Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-39188 | |
Entity Registrant Name | Cincinnati Bancorp, Inc. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 84-2848636 | |
Entity Address, Address Line One | 6581 Harrison Avenue | |
Entity Address, City or Town | Cincinnati | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45247 | |
City Area Code | 513 | |
Local Phone Number | 574-3025 | |
Title of 12(b) Security | Common stock, $0.01 par value per share | |
Trading Symbol | CNNB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,929,622 | |
Entity Central Index Key | 0001787005 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 2,195,909 | $ 2,951,787 |
Interest-bearing demand deposits in banks | 8,359,573 | 23,558,019 |
Federal funds sold | 4,519,000 | 5,838,000 |
Cash and cash equivalents | 15,074,482 | 32,347,806 |
Interest-bearing time deposits | 1,000,000 | 3,000,000 |
Available-for-sale debt securities | 8,325,831 | 5,213,830 |
Loans held for sale | 11,198,388 | 13,345,370 |
Loans, net of allowance for loan losses of $1,672,545 and $1,672,545, respectively | 194,649,045 | 166,667,918 |
Premises and equipment, net | 3,533,754 | 3,487,826 |
Federal Home Loan Bank stock | 4,149,300 | 2,801,800 |
Interest receivable | 578,907 | 520,775 |
Mortgage servicing rights | 2,517,284 | 2,025,323 |
Federal Home Loan Bank lender risk account receivable | 1,933,663 | 1,947,271 |
Bank-owned life insurance | 4,235,317 | 4,172,486 |
Other assets | 1,268,321 | 1,603,150 |
Total assets | 248,464,292 | 237,133,555 |
Deposits | ||
Demand | 42,780,338 | 41,945,628 |
Savings | 56,843,443 | 48,056,629 |
Certificates of deposit | 86,069,004 | 62,204,786 |
Total deposits | 185,692,785 | 152,207,043 |
Federal Home Loan Bank advances | 16,200,000 | 38,412,000 |
Advances from borrowers for taxes and insurance | 1,433,140 | 1,946,340 |
Interest payable | 11,038 | 73,585 |
Directors deferred compensation | 692,576 | 601,536 |
Deferred tax liabilities | 741,820 | 905,975 |
Other liabilities | 1,258,319 | 1,483,105 |
Total liabilities | 206,029,678 | 195,629,584 |
Commitments and Contingent Liabilities | ||
Stockholders' Equity | ||
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued | ||
Common stock - authorized 14,000,000 shares, $0.01 par value; issued 2,975,625 at September 30, 2021 and December 31, 2020; outstanding 2,934,109 at September 30, 2021 and 2,975,625 at December 31, 2020 | 29,307 | 29,756 |
Additional paid-in capital | 22,882,227 | 23,266,485 |
Unearned ESOP shares | (1,596,522) | (1,673,660) |
Retained earnings - substantially restricted | 21,481,619 | 20,173,404 |
Accumulated other comprehensive loss | (362,017) | (292,014) |
Total stockholders' equity | 42,434,614 | 41,503,971 |
Total liabilities and stockholders' equity | $ 248,464,292 | $ 237,133,555 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Condensed Consolidated Balance Sheets | ||
Allowance for loan losses | $ | $ 1,672,545 | $ 1,672,545 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 2,975,625 | 2,975,625 |
Common Stock, Shares, Outstanding | 2,934,109 | 2,975,625 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and Dividend Income | ||||
Loans, including fees | $ 2,226,780 | $ 1,917,455 | $ 5,983,403 | $ 5,943,370 |
Securities | 14,675 | 8,140 | 56,655 | 55,354 |
Dividends on Federal Home Loan Bank stock and other | 15,789 | 22,796 | 44,368 | 133,968 |
Total interest and dividend income | 2,257,244 | 1,948,391 | 6,084,426 | 6,132,692 |
Interest Expense | ||||
Deposits | 243,973 | 385,543 | 791,311 | 1,317,389 |
Federal Home Loan Bank advances | 74,234 | 228,812 | 529,744 | 716,956 |
Total interest expense | 318,207 | 614,355 | 1,321,055 | 2,034,345 |
Net Interest Income | 1,939,037 | 1,334,036 | 4,763,371 | 4,098,347 |
Provision for Loan Losses | 65,000 | |||
Net Interest Income After Provision for Loan Losses | 1,939,037 | 1,334,036 | 4,763,371 | 4,033,347 |
Noninterest Income | ||||
Gain on sales of loans | 2,108,495 | 3,202,816 | 6,893,315 | 5,917,147 |
Mortgage servicing fees (costs) | (228,722) | (144,748) | 105,071 | (364,031) |
Mortgage derivative income (expense) | (31,142) | (160,322) | ||
Other | 265,991 | 209,215 | 832,286 | 650,464 |
Total noninterest income | 2,114,622 | 3,267,283 | 7,670,350 | 6,203,580 |
Noninterest Expense | ||||
Salaries and employee benefits | 2,176,393 | 2,271,612 | 6,578,956 | 5,510,319 |
Occupancy and equipment | 214,327 | 184,583 | 592,913 | 513,196 |
Directors compensation | 42,250 | 42,251 | 126,750 | 132,583 |
Data processing | 189,038 | 182,821 | 584,565 | 433,203 |
Professional fees | 106,103 | 100,444 | 289,281 | 246,505 |
Franchise tax | 67,500 | 55,202 | 209,812 | 166,062 |
Deposit insurance premiums | 15,187 | 14,875 | 45,046 | 17,894 |
Advertising | 101,958 | 79,575 | 236,635 | 190,809 |
Software licenses | 36,748 | 38,483 | 97,137 | 108,023 |
Loan costs | 194,981 | 194,191 | 594,672 | 412,896 |
FHLB advance prepayment penalties | 763,319 | 763,319 | ||
Other | 248,407 | 244,360 | 653,867 | 707,391 |
Total noninterest expense | 4,156,211 | 3,408,397 | 10,772,953 | 8,438,881 |
Income (Loss) Before Income Taxes | (102,552) | 1,192,922 | 1,660,768 | 1,798,046 |
Provision for Income Taxes (Benefit) | (7,731) | 254,389 | 352,553 | 361,568 |
Net Income (Loss) | $ (94,821) | $ 938,533 | $ 1,308,215 | $ 1,436,478 |
Earnings (loss) per common share - basic | $ (0.03) | $ 0.34 | $ 0.47 | $ 0.52 |
Earnings (loss) per common share - diluted | $ (0.03) | $ 0.33 | $ 0.46 | $ 0.51 |
Weighted-average shares outstanding - basic | 2,740,335 | 2,748,310 | 2,746,781 | 2,749,292 |
Weighted-average shares outstanding - diluted | 2,740,335 | 2,788,483 | 2,819,729 | 2,791,101 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Consolidated Statements of Comprehensive Income (Loss) | ||||
Net Income (Loss) | $ (94,821) | $ 938,533 | $ 1,308,215 | $ 1,436,478 |
Other Comprehensive Income (Loss): | ||||
Net unrealized gains (losses) on available-for-sale securities | (5,631) | 13,411 | (20,379) | 46,993 |
Tax (expense) benefit | 1,183 | (2,816) | 4,280 | (9,869) |
Changes in directors' retirement plan prior service costs | 10,962 | (12,962) | (30,222) | (38,885) |
Tax (expense) benefit | (2,303) | 2,722 | (23,682) | 8,166 |
Other comprehensive income (loss) | 4,211 | 355 | (70,003) | 6,405 |
Comprehensive Income (Loss) | $ (90,610) | $ 938,888 | $ 1,238,212 | $ 1,442,883 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Unearned esop Share | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2019 | $ 29,607 | $ 7,529,850 | $ (449,313) | $ 17,017,682 | $ (290,988) | $ 23,836,838 |
Proceeds from issuance of common stock | 29,756 | 15,577,194 | (1,322,370) | 14,284,580 | ||
Contribution by CF Mutual Holding Company | 50,000 | 50,000 | ||||
Exchange of common stock | (29,607) | (29,607) | ||||
ESOP shares earned | (1,927) | 72,311 | 70,384 | |||
Stock based compensation expense | 81,973 | 81,973 | ||||
Net income | 1,436,478 | 1,436,478 | ||||
Other comprehensive income loss | 6,405 | 6,405 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2020 | 29,756 | 23,237,090 | (1,699,372) | 18,454,160 | (284,583) | 39,737,051 |
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2020 | 29,756 | 23,209,347 | (1,725,085) | 17,515,627 | (284,938) | 38,744,707 |
ESOP shares earned | (2,649) | 25,713 | 23,064 | |||
Stock based compensation expense | 30,392 | 30,392 | ||||
Net income | 938,533 | 938,533 | ||||
Other comprehensive income loss | 355 | 355 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2020 | 29,756 | 23,237,090 | (1,699,372) | 18,454,160 | (284,583) | 39,737,051 |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | 29,756 | 23,266,485 | (1,673,660) | 20,173,404 | (292,014) | 41,503,971 |
ESOP shares earned | 29,551 | 77,138 | 106,689 | |||
Stock based compensation expense | 195,583 | 195,583 | ||||
Repurchase of common stock | (449) | (609,392) | (609,841) | |||
Net income | 1,308,215 | 1,308,215 | ||||
Other comprehensive income loss | (70,003) | (70,003) | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2021 | 29,307 | 22,882,227 | (1,596,522) | 21,481,619 | (362,017) | 42,434,614 |
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2021 | 29,756 | 23,179,224 | (1,622,235) | 21,576,440 | (366,228) | 42,796,957 |
ESOP shares earned | 11,391 | 25,713 | 37,104 | |||
Stock based compensation expense | 111,133 | 111,133 | ||||
Repurchase of common stock | (449) | (419,521) | (419,970) | |||
Net income | (94,821) | (94,821) | ||||
Other comprehensive income loss | 4,211 | 4,211 | ||||
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2021 | $ 29,307 | $ 22,882,227 | $ (1,596,522) | $ 21,481,619 | $ (362,017) | $ 42,434,614 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)shares | |
Condensed Consolidated Statements of Stockholders' Equity | |
Issuance of common stock (in shares) | 1,652,960 |
Shares under Employee Stock Ownership Plan | 132,237 |
Offering costs | $ | $ 1.2 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income | $ 1,308,215 | $ 1,436,478 |
Items not requiring (providing) cash: | ||
Depreciation and amortization | 173,860 | 166,090 |
Provision for loan losses | 65,000 | |
Amortization of premiums and discounts on securities, net | 12,764 | 18,138 |
Amortization of deferred prepayment penalty on Federal Home Loan Bank advances | 3,086 | |
Change in deferred income taxes | 164,155 | 155,766 |
Gain on sale of loans | (6,893,315) | (5,917,147) |
Proceeds from the sale of loans held for sale | 219,434,532 | 251,935,816 |
Origination of loans held for sale | (210,394,235) | (261,024,458) |
Mortgage servicing rights | (491,961) | (402,158) |
Earnings on cash surrender value of bank-owned life insurance | (62,831) | (64,265) |
Stock-based compensation expense | 195,583 | 81,973 |
ESOP shares earned | 106,689 | 70,384 |
Changes in: | ||
Interest receivable | (58,132) | 71,802 |
Federal Home Loan Bank lender risk account receivable | 13,608 | (53,931) |
Derivative assets | 226,475 | |
Other assets | 108,354 | 52,839 |
Interest payable | (62,547) | (16,105) |
Derivative liabilities | (66,153) | |
Other liabilities | (445,527) | 742,074 |
Net cash provided by (used in) operating activities | 3,269,534 | (12,678,618) |
Investing Activities | ||
Net change in interest-bearing deposits | 2,000,000 | (1,000,000) |
Proceeds from maturities of available-for-sale securities | 1,889,231 | 1,222,330 |
Purchase of available for sale securities | (5,034,375) | |
Purchase of Federal Home Loan Bank stock | (1,347,500) | (144,400) |
Net change in loans | (27,981,127) | 9,422,055 |
Purchase of premises and equipment | (219,788) | (305,569) |
Net cash provided by (used in) investing activities | (30,693,559) | 9,194,416 |
Financing Activities | ||
Net increase (decrease) in deposits | 33,485,742 | (19,270,344) |
Repurchase of common stock | (609,841) | |
Proceeds from issuance of common stock | 14,060,646 | |
Proceeds from Federal Home Loan Bank advances | 196,500,000 | 14,000,000 |
Repayment of Federal Home Loan Bank advances | (218,712,000) | (20,663,152) |
Net decrease in advances from borrowers for taxes and insurance | (513,200) | (506,211) |
Net cash provided by (used in) financing activities | 10,150,701 | (12,379,061) |
Decrease in Cash and Cash Equivalents | (17,273,324) | (15,863,263) |
Cash and Cash Equivalents, Beginning of Period | 32,347,806 | 37,735,266 |
Cash and Cash Equivalents, End of Period | 15,074,482 | 21,872,003 |
Supplemental Cash Flows Information | ||
Interest paid | 1,383,602 | 2,050,450 |
Income taxes paid | $ 455,000 | $ 231,193 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Account Policies | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Summary of Significant Account Policies | |
Nature of Operations and Summary of Significant Account Policies | NOTE 1: Nature of Operations and Summary of Significant Account Policies Nature of Operations Cincinnati Bancorp (“Bancorp”), the predecessor to Cincinnati Bancorp, Inc. (“Company”), was the mid-tier holding company for Cincinnati Federal (the “Bank”), a federally chartered stock savings and loan association that is primarily engaged in providing a full range of banking and financial services to individual and corporate customers. Our business operations are conducted in the larger Greater Cincinnati/Northern Kentucky metropolitan area which includes Hamilton, Warren, Butler and Clermont Counties in Ohio, Boone, Kenton and Campbell Counties in Kentucky, and Dearborn County, Indiana. On October 14, 2015, the Bank had reorganized into the mutual holding company structure. As part of the reorganization, the Bancorp sold 773,663 shares of common stock at a price of $10.00 per share in a public offering and issued 945,587 shares of common stock to CF Mutual Holding Company, the Bancorp’s parent mutual holding company. On December 20, 2019, the Bancorp’s shareholders approved a plan of conversion and reorganization, whereby CF Mutual Holding Company and Cincinnati Bancorp would convert and reorganize from the mutual holding company structure to the stock holding company structure. The conversion and reorganization were completed effective January 22, 2020, whereby the Company, a Maryland corporation and successor to the Bancorp, sold a total of 1,652,960 shares of common stock at a price of $10.00 per share in the subscription offering, which included 132,237 shares sold to Cincinnati Federal’s Employee Stock Ownership Plan, and issued 1,322,665 shares of common stock in exchange for the outstanding shares of common stock of the Bancorp owned by stockholders other than CF Mutual Holding Company. The exchange ratio for previously held shares of Cincinnati Bancorp was 1.6351 as applied in the conversion offering. References herein to the “Company” include Cincinnati Bancorp, Inc. and Cincinnati Bancorp before completion of the conversion. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. Principles of Consolidation The accompanying condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020 include the accounts of the Company and the Bank. All significant intercompany items have been eliminated in consolidation. Interim Financial Statements The interim condensed consolidated financial statements as of September 30, 2021, and for the three and nine months ended September 30, 2021 and 2020, 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 contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted. The results of operations for the three and nine months ended September 30, 2021, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021, or any other period. The accompanying condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020, should be read in conjunction with the audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019 contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights, lender reserve account and fair values of financial instruments. Revisions Certain immaterial revisions have been made to the 2020 condensed consolidated financial statements for a change in earnings per share and diluted earnings per share more fully discussed in Note 4. These revisions did not have a significant impact on the financial line items impacted. Revenue Recognition The Company accounts for revenues in accordance with accounting guidance that provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest income, net securities gains (losses), gains from the sale of mortgage loans and earnings on bank-owned life insurance are not covered under ASC 606 and are recognized as contractually earned . Service charges on deposit accounts: Service charges on deposits are withdrawn from the customer’s account balance. Service charges are recorded in other noninterest income. Interchange income: |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Securities | |
