 % To be well capitalized 15,422,200 10.00 % 14,921,300 10.00 % Tier 1 capital (to average assets) Actual $ 21,109,816 10.16 % $ 20,888,619 10.66 % For capital adequacy purposes 8,313,378 4.00 % 7,834,802 4.00 % To be well capitalized 10,391,722 5.00 % 9,793,503 5.00 % The Bank’s actual capital amounts and ratios are presented in the table below. March 31, December 31, 2020 2019 Amount Ratio Amount Ratio (unaudited) Common Equity Tier 1 capital (to risk-weighted assets) Actual $ 17,490,586 11.34 % $ 17,287,045 11.59 % For capital adequacy purposes 6,939,990 4.50 % 6,714,585 4.50 % To be well capitalized 10,024,430 6.50 % 9,698,845 6.50 % Tier 1 capital (to risk-weighted assets) Actual $ 17,490,586 11.34 % $ 17,287,045 11.59 % For capital adequacy purposes 9,253,320 6.00 % 8,952,780 6.00 % To be well capitalized 12,337,760 8.00 % 11,937,040 8.00 % Total capital (to risk-weighted assets) Actual $ 18,686,347 12.12 % $ 18,470,306 12.38 % For capital adequacy purposes 12,337,760 8.00 % 11,937,040 8.00 % To be well capitalized 15,422,200 10.00 % 14,921,300 10.00 % Tier 1 capital (to average assets) Actual $ 17,490,586 8.42 % $ 17,287,045 8.83 % For capital adequacy purposes 8,313,200 4.00 % 7,834,797 4.00 % To be well capitalized 10,391,500 5.00 % 9,793,496 5.00 % |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Off-Balance Sheet Commitments | Off-balance sheet commitments consist of the following: March 31, 2020 (unaudited) Commitments to extend credit $ 5,141,132 Construction unadvanced funds 3,413,015 Unused lines of credit 8,908,264 Letters of credit 5,163,454 $ 22,625,865 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Reported on Balance Sheets Fair Value on Recurring Basis | The following tables present the assets reported on the balance sheets at their fair value by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. March 31, 2020 (unaudited) Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities of government-sponsored entities $ - $ 4,406,941 $ - $ 4,406,941 Obligations of state and political subdivisions - 838,411 - 838,411 Corporate bonds - 3,150,390 - 3,150,390 Mortgage servicing rights - - 321,999 321,999 Impaired loans with reserve - - 1,113,383 1,113,383 December 31, 2019 Level I Level II Level III Total Fair value measurements on a recurring basis: Mortgage-backed securities of government-sponsored entities $ - $ 5,281,328 $ - $ 5,281,328 Obligations of state and political subdivisions - 1,365,705 - 1,365,705 Corporate bonds - 3,202,566 - 3,202,566 Mortgage servicing rights - - 317,939 317,939 Impaired loans with reserve - - 115,304 115,304 |
Schedule of Assets Reported on Balance Sheets Fair Value on Nonrecurring Basis | March 31, 2020 (unaudited) Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ - $ - December 31, 2019 Level I Level II Level III Total Fair value measurements on a nonrecurring basis: Other real estate owned $ - $ - $ 45,000 $ 45,000 |
Schedule of Significant Unobservable Inputs Used in Fair Value Measurement Process | The following table provides the significant unobservable inputs used in the fair value measurement process for items valued using Level III techniques: Fair Value at Range March 31, Valuation (Weighted 2020 Valuation Techniques Unobservable Inputs Average) (unaudited) Other real estate owned $ - Appraised collateral values Discount for time since appraisal 10% (10%) Selling costs 10% (10%) Impaired loans with reserve 1,113,383 Discounted cash flows Discount for evaluation 10% (10%) Selling costs 10% (10%) Mortgage servicing rights 321,999 Discounted cash flows Loan prepayment speeds 8.49% - 10.52% (9.41%) Fair Value at Range December 31, Valuation (Weighted 2019 Valuation Techniques Unobservable Inputs Average) Other real estate owned $ 45,000 Appraised collateral values Discount for time since appraisal 10% (10%) Selling costs 10% (10%) Impaired loans with reserve 115,304 Discounted cash flows Discount for evaluation 10% (10%) Selling costs 10% (10%) Mortgage servicing rights 317,939 Discounted cash flows Loan prepayment speeds 8.49%-10.52% (9.38%) |
Schedule of Estimated Fair Values of Company's Financial Instruments | The estimated fair values of the Company’s financial instruments are as follows: March 31, 2020 (unaudited) Carrying Value Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 24,510,653 $ 24,510,653 $ 24,510,653 $ - $ - Certificates of deposit 4,444,000 4,715,000 - 4,715,000 - Investment securities: Available for sale 8,395,742 8,395,742 - 8,395,742 - Held to maturity 3,323 3,374 - 3,374 - Loans, net 158,767,623 173,079,623 - - 173,079,623 Accrued interest receivable 808,168 808,168 - 808,168 - FHLB Stock 3,046,900 3,046,900 - - 3,046,900 Financial liabilities: Deposits 154,804,231 158,529,231 63,776,945 - 94,752,286 FHLB advances 31,374,500 32,791,500 - 32,791,500 - Accrued interest payable 311,648 311,648 - 311,648 - December 31, 2019 Carrying Value Fair Value Level I Level II Level III Financial assets: Cash and cash equivalents $ 21,880,788 $ 21,880,788 $ 21,880,788 $ - $ - Certificates of deposit 2,465,000 2,576,000 - 2,576,000 - Investment securities: Available for sale 9,849,599 9,849,599 - 9,849,599 - Held to maturity 3,879 3,932 - 3,932 - Loans, net 156,112,115 163,239,115 - - 163,239,115 Accrued interest receivable 673,026 673,026 - 673,026 - FHLB Stock 2,924,600 2,924,600 - - 2,924,600 Financial liabilities: Deposits 149,020,729 150,700,557 55,206,337 - 95,494,220 FHLB advances 31,374,500 31,773,500 - 31,773,500 - Accrued interest payable 331,133 331,133 - 331,133 - |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following table presents the changes in accumulated other comprehensive income (loss) by component, net of tax: Net Unrealized Gain (Loss) on Securities Three months ended March 31, 2020 2019 (unaudited) Accumulated other comprehensive income (loss), beginning of period $ (5,421 ) $ (74,623 ) Other comprehensive income (loss) on securities before reclassification, net of tax (44,309 ) 112,994 Amounts reclassified from accumulated other comprehensive income (loss), net of tax (28,098 ) (4,575 ) Net other comprehensive income (loss) (72,407 ) 108,419 Accumulated other comprehensive income (loss), end of period $ (77,828 ) $ 33,796 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