Securities | NOTE 2: Securities Available-for-sale debt securities are recorded at fair value, with unrealized gains and losses excluded from earnings and reported in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. For debt securities with fair value below amortized cost, when the Company does not intend to sell a debt security, and it is more likely than not the Company will not have to sell the security before recovery of its cost basis, the Company recognizes the credit component of an other-than-temporary impairment of a debt security in earnings and the remaining portion in other comprehensive income. The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available-for-Sale Debt Securities: September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 8,302,899 $ 46,513 $ (23,581) $ 8,325,831 December 31, 2020: Mortgage-backed securities of government sponsored entities $ 5,170,519 $ 46,278 $ (2,967) $ 5,213,830 The Company had no sales of investment securities during the three and nine month periods ended September 30, 2021 or 2020. The Company had not pledged any of its investment securities as of September 30, 2021 or December 31, 2020. The amortized cost and fair value of available-for-sale securities at September 30, 2021 and December 31, 2020, by contractual maturity is not disclosed for mortgage-backed securities, as expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Certain investments in debt securities have fair values at an amount less than their historical cost. The total fair value of these investments at September 30, 2021 and December 31, 2020 was $4,365,705 and $192,587, respectively, which was approximately 52.4% and 3.7%, respectively, of the Company’s investment portfolio at those respective dates. The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that the individual securities have been in continuous unrealized loss position at September 30, 2021 and December 31, 2020: Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 4,243,219 $ (20,905) $ 122,486 $ (2,676) $ 4,365,705 $ (23,581) December 31, 2020: Mortgage-backed securities of government sponsored entities $ 51,122 $ (617) $ 141,465 $ (2,350) $ 192,587 $ (2,967) |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Allowance for Loan Losses | |
Loans and Allowance for Loan Losses | NOTE 3: Loans and Allowance for Loan Losses Categories of loans at September 30, 2021 and December 31, 2020 include: September 30, December 31, 2021 2020 (unaudited) One to four family mortgage loans - owner occupied $ 73,357,873 $ 72,697,588 One to four family - investment 10,453,543 12,058,824 Multi-family mortgage loans 52,128,040 41,749,223 Nonresidential mortgage loans 41,687,527 29,531,917 Construction and land loans 17,516,603 5,841,415 Real estate secured lines of credit 10,425,302 9,934,387 Commercial loans 314,512 736,979 Other consumer loans 358,909 338,709 Total loans 206,242,309 172,889,042 Less: Net deferred loan costs (414,784) (332,908) Undisbursed portion of loans 10,335,503 4,881,487 Allowance for loan losses 1,672,545 1,672,545 Net loans $ 194,649,045 $ 166,667,918 The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three and nine months ended September 30, 2021 and 2020 and the year ended December 31, 2020: At or for the Nine Months Ended September 30, 2021 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 416,404 $ 99,978 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,672,545 Provision (credit) charged to expense (107,622) (45,381) 2,065 33,960 158,920 (19,368) (16,802) (5,772) — Losses charged off — — — - — — — — — Recoveries — — — — — — — — — Balance, end of period $ 308,782 $ 54,597 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,672,545 Ending balance: Individually evaluated for impairment $ 61,430 $ 40,075 $ — $ — $ — $ — $ — $ — $ 101,505 Ending balance: Collectively evaluated for impairment $ 247,352 $ 14,522 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,571,040 Loans: Ending balance $ 73,357,873 $ 10,453,543 $ 52,128,040 $ 41,687,527 $ 17,516,603 $ 10,425,302 $ 314,512 $ 358,909 $ 206,242,309 Ending balance: Individually evaluated for impairment $ 1,172,313 $ 438,395 $ 127,591 $ — $ — $ 55,788 $ — $ — $ 1,794,087 Ending balance: Collectively evaluated for impairment $ 72,185,560 $ 10,015,148 $ 52,000,449 $ 41,687,527 $ 17,516,603 $ 10,369,514 $ 314,512 $ 358,909 $ 204,448,222 At or for the Three Months Ended September 30, 2021 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 360,808 $ 62,664 $ 672,333 $ 316,198 $ 230,665 $ 29,108 $ 406 $ 363 $ 1,672,545 Provision (credit) charged to expense (52,026) (8,067) 554 34,094 24,690 860 (97) (8) - Losses charged off — - - - - - - - - Recoveries — - - - - - - - - Balance, end of period $ 308,782 $ 54,597 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,672,545 At or for the Nine Months Ended September 30, 2020 (Unaudited) One- to Four- One- to Four- Multi-Family Nonresidential Construction Real Estate Commercial Other Total Allowance for loan losses: Balance, beginning of period $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense 53,694 1,349 (155,411) 157,250 15,485 (18,670) 19,080 (7,777) 65,000 Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 378,341 $ 83,568 $ 368,772 $ 434,276 $ 84,942 $ 86,517 $ 30,488 $ 5,641 $ 1,472,545 At or for the Three Months Ended September 30, 2020 (Unaudited) One- to Four- One- to Four- Multi-Family Nonresidential Construction Real Estate Commercial Other Total Allowance for loan losses: Balance, beginning of period $ 449,513 $ 97,741 $ 348,117 $ 397,222 $ 75,594 $ 65,722 $ 32,220 $ 6,416 $ 1,472,545 Provision (credit) charged to expense (71,172) (14,173) 20,655 37,054 9,348 20,795 (1,732) (775) — Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 378,341 $ 83,568 $ 368,772 $ 434,276 $ 84,942 $ 86,517 $ 30,488 $ 5,641 $ 1,472,545 At or For the Year Ended December 31, 2020 One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan loans: Balance, beginning of year $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense 91,757 17,759 146,639 39,306 26,978 (55,851) 5,703 (7,291) 265,000 (Charge-offs) recoveries — — — — — — — — — Balance, end of year $ 416,404 $ 99,978 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,672,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 40,075 $ — $ — $ — $ — $ — $ — $ 60,797 Ending balance: Collectively evaluated for impairment $ 395,682 $ 59,903 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,611,748 Loans: Ending balance $ 72,697,588 $ 12,058,824 $ 41,749,223 $ 29,531,917 $ 5,841,415 $ 9,934,387 $ 736,979 $ 338,709 $ 172,889,042 Ending balance: Individually evaluated for impairment $ 1,236,597 $ 561,660 $ 210,524 $ — $ — $ 58,557 $ — $ — $ 2,067,338 Ending balance: Collectively evaluated for impairment $ 71,460,991 $ 11,497,164 $ 41,538,699 $ 29,531,917 $ 5,841,415 $ 9,875,830 $ 736,979 $ 338,709 $ 170,821,704 The Company has adopted a standard grading system for all loans. Definitions are as follows: Prime (1) Good (2) Satisfactory (3) Acceptable (4) Special Mention (5) Substandard (6) Doubtful (7) Loss (8) The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2021 and December 31, 2020: September 30, 2021 (unaudited) One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 72,757,877 $ 10,148,856 $ 52,128,040 $ 41,250,620 $ 17,516,603 $ 10,369,514 $ 314,512 $ 358,909 $ 204,844,931 Special mention — 304,687 — 436,907 — — — — 741,594 Substandard 599,996 — — — — 55,788 — — 655,784 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 73,357,873 $ 10,453,543 $ 52,128,040 $ 41,687,527 $ 17,516,603 $ 10,425,302 $ 314,512 $ 358,909 $ 206,242,309 December 31, 2020 One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 71,930,902 $ 11,538,993 $ 41,669,892 $ 29,063,783 $ 5,841,415 $ 9,783,448 $ 736,979 $ 338,709 $ 170,904,121 Special mention 113,516 519,831 — 468,134 — — — — 1,101,481 Substandard 653,170 — 79,331 — — 150,939 — — 883,440 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 72,697,588 $ 12,058,824 $ 41,749,223 $ 29,531,917 $ 5,841,415 $ 9,934,387 $ 736,979 $ 338,709 $ 172,889,042 Pass portfolio within the tables above consists of loans graded Prime (1) through Acceptable (4). The Company evaluates the loan risk grading system definitions and allowance for loan losses methodology on an ongoing basis. No significant changes were made to either during the three or nine months ended September 30, 2021. The following tables present the loan portfolio aging analysis of the recorded investment in loans as of September 30, 2021 and December 31, 2020: September 30, 2021 (unaudited) 90 Days and Total Loans > 30 ‑ 59 Days Past 60 ‑ 89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 235,841 $ — $ 130,491 $ 366,332 $ 72,991,541 $ 73,357,873 $ — One to four family - investment — — — — 10,453,543 10,453,543 — Multi-family mortgage loans — — — — 52,128,040 52,128,040 — Nonresidential mortgage loans — — — — 41,687,527 41,687,527 — Construction & land loans — — — — 17,516,603 17,516,603 — Real estate secured lines of credit — — — — 10,425,302 10,425,302 — Commercial loans — — — — 314,512 314,512 — Other consumer loans — — — — 358,909 358,909 — Total $ 235,841 $ — $ 130,491 $ 366,332 $ 205,875,977 $ 206,242,309 $ — December 31, 2020 90 Days and Total Loans > 30 ‑ 59 Days Past 60 ‑ 89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 96,826 $ 127,616 $ 173,877 $ 398,319 $ 72,299,269 $ 72,697,588 $ — One to four family - investment — — — — 12,058,824 12,058,824 — Multi-family mortgage loans — — — — 41,749,223 41,749,223 — Nonresidential mortgage loans — — — — 29,531,917 29,531,917 — Construction & land loans — — — — 5,841,415 5,841,415 — Real estate secured lines of credit — — — — 9,934,387 9,934,387 — Commercial loans — — — — 736,979 736,979 — Other consumer loans — — — — 338,709 338,709 — Total $ 96,826 $ 127,616 $ 173,877 $ 398,319 $ 172,490,723 $ 172,889,042 $ — A loan is considered impaired, in accordance with the impairment accounting guidance (ASC 310, Receivables The following tables present impaired loans for September 30, 2021, September 30, 2020 and December 31, 2020: For the Three Months Ended For the Nine Months Ended At September 30, 2021 (Unaudited) September 30, 2021 September 30, 2021 Average Average Unpaid Investment Investment Recorded Principal Specific in Impaired Interest Income in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans Recognized (Unaudited) Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,155,240 $ 1,155,240 $ — $ 1,158,522 12,171 $ 1,166,174 $ 37,376 One to Four family - Investment 235,005 235,005 — 236,588 10,614 277,087 17,127 Multi-family mortgage loans 127,591 127,591 — 128,031 1,445 129,265 4,375 Nonresidential mortgage loans — — — — — — — Construction & Land loans — — — — — — — Real estate secured lines of credit 55,788 55,788 — 56,271 982 57,145 3,012 Commercial Loans — — — — — — — Other consumer loans — — — — — — — Loans with a specific valuation allowance — One- to four-family mortgage loans 17,073 78,503 61,430 78,655 226 79,127 947 One to Four family - Investment 203,390 243,465 40,075 244,313 2,679 246,298 8,059 Multi-family mortgage loans — — — — — — — Nonresidential mortgage loans — — — — — — — Construction & Land loans — — — — — — — Real estate secured lines of credit — — — — — — — Commercial Loans — — — — — — — Other consumer loans — — — — — — — $ 1,794,087 $ 1,895,592 $ 101,505 $ 1,902,380 $ 28,117 $ 1,955,096 $ 70,896 For the Three Months Ended For the Nine Months Ended At September 30, 2020 (Unaudited) September 30, 2020 September 30, 2020 Unpaid Average Recorded Principal Specific Average Investment Interest Income Investment in Interest Income Balance Balance Allowance in Impaired Loans Recognized Impaired Loans Recognized (Unaudited) Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,101,454 $ 1,101,454 $ — $ 1,104,471 12,064 $ 1,110,663 $ 37,388 One to four family - investment 358,573 358,573 — 362,529 5,591 367,480 16,538 Multi-family mortgage loans 213,116 213,116 — 213,755 2,963 370,624 19,239 Nonresidential mortgage loans 43,562 43,562 — 45,581 636 49,805 2,116 Construction & land loans — — — — — — — Real estate secured lines of credit 59,268 59,268 — 59,735 1,028 60,527 3,116 Commercial Loans — — — — — — — Other consumer loans — — — — — — — Loans with a specific valuation allowance — One- to four-family mortgage loans 59,529 80,251 20,722 80,390 259 80,934 1,439 One to four family - investment 210,639 218,652 8,013 219,921 1,008 220,921 8,389 Multi-family mortgage loans — — — — — — — Nonresidential mortgage loans — — — — — — — Construction & land loans — — — — — — — Real estate secured lines of credit — — — — — — — Commercial Loans — — — — — — — Other consumer loans — — — — — — — $ 2,046,141 $ 2,074,876 $ 28,735 $ 2,086,382 $ 23,549 $ 2,260,954 $ 88,225 December 31, 2020 Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,177,459 $ 1,177,459 $ — $ 1,190,698 $ 52,684 One- to four-family - investment 352,514 352,514 — 362,021 19,387 Multi-family mortgage loans 210,524 210,524 — 330,855 22,817 Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit 58,557 58,557 — 60,115 4,087 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 59,138 79,860 20,722 80,701 1,689 One- to four-family - investment 209,146 249,221 40,075 252,341 11,794 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,067,338 $ 2,128,135 $ 60,797 $ 2,276,731 $ 112,458 Income recognized on a cash basis was not materially different than interest income recognized on an accrual basis. The following table presents the nonaccrual loans at September 30, 2021 and December 31, 2020. This table excludes accruing TDRs, which totaled $997,000 and $1,143,000 at September 30, 2021 and December 31, 2020, respectively. September 30, December 31, 2021 2020 (unaudited) One- to four-family mortgage loans $ 130,491 $ 173,877 One to four family - investment — — Multi-family mortgage loans — — Nonresidential mortgage loans — — Construction and land loans — — Real estate secured lines of credit — — Commercial loans — — Other consumer loans — — Total $ 130,491 $ 173,877 At September 30, 2021, the Company had no loans that were modified in a TDR and that were impaired. There were no newly classified TDRs at September 30, 2021. The following table presents the newly classified TDRs at December 31, 2020: December 31, 2020 Pre-Modification Post-Modification Number of Recorded Recorded Loans Balance Balance Mortgage loans on real estate: Residential 1-4 family - owner occupied 1 $ 82,561 $ 82,561 Residential 1-4 family - investment — — — Multifamily — — — Nonresidential mortgage loans — — — Construction & land loans — — — Construction & land loans — — — Real estate secured lines of credit — — — Commercial loans — — — Consumer loans — — — 1 $ 82,561 $ 82,561 Newly classified TDRs, by type of modification, are as follows at December 31, 2020: December 31, 2020 Interest Only Term Combination Total Modification Mortgage loans on real estate: Residential 1-4 family - owner occupied $ 82,561 $ — $ — $ 82,561 Residential 1-4 family -investment — — — — Multifamily — — — — Nonresidential mortgage loans — — — — Construction & land loans — — — — Real estate secured lines of credit — — — — Commercial loans — — — — Consumer loans — — — — $ 82,561 $ — $ — $ 82,561 There were no TDRs modified during the three and nine months ended September 30, 2021 that subsequently defaulted. As of September 30, 2021, borrowers with loans designated as TDRs totaling $869,000 of residential real estate loans and $128,000 of multifamily loans, met the criteria for placement back on accrual status. This criteria is a minimum of six In March 2020, in connection with the implementation of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and related provisions, we elected the temporary relief in the CARES Act not to apply the guidance in ASC 310-40 on accounting for troubled debt restructurings (TDRs) to loan modifications related to COVID-19 made between March 1, 2020 and the earlier of (1) December 31, 2020 (extended to January 1, 2022 by the Consolidated Appropriations Act, 2021) or (2) 60 days after the end of the COVID-19 national emergency. The relief was only applied to modifications for borrowers that were not more than 30 days past due as of December 31, 2019. At September 30, 2021, all loan deferral periods had ended and all affected loans had returned to regular payment terms. There were no foreclosed real estate properties at September 30, 2021 or December 31, 2020. There were no consumer mortgage loans in process of foreclosure at September 30, 2021. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Common Share | |
Earnings Per Common Share | NOTE 4: Earnings Per Common Share Basic earnings per common share (“EPS”) excludes dilution and is calculated by dividing net income applicable to common stock by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is computed in a manner similar to that of basic EPS except that the weighted-average number of common shares outstanding is increased to include the number of incremental common shares that would have been outstanding if all potentially dilutive common stock equivalents were issued during the period. Unallocated common shares held by the Company’s Employee Stock Ownership Plan (“ ESOP”) are shown as a reduction in stockholders’ equity and are excluded from weighted-average common shares outstanding for both basic and diluted EPS calculations until they are committed to be released. The computation of weighted-average shares outstanding for the three and nine months ended September 30, 2020 has been revised to correct a computational error involving the allocation of ESOP shares related to the closing of the second-step transaction. The average unearned ESOP shares from the second-step transaction were not properly deducted from the weighted-average shares outstanding. The computations for the three and nine month periods ended September 30, 2021 and 2020 are as follows: Three months ended September 30, 2021 2020 2020 (as revised) (as reported) Net income (loss) $ (94,821) $ 938,533 $ 938,533 Less allocation of net income (loss) to participating securities (2,592) 7,100 3,990 Net income (loss) allocated to common shareholders (92,229) 931,433 934,543 Shares outstanding for basic earnings per share: Weighted-average shares issued 3,007,762 2,947,695 2,965,593 Less: Average unearned ESOP shares and unvested restricted stock 267,427 199,385 74,026 Weighted-average shares outstanding - basic 2,740,335 2,748,310 2,891,567 Basic earnings (loss) per common share $ (0.03) $ 0.34 $ 0.32 Effect of dilutive securities: Weighted-average shares outstanding - basic 2,740,335 2,748,310 2,891,567 Stock options — 40,173 29,824 Weighted-average shares outstanding - diluted 2,740,335 2,788,483 2,921,391 Diluted earnings (loss) per share $ (0.03) $ 0.33 $ 0.32 Nine months ended September 30, 2021 2020 2020 (as revised) (as reported) Net income $ 1,308,215 $ 1,436,478 $ 1,436,478 Less allocation of net income to participating securities 20,750 13,904 8,787 Net income allocated to common shareholders 1,287,465 1,422,574 1,427,691 Shares outstanding for basic earnings per share: Weighted-average shares issued 2,985,744 2,942,036 2,954,316 Less: Average unearned ESOP shares and unvested restricted stock 238,963 192,744 71,455 Weighted-average shares outstanding - basic 2,746,781 2,749,292 2,882,861 Basic earnings per common share $ 0.47 $ 0.52 $ 0.50 Effect of dilutive securities: Weighted-average shares outstanding - basic 2,746,781 2,749,292 2,882,861 Stock options 72,948 41,809 31,658 Weighted-average shares outstanding - diluted 2,819,729 2,791,101 2,914,519 Diluted earnings per share $ 0.46 $ 0.51 $ 0.49 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters | |
Regulatory Matters | NOTE 5: Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Bank’s regulators could require adjustments to regulatory capital not reflected in these financial statements. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the table below) of total and Tier I capital (as defined) to risk-weighted assets (as defined), common equity Tier I capital (as defined) to risk-weighted assets (as defined) and of Tier I capital to average assets (as defined). Management believes that, as of September 30, 2021 and December 31, 2020, the Bank met all capital adequacy requirements to which it was subject at such dates. Management opted out of the accumulated comprehensive income treatment under the Basel III capital requirements, and as such, unrealized gains and losses from available-for-sale securities will continue to be excluded from regulatory capital. The below minimum capital requirements exclude the capital conservation buffer required to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. The capital conservation buffer was 2.50% at September 30, 2021. As of the most recent notification from the Office of the Comptroller of the Currency, the Bank was categorized as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table. Management believes that no conditions or events have occurred since the last notification that would change the Bank’s category. The Bank’s actual capital amounts and ratios are presented in the following table: Minimum to Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2021 (unaudited): Total risk-based capital (to risk-weighted assets) $ 38,199 19.6 % $ 15,558 8.0 % $ 19,448 10.0 % Tier I capital (to risk-weighted assets) 36,526 18.8 % 11,669 6.0 % 15,558 8.0 % Common Equity Tier I capital (to risk-weighted assets) 36,526 18.8 % 8,752 4.5 % 12,641 6.5 % Tier I capital (to adjusted average total assets) 36,526 14.6 % 10,007 4.0 % 12,508 5.0 % As of December 31, 2020: Total risk-based capital (to risk-weighted assets) $ 36,465 22.0 % $ 13,272 8.0 % $ 16,590 10.0 % Tier I capital (to risk-weighted assets) 34,792 21.0 % 9,954 6.0 % 13,272 8.0 % Common Equity Tier I capital (to risk-weighted assets) 34,792 21.0 % 7,465 4.5 % 10,783 6.5 % Tier I capital (to adjusted average total assets) 34,792 14.8 % 9,415 4.0 % 11,769 5.0 % |
Disclosure About Fair Values of
Disclosure About Fair Values of Assets and Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure About Fair Values of Assets and Liabilities | |
Disclosure About Fair Values of Assets and Liabilities | NOTE 6: Disclosure About Fair Values of Assets and Liabilities Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. In this standard the FASB clarifies the principle that fair value should be based on the exit price when pricing the asset or liability. There is a hierarchy of three levels of inputs that may be used to measure fair value: Level 1 Level 2 Level 3 Recurring Measurements The following table presents the fair value measurements of assets and (liabilities) measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 8,325,831 $ — $ 8,325,831 $ — Mortgage servicing rights 2,517,284 — — 2,517,284 Interest rate lock commitments (included in other assets) 128,515 — 128,515 Interest rate lock commitments (included in other liabilities) (11,960) — — (11,960) Forward sale commitments (included in other assets) 143,654 — 143,654 — Forward sale commitments (included in other liabilities) (66,881) — (66,881) — December 31, 2020: Mortgage-backed securities of government sponsored entities $ 5,213,830 $ — $ 5,213,830 $ — Mortgage servicing rights 2,025,323 — — 2,025,323 Interest rate lock commitments (included in other assets) 498,644 — — 498,644 Interest rate lock commitments (included in other liabilities) — — — — Forward sale commitments (included in other assets) — — — — Forward sale commitments (included in other liabilities) (144,995) — (144,995) — The following is a description of the valuation methodologies and inputs used for assets measured at fair value on recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale Debt Securities Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. If quoted market prices are not available, then fair values are estimated by using quoted prices of securities with similar characteristics or independent asset pricing services and pricing models, the inputs of which are market-based or independently sourced market parameters, including, but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. In certain cases where Level 1 and Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy. Mortgage Servicing Rights Mortgage servicing rights do not trade in an active, open market with readily observable prices. Accordingly, fair value is estimated using discounted cash flow models having significant inputs of loan balance, weighted-average coupon, weighted-average maturity, escrow payments, servicing fees, prepayment speeds, float, cost to service, ancillary income, and discount rate. Due to the nature of the valuation inputs, mortgage servicing rights are classified within Level 3 of the hierarchy. Mortgage servicing rights are tested for impairment. Management measures mortgage servicing rights through use of a third-party independent valuation. Inputs to the model are reviewed by management. The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 (Unaudited) Fair value as of the beginning of the period $ 2,716,301 $ 1,256,842 $ 2,025,323 $ 1,213,815 Recognition of mortgage servicing rights on the sale of loans 199,881 594,455 861,254 989,479 Change in fair value due to changes in valuation inputs or assumptions used in the valuation model (398,898) (235,324) (369,293) (587,321) Fair value at the end of the period $ 2,517,284 $ 1,615,973 $ 2,517,284 $ 1,615,973 Mortgage servicing rights are carried on the balance sheet at fair value and the changes in fair value are reported in other noninterest income in the period in which the changes occur. Derivatives Derivatives are recognized as assets and liabilities on the consolidated balance sheets and measured at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For nonexchange-traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies or similar techniques for which the determination of fair value may require significant management judgment or estimation. Derivative Loan Commitments Mortgage loan commitments that relate to the origination of a mortgage loan that will be held for sale upon funding are considered derivative instruments under the derivatives and hedging accounting guidance (ASC 815, Derivatives and Hedging Mortgage derivative financial instruments consist of mortgage banking interest rate lock commitments and forward mortgage loan sale commitments. The fair value of forward mortgage loan sale commitments is obtained from an independent third party and is based on the gain or loss that would occur if the Company were to pair-off the sales transaction with the investor. The fair value of forward mortgage loan sale commitments is classified as Level 2 in the fair value hierarchy. The fair value of interest rate lock commitments is also obtained from an independent third party and is based on investor prices for the underlying loans or current secondary market prices for loans with similar characteristics, less estimated costs to originate the loans and adjusted for the anticipated funding probability (pull-through rate). The fair value of interest rate lock commitments is classified as Level 3 in the fair value hierarchy. The table below provides information on the Company’s derivative financial instruments as of September 30, 2021 and December 31, 2020: Notional Asset Liability Amount Derivatives Derivatives September 30, 2021 (Unaudited) Interest rate lock commitments $ 14,413,627 $ 128,515 $ 11,960 Forward sale commitments 25,605,800 143,654 66,881 $ 40,019,427 $ 272,169 $ 78,841 Notional Asset Liability Amount Derivatives Derivatives December 31, 2020 Interest rate lock commitments $ 19,613,510 $ 498,644 $ — Forward sale commitments 32,953,442 — 144,995 $ 52,566,952 $ 498,644 $ 144,995 Income (loss) related to derivative financial instruments included in noninterest income in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 (Unaudited) Interest rate lock commitments $ (98,014) $ — $ (280,235) $ — Forward sale commitments 66,872 — 119,913 — Unrealized gains/(losses) recognized in earnings $ (31,142) $ — $ (160,322) $ — The Company’s derivative financial instruments at September 30, 2020 were not material. Forward Loan Sale Commitments The Company carefully evaluates all loan sale agreements to determine whether they meet the definition of a derivative under the derivatives and hedging accounting guidance (ASC 815), as facts and circumstances may differ significantly. If agreements qualify, to protect against the price risk inherent in derivative loan commitments, the Company uses both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Accordingly, forward loan sale commitments are recognized at fair value on the consolidated balance sheet in other assets and liabilities with changes in their fair values recorded in other noninterest income. The Company estimates the fair value of its forward loan sales commitments using a methodology similar to that used for derivative loan commitments. Nonrecurring Measurements The following table presents the collateral-dependent impaired loans measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Collateral-dependent impaired loans $ 130,491 $ — $ — $ 130,491 December 31, 2020 Collateral-dependent impaired loans $ 173,877 $ — $ — $ 173,877 Unobservable (Level 3) Inputs The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at September 30, 2021 and December 31, 2020: Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) September 30, 2021 (unaudited): Mortgage servicing rights $ 2,517,284 Discounted cash flow Discount rate PSA prepayment speeds 10% (219%-583%) 426% Interest rate lock and mandatory commitments (assets) $ 272,169 Secondary market prices Pull-through rate (70%-100%) 85% Interest rate lock and mandatory commitments (liabilities) $ (78,841) Secondary market prices Pull-through rate (70%-100%) 85% Impaired loans (collateral dependent) $ 130,491 Market comparable properties Marketability discount (10%-15%) 12% December 31, 2020: Mortgage servicing rights $ 2,025,323 Discounted cash flow Discount rate PSA prepayment speeds 10% (177%-565%) 296% Interest rate lock and mandatory commitments $ 498,644 Secondary market prices Pull-through rate (70%-100%) 85% Interest rate lock and mandatory commitments (liabilities) $ (144,995) Secondary market prices Pull-through rate (70%-100%) 85% Impaired loans (collateral dependent) $ 173,877 Market comparable properties Marketability discount (10%-15%) 12% The following table presents estimated fair values of the Company’s financial instruments not previously presented at September 30, 2021 and December 31, 2020: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Instruments Inputs Inputs Amount (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Financial Assets: Cash and cash equivalents $ 15,074,482 $ 15,074,482 $ — $ — Interest-bearing time deposits 1,000,000 — 1,000,000 — Loans held for sale 11,198,388 — 11,523,244 — Loans, net of allowance for loan losses 194,649,045 — — 192,177,002 Federal Home Loan Bank stock 4,149,300 — 4,149,300 — Interest receivable 578,907 — 578,907 — Federal Home Loan Bank lender risk account receivable 1,933,663 — — 2,213,525 Financial Liabilities: Deposits 185,692,785 99,623,781 86,699,438 — Federal Home Loan Bank advances 16,200,000 — 16,212,438 — Advances from borrowers for taxes and insurance 1,433,140 — 1,433,140 — Interest payable 11,038 — 11,038 — December 31, 2020: Financial Assets: Cash and cash equivalents $ 32,347,806 $ 32,347,806 $ — $ — Interest-bearing time deposits 3,000,000 — 3,000,000 — Loans held for sale 13,345,370 — 13,690,802 — Loans, net of allowance for loan losses 166,667,918 — — 165,251,240 Federal Home Loan Bank stock 2,801,800 — 2,801,800 — Interest receivable 520,775 — 520,775 — Federal Home Loan Bank lender risk account receivable 1,947,271 — — 2,157,661 Financial Liabilities: Deposits 152,207,043 90,002,257 63,577,288 — Federal Home Loan Bank advances 38,412,000 — 39,718,400 — Advances from borrowers for taxes and insurance 1,946,340 — 1,946,340 — Interest payable 73,585 — 73,585 — |