EARNINGS PER COMMON SHARE | |
Schedule of Computation of Earnings Per Share | Earnings per common share for the three months ended March 31, 2020 and 2019, are represented in the following table. Three months ended Three months ended March 31, 2020 March 31, 2019 (unaudited) Net Income $ 198,331 $ 112,713 Shares outstanding for basic EPS: Average shares outstanding 2,250,799 2,248,250 Less: Average unearned ESOP shares 78,938 83,174 Shares outstanding for basic EPS 2,171,861 2,165,076 Additional dilutive shares 741 - Shares oustanding for diluted EPS 2,172,602 2,165,076 Basic income per share $ 0.09 $ 0.05 Diluted income per share $ 0.09 $ 0.05 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Weighted-Average Lease Term and Discount Rate | The following table presents the weighted-average lease term and discount rate for the lease outstanding at March 31, 2020. Operating Weighted-average remaining term (years) 1.3 Weighted-average discount rate 1.87 % |
Schedule of Undiscounted Cash Flows Due to Operating Leases | The following table presents the undiscounted cash flows due to operating leases as of March 31, 2020, along with a reconciliation to the discounted amount recorded on the Consolidated Balance Sheets: Undiscounted cash flows due: Operating Within 1 year $ 6,000 After 1 year but within 2 years 2,000 After 2 years - Total undiscounted cash flows 8,000 Discount on cash flows (105 ) Total lease liabilities $ 7,895 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue Recognition [Abstract] | |
Schedule of Point of Revenue Recognition and Income Recognized | The following table summarizes the point of revenue recognition and the income recognized for each of the revenue streams for the three ended March 31, 2020 and 2019: For the three months ended March 31, Revenue Streams Point of revenue recognition 2020 2019 Service charges on deposits At a point in time & over time $ 3,149 $ 1,730 Electronic banking fees At a point in time $ 8,874 $ 6,077 Mortgage banking income At a point in time $ 119,172 $ 76,809 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details Narrative) - $ / shares | Jan. 25, 2018 | Jan. 25, 2018 | Jan. 24, 2018 | Mar. 31, 2020 |
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of shares purchase for employee stock ownership program | 88,131 | |||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of common stock share issued | 1,011,712 | |||
Stock price per share | $ 10 | |||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | Employee Stock Option [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Stock price per share | $ 10 | $ 10 | ||
Number of shares purchase for employee stock ownership program | 88,131 | |||
Plan of Mutual Holding Company Reorganization and Minority Stock Issuance [Member] | Subsidiaries [Member] | ||||
Nature Of Operations And Basis Of Presentation [Line Items] | ||||
Number of common stock share issued | 1,236,538 |
Recent Accounting Standards (De
Recent Accounting Standards (Details Narrative) - Accounting Standards Update 2016-02 [Member] | Mar. 31, 2020USD ($) |
Operating right-of-use assets | $ 7,895 |
Operating lease liabilities | $ 7,895 |
Securities Available for Sale_2
Securities Available for Sale (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds from sale | $ 1,043,999 | $ 254,377 |
2 Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale securities, amortized cost basis | 1,008,433 | 248,584 |
Associated gain on sale of securities available for sale | 35,567 | 5,791 |
Proceeds from sale | $ 1,044,000 | $ 254,375 |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | Minimum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 1 year | |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | Maximum [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Contractual maturities range in years | 30 years |
Securities Available for Sale -
Securities Available for Sale - Schedule of Securities Available for Sale (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 8,494,660 | $ 9,856,862 |
Gross Unrealized Gains | 47,011 | 47,031 |
Gross Unrealized Losses | (145,929) | (54,294) |
Fair Value | 8,395,742 | 9,849,599 |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,361,843 | 5,303,817 |
Gross Unrealized Gains | 45,915 | 19,894 |
Gross Unrealized Losses | (817) | (42,383) |
Fair Value | 4,406,941 | 5,281,328 |
Obligations of State and Political Subdivisions [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 837,674 | 1,363,535 |
Gross Unrealized Gains | 737 | 2,174 |
Gross Unrealized Losses | (4) | |
Fair Value | 838,411 | 1,365,705 |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,295,143 | 3,189,510 |
Gross Unrealized Gains | 359 | 24,963 |
Gross Unrealized Losses | (145,112) | (11,907) |
Fair Value | $ 3,150,390 | $ 3,202,566 |
Securities Available for Sale_3
Securities Available for Sale - Schedule of Contractual Maturities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost: Due within one year or less | $ 149,881 | |
Amortized Cost: Due after one year through five years | 1,064,656 | |
Amortized Cost: Due after five years through ten years | 2,957,307 | |
Amortized Cost: Due after ten years | 4,322,815 | |
Amortized Cost: Total | 8,494,660 | $ 9,856,862 |
Fair Value: Due within one year or less | 150,298 | |
Fair Value: Due after one year through five years | 1,052,448 | |
Fair Value: Due after five years through ten years | 2,825,273 | |
Fair Value: Due after ten years | 4,367,723 | |
Fair Value: Total | $ 8,395,742 | $ 9,849,599 |
Securities Held to Maturity (De
Securities Held to Maturity (Details Narrative) | 3 Months Ended |
Mar. 31, 2020 | |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | |
Contractual maturities range in years | Contractual maturities ranging up to 8 years. |
Securities Held to Maturity - S
Securities Held to Maturity - Schedule of Securities Held to Maturity (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 3,323 | $ 3,879 |
Gross Unrealized Gains | 51 | 53 |
Gross Unrealized Losses | ||