Commitments and Credit Risk
Commitments and Credit Risk | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Credit Risk | |
Commitments and Credit Risk | NOTE 7: Commitments and Credit Risk Commitments to Originate Loans Commitments to originate loans are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Commitments to fund fixed rate loans at September 30, 2021 and December 31, 2020, were as follows: September 30, 2021 December 31, 2020 (unaudited) Interest Rate Interest Rate Amount Range Amount Range Commitments to fund fixed-rate loans $ 22,453,098 2.25% - 4.375% $ 28,451,835 2.25% - 3.25% Forward Sale Commitments Forward sale commitments are commitments to sell groups of residential mortgage loans that the Company originates or purchases as part of its mortgage banking activities. The Company commits to sell the loans at specified prices in a future period. These commitments are acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale since the Company is exposed to interest rate risk during the period between issuing a loan commitment and the sale of the loan into the secondary market. Lines of Credit Lines of credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Lines of credit generally have fixed expiration dates. Since a portion of the line may expire without being drawn upon, the total unused lines do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate. Management uses the same credit policies in granting lines of credit as it does for on-balance-sheet instruments. Loan commitments outstanding at September 30, 2021 and December 31, 2020, in addition to commitments for fixed-rate loans shown above, were composed of the following: September 30, December 31, 2021 2020 (unaudited) Commitments to originate loans for portfolio $ 4,246,342 $ 189,200 Forward sale commitments 33,645,271 41,791,767 Lines of credit 20,312,455 19,826,038 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Loss. | |
Accumulated Other Comprehensive Loss | NOTE 8: Accumulated Other Comprehensive Loss The components of other comprehensive loss, net of tax, included in stockholders’ equity at September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, 2021 2020 (unaudited) Net unrealized gains on available for sale securities $ 22,932 $ 43,311 Directors' retirement plan (443,628) (413,407) (420,696) (370,096) Tax benefit (58,679) (78,082) Net of tax amount $ (362,017) $ (292,014) |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Equity Incentive Plans | |
Equity Incentive Plans | NOTE 9: Equity Incentive Plans In May 2017, the Company’s stockholders approved the Cincinnati Bancorp 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan authorized the issuance or delivery to participants of up to 192,844 shares of the Company’s common stock pursuant to the grants of restricted stock awards, restricted stock unit awards, incentive stock options, and non-qualified stock options. Of this number, the maximum number of shares of Company common stock that may be issued under the 2017 Plan pursuant to the exercise of stock options is 137,746 shares and the maximum number of shares of Company common stock that may be issued as restricted stock awards or restricted stock units is 55,098 shares. Stock options awarded to employees may be incentive stock options or non-qualified stock options. Shares subject to award under the 2017 Plan may be authorized but unissued shares or treasury shares. The 2017 Plan contains annual and lifetime limits on certain types of awards to individual participants. In May 2021, the Company’s stockholders approved the Cincinnati Bancorp 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan authorized the issuance or delivery to participants of up to 231,414 shares of the Company’s common stock pursuant to the grants of restricted stock awards, restricted stock unit awards, incentive stock options, and non-qualified stock options. Of this number, the maximum number of shares of Company common stock that may be issued under the 2021 Plan pursuant to the exercise of stock options is 165,296 shares and the maximum number of shares of Company common stock that may be issued as restricted stock awards or restricted stock units is 66,118 shares. Stock options awarded to employees may be incentive stock options or non-qualified stock options. Shares subject to award under the 2021 Plan may be authorized but unissued shares or treasury shares. The 2021 Plan contains annual and lifetime limits on certain types of awards to individual participants. Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award. Stock options and restricted stock awards provide for accelerated vesting if there is a change in control (as defined in the 2017 and 2021 Plans). The fair value of each option award is estimated on the date of the grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options granted represents the period of time that options are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of the grant. 2021 Volatility 20 % Weighted-average volatility 20 % Expected dividends — Expected term (in years) 10 Risk-free rate 1.62 % Activity in the stock option plans was as follows for the nine months ended September 30, 2021: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Shares Exercise Price (Years) Value (Unaudited) For the Nine Months Ended September 30, 2021: Outstanding, beginning of period 134,328 $ 6.34 6.87 $ 698,506 Granted 166,608 $ 13.93 Exercised (3,304) $ 5.84 Forfeited (1,290) $ 6.94 Outstanding, end of period 296,342 $ 10.64 8.15 $ 1,269,101 Exercisable, end of period 91,260 $ 6.00 5.88 $ 813,961 In June 2017, the Company awarded 55,098 restricted shares to members of the Board of Directors and certain members of management under the 2017 Plan. In June 2020, the Company awarded 1,324 restricted shares to certain members of management. The restricted stock awards have a five year vesting period. On May 20, 2021, the Company awarded 17,000 restricted shares to members of the Board of Directors under the 2021 Plan. On June 9, 2021, the Company awarded 49,000 restricted shares to certain members of management. The restricted stock awards have a five year vesting period. A summary of the status of the Company’s nonvested shares as of September 30, 2021, and changes during the period then ended, is presented below: Shares Weighted average grant-date fair value Nonvested, beginning of period 22,482 $ 6.31 Granted 66,000 13.94 Vested (10,843) 6.03 Forfeited — — Nonvested, end of period 77,639 $ 12.83 Shares of restricted stock awarded to employees under the 2017 and 2021 Plans are subject to vesting based on continuous employment for a specified time period following the date of grant. During the restricted period, the holders are entitled to full voting rights and dividends, and are therefore considered participating securities. Total compensation cost recognized in the income statement for share-based payment arrangements was $111,133 for the three months ended September 30, 2021 and $30,392 for the three months ended September 30, 2020.Total compensation cost recognized in the income statement for share-based payment arrangements was $195,583 for the nine months ended September 30, 2021 and $81,973 for the nine months ended September 30, 2020. As of September 30, 2021, there was approximately $1,659,000 of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the 2017 and 2021 Plans, which is expected to be recognized over a weighted-average period of 4.4 years. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | NOTE 10: Recent Accounting Pronouncements FASB ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. On October 16, 2019, FASB approved a final ASU delaying the effective date of ASU No. 2016-13 for certain companies. ASU No. 2016-13 became effective for public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers, that are not small reporting companies, for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, such as the Company, the amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of ASU No. 2016-13 on the Company’s consolidated financial position and results of operations and currently does not know or cannot reasonably quantify the impact of the adoption of the standard as a result of the complexity and extensive changes from these amendments. The Allowance for Loan Losses (ALL) estimate is material to the Company and given the change from an incurred loss model to a methodology that considers the credit loss over the life of the loan, there is the potential for an increase in the ALL at adoption date. The Company is anticipating a significant change in the processes and procedures to calculate the ALL, including changes in assumptions and estimates to consider expected credit losses over the life of the loan versus the current accounting practice that utilizes the incurred loss model. In addition, the current accounting policy and procedures for the other-than-temporary impairment on available-for-sale securities will be replaced with an allowance approach. The Company continues collecting and retaining historical loan and credit data. The Company is in the process of identifying data gaps. Certain CECL models are currently being evaluated. The Company’s Audit Committee is informed of ongoing CECL developments. For additional information on the allowance for loan losses, see Note 3. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Nature of Operations and Summary of Significant Account Policies | |
Nature of Operations | Nature of Operations Cincinnati Bancorp (“Bancorp”), the predecessor to Cincinnati Bancorp, Inc. (“Company”), was the mid-tier holding company for Cincinnati Federal (the “Bank”), a federally chartered stock savings and loan association that is primarily engaged in providing a full range of banking and financial services to individual and corporate customers. Our business operations are conducted in the larger Greater Cincinnati/Northern Kentucky metropolitan area which includes Hamilton, Warren, Butler and Clermont Counties in Ohio, Boone, Kenton and Campbell Counties in Kentucky, and Dearborn County, Indiana. On October 14, 2015, the Bank had reorganized into the mutual holding company structure. As part of the reorganization, the Bancorp sold 773,663 shares of common stock at a price of $10.00 per share in a public offering and issued 945,587 shares of common stock to CF Mutual Holding Company, the Bancorp’s parent mutual holding company. On December 20, 2019, the Bancorp’s shareholders approved a plan of conversion and reorganization, whereby CF Mutual Holding Company and Cincinnati Bancorp would convert and reorganize from the mutual holding company structure to the stock holding company structure. The conversion and reorganization were completed effective January 22, 2020, whereby the Company, a Maryland corporation and successor to the Bancorp, sold a total of 1,652,960 shares of common stock at a price of $10.00 per share in the subscription offering, which included 132,237 shares sold to Cincinnati Federal’s Employee Stock Ownership Plan, and issued 1,322,665 shares of common stock in exchange for the outstanding shares of common stock of the Bancorp owned by stockholders other than CF Mutual Holding Company. The exchange ratio for previously held shares of Cincinnati Bancorp was 1.6351 as applied in the conversion offering. References herein to the “Company” include Cincinnati Bancorp, Inc. and Cincinnati Bancorp before completion of the conversion. The Company is subject to competition from other financial institutions. The Company is subject to the regulation of certain federal and state agencies and undergoes periodic examinations by those regulatory authorities. |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020 include the accounts of the Company and the Bank. All significant intercompany items have been eliminated in consolidation. |
Interim Financial Statements | Interim Financial Statements The interim condensed consolidated financial statements as of September 30, 2021, and for the three and nine months ended September 30, 2021 and 2020, 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 contained in these unaudited consolidated financial statements. These unaudited condensed consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been omitted. The results of operations for the three and nine months ended September 30, 2021, are not necessarily indicative of the results to be achieved for the remainder of the year ending December 31, 2021, or any other period. The accompanying condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and 2020, should be read in conjunction with the audited consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020 and 2019 contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses, valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, loan servicing rights, lender reserve account and fair values of financial instruments. |
Revisions | Revisions Certain immaterial revisions have been made to the 2020 condensed consolidated financial statements for a change in earnings per share and diluted earnings per share more fully discussed in Note 4. These revisions did not have a significant impact on the financial line items impacted. |
Revenue Recognition | Revenue Recognition The Company accounts for revenues in accordance with accounting guidance that provides that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest income, net securities gains (losses), gains from the sale of mortgage loans and earnings on bank-owned life insurance are not covered under ASC 606 and are recognized as contractually earned . Service charges on deposit accounts: Service charges on deposits are withdrawn from the customer’s account balance. Service charges are recorded in other noninterest income. Interchange income: |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Securities | |
Schedule of available-for-sale debt securities | The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities are as follows: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value Available-for-Sale Debt Securities: September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 8,302,899 $ 46,513 $ (23,581) $ 8,325,831 December 31, 2020: Mortgage-backed securities of government sponsored entities $ 5,170,519 $ 46,278 $ (2,967) $ 5,213,830 |
Schedule of fair value and gross unrealized losses | The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment class and length of time that the individual securities have been in continuous unrealized loss position at September 30, 2021 and December 31, 2020: Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Fair Value Losses Fair Value Losses Fair Value Losses September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 4,243,219 $ (20,905) $ 122,486 $ (2,676) $ 4,365,705 $ (23,581) December 31, 2020: Mortgage-backed securities of government sponsored entities $ 51,122 $ (617) $ 141,465 $ (2,350) $ 192,587 $ (2,967) |