Fair Value | 3,374 | 3,932 |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 3,323 | 3,879 |
Gross Unrealized Gains | 51 | 53 |
Gross Unrealized Losses | ||
Fair Value | $ 3,374 | $ 3,932 |
Securities Held to Maturity -_2
Securities Held to Maturity - Schedule of Contractual Maturities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 3,323 | $ 3,879 |
Fair Value | 3,374 | 3,932 |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost, Due within one year or less | 80 | |
Amortized cost, Due after one year through five years | 2,036 | |
Amortized cost, Due after five years through nine years | 1,207 | |
Amortized cost | 3,323 | 3,879 |
Fair Value, Due within one year or less | 80 | |
Fair Value, Due after one year through five years | 2,049 | |
Fair Value, Due after five years through nine years | 1,245 | |
Fair Value | $ 3,374 | $ 3,932 |
Unrealized Losses on Securiti_3
Unrealized Losses on Securities (Details Narrative) - Integer | Mar. 31, 2020 | Dec. 31, 2019 |
Number of temporarily impaired investments securities | 7 | 11 |
Company's Amortized Cost Basis [Member] | ||
Threshold limit of aggregate depreciation | 1.70% | 0.60% |
Unrealized Losses on Securiti_4
Unrealized Losses on Securities - Schedule of Unrealized Loss on Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Investment Securities [Line Items] | |||
Less than Twelve Months, Fair Value | $ 5,099,287 | $ 3,400,213 | |
Less Than Twelve Months, Gross Unrealized Losses | (52,903) | (145,929) | |
Twelve Months or Greater, Fair Value | 273,818 | ||
Twelve Months or Greater, Gross Unrealized Losses | (1,391) | ||
Total, Fair Value | 5,373,105 | $ 3,400,213 | |
Total, Gross Unrealized Losses | $ (145,929) | (54,294) | |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | |||
Schedule Of Investment Securities [Line Items] | |||
Less than Twelve Months, Fair Value | 350,298 | 3,005,336 | |
Less Than Twelve Months, Gross Unrealized Losses | (817) | (40,992) | |
Twelve Months or Greater, Fair Value | 273,818 | ||
Twelve Months or Greater, Gross Unrealized Losses | (1,391) | ||
Total, Fair Value | 350,298 | 3,279,154 | |
Total, Gross Unrealized Losses | (817) | (42,383) | |
Obligations of State and Political Subdivisions [Member] | |||
Schedule Of Investment Securities [Line Items] | |||
Less than Twelve Months, Fair Value | 24,996 | ||
Less Than Twelve Months, Gross Unrealized Losses | (4) | ||
Twelve Months or Greater, Fair Value | |||
Twelve Months or Greater, Gross Unrealized Losses | |||
Total, Fair Value | 24,996 | ||
Total, Gross Unrealized Losses | (4) | ||
Corporate Bonds [Member] | |||
Schedule Of Investment Securities [Line Items] | |||
Less than Twelve Months, Fair Value | 3,049,915 | 2,068,955 | |
Less Than Twelve Months, Gross Unrealized Losses | (145,112) | (11,907) | |
Twelve Months or Greater, Fair Value | |||
Twelve Months or Greater, Gross Unrealized Losses | |||
Total, Fair Value | 3,049,915 | 2,068,955 | |
Total, Gross Unrealized Losses | (145,112) | $ (11,907) | |
U.S. Treasury Securities [Member] | |||
Schedule Of Investment Securities [Line Items] | |||
Less than Twelve Months, Fair Value | |||
Less Than Twelve Months, Gross Unrealized Losses | |||
Twelve Months or Greater, Fair Value | |||
Twelve Months or Greater, Gross Unrealized Losses | |||
Total, Fair Value | |||
Total, Gross Unrealized Losses |
Loans (Details Narrative)
Loans (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Transfer of loans | $ 9,000,000 | $ 9,900,000 |
Loans - Schedule of Loan Portfo
Loans - Schedule of Loan Portfolio by Category (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | $ 160,019,415 | $ 157,311,117 | ||
Third-party loan acquisition and other net origination costs | 101,571 | 147,441 | ||
Discount on loans previously held for sale | (157,602) | (163,182) | ||
Allowance for loan losses | (1,195,761) | (1,183,261) | $ (1,119,225) | $ (1,124,925) |
Total | 158,767,623 | 156,112,115 | ||
Mortgage Loans One-to-Four Family [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | 69,475,072 | 70,511,775 | ||
Mortgage Loans Commercial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | 59,571,468 | 57,117,861 | ||
Mortgage Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | 129,046,540 | 127,629,636 | ||
Commercial and Industrial [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | 24,737,887 | 23,990,540 | ||
Allowance for loan losses | (208,775) | (170,769) | $ (261,015) | $ (263,721) |
Consumer [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans, Gross | $ 6,234,988 | $ 5,690,941 |
Allowance for Loan Losses (Deta
Allowance for Loan Losses (Details Narrative) | 3 Months Ended | |
Mar. 31, 2020USD ($)Integer | Dec. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment of all loans modified as troubled debt restructurings | $ 139,281 | $ 43,180 |
Number of loans | Integer | 4 | |
Two Commercial and Industrial Relationships [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Increase in total past due | $ 3,100,000 | |
Commercial Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 1 | |
Troubled debt restructuring modification balance | $ 24,658 | |
Commercial and Industrial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Number of loans | Integer | 3 | |
Troubled debt restructuring modification balance | $ 1,323,422 |
Allowance for Loan Losses - Sch
Allowance for Loan Losses - Schedule of Changes in Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | $ 1,183,261 | $ 1,124,925 |
Allowance for loan losses Charge-offs | (51,200) | |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 12,500 | 45,500 |
Allowance for loan losses Ending balance | 1,195,761 | 1,119,225 |
Mortgage One-to-Four Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 543,090 | 422,539 |
Allowance for loan losses Charge-offs | (28,268) | |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | (50,460) | 42,304 |
Allowance for loan losses Ending balance | 492,630 | 436,575 |
Mortgage Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 443,897 | 393,900 |
Allowance for loan losses Charge-offs | (22,932) | |
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 12,461 | 4,175 |
Allowance for loan losses Ending balance | 456,358 | 375,143 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 170,769 | 263,721 |
Allowance for loan losses Charge-offs | ||
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 38,006 | (2,706) |
Allowance for loan losses Ending balance | 208,775 | 261,015 |
Consumer and HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for loan losses Beginning balance | 25,505 | 44,765 |
Allowance for loan losses Charge-offs | ||
Allowance for loan losses Recoveries | ||
Allowance for loan losses Provision (credit) | 12,493 | 1,727 |
Allowance for loan losses Ending balance | $ 37,998 | $ 46,492 |
Allowance for Loan Losses - S_2
Allowance for Loan Losses - Schedule of Primary Segments of Loan Portfolio (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | $ 1,195,761 | $ 1,183,261 | $ 1,119,225 | $ 1,124,925 |
Loans | 160,019,415 | 157,311,117 | ||
Loans Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 139,281 | 43,180 | ||
Loans | 8,246,286 | 7,971,533 | ||
Loans Not Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 1,056,480 | 1,140,081 | ||
Loans | 151,773,129 | 149,339,584 | ||
Mortgage One-to-Four Family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 492,630 | 543,090 | 436,575 | 422,539 |
Loans | 69,475,072 | 70,511,775 | ||
Mortgage One-to-Four Family [Member] | Loans Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 128,163 | 43,180 | ||
Loans | 3,960,838 | 3,912,297 | ||
Mortgage One-to-Four Family [Member] | Loans Not Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 364,467 | 499,910 | ||
Loans | 65,514,234 | 66,599,478 | ||
Mortgage Commercial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 456,358 | 443,897 | 375,143 | 393,900 |
Loans | 59,571,468 | 57,117,861 | ||
Mortgage Commercial [Member] | Loans Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 2,511 | |||
Loans | 2,479,102 | 2,472,890 | ||
Mortgage Commercial [Member] | Loans Not Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 453,847 | 443,897 | ||
Loans | 57,092,366 | 54,644,971 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 208,775 | 170,769 | 261,015 | 263,721 |
Loans | 24,737,887 | 23,990,540 | ||
Commercial and Industrial [Member] | Loans Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | ||||
Loans | 1,618,286 | 1,398,286 | ||
Commercial and Industrial [Member] | Loans Not Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 208,775 | 170,769 | ||
Loans | 23,119,601 | 22,592,254 | ||
Consumer and HELOC [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 37,998 | 25,505 | $ 46,492 | $ 44,765 |
Loans | 6,234,988 | 5,690,941 | ||
Consumer and HELOC [Member] | Loans Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 8,607 | |||
Loans | 188,060 | 188,060 | ||
Consumer and HELOC [Member] | Loans Not Deemed Impaired [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Allowance for loan losses | 29,391 | 25,505 | ||
Loans | $ 6,046,928 | $ 5,502,881 |
Allowance for Loan Losses - S_3
Allowance for Loan Losses - Schedule of Impaired Loans by Class (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment | $ 8,246,286 | $ 7,971,533 |
Unpaid Principal Balance | 8,354,517 | 8,101,474 |
Related Allowance | 139,281 | 43,180 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 2,936,004 | 3,753,813 |
With no allowance recorded: Unpaid Principal Balance | 2,988,612 | 3,785,265 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | 1,024,834 | 158,484 |
With an allowance recorded: Unpaid Principal Balance | 1,024,834 | 158,547 |
With an allowance recorded: Related Allowance | 128,163 | 43,180 |
Recorded Investment | 3,960,838 | 3,912,297 |
Unpaid Principal Balance | 4,013,446 | 3,943,812 |
Related Allowance | 128,163 | 43,180 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 2,287,601 | 2,472,890 |
With no allowance recorded: Unpaid Principal Balance | 2,325,216 | 2,497,469 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | 191,501 | |
With an allowance recorded: Unpaid Principal Balance | 192,509 | |
With an allowance recorded: Related Allowance | 2,511 | |
Recorded Investment | 2,479,102 | 2,472,890 |
Unpaid Principal Balance | 2,517,725 | 2,497,469 |
Related Allowance | 2,511 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 1,618,286 | 1,398,286 |
With no allowance recorded: Unpaid Principal Balance | 1,635,286 | 1,465,938 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | ||
With an allowance recorded: Unpaid Principal Balance | ||
With an allowance recorded: Related Allowance | ||
Recorded Investment | 1,618,286 | 1,398,286 |
Unpaid Principal Balance | 1,635,286 | 1,465,938 |
Related Allowance | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded Investment | 151,732 | 188,060 |
With no allowance recorded: Unpaid Principal Balance | 151,732 | 194,255 |
With no allowance recorded: Related Allowance | ||
With an allowance recorded: Recorded Investment | 36,328 | |
With an allowance recorded: Unpaid Principal Balance | 36,328 | |
With an allowance recorded: Related Allowance | 8,607 | |
Recorded Investment | 188,060 | 188,060 |
Unpaid Principal Balance | 188,060 | 194,255 |
Related Allowance | $ 8,607 |
Allowance for Loan Losses - S_4
Allowance for Loan Losses - Schedule of Average Recorded Investment in Impaired Loans and Related Interest Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Average Recorded Investment | $ 8,112,184 | $ 4,024,986 |
Interest Income Recognized | 72,377 | 25,036 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 2,796,121 | 1,789,634 |
With no allowance recorded: Interest Income Recognized | 8,876 | 14,931 |
With an allowance recorded: Average Recorded Investment | 1,024,834 | 308,916 |
With an allowance recorded: Interest Income Recognized | 9,209 | 810 |
Average Recorded Investment | 3,820,955 | 2,098,550 |
Interest Income Recognized | 18,085 | 15,741 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 2,293,382 | 1,764,581 |
With no allowance recorded: Interest Income Recognized | 18,691 | 9,295 |
With an allowance recorded: Average Recorded Investment | 191,501 | |
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 2,484,883 | 1,764,581 |
Interest Income Recognized | 18,691 | 9,295 |
Commercial and Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 1,618,286 | 155,660 |