Loans and Allowance for Loan _2
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Loans and Allowance for Loan Losses | |
Schedule of categories of loans | Categories of loans at September 30, 2021 and December 31, 2020 include: September 30, December 31, 2021 2020 (unaudited) One to four family mortgage loans - owner occupied $ 73,357,873 $ 72,697,588 One to four family - investment 10,453,543 12,058,824 Multi-family mortgage loans 52,128,040 41,749,223 Nonresidential mortgage loans 41,687,527 29,531,917 Construction and land loans 17,516,603 5,841,415 Real estate secured lines of credit 10,425,302 9,934,387 Commercial loans 314,512 736,979 Other consumer loans 358,909 338,709 Total loans 206,242,309 172,889,042 Less: Net deferred loan costs (414,784) (332,908) Undisbursed portion of loans 10,335,503 4,881,487 Allowance for loan losses 1,672,545 1,672,545 Net loans $ 194,649,045 $ 166,667,918 |
Schedule of allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method | The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method for the three and nine months ended September 30, 2021 and 2020 and the year ended December 31, 2020: At or for the Nine Months Ended September 30, 2021 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 416,404 $ 99,978 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,672,545 Provision (credit) charged to expense (107,622) (45,381) 2,065 33,960 158,920 (19,368) (16,802) (5,772) — Losses charged off — — — - — — — — — Recoveries — — — — — — — — — Balance, end of period $ 308,782 $ 54,597 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,672,545 Ending balance: Individually evaluated for impairment $ 61,430 $ 40,075 $ — $ — $ — $ — $ — $ — $ 101,505 Ending balance: Collectively evaluated for impairment $ 247,352 $ 14,522 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,571,040 Loans: Ending balance $ 73,357,873 $ 10,453,543 $ 52,128,040 $ 41,687,527 $ 17,516,603 $ 10,425,302 $ 314,512 $ 358,909 $ 206,242,309 Ending balance: Individually evaluated for impairment $ 1,172,313 $ 438,395 $ 127,591 $ — $ — $ 55,788 $ — $ — $ 1,794,087 Ending balance: Collectively evaluated for impairment $ 72,185,560 $ 10,015,148 $ 52,000,449 $ 41,687,527 $ 17,516,603 $ 10,369,514 $ 314,512 $ 358,909 $ 204,448,222 At or for the Three Months Ended September 30, 2021 (Unaudited) One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan losses: Balance, beginning of period $ 360,808 $ 62,664 $ 672,333 $ 316,198 $ 230,665 $ 29,108 $ 406 $ 363 $ 1,672,545 Provision (credit) charged to expense (52,026) (8,067) 554 34,094 24,690 860 (97) (8) - Losses charged off — - - - - - - - - Recoveries — - - - - - - - - Balance, end of period $ 308,782 $ 54,597 $ 672,887 $ 350,292 $ 255,355 $ 29,968 $ 309 $ 355 $ 1,672,545 At or for the Nine Months Ended September 30, 2020 (Unaudited) One- to Four- One- to Four- Multi-Family Nonresidential Construction Real Estate Commercial Other Total Allowance for loan losses: Balance, beginning of period $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense 53,694 1,349 (155,411) 157,250 15,485 (18,670) 19,080 (7,777) 65,000 Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 378,341 $ 83,568 $ 368,772 $ 434,276 $ 84,942 $ 86,517 $ 30,488 $ 5,641 $ 1,472,545 At or for the Three Months Ended September 30, 2020 (Unaudited) One- to Four- One- to Four- Multi-Family Nonresidential Construction Real Estate Commercial Other Total Allowance for loan losses: Balance, beginning of period $ 449,513 $ 97,741 $ 348,117 $ 397,222 $ 75,594 $ 65,722 $ 32,220 $ 6,416 $ 1,472,545 Provision (credit) charged to expense (71,172) (14,173) 20,655 37,054 9,348 20,795 (1,732) (775) — Losses charged off — — — — — — — — — Recoveries — — — — — — — — — Balance, end of period $ 378,341 $ 83,568 $ 368,772 $ 434,276 $ 84,942 $ 86,517 $ 30,488 $ 5,641 $ 1,472,545 At or For the Year Ended December 31, 2020 One- to Four- One- to Four- Family Family Real Estate Mortgage Mortgage Multi-Family Nonresidential Construction Secured Other Loans Owner Loans Mortgage Mortgage & Land Lines of Commercial Consumer Occupied Investment Loans Loans Loans Credit Loans Loans Total Allowance for loan loans: Balance, beginning of year $ 324,647 $ 82,219 $ 524,183 $ 277,026 $ 69,457 $ 105,187 $ 11,408 $ 13,418 $ 1,407,545 Provision (credit) charged to expense 91,757 17,759 146,639 39,306 26,978 (55,851) 5,703 (7,291) 265,000 (Charge-offs) recoveries — — — — — — — — — Balance, end of year $ 416,404 $ 99,978 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,672,545 Ending balance: Individually evaluated for impairment $ 20,722 $ 40,075 $ — $ — $ — $ — $ — $ — $ 60,797 Ending balance: Collectively evaluated for impairment $ 395,682 $ 59,903 $ 670,822 $ 316,332 $ 96,435 $ 49,336 $ 17,111 $ 6,127 $ 1,611,748 Loans: Ending balance $ 72,697,588 $ 12,058,824 $ 41,749,223 $ 29,531,917 $ 5,841,415 $ 9,934,387 $ 736,979 $ 338,709 $ 172,889,042 Ending balance: Individually evaluated for impairment $ 1,236,597 $ 561,660 $ 210,524 $ — $ — $ 58,557 $ — $ — $ 2,067,338 Ending balance: Collectively evaluated for impairment $ 71,460,991 $ 11,497,164 $ 41,538,699 $ 29,531,917 $ 5,841,415 $ 9,875,830 $ 736,979 $ 338,709 $ 170,821,704 |
Schedule of credit risk profile of the Company's loan portfolio based on internal rating category and payment activity | The following tables present the credit risk profile of the Company’s loan portfolio based on internal rating category and payment activity as of September 30, 2021 and December 31, 2020: September 30, 2021 (unaudited) One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 72,757,877 $ 10,148,856 $ 52,128,040 $ 41,250,620 $ 17,516,603 $ 10,369,514 $ 314,512 $ 358,909 $ 204,844,931 Special mention — 304,687 — 436,907 — — — — 741,594 Substandard 599,996 — — — — 55,788 — — 655,784 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 73,357,873 $ 10,453,543 $ 52,128,040 $ 41,687,527 $ 17,516,603 $ 10,425,302 $ 314,512 $ 358,909 $ 206,242,309 December 31, 2020 One- to Four- One- to Four- Family Mortgage Family Mortgage Real Estate Other Loans - Owner Loans - Multi-Family Nonresidential Construction & Secured Lines of Commercial Consumer Occupied Investment Mortgage Loans Mortgage Loans Land Loans Credit Loans Loans Total Pass $ 71,930,902 $ 11,538,993 $ 41,669,892 $ 29,063,783 $ 5,841,415 $ 9,783,448 $ 736,979 $ 338,709 $ 170,904,121 Special mention 113,516 519,831 — 468,134 — — — — 1,101,481 Substandard 653,170 — 79,331 — — 150,939 — — 883,440 Doubtful — — — — — — — — — Loss — — — — — — — — — Total $ 72,697,588 $ 12,058,824 $ 41,749,223 $ 29,531,917 $ 5,841,415 $ 9,934,387 $ 736,979 $ 338,709 $ 172,889,042 |
Schedule of loan portfolio aging analysis of the recorded investment in loans | The following tables present the loan portfolio aging analysis of the recorded investment in loans as of September 30, 2021 and December 31, 2020: September 30, 2021 (unaudited) 90 Days and Total Loans > 30 ‑ 59 Days Past 60 ‑ 89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 235,841 $ — $ 130,491 $ 366,332 $ 72,991,541 $ 73,357,873 $ — One to four family - investment — — — — 10,453,543 10,453,543 — Multi-family mortgage loans — — — — 52,128,040 52,128,040 — Nonresidential mortgage loans — — — — 41,687,527 41,687,527 — Construction & land loans — — — — 17,516,603 17,516,603 — Real estate secured lines of credit — — — — 10,425,302 10,425,302 — Commercial loans — — — — 314,512 314,512 — Other consumer loans — — — — 358,909 358,909 — Total $ 235,841 $ — $ 130,491 $ 366,332 $ 205,875,977 $ 206,242,309 $ — December 31, 2020 90 Days and Total Loans > 30 ‑ 59 Days Past 60 ‑ 89 Days Greater Total Past Total Loans 90 Days Past Due Past Due Past Due Due Current Receivable Due & Accruing One to four-family mortgage loans $ 96,826 $ 127,616 $ 173,877 $ 398,319 $ 72,299,269 $ 72,697,588 $ — One to four family - investment — — — — 12,058,824 12,058,824 — Multi-family mortgage loans — — — — 41,749,223 41,749,223 — Nonresidential mortgage loans — — — — 29,531,917 29,531,917 — Construction & land loans — — — — 5,841,415 5,841,415 — Real estate secured lines of credit — — — — 9,934,387 9,934,387 — Commercial loans — — — — 736,979 736,979 — Other consumer loans — — — — 338,709 338,709 — Total $ 96,826 $ 127,616 $ 173,877 $ 398,319 $ 172,490,723 $ 172,889,042 $ — |
Schedule of impaired loans | The following tables present impaired loans for September 30, 2021, September 30, 2020 and December 31, 2020: For the Three Months Ended For the Nine Months Ended At September 30, 2021 (Unaudited) September 30, 2021 September 30, 2021 Average Average Unpaid Investment Investment Recorded Principal Specific in Impaired Interest Income in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans Recognized (Unaudited) Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,155,240 $ 1,155,240 $ — $ 1,158,522 12,171 $ 1,166,174 $ 37,376 One to Four family - Investment 235,005 235,005 — 236,588 10,614 277,087 17,127 Multi-family mortgage loans 127,591 127,591 — 128,031 1,445 129,265 4,375 Nonresidential mortgage loans — — — — — — — Construction & Land loans — — — — — — — Real estate secured lines of credit 55,788 55,788 — 56,271 982 57,145 3,012 Commercial Loans — — — — — — — Other consumer loans — — — — — — — Loans with a specific valuation allowance — One- to four-family mortgage loans 17,073 78,503 61,430 78,655 226 79,127 947 One to Four family - Investment 203,390 243,465 40,075 244,313 2,679 246,298 8,059 Multi-family mortgage loans — — — — — — — Nonresidential mortgage loans — — — — — — — Construction & Land loans — — — — — — — Real estate secured lines of credit — — — — — — — Commercial Loans — — — — — — — Other consumer loans — — — — — — — $ 1,794,087 $ 1,895,592 $ 101,505 $ 1,902,380 $ 28,117 $ 1,955,096 $ 70,896 For the Three Months Ended For the Nine Months Ended At September 30, 2020 (Unaudited) September 30, 2020 September 30, 2020 Unpaid Average Recorded Principal Specific Average Investment Interest Income Investment in Interest Income Balance Balance Allowance in Impaired Loans Recognized Impaired Loans Recognized (Unaudited) Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,101,454 $ 1,101,454 $ — $ 1,104,471 12,064 $ 1,110,663 $ 37,388 One to four family - investment 358,573 358,573 — 362,529 5,591 367,480 16,538 Multi-family mortgage loans 213,116 213,116 — 213,755 2,963 370,624 19,239 Nonresidential mortgage loans 43,562 43,562 — 45,581 636 49,805 2,116 Construction & land loans — — — — — — — Real estate secured lines of credit 59,268 59,268 — 59,735 1,028 60,527 3,116 Commercial Loans — — — — — — — Other consumer loans — — — — — — — Loans with a specific valuation allowance — One- to four-family mortgage loans 59,529 80,251 20,722 80,390 259 80,934 1,439 One to four family - investment 210,639 218,652 8,013 219,921 1,008 220,921 8,389 Multi-family mortgage loans — — — — — — — Nonresidential mortgage loans — — — — — — — Construction & land loans — — — — — — — Real estate secured lines of credit — — — — — — — Commercial Loans — — — — — — — Other consumer loans — — — — — — — $ 2,046,141 $ 2,074,876 $ 28,735 $ 2,086,382 $ 23,549 $ 2,260,954 $ 88,225 December 31, 2020 Average Unpaid Investment Recorded Principal Specific in Impaired Interest Income Balance Balance Allowance Loans Recognized Loans without a specific valuation allowance One- to four-family mortgage loans $ 1,177,459 $ 1,177,459 $ — $ 1,190,698 $ 52,684 One- to four-family - investment 352,514 352,514 — 362,021 19,387 Multi-family mortgage loans 210,524 210,524 — 330,855 22,817 Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit 58,557 58,557 — 60,115 4,087 Commercial loans — — — — — Other consumer loans — — — — — Loans with a specific valuation allowance One- to four-family mortgage loans 59,138 79,860 20,722 80,701 1,689 One- to four-family - investment 209,146 249,221 40,075 252,341 11,794 Multi-family mortgage loans — — — — — Nonresidential mortgage loans — — — — — Construction & land loans — — — — — Real estate secured lines of credit — — — — — Commercial loans — — — — — Other consumer loans — — — — — $ 2,067,338 $ 2,128,135 $ 60,797 $ 2,276,731 $ 112,458 |
Schedule of nonaccrual loans | The following table presents the nonaccrual loans at September 30, 2021 and December 31, 2020. This table excludes accruing TDRs, which totaled $997,000 and $1,143,000 at September 30, 2021 and December 31, 2020, respectively. September 30, December 31, 2021 2020 (unaudited) One- to four-family mortgage loans $ 130,491 $ 173,877 One to four family - investment — — Multi-family mortgage loans — — Nonresidential mortgage loans — — Construction and land loans — — Real estate secured lines of credit — — Commercial loans — — Other consumer loans — — Total $ 130,491 $ 173,877 |
Schedule of Troubled Debt Restructurings | There were no newly classified TDRs at September 30, 2021. The following table presents the newly classified TDRs at December 31, 2020: December 31, 2020 Pre-Modification Post-Modification Number of Recorded Recorded Loans Balance Balance Mortgage loans on real estate: Residential 1-4 family - owner occupied 1 $ 82,561 $ 82,561 Residential 1-4 family - investment — — — Multifamily — — — Nonresidential mortgage loans — — — Construction & land loans — — — Construction & land loans — — — Real estate secured lines of credit — — — Commercial loans — — — Consumer loans — — — 1 $ 82,561 $ 82,561 Newly classified TDRs, by type of modification, are as follows at December 31, 2020: December 31, 2020 Interest Only Term Combination Total Modification Mortgage loans on real estate: Residential 1-4 family - owner occupied $ 82,561 $ — $ — $ 82,561 Residential 1-4 family -investment — — — — Multifamily — — — — Nonresidential mortgage loans — — — — Construction & land loans — — — — Real estate secured lines of credit — — — — Commercial loans — — — — Consumer loans — — — — $ 82,561 $ — $ — $ 82,561 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Common Share | |
Schedule of weighted average number of shares | Three months ended September 30, 2021 2020 2020 (as revised) (as reported) Net income (loss) $ (94,821) $ 938,533 $ 938,533 Less allocation of net income (loss) to participating securities (2,592) 7,100 3,990 Net income (loss) allocated to common shareholders (92,229) 931,433 934,543 Shares outstanding for basic earnings per share: Weighted-average shares issued 3,007,762 2,947,695 2,965,593 Less: Average unearned ESOP shares and unvested restricted stock 267,427 199,385 74,026 Weighted-average shares outstanding - basic 2,740,335 2,748,310 2,891,567 Basic earnings (loss) per common share $ (0.03) $ 0.34 $ 0.32 Effect of dilutive securities: Weighted-average shares outstanding - basic 2,740,335 2,748,310 2,891,567 Stock options — 40,173 29,824 Weighted-average shares outstanding - diluted 2,740,335 2,788,483 2,921,391 Diluted earnings (loss) per share $ (0.03) $ 0.33 $ 0.32 Nine months ended September 30, 2021 2020 2020 (as revised) (as reported) Net income $ 1,308,215 $ 1,436,478 $ 1,436,478 Less allocation of net income to participating securities 20,750 13,904 8,787 Net income allocated to common shareholders 1,287,465 1,422,574 1,427,691 Shares outstanding for basic earnings per share: Weighted-average shares issued 2,985,744 2,942,036 2,954,316 Less: Average unearned ESOP shares and unvested restricted stock 238,963 192,744 71,455 Weighted-average shares outstanding - basic 2,746,781 2,749,292 2,882,861 Basic earnings per common share $ 0.47 $ 0.52 $ 0.50 Effect of dilutive securities: Weighted-average shares outstanding - basic 2,746,781 2,749,292 2,882,861 Stock options 72,948 41,809 31,658 Weighted-average shares outstanding - diluted 2,819,729 2,791,101 2,914,519 Diluted earnings per share $ 0.46 $ 0.51 $ 0.49 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Regulatory Matters | |