With no allowance recorded: Interest Income Recognized | 33,829 | |
With an allowance recorded: Average Recorded Investment | ||
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 1,618,286 | 155,660 |
Interest Income Recognized | 33,829 | |
Consumer and HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Average Recorded Investment | 151,732 | 6,195 |
With no allowance recorded: Interest Income Recognized | 1,772 | |
With an allowance recorded: Average Recorded Investment | 36,328 | |
With an allowance recorded: Interest Income Recognized | ||
Average Recorded Investment | 188,060 | 6,195 |
Interest Income Recognized | $ 1,772 |
Allowance for Loan Losses - S_5
Allowance for Loan Losses - Schedule of Classes of Loan Portfolio by Aging (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 7,665,728 | $ 4,532,000 |
Current | 152,353,687 | 152,779,117 |
Total Loans Receivable | 160,019,415 | 157,311,117 |
90 Days or Greater Still Accruing | 692,111 | |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,615,949 | 2,994,492 |
Current | 66,859,123 | 67,517,283 |
Total Loans Receivable | 69,475,072 | 70,511,775 |
90 Days or Greater Still Accruing | 24,926 | |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,561,790 | 1,241,871 |
Current | 58,009,678 | 55,875,990 |
Total Loans Receivable | 59,571,468 | 57,117,861 |
90 Days or Greater Still Accruing | 663,131 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,387,757 | 252,261 |
Current | 21,350,130 | 23,738,279 |
Total Loans Receivable | 24,737,887 | 23,990,540 |
90 Days or Greater Still Accruing | ||
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 100,232 | 43,376 |
Current | 6,134,756 | 5,647,565 |
Total Loans Receivable | 6,234,988 | 5,690,941 |
90 Days or Greater Still Accruing | 4,054 | |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,383,285 | 655,968 |
30 to 59 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 382,031 | 338,997 |
30 to 59 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 380,408 | 280,198 |
30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,563,532 | 32,261 |
30 to 59 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 57,314 | 4,512 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,575,655 | 1,214,746 |
60 to 89 Days Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 669,338 | 856,490 |
60 to 89 Days Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 302,092 | 138,256 |
60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,604,225 | 220,000 |
60 to 89 Days Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | ||
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,706,788 | 2,661,286 |
90 Days or Greater Past Due [Member] | Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,564,580 | 1,799,005 |
90 Days or Greater Past Due [Member] | Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 879,290 | 823,417 |
90 Days or Greater Past Due [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 220,000 | |
90 Days or Greater Past Due [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 42,918 | $ 38,864 |
Allowance for Loan Losses - S_6
Allowance for Loan Losses - Schedule of Loans on Nonaccrual Status (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 3,369,625 | $ 3,215,449 |
Mortgage Loans One-to-Four Family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 2,349,834 | 2,045,845 |
Mortgage Loans Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 980,927 | 1,055,876 |
Commercial and Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | 74,864 | |
Consumer and HELOC [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on nonaccrual status | $ 38,864 | $ 38,864 |
Allowance for Loan Losses - S_7
Allowance for Loan Losses - Schedule of Risk Category of Loans (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 160,019,415 | $ 157,311,117 |
Mortgage Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 59,571,468 | 57,117,861 |
Mortgage Commercial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 57,194,085 | 54,749,767 |
Mortgage Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 24,658 | 24,658 |
Mortgage Commercial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,352,725 | 2,343,436 |
Commercial and Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 24,737,887 | 23,990,540 |
Commercial and Industrial [Member] | Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 23,052,748 | 23,848,823 |
Commercial and Industrial [Member] | Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,543,422 | |
Commercial and Industrial [Member] | Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 141,717 | $ 141,717 |
Allowance for Loan Losses - S_8
Allowance for Loan Losses - Schedule of Balances of Loans by Class Based on Payment Performance (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 160,019,415 | $ 157,311,117 |
Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 69,475,072 | 70,511,775 |
Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 6,234,988 | 5,690,941 |
Performing Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 67,125,238 | 68,465,930 |
Performing Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 6,196,124 | 5,652,077 |
Nonperforming Financial Instruments [Member] | Mortgage One-to-Four Family [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 2,349,834 | 2,045,845 |
Nonperforming Financial Instruments [Member] | Consumer and HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 38,864 | $ 38,864 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Details Narrative) | 3 Months Ended |
Mar. 31, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares purchase for employee stock ownership plan | shares | 88,131 |
Compensation expense | $ | $ 8,516 |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 20.00% |
Vesting period | 2 years |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 40.00% |
Vesting period | 3 years |
Employee Stock Option [Member] | Share-based Compensation Award, Tranche Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 60.00% |
Vesting period | 4 years |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 80.00% |
Vesting period | 5 years |
Employee Stock Option [Member] | Share Based Compensation Award Tranche Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 100.00% |
Vesting period | 6 years |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) - USD ($) | May 23, 2019 | May 31, 2019 | Mar. 31, 2020 |
Exercise of stock options | |||
Stock options outstanding were exercisable | |||
Stock options outstanding not yet exercisable | 27,540 | ||
Exercise price of stock options | $ 8.35 | ||
Weighted average remaining contractual life | 9 years 6 months | ||
Pretax compensation expense | $ 8,516 | ||
Stock Options [Member] | |||
Pretax compensation expense | 3,000 | ||
Unrecognized compensation expense | 54,000 | ||
Restricted Stock [Member] | |||
Pretax compensation expense | 11,000 | ||
Unrecognized compensation expense | $ 198,000 | ||
2019 Equity Incentive Plan [Member] | |||
Authorizing the grant of options or restricted stock | 154,229 | ||
Exercise of stock options | 110,164 | ||
Maximum number of shares of stock issued as restricted stock awards, restricted stock units, or performances shares | 44,065 | ||
Stock option, description | The option price at which a granted stock option may be exercised will not be less than 100% of the fair market value per share of common stock on the grant date. The maximum term of any option granted under the Plan cannot exceed 10 years. | ||
Shares of restricted stock and stock options vesting percentage | 20.00% | ||
2019 Equity Incentive Plan [Member] | Directors [Member] | Stock Options [Member] | |||
Number of shares awarded | 27,540 | ||
Stock options available to be issued | 38,558 | ||
2019 Equity Incentive Plan [Member] | Directors [Member] | Stock Options [Member] | November 20, 2020 [Member] | |||
Number of shares awarded | 44,066 | ||
Exercise price of stock options | $ 7.60 | ||
2019 Equity Incentive Plan [Member] | Directors [Member] | Restricted Stock [Member] | |||
Number of shares awarded | 11,015 | ||
Stock options available to be issued | 15,424 | ||
2019 Equity Incentive Plan [Member] | Directors [Member] | Restricted Stock [Member] | November 20, 2020 [Member] | |||
Number of shares awarded | 17,626 |
Stock Compensation Plan - Sched
Stock Compensation Plan - Schedule of Nonvested Restricted Stock Under Plan (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of restricted shares, Non-vested, Beginning | shares | 28,641 |
Number of restricted shares, Non-vested, Granted | shares | |
Number of restricted shares, Non-vested, Vested | shares | |
Number of restricted shares, Non-vested, Forfeited | shares | |
Number of restricted shares, Non-vested, Ending | shares | 28,641 |
Weighted average grant date price per share, Non-vested, Beginning | $ / shares | $ 7.89 |
Weighted average grant date price per share, Non-vested, Granted | $ / shares | |
Weighted average grant date price per share, Non-vested, Vested | $ / shares | |
Weighted average grant date price per share, Non-vested, Forfeited | $ / shares | |
Weighted average grant date price per share, Non-vested, Ending | $ / shares | $ 7.89 |
Stock Compensation Plan - Sch_2
Stock Compensation Plan - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Retirement Benefits [Abstract] | |
Number of shares, Outstanding, Beginning | shares | 71,606 |
Number of shares, Granted | shares | |
Number of shares, Exercised | shares | |
Number of shares, Forfeited | shares | |
Number of shares, Outstanding, Ending | shares | 71,606 |
Number of shares, Exercisable, Ending | shares | |
Weighted Average Exercise Price, Outstanding Beginning | $ 7.89 |
Weighted Average Exercise Price, Granted | |
Weighted Average Exercise Price, Exercised | |
Weighted Average Exercise Price, Forfeited | |
Weighted Average Exercise Price, Outstanding Ending | 7.89 |
Weighted Average Exercise Price, Exercisable Ending | |
Weighted average exercise price of options granted in current year | |
Weighted Average Fair Value, Outstanding Beginning | 0.95 |
Weighted Average Fair Value, Granted | |
Weighted Average Fair Value, Exercised | |
Weighted Average Fair Value, Forfeited | |
Weighted Average Fair Value, Outstanding Ending | 0.95 |
Weighted Average Fair Value, Exercisable Ending | |
Weighted average fair value of options granted in current year |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Schedule of Actual Capital Amounts and Ratios (Details) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Company's Actual Capital and Ratios [Member] | ||
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,490,586 | $ 20,888,619 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 0.1134 | 0.1400 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 6,939,990 | $ 6,714,585 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 4.50% | 4.50% |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 10,024,430 | $ 9,698,845 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,490,586 | $ 20,888,619 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 0.1134 | 0.1400 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 9,253,320 | $ 8,952,780 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 0.0600 | 0.0600 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 12,337,760 | $ 11,937,040 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), Actual Amount | $ 18,686,347 | $ 22,071,880 |
Total capital (to risk-weighted assets), Actual Ratio | 0.1212 | 0.1479 |
Total capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 12,337,760 | $ 11,937,040 |
Total capital (to risk-weighted assets), For capital adequacy purposes Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), To be well capitalized Amount | $ 15,422,200 | $ 14,921,300 |
Total capital (to risk-weighted assets), To be well capitalized Ratio | 0.1000 | 0.1000 |
Tier 1 capital (to average assets), Actual Amount | $ 17,490,586 | $ 20,888,619 |
Tier 1 capital (to average assets), Actual Ratio | 0.0842 | 0.1066 |
Tier 1 capital (to average assets), For capital adequacy purposes Amount | $ 8,313,200 | $ 7,834,802 |
Tier 1 capital (to average assets), For capital adequacy purposes Ratio | 0.0400 | 0.0400 |
Tier 1 capital (to average assets), To be well capitalized Amount | $ 10,391,500 | $ 9,793,503 |