Schedule of actual capital amounts and ratios | The Bank’s actual capital amounts and ratios are presented in the following table: Minimum to Be Well Capitalized Under Prompt Minimum Capital Corrective Action Actual Requirement Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2021 (unaudited): Total risk-based capital (to risk-weighted assets) $ 38,199 19.6 % $ 15,558 8.0 % $ 19,448 10.0 % Tier I capital (to risk-weighted assets) 36,526 18.8 % 11,669 6.0 % 15,558 8.0 % Common Equity Tier I capital (to risk-weighted assets) 36,526 18.8 % 8,752 4.5 % 12,641 6.5 % Tier I capital (to adjusted average total assets) 36,526 14.6 % 10,007 4.0 % 12,508 5.0 % As of December 31, 2020: Total risk-based capital (to risk-weighted assets) $ 36,465 22.0 % $ 13,272 8.0 % $ 16,590 10.0 % Tier I capital (to risk-weighted assets) 34,792 21.0 % 9,954 6.0 % 13,272 8.0 % Common Equity Tier I capital (to risk-weighted assets) 34,792 21.0 % 7,465 4.5 % 10,783 6.5 % Tier I capital (to adjusted average total assets) 34,792 14.8 % 9,415 4.0 % 11,769 5.0 % |
Disclosure About Fair Values _2
Disclosure About Fair Values of Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure About Fair Values of Assets and Liabilities | |
Schedule of fair value assets measured on recurring basis | The following table presents the fair value measurements of assets and (liabilities) measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2021 and December 31, 2020: Fair Value Measurements Using Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Mortgage-backed securities of government sponsored entities $ 8,325,831 $ — $ 8,325,831 $ — Mortgage servicing rights 2,517,284 — — 2,517,284 Interest rate lock commitments (included in other assets) 128,515 — 128,515 Interest rate lock commitments (included in other liabilities) (11,960) — — (11,960) Forward sale commitments (included in other assets) 143,654 — 143,654 — Forward sale commitments (included in other liabilities) (66,881) — (66,881) — December 31, 2020: Mortgage-backed securities of government sponsored entities $ 5,213,830 $ — $ 5,213,830 $ — Mortgage servicing rights 2,025,323 — — 2,025,323 Interest rate lock commitments (included in other assets) 498,644 — — 498,644 Interest rate lock commitments (included in other liabilities) — — — — Forward sale commitments (included in other assets) — — — — Forward sale commitments (included in other liabilities) (144,995) — (144,995) — |
Schedule of fair value assets measured related to mortgage servicing rights recognized | The following is a reconciliation of the beginning and ending balances of recurring fair value measurements related to mortgage servicing rights recognized in the accompanying condensed consolidated balance sheets using significant unobservable (Level 3) inputs: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 (Unaudited) Fair value as of the beginning of the period $ 2,716,301 $ 1,256,842 $ 2,025,323 $ 1,213,815 Recognition of mortgage servicing rights on the sale of loans 199,881 594,455 861,254 989,479 Change in fair value due to changes in valuation inputs or assumptions used in the valuation model (398,898) (235,324) (369,293) (587,321) Fair value at the end of the period $ 2,517,284 $ 1,615,973 $ 2,517,284 $ 1,615,973 |
Derivative Financial Instruments | The table below provides information on the Company’s derivative financial instruments as of September 30, 2021 and December 31, 2020: Notional Asset Liability Amount Derivatives Derivatives September 30, 2021 (Unaudited) Interest rate lock commitments $ 14,413,627 $ 128,515 $ 11,960 Forward sale commitments 25,605,800 143,654 66,881 $ 40,019,427 $ 272,169 $ 78,841 Notional Asset Liability Amount Derivatives Derivatives December 31, 2020 Interest rate lock commitments $ 19,613,510 $ 498,644 $ — Forward sale commitments 32,953,442 — 144,995 $ 52,566,952 $ 498,644 $ 144,995 Income (loss) related to derivative financial instruments included in noninterest income in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2021 and 2020 is as follows: Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2021 2020 2021 2020 (Unaudited) Interest rate lock commitments $ (98,014) $ — $ (280,235) $ — Forward sale commitments 66,872 — 119,913 — Unrealized gains/(losses) recognized in earnings $ (31,142) $ — $ (160,322) $ — |
Schedule of collateral-dependent impaired loans at fair value on a nonrecurring | The following table presents the collateral-dependent impaired loans measured at fair value on a nonrecurring basis at September 30, 2021 and December 31, 2020. Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs Amount (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Collateral-dependent impaired loans $ 130,491 $ — $ — $ 130,491 December 31, 2020 Collateral-dependent impaired loans $ 173,877 $ — $ — $ 173,877 |
Schedule of quantitative information about unobservable inputs used in recurring and nonrecurring | The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements at September 30, 2021 and December 31, 2020: Range Valuation Unobservable (Weighted Fair Value Technique Inputs Average) September 30, 2021 (unaudited): Mortgage servicing rights $ 2,517,284 Discounted cash flow Discount rate PSA prepayment speeds 10% (219%-583%) 426% Interest rate lock and mandatory commitments (assets) $ 272,169 Secondary market prices Pull-through rate (70%-100%) 85% Interest rate lock and mandatory commitments (liabilities) $ (78,841) Secondary market prices Pull-through rate (70%-100%) 85% Impaired loans (collateral dependent) $ 130,491 Market comparable properties Marketability discount (10%-15%) 12% December 31, 2020: Mortgage servicing rights $ 2,025,323 Discounted cash flow Discount rate PSA prepayment speeds 10% (177%-565%) 296% Interest rate lock and mandatory commitments $ 498,644 Secondary market prices Pull-through rate (70%-100%) 85% Interest rate lock and mandatory commitments (liabilities) $ (144,995) Secondary market prices Pull-through rate (70%-100%) 85% Impaired loans (collateral dependent) $ 173,877 Market comparable properties Marketability discount (10%-15%) 12% |
Schedule of fair values of the company's financial instruments | The following table presents estimated fair values of the Company’s financial instruments not previously presented at September 30, 2021 and December 31, 2020: Fair Value Measurements Using Quoted Prices in Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Instruments Inputs Inputs Amount (Level 1) (Level 2) (Level 3) September 30, 2021 (unaudited): Financial Assets: Cash and cash equivalents $ 15,074,482 $ 15,074,482 $ — $ — Interest-bearing time deposits 1,000,000 — 1,000,000 — Loans held for sale 11,198,388 — 11,523,244 — Loans, net of allowance for loan losses 194,649,045 — — 192,177,002 Federal Home Loan Bank stock 4,149,300 — 4,149,300 — Interest receivable 578,907 — 578,907 — Federal Home Loan Bank lender risk account receivable 1,933,663 — — 2,213,525 Financial Liabilities: Deposits 185,692,785 99,623,781 86,699,438 — Federal Home Loan Bank advances 16,200,000 — 16,212,438 — Advances from borrowers for taxes and insurance 1,433,140 — 1,433,140 — Interest payable 11,038 — 11,038 — December 31, 2020: Financial Assets: Cash and cash equivalents $ 32,347,806 $ 32,347,806 $ — $ — Interest-bearing time deposits 3,000,000 — 3,000,000 — Loans held for sale 13,345,370 — 13,690,802 — Loans, net of allowance for loan losses 166,667,918 — — 165,251,240 Federal Home Loan Bank stock 2,801,800 — 2,801,800 — Interest receivable 520,775 — 520,775 — Federal Home Loan Bank lender risk account receivable 1,947,271 — — 2,157,661 Financial Liabilities: Deposits 152,207,043 90,002,257 63,577,288 — Federal Home Loan Bank advances 38,412,000 — 39,718,400 — Advances from borrowers for taxes and insurance 1,946,340 — 1,946,340 — Interest payable 73,585 — 73,585 — |
Commitments and Credit Risk (Ta
Commitments and Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Credit Risk | |
Schedule of commitments to fund fixed rate loans | Commitments to fund fixed rate loans at September 30, 2021 and December 31, 2020, were as follows: September 30, 2021 December 31, 2020 (unaudited) Interest Rate Interest Rate Amount Range Amount Range Commitments to fund fixed-rate loans $ 22,453,098 2.25% - 4.375% $ 28,451,835 2.25% - 3.25% |
Schedule of loan commitments outstanding | Loan commitments outstanding at September 30, 2021 and December 31, 2020, in addition to commitments for fixed-rate loans shown above, were composed of the following: September 30, December 31, 2021 2020 (unaudited) Commitments to originate loans for portfolio $ 4,246,342 $ 189,200 Forward sale commitments 33,645,271 41,791,767 Lines of credit 20,312,455 19,826,038 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Loss. | |
Schedule of components of other comprehensive loss net of tax including in stockholders' equity | The components of other comprehensive loss, net of tax, included in stockholders’ equity at September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, 2021 2020 (unaudited) Net unrealized gains on available for sale securities $ 22,932 $ 43,311 Directors' retirement plan (443,628) (413,407) (420,696) (370,096) Tax benefit (58,679) (78,082) Net of tax amount $ (362,017) $ (292,014) |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Incentive Plans | |
Schedule of assumptions made in estimated grant date fair value of stock options | 2021 Volatility 20 % Weighted-average volatility 20 % Expected dividends — Expected term (in years) 10 Risk-free rate 1.62 % |
Schedule of activity in the stock option plan | Activity in the stock option plans was as follows for the nine months ended September 30, 2021: Weighted-Average Remaining Aggregate Weighted-Average Contractual Term Intrinsic Shares Exercise Price (Years) Value (Unaudited) For the Nine Months Ended September 30, 2021: Outstanding, beginning of period 134,328 $ 6.34 6.87 $ 698,506 Granted 166,608 $ 13.93 Exercised (3,304) $ 5.84 Forfeited (1,290) $ 6.94 Outstanding, end of period 296,342 $ 10.64 8.15 $ 1,269,101 Exercisable, end of period 91,260 $ 6.00 5.88 $ 813,961 |
Schedule of status of the nonvested shares at period end and changes during the period | Shares Weighted average grant-date fair value Nonvested, beginning of period 22,482 $ 6.31 Granted 66,000 13.94 Vested (10,843) 6.03 Forfeited — — Nonvested, end of period 77,639 $ 12.83 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details) | Jan. 22, 2020$ / sharesshares | Oct. 14, 2015$ / sharesshares | Sep. 30, 2020shares |
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 1,652,960 | 1,652,960 | |
Share Price | $ / shares | $ 10 | $ 10 | |
Shares under Employee Stock Ownership Plan | 132,237 | 132,237 | |
Issuance of stock in exchange for outstanding shares | 1,322,665 | ||
Exchange ratio | 1.6351 | ||
IPO [Member] | |||
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 773,663 | ||
CF Mutual Company Holding [Member] | IPO [Member] | |||
Nature of Operations And Summary of Significant Policies [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 945,587 |
Securities - Amortized cost and
Securities - Amortized cost and gross unrealized gains and losses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Debt Securities | ||
Fair Value | $ 8,325,831 | $ 5,213,830 |
Mortgage-backed Securities of Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 8,302,899 | 5,170,519 |
Gross Unrealized Gains | 46,513 | 46,278 |
Gross Unrealized Losses | (23,581) | (2,967) |
Fair Value | $ 8,325,831 | $ 5,213,830 |
Securities - Continuous unreali
Securities - Continuous unrealized loss position (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Debt Securities | ||
Total Fair Value | $ 4,365,705 | $ 192,587 |
Mortgage-backed Securities of Government Sponsored Entities [Member] | ||
Schedule of Available-for-sale Debt Securities | ||
Less than 12 Months Fair Value | 4,243,219 | 51,122 |
Less than 12 Months Unrealized Losses | (20,905) | (617) |
12 Months or More Fair Value | 122,486 | 141,465 |
12 Months or More Unrealized Losses | (2,676) | (2,350) |
Total Fair Value | 4,365,705 | 192,587 |
Total Unrealized Losses | $ (23,581) | $ (2,967) |
Securities - Additional Informa
Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)item | Sep. 30, 2020item | Sep. 30, 2021USD ($)item | Sep. 30, 2020item | Dec. 31, 2020USD ($) | |
Amortized Cost and Fair Value Debt Securities | |||||
Number of sales of investment securities | item | 0 | 0 | 0 | 0 | |
Total fair value | $ | $ 4,365,705 | $ 4,365,705 | $ 192,587 | ||
Percentage of total investment portfolio fair value | 52.40% | 3.70% |
Loans and Allowance for Loan _3
Loans and Allowance for Loan Losses - Categories (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 206,242,309 | $ 172,889,042 | ||||
Net deferred loan costs | (414,784) | (332,908) | ||||
Undisbursed portion of loans | 10,335,503 | 4,881,487 | ||||
Allowance for loan losses | 1,672,545 | $ 1,672,545 | 1,672,545 | $ 1,472,545 | $ 1,472,545 | $ 1,407,545 |
Net loans | 194,649,045 | 166,667,918 | ||||
Non Residential mortgage loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 41,687,527 | 29,531,917 | ||||
Allowance for loan losses | 350,292 | 316,198 | 316,332 | 434,276 | 397,222 | 277,026 |
Commercial Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 314,512 | 736,979 | ||||
Allowance for loan losses | 309 | 406 | 17,111 | 30,488 | 32,220 | 11,408 |
Other Consumer Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 358,909 | 338,709 | ||||
Allowance for loan losses | 355 | 363 | 6,127 | 5,641 | 6,416 | 13,418 |
One- to Four- Family Mortgage Loans Owner Occupied [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 73,357,873 | 72,697,588 | ||||
Allowance for loan losses | 308,782 | 360,808 | 416,404 | 378,341 | 449,513 | 324,647 |
One To Four Family Investment Mortgage Loans [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 10,453,543 | 12,058,824 | ||||
Allowance for loan losses | 54,597 | 62,664 | 99,978 | 83,568 | 97,741 | 82,219 |
Multi-Family Mortgage Loans [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 52,128,040 | 41,749,223 | ||||
Allowance for loan losses | 672,887 | 672,333 | 670,822 | 368,772 | 348,117 | 524,183 |
Construction & Land Loans [Member] | Nonresidential Mortgage Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 17,516,603 | 5,841,415 | ||||
Allowance for loan losses | 255,355 | 230,665 | 96,435 | 84,942 | 75,594 | 69,457 |
Real Estate Secured Lines of Credit [Member] | Residential Portfolio Segment [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 10,425,302 | 9,934,387 | ||||
Allowance for loan losses | $ 29,968 | $ 29,108 | $ 49,336 | $ 86,517 | $ 65,722 | $ 105,187 |
Loans and Allowance for Loan _4
Loans and Allowance for Loan Losses - Allowance for loan losses activity and recorded investment in loan by segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Allowance for loan losses: | |||||
Balance, beginning of year | $ 1,672,545 | $ 1,472,545 | $ 1,672,545 | $ 1,407,545 | $ 1,407,545 |
Provision (credit) charged to expense | 65,000 | 265,000 | |||
Balance, end of year | 1,672,545 | 1,472,545 | 1,672,545 | 1,472,545 | 1,672,545 |
Ending balance: Individually evaluated for impairment | 101,505 | 101,505 | 60,797 | ||
Ending balance: Collectively evaluated for impairment | 1,571,040 | 1,571,040 | 1,611,748 | ||