Tier 1 capital (to average assets), To be well capitalized Ratio | 0.0500 | 0.0500 |
Bank's Actual Capital and Ratios [Member] | ||
Common equity Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,490,586 | $ 17,287,045 |
Common equity Tier 1 capital (to risk-weighted assets), Actual Ratio | 0.1134 | 0.1159 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 6,939,990 | $ 6,714,585 |
Common equity Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 4.50% | 4.50% |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 10,024,430 | $ 9,698,845 |
Common equity Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 17,490,586 | $ 17,287,045 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 0.1134 | 0.1159 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 9,253,320 | $ 8,952,780 |
Tier 1 capital (to risk-weighted assets), For capital adequacy purposes Ratio | 0.0600 | 0.0600 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Amount | $ 12,337,760 | $ 11,937,040 |
Tier 1 capital (to risk-weighted assets), To be well capitalized Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), Actual Amount | $ 18,686,347 | $ 18,470,306 |
Total capital (to risk-weighted assets), Actual Ratio | 0.1212 | 0.1238 |
Total capital (to risk-weighted assets), For capital adequacy purposes Amount | $ 12,337,760 | $ 11,937,040 |
Total capital (to risk-weighted assets), For capital adequacy purposes Ratio | 0.0800 | 0.0800 |
Total capital (to risk-weighted assets), To be well capitalized Amount | $ 15,422,200 | $ 14,921,300 |
Total capital (to risk-weighted assets), To be well capitalized Ratio | 0.1000 | 0.1000 |
Tier 1 capital (to average assets), Actual Amount | $ 17,490,586 | $ 17,287,045 |
Tier 1 capital (to average assets), Actual Ratio | 0.0842 | 0.0883 |
Tier 1 capital (to average assets), For capital adequacy purposes Amount | $ 8,313,200 | $ 7,834,797 |
Tier 1 capital (to average assets), For capital adequacy purposes Ratio | 0.0400 | 0.0400 |
Tier 1 capital (to average assets), To be well capitalized Amount | $ 10,391,500 | $ 9,793,496 |
Tier 1 capital (to average assets), To be well capitalized Ratio | 0.0500 | 0.0500 |
Commitments - Schedule of Off-B
Commitments - Schedule of Off-Balance Sheet Commitments (Details) | Mar. 31, 2020USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | $ 22,625,865 |
Commitments to Extend Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | 5,141,132 |
Construction Unadvanced Funds [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | 3,413,015 |
Unused Lines of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | 8,908,264 |
Letters of Credit [Member] | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Financial instruments | $ 5,163,454 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Reported on Balance Sheets Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 8,395,742 | $ 9,849,599 |
Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,406,941 | 5,281,328 |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 838,411 | 1,365,705 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,150,390 | 3,202,566 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 8,395,742 | 9,849,599 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,406,941 | 5,281,328 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 838,411 | 1,365,705 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,150,390 | 3,202,566 |
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 321,999 | 317,939 |
Fair Value, Measurements, Recurring [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,113,383 | 115,304 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 4,406,941 | 5,281,328 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 838,411 | 1,365,705 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,510,390 | 3,202,566 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities of Government-Sponsored Entities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 321,999 | 317,939 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans with Reserve [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 1,113,383 | $ 115,304 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets Reported on Balance Sheets Fair Value on Nonrecurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 45,000 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | 45,000 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 45,000 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Significant Unobservable Inputs Used in Fair Value Measurement Process (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned, Fair Value | $ 45,000 | |
Impaired loans with reserve, Fair Value | 1,113,383 | 115,304 |
Mortgage servicing rights, Fair Value | $ 321,999 | $ 317,939 |
Weighted Average [Member] | Valuation Technique Appraised Collateral Values [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average [Member] | Valuation Unobservable Inputs Discount For Time Since Appraisal [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average One [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Two [Member] | Valuation Unobservable Inputs Selling Costs [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Three [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Four [Member] | Valuation Technique Discounted Cash Flows [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Four [Member] | Valuation Unobservable Inputs Discount for Evaluation [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Five [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Six [Member] | Valuation Unobservable Inputs Selling Costs [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.00% | 10.00% |
Weighted Average Seven [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (10.00%) | (10.00%) |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (9.41%) | (9.38%) |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 8.49% | 8.49% |
Weighted Average Eight [Member] | Valuation Technique Discounted Cash Flows [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.52% | 10.52% |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | (9.41%) | (9.38%) |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 8.49% | 8.49% |
Weighted Average Eight [Member] | Valuation Unobservable Inputs Loan Prepayment Speeds [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value measurement Weighted Average rate | 10.52% | 10.52% |
Fair Value Measurements - Sch_4
Fair Value Measurements - Schedule of Estimated Fair Values of Company's Financial Instruments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Certificates of deposit | $ 4,444,000 | $ 2,465,000 |
Investment securities: Available for sale | 8,395,742 | 9,849,599 |
Investment securities: Held to maturity | 3,374 | 3,932 |
Investment securities: Accrued interest receivable | 808,168 | 673,026 |
Financial liabilities: Accrued interest payable | 311,648 | 331,133 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 24,510,653 | 21,880,788 |
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | ||
Investment securities: Held to maturity | ||
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | 63,776,945 | 55,206,337 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | 4,715,000 | 2,576,000 |
Investment securities: Available for sale | 8,395,742 | 9,849,599 |
Investment securities: Held to maturity | 3,374 | 3,932 |
Investment securities: Loans, net | ||
Investment securities: Accrued interest receivable | 808,168 | 673,026 |
Investment securities: FHLB stock | ||
Financial liabilities: Deposits | ||
Financial liabilities: FHLB advances | 32,791,500 | 31,773,500 |
Financial liabilities: Accrued interest payable | 311,648 | 331,133 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | ||
Financial assets: Certificates of deposit | ||
Investment securities: Available for sale | ||
Investment securities: Held to maturity | ||
Investment securities: Loans, net | 173,079,623 | 163,239,115 |
Investment securities: Accrued interest receivable | ||
Investment securities: FHLB stock | 3,046,900 | 2,924,600 |
Financial liabilities: Deposits | 94,752,286 | 95,494,220 |
Financial liabilities: FHLB advances | ||
Financial liabilities: Accrued interest payable | ||
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 24,510,653 | 21,880,788 |
Financial assets: Certificates of deposit | 4,444,000 | 2,465,000 |
Investment securities: Available for sale | 8,395,742 | 9,849,599 |
Investment securities: Held to maturity | 3,323 | 3,879 |
Investment securities: Loans, net | 158,767,623 | 156,112,115 |
Investment securities: Accrued interest receivable | 808,168 | 673,026 |
Investment securities: FHLB stock | 3,046,900 | 2,924,600 |
Financial liabilities: Deposits | 154,804,231 | 149,020,729 |
Financial liabilities: FHLB advances | 31,374,500 | 31,374,500 |
Financial liabilities: Accrued interest payable | 311,648 | 331,133 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial assets: Cash and cash equivalents | 24,510,653 | 21,880,788 |
Financial assets: Certificates of deposit | 4,715,000 | 2,576,000 |
Investment securities: Available for sale | 8,395,742 | 9,849,599 |
Investment securities: Held to maturity | 3,374 | 3,932 |
Investment securities: Loans, net | 173,079,623 | 163,239,115 |
Investment securities: Accrued interest receivable | 808,168 | 673,026 |
Investment securities: FHLB stock | 3,046,900 | 2,924,600 |
Financial liabilities: Deposits | 158,529,231 | 150,700,557 |
Financial liabilities: FHLB advances | 32,791,500 | 31,773,500 |
Financial liabilities: Accrued interest payable | $ 311,648 | $ 331,133 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | $ (5,421) | |
Other comprehensive income (loss) on securities before reclassification, net of tax | (56,087) | $ 143,030 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (35,567) | (5,791) |
Net other comprehensive income (loss) | (72,407) | 108,419 |
Accumulated other comprehensive income (loss), end of period | (77,828) | |
Net Unrealized Gain (Loss) on Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (5,421) | (74,623) |
Other comprehensive income (loss) on securities before reclassification, net of tax | (44,309) | 112,994 |
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (28,098) | (4,575) |
Net other comprehensive income (loss) | (72,407) | 108,419 |
Accumulated other comprehensive income (loss), end of period | $ (77,828) | $ 33,796 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
EARNINGS PER COMMON SHARE | ||
Net Income | $ 198,331 | $ 112,713 |
Average shares outstanding | 2,250,799 | 2,248,250 |
Less: Average unearned ESOP shares | 78,938 | 83,174 |
Shares outstanding for basic EPS | 2,171,861 | 2,165,076 |
Additional dilutive shares | 741 | |
Shares outstanding for diluted EPS | 2,172,602 | 2,165,076 |
Basic income per share | $ 0.09 | $ 0.05 |
Diluted income per share | $ 0.09 | $ 0.05 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating leases rental expense | $ 1,500 | $ 1,500 | |
Other Assets [Member] | |||
Right-of-use asset | $ 7,895 | ||
Other Liabilities [Member] | |||
Lease liability | $ 7,895 | $ 7,895 |
Leases - Schedule of Weighted-A
Leases - Schedule of Weighted-Average Lease Term and Discount Rate (Details) | Mar. 31, 2020 |
Leases [Abstract] | |
Weighted-average remaining term (years) | 1 year 3 months 19 days |
Weighted-average discount rate | 1.87% |
Leases - Schedule of Undiscount
Leases - Schedule of Undiscounted Cash Flows Due to Operating Leases (Details) - Other Liabilities [Member] - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Undiscounted cash flows due: Within 1 year | $ 6,000 | |
Undiscounted cash flows due: After 1 year but within 2 years | 2,000 | |
Undiscounted cash flows due: After 2 years | ||
Total undiscounted cash flows | 8,000 | |
Discount on cash flows | (105) | |
Total lease liabilities | $ 7,895 | $ 7,895 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Point of Revenue Recognition and Income Recognized (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Electronic Banking Fees [Member] | At a Point in Time [Member] | ||
Revenue and income recognized | $ 3,149 | $ 6,077 |
Service Charges on Deposits [Member] | At Point in Time and Over Time [Member] | ||
Revenue and income recognized | 8,874 | 1,730 |
Mortgage Banking Income [Member] | At a Point in Time [Member] | ||
Revenue and income recognized | $ 119,172 | $ 76,809 |