Loans: | |||||
Ending balance | 206,242,309 | 206,242,309 | 172,889,042 | ||
Ending balance: Individually evaluated for impairment | 1,794,087 | 1,794,087 | 2,067,338 | ||
Ending balance: Collectively evaluated for impairment | 204,448,222 | 204,448,222 | 170,821,704 | ||
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 360,808 | 449,513 | 416,404 | 324,647 | 324,647 |
Provision (credit) charged to expense | (52,026) | (71,172) | (107,622) | 53,694 | 91,757 |
Balance, end of year | 308,782 | 378,341 | 308,782 | 378,341 | 416,404 |
Ending balance: Individually evaluated for impairment | 61,430 | 61,430 | 20,722 | ||
Ending balance: Collectively evaluated for impairment | 247,352 | 247,352 | 395,682 | ||
Loans: | |||||
Ending balance | 73,357,873 | 73,357,873 | 72,697,588 | ||
Ending balance: Individually evaluated for impairment | 1,172,313 | 1,172,313 | 1,236,597 | ||
Ending balance: Collectively evaluated for impairment | 72,185,560 | 72,185,560 | 71,460,991 | ||
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 62,664 | 97,741 | 99,978 | 82,219 | 82,219 |
Provision (credit) charged to expense | (8,067) | (14,173) | (45,381) | 1,349 | 17,759 |
Balance, end of year | 54,597 | 83,568 | 54,597 | 83,568 | 99,978 |
Ending balance: Individually evaluated for impairment | 40,075 | 40,075 | 40,075 | ||
Ending balance: Collectively evaluated for impairment | 14,522 | 14,522 | 59,903 | ||
Loans: | |||||
Ending balance | 10,453,543 | 10,453,543 | 12,058,824 | ||
Ending balance: Individually evaluated for impairment | 438,395 | 438,395 | 561,660 | ||
Ending balance: Collectively evaluated for impairment | 10,015,148 | 10,015,148 | 11,497,164 | ||
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 672,333 | 348,117 | 670,822 | 524,183 | 524,183 |
Provision (credit) charged to expense | 554 | 20,655 | 2,065 | (155,411) | 146,639 |
Balance, end of year | 672,887 | 368,772 | 672,887 | 368,772 | 670,822 |
Ending balance: Collectively evaluated for impairment | 672,887 | 672,887 | 670,822 | ||
Loans: | |||||
Ending balance | 52,128,040 | 52,128,040 | 41,749,223 | ||
Ending balance: Individually evaluated for impairment | 127,591 | 127,591 | 210,524 | ||
Ending balance: Collectively evaluated for impairment | 52,000,449 | 52,000,449 | 41,538,699 | ||
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 29,108 | 65,722 | 49,336 | 105,187 | 105,187 |
Provision (credit) charged to expense | 860 | 20,795 | (19,368) | (18,670) | (55,851) |
Balance, end of year | 29,968 | 86,517 | 29,968 | 86,517 | 49,336 |
Ending balance: Collectively evaluated for impairment | 29,968 | 29,968 | 49,336 | ||
Loans: | |||||
Ending balance | 10,425,302 | 10,425,302 | 9,934,387 | ||
Ending balance: Individually evaluated for impairment | 55,788 | 55,788 | 58,557 | ||
Ending balance: Collectively evaluated for impairment | 10,369,514 | 10,369,514 | 9,875,830 | ||
Non Residential mortgage loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 316,198 | 397,222 | 316,332 | 277,026 | 277,026 |
Provision (credit) charged to expense | 34,094 | 37,054 | 33,960 | 157,250 | 39,306 |
Balance, end of year | 350,292 | 434,276 | 350,292 | 434,276 | 316,332 |
Ending balance: Collectively evaluated for impairment | 350,292 | 350,292 | 316,332 | ||
Loans: | |||||
Ending balance | 41,687,527 | 41,687,527 | 29,531,917 | ||
Ending balance: Collectively evaluated for impairment | 41,687,527 | 41,687,527 | 29,531,917 | ||
Nonresidential Mortgage Loans [Member] | Construction & Land Loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 230,665 | 75,594 | 96,435 | 69,457 | 69,457 |
Provision (credit) charged to expense | 24,690 | 9,348 | 158,920 | 15,485 | 26,978 |
Balance, end of year | 255,355 | 84,942 | 255,355 | 84,942 | 96,435 |
Ending balance: Collectively evaluated for impairment | 255,355 | 255,355 | 96,435 | ||
Loans: | |||||
Ending balance | 17,516,603 | 17,516,603 | 5,841,415 | ||
Ending balance: Collectively evaluated for impairment | 17,516,603 | 17,516,603 | 5,841,415 | ||
Commercial Loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 406 | 32,220 | 17,111 | 11,408 | 11,408 |
Provision (credit) charged to expense | (97) | (1,732) | (16,802) | 19,080 | 5,703 |
Balance, end of year | 309 | 30,488 | 309 | 30,488 | 17,111 |
Ending balance: Collectively evaluated for impairment | 309 | 309 | 17,111 | ||
Loans: | |||||
Ending balance | 314,512 | 314,512 | 736,979 | ||
Ending balance: Collectively evaluated for impairment | 314,512 | 314,512 | 736,979 | ||
Other Consumer Loans [Member] | |||||
Allowance for loan losses: | |||||
Balance, beginning of year | 363 | 6,416 | 6,127 | 13,418 | 13,418 |
Provision (credit) charged to expense | (8) | (775) | (5,772) | (7,777) | (7,291) |
Balance, end of year | 355 | $ 5,641 | 355 | $ 5,641 | 6,127 |
Ending balance: Collectively evaluated for impairment | 355 | 355 | 6,127 | ||
Loans: | |||||
Ending balance | 358,909 | 358,909 | 338,709 | ||
Ending balance: Collectively evaluated for impairment | $ 358,909 | $ 358,909 | $ 338,709 |
Loans and Allowance for Loan _5
Loans and Allowance for Loan Losses - Credit risk profile (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 206,242,309 | $ 172,889,042 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 204,844,931 | 170,904,121 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 741,594 | 1,101,481 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 655,784 | 883,440 |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 73,357,873 | 72,697,588 |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 72,757,877 | 71,930,902 |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 113,516 | |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 599,996 | 653,170 |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,453,543 | 12,058,824 |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,148,856 | 11,538,993 |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 304,687 | 519,831 |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 52,128,040 | 41,749,223 |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 52,128,040 | 41,669,892 |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 79,331 | |
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,425,302 | 9,934,387 |
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 10,369,514 | 9,783,448 |
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 55,788 | 150,939 |
Non Residential mortgage loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 41,687,527 | 29,531,917 |
Non Residential mortgage loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 41,250,620 | 29,063,783 |
Non Residential mortgage loans [Member] | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 436,907 | 468,134 |
Nonresidential Mortgage Loans [Member] | Construction & Land Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,516,603 | 5,841,415 |
Nonresidential Mortgage Loans [Member] | Construction & Land Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 17,516,603 | 5,841,415 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 314,512 | 736,979 |
Commercial Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 314,512 | 736,979 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 358,909 | 338,709 |
Other Consumer Loans [Member] | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 358,909 | $ 338,709 |
Loans and Allowance for Loan _6
Loans and Allowance for Loan Losses - Aging analysis (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | $ 206,242,309 | $ 172,889,042 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 235,841 | 96,826 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 127,616 | |
Financing Receivables, Equal to 90 Days and Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 130,491 | 173,877 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 366,332 | 398,319 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 205,875,977 | 172,490,723 |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 73,357,873 | 72,697,588 |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 10,453,543 | 12,058,824 |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 52,128,040 | 41,749,223 |
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 10,425,302 | 9,934,387 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 235,841 | 96,826 |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 127,616 | |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to 90 Days and Greater Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 130,491 | 173,877 |
Residential Portfolio Segment [Member] | Total Past Due | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 366,332 | 398,319 |
Residential Portfolio Segment [Member] | Current | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 72,991,541 | 72,299,269 |
Residential Portfolio Segment [Member] | Current | One To Four Family Investment Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 10,453,543 | 12,058,824 |
Residential Portfolio Segment [Member] | Current | Multi-Family Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 52,128,040 | 41,749,223 |
Residential Portfolio Segment [Member] | Current | Real Estate Secured Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 10,425,302 | 9,934,387 |
Non Residential mortgage loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 41,687,527 | 29,531,917 |
Non Residential mortgage loans [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 41,687,527 | 29,531,917 |
Nonresidential Mortgage Loans [Member] | Construction & Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 17,516,603 | 5,841,415 |
Nonresidential Mortgage Loans [Member] | Current | Construction & Land Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 17,516,603 | 5,841,415 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 314,512 | 736,979 |
Commercial Loans [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | 314,512 | 736,979 |
Other Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans Receivable | 358,909 | 338,709 |
Other Consumer Loans [Member] | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Current | $ 358,909 | $ 338,709 |
Loans and Allowance for Loan _7
Loans and Allowance for Loan Losses - Impaired loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Impaired [Line Items] | |||||
Loans with a specific valuation allowance, Recorded Balance | $ 2,046,141 | $ 2,046,141 | |||
Loans with a specific valuation allowance, Unpaid Principal Balance | $ 1,895,592 | 2,074,876 | $ 1,895,592 | 2,074,876 | |
Loans with a specific valuation allowance, Specific Allowance | 101,505 | 28,735 | 101,505 | 28,735 | $ 60,797 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 1,902,380 | 2,086,382 | 2,260,954 | ||
Loans with a specific valuation allowance, Interest Income Recognized | 28,117 | 23,549 | 88,225 | ||
Recorded Balance | 1,794,087 | 1,794,087 | 2,067,338 | ||
Unpaid Principal Balance | 2,128,135 | ||||
Average Investment in Impaired Loans | 1,955,096 | 2,276,731 | |||
Interest Income Recognized | 70,896 | 112,458 | |||
Real Estate Secured Lines of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 59,268 | 59,268 | |||
Loans without a specific valuation allowance, Unpaid Principal Balance | 59,268 | 59,268 | |||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 59,735 | 60,527 | |||
Loans without a specific valuation allowance, Interest Income Recognized | 1,028 | 3,116 | |||
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 1,155,240 | 1,101,454 | 1,155,240 | 1,101,454 | 1,177,459 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 1,155,240 | 1,101,454 | 1,155,240 | 1,101,454 | 1,177,459 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 1,158,522 | 1,104,471 | 1,166,174 | 1,110,663 | 1,190,698 |
Loans without a specific valuation allowance, Interest Income Recognized | 12,171 | 12,064 | 37,376 | 37,388 | 52,684 |
Loans with a specific valuation allowance, Recorded Balance | 17,073 | 59,529 | 17,073 | 59,529 | 59,138 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 78,503 | 80,251 | 78,503 | 80,251 | 79,860 |
Loans with a specific valuation allowance, Specific Allowance | 61,430 | 20,722 | 61,430 | 20,722 | 20,722 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 78,655 | 80,390 | 79,127 | 80,934 | 80,701 |
Loans with a specific valuation allowance, Interest Income Recognized | 226 | 259 | 947 | 1,439 | 1,689 |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 235,005 | 358,573 | 235,005 | 358,573 | 352,514 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 235,005 | 358,573 | 235,005 | 358,573 | 352,514 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 236,588 | 362,529 | 277,087 | 367,480 | 362,021 |
Loans without a specific valuation allowance, Interest Income Recognized | 10,614 | 5,591 | 17,127 | 16,538 | 19,387 |
Loans with a specific valuation allowance, Recorded Balance | 203,390 | 210,639 | 203,390 | 210,639 | 209,146 |
Loans with a specific valuation allowance, Unpaid Principal Balance | 243,465 | 218,652 | 243,465 | 218,652 | 249,221 |
Loans with a specific valuation allowance, Specific Allowance | 40,075 | 8,013 | 40,075 | 8,013 | 40,075 |
Loans with a specific valuation allowance, Average Investment in Impaired Loans | 244,313 | 219,921 | 246,298 | 220,921 | 252,341 |
Loans with a specific valuation allowance, Interest Income Recognized | 2,679 | 1,008 | 8,059 | 8,389 | 11,794 |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 127,591 | 213,116 | 127,591 | 213,116 | 210,524 |
Loans without a specific valuation allowance, Unpaid Principal Balance | 127,591 | 213,116 | 127,591 | 213,116 | 210,524 |
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 128,031 | 213,755 | 129,265 | 370,624 | 330,855 |
Loans without a specific valuation allowance, Interest Income Recognized | 2,963 | 4,375 | 19,239 | 22,817 | |
Loans with a specific valuation allowance, Specific Allowance | 1,445 | 1,445 | |||
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 55,788 | 55,788 | 58,557 | ||
Loans without a specific valuation allowance, Unpaid Principal Balance | 55,788 | 55,788 | 58,557 | ||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 56,271 | 57,145 | 60,115 | ||
Loans without a specific valuation allowance, Interest Income Recognized | 3,012 | $ 4,087 | |||
Loans with a specific valuation allowance, Specific Allowance | $ 982 | $ 982 | |||
Non Residential mortgage loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loans without a specific valuation allowance, Recorded Balance | 43,562 | 43,562 | |||
Loans without a specific valuation allowance, Unpaid Principal Balance | 43,562 | 43,562 | |||
Loans without a specific valuation allowance, Average Investment in Impaired Loans | 45,581 | 49,805 | |||
Loans without a specific valuation allowance, Interest Income Recognized | $ 636 | $ 2,116 |
Loans and Allowance for Loan _8
Loans and Allowance for Loan Losses - Nonaccrual loans (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 130,491 | $ 173,877 |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 130,491 | $ 173,877 |
Loans and Allowance for Loan _9
Loans and Allowance for Loan Losses - Newly classified TDRs (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021item | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | 1 |
Pre-Modification Balance | $ 82,561 | |
Post-Modification Balance | 82,561 | |
Financing Receivable Modifications Interest | 82,561 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 82,561 | |
Residential Portfolio Segment [Member] | One- to Four- Family Mortgage Loans Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 1 | |
Pre-Modification Balance | $ 82,561 | |
Post-Modification Balance | 82,561 | |
Financing Receivable Modifications Interest | 82,561 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 82,561 | |
Residential Portfolio Segment [Member] | One To Four Family Investment Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Residential Portfolio Segment [Member] | Multi-Family Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Residential Portfolio Segment [Member] | Real Estate Secured Lines of Credit [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Non Residential mortgage loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Nonresidential Mortgage Loans [Member] | Construction & Land Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 | |
Other Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | Number | 0 | |
Pre-Modification Balance | $ 0 | |
Post-Modification Balance | 0 | |
Financing Receivable Modifications Interest | 0 | |
Financing Receivable Modifications Term | 0 | |
Financing Receivable Modifications Combination | 0 | |
Financing Receivable, Modifications, Recorded Investment | $ 0 |
Loans and Allowance for Loan_10
Loans and Allowance for Loan Losses - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)item | Sep. 30, 2021USD ($)itemcustomer | Dec. 31, 2020USD ($)item | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loans that were modified and impaired | item | 0 | ||
Number of TRDs modified that subsequently defaulted | item | 0 | 0 | |
Non-accrual loans excluding TDRs | $ 997,000 | $ 997,000 | $ 1,143,000 |
Minimum consecutive period of payment performance | 6 months | ||
Number of foreclosed real estate properties | item | 0 | 0 | 0 |
Number of consumer for mortgage loan in process of foreclosure | customer | 0 | ||
Number of TDRs | 0 | 1 | |
Performing Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDRs that did not meet criteria for placement back on accrual status | item | 0 | ||
Entity Loan Modification Program [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on accrual status | $ 869,000 | $ 869,000 | |
Entity Loan Modification Program [Member] | Multi Family And Nonresidential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans on accrual status | $ 128,000 | $ 128,000 | |
Non Residential mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDRs | 0 | ||
Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDRs | 0 | ||
Other Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of TDRs | 0 |
Earnings Per Common Share - Sto
Earnings Per Common Share - Stockholders' equity and are excluded from weighted-average (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Income (Loss) | $ (94,821) | $ 938,533 | $ 1,308,215 | $ 1,436,478 |
Less allocation of net income (loss) to participating securities | (2,592) | 7,100 | 20,750 | 13,904 |
Net income (loss) allocated to common shareholders | $ (92,229) | $ 931,433 | $ 1,287,465 | $ 1,422,574 |
Shares outstanding for basic earnings per share: | ||||
Weighted-average shares issued | 3,007,762 | 2,947,695 | 2,985,744 | 2,942,036 |
Less: Average unearned ESOP shares and unvested restricted stock | 267,427 | 199,385 | 238,963 | 192,744 |
Weighted-average shares outstanding - basic | 2,740,335 | 2,748,310 | 2,746,781 | 2,749,292 |
Basic earnings (loss) per common share | $ (0.03) | $ 0.34 | $ 0.47 | $ 0.52 |
Effect of dilutive securities: | ||||
Weighted-average shares outstanding - basic | 2,740,335 | 2,748,310 | 2,746,781 | 2,749,292 |
Stock options | 40,173 | 72,948 | 41,809 | |
Weighted-average shares outstanding - diluted | 2,740,335 | 2,788,483 | 2,819,729 | 2,791,101 |
Diluted earnings (loss) per share | $ (0.03) | $ 0.33 | $ 0.46 | $ 0.51 |
as reported | ||||
Net Income (Loss) | $ 938,533 | $ 1,436,478 | ||
Less allocation of net income (loss) to participating securities | 3,990 | 8,787 | ||
Net income (loss) allocated to common shareholders | $ 934,543 | $ 1,427,691 | ||
Shares outstanding for basic earnings per share: | ||||
Weighted-average shares issued | 2,965,593 | 2,954,316 | ||
Less: Average unearned ESOP shares and unvested restricted stock | 74,026 | 71,455 | ||
Weighted-average shares outstanding - basic | 2,891,567 | 2,882,861 | ||
Basic earnings (loss) per common share | $ 0.32 | $ 0.50 | ||
Effect of dilutive securities: | ||||
Weighted-average shares outstanding - basic | 2,891,567 | 2,882,861 | ||
Stock options | 29,824 | 31,658 | ||
Weighted-average shares outstanding - diluted | 2,921,391 | 2,914,519 | ||
Diluted earnings (loss) per share | $ 0.32 | $ 0.49 |
Regulatory Matters - Capital am
Regulatory Matters - Capital amounts and ratios (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Total risk-based capital (to risk-weighted assets), Actual Amount | $ 38,199 | $ 36,465 |
Total risk-based capital (to risk-weighted assets), Actual Ratio | 19.6 | 22 |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 15,558 | $ 13,272 |
Total risk-based capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 8 | 8 |
Total risk-based capital (to risk-weighted assets), minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 19,448 | $ 16,590 |
Total risk-based capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10 | 10 |
Tier I capital (to risk-weighted assets), Actual Amount | $ 36,526 | $ 34,792 |
Tier I capital (to risk-weighted assets), Actual Ratio | 18.8 | 21 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 11,669 | $ 9,954 |
Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 6 | 6 |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 15,558 | $ 13,272 |
Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8 | 8 |
Tier I capital (to adjusted average total assets), Actual Amount | $ 36,526 | $ 34,792 |
Tier I capital (to adjusted average total assets), Actual Ratio | 14.6 | 14.8 |
Tier I capital (to adjusted average total assets), Minimum Capital Requirement Amount | $ 10,007 | $ 9,415 |
Tier I capital (to adjusted average total assets), Minimum Capital Requirement Ratio | 4 | 4 |
Tier I capital (to adjusted average total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 12,508 | $ 11,769 |
Tier I capital (to adjusted average total assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5 | 5 |
Common Stock | ||
Common Equity Tier I capital (to risk-weighted assets), Actual Amount | $ 36,526 | $ 34,792 |
Common Equity Tier I capital (to risk-weighted assets), Actual Ratio | 18.80% | 21.00% |
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Amount | $ 8,752 | $ 7,465 |
Common Equity Tier I capital (to risk-weighted assets), Minimum Capital Requirement Ratio | 4.50% | 4.50% |
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 12,641 | $ 10,783 |
Common Equity Tier I capital (to risk-weighted assets), Minimum to Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) | Sep. 30, 2021 |
Regulatory Matters | |
Capital Conservation Buffer, Percentage | 2.50% |
Disclosure About Fair Values _3
Disclosure About Fair Values of Assets and Liabilities - Measure on recurring basis (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | $ 272,169 | $ 498,644 | ||||
Derivative liabilities (included in other liabilities) | 78,841 | 144,995 | ||||
Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage servicing rights | 2,517,284 | $ 2,716,301 | 2,025,323 | $ 1,615,973 | $ 1,256,842 | $ 1,213,815 |
Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 128,515 | 498,644 | ||||
Derivative liabilities (included in other liabilities) | 11,960 | |||||
Forward sale commitments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 143,654 | |||||
Derivative liabilities (included in other liabilities) | 66,881 | 144,995 | ||||
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] | ||||||
Mortgage-backed securities of government sponsored entities | 8,325,831 | 5,213,830 | ||||
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage servicing rights | 2,517,284 | 2,025,323 | ||||
Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 128,515 | 498,644 | ||||
Derivative liabilities (included in other liabilities) | (11,960) | |||||
Fair Value, Measurements, Recurring [Member] | Forward sale commitments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 143,654 | |||||
Derivative liabilities (included in other liabilities) | (66,881) | (144,995) | ||||
Level 2 | 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] | ||||||
Mortgage-backed securities of government sponsored entities | 8,325,831 | 5,213,830 | ||||
Level 2 | Fair Value, Measurements, Recurring [Member] | Forward sale commitments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 143,654 | |||||
Derivative liabilities (included in other liabilities) | (66,881) | (144,995) | ||||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Mortgage servicing rights | 2,517,284 | 2,025,323 | ||||
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative assets (included in other assets) | 128,515 | $ 498,644 | ||||
Derivative liabilities (included in other liabilities) | $ (11,960) |
Disclosure About Fair Values _4
Disclosure About Fair Values of Assets and Liabilities - Reconciliation of beginning and ending balances (Details) - Mortgage Servicing Rights [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value as of the beginning of the period | $ 2,716,301 | $ 1,256,842 | $ 2,025,323 | $ 1,213,815 |
Recognition of mortgage servicing rights on the sale of loans | 199,881 | 594,455 | 861,254 | 989,479 |
Change in fair value due to changes in valuation inputs or assumptions used in the valuation model | (398,898) | (235,324) | (369,293) | (587,321) |
Fair value at the end of the period | $ 2,517,284 | $ 1,615,973 | $ 2,517,284 | $ 1,615,973 |
Disclosure About Fair Values _5
Disclosure About Fair Values of Assets and Liabilities - Information on the company's derivative financial instruments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 40,019,427 | $ 52,566,952 |
Asset Derivatives | 272,169 | 498,644 |
Liability Derivatives | 78,841 | 144,995 |
Interest rate lock commitments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | 14,413,627 | 19,613,510 |
Asset Derivatives | 128,515 | 498,644 |
Liability Derivatives | 11,960 | |
Forward sale commitments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | 25,605,800 | 32,953,442 |
Asset Derivatives | 143,654 | |
Liability Derivatives | $ 66,881 | $ 144,995 |
Disclosure About Fair Values _6
Disclosure About Fair Values of Assets and Liabilities - Income related to derivative financial instruments included in nominated income (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Income (loss) from derivative financial instruments | $ (31,142) | $ (160,322) |
Interest rate lock commitments | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Income (loss) from derivative financial instruments | (98,014) | (280,235) |
Forward sale commitments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Income (loss) from derivative financial instruments | $ 66,872 | $ 119,913 |
Disclosure About Fair Values _7
Disclosure About Fair Values of Assets and Liabilities - collateral-dependent impaired loans at fair value on a nonrecurring basis (Details) - Non recurring - Collateral-dependent impaired loans - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Carrying value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loan commitments | $ 130,491 | $ 173,877 |
Fair Value, Inputs, Level 3 | Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of loan commitments | $ 130,491 | $ 173,877 |
Disclosure About Fair Values _8
Disclosure About Fair Values of Assets and Liabilities - Level 3 (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Collateral-dependent impaired loans | Market Comparable [Member] | Market Based [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 130,491 | $ 173,877 |
Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 426.00% | 296.00% |
Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 2,517,284 | $ 2,025,323 |
Interest rate lock commitments | Secondary market prices | Pull-through rate | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 272,169 | 498,644 |
Liabilities, Fair Value | $ (78,841) | $ (144,995) |
Minimum [Member] | Collateral-dependent impaired loans | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 10.00% | 10.00% |
Minimum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 219.00% | 177.00% |
Minimum [Member] | Interest rate lock commitments | Secondary market prices | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Rate | 70 | 70 |
Liabilities, Rate | 70 | 70 |
Maximum [Member] | Collateral-dependent impaired loans | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 15.00% | 15.00% |
Maximum [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 583.00% | 565.00% |
Maximum [Member] | Interest rate lock commitments | Secondary market prices | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Rate | 100 | 100 |
Liabilities, Rate | 100 | 100 |
Weighted Average [Member] | Collateral-dependent impaired loans | Market Comparable [Member] | Market Based [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 12.00% | 12.00% |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | Discounted Cash Flows [Member] | Prepayment Speeds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Values Inputs Discount Rate | 10.00% | 10.00% |
Weighted Average [Member] | Interest rate lock commitments | Secondary market prices | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Rate | 85 | 85 |
Liabilities, Rate | 85 | 85 |
Disclosure About Fair Value of
Disclosure About Fair Value of Assets and Liabilities - Fair values of financial instruments not previously presented (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | $ 15,074,482 | $ 32,347,806 | $ 21,872,003 | $ 37,735,266 |
Interest-bearing time deposits | 1,000,000 | 3,000,000 | ||
Loans held for sale | 11,198,388 | 13,345,370 | ||
Loans, net of allowance for loan losses | 194,649,045 | 166,667,918 | ||
Federal Home Loan Bank stock | 4,149,300 | 2,801,800 | ||
Interest receivable | 578,907 | 520,775 | ||
Federal Home Loan Bank lender risk account receivable | 1,933,663 | 1,947,271 | ||
Deposits | 185,692,785 | 152,207,043 | ||
Federal Home Loan Bank advances | 16,200,000 | 38,412,000 | ||
Advances from borrowers for taxes and insurance | 1,433,140 | 1,946,340 | ||
Interest payable | 11,038 | 73,585 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents | 15,074,482 | 32,347,806 | ||
Level 1 | Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 99,623,781 | 90,002,257 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest-bearing time deposits | 1,000,000 | 3,000,000 | ||
Loans held for sale | 11,523,244 | 13,690,802 | ||
Federal Home Loan Bank stock | 4,149,300 | |||
Advances from borrowers for taxes and insurance | 1,946,340 | |||
Interest payable | 73,585 | |||
Level 2 | Accrued Interest Receivables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest receivable | 578,907 | 520,775 | ||
Level 2 | Federal Home Loan Bank [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank stock | 2,801,800 | |||
Level 2 | Tax [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Advances from borrowers for taxes and insurance | 1,433,140 | |||
Level 2 | Interest Payable [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest payable | 11,038 | |||
Level 2 | Deposits [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deposits | 86,699,438 | 63,577,288 | ||
Level 2 | Federal Home Loan Bank Advances [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank advances | 16,212,438 | 39,718,400 | ||
Fair Value, Inputs, Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net of allowance for loan losses | 192,177,002 | |||
Fair Value, Inputs, Level 3 | Accrued Interest Receivables [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net of allowance for loan losses | 165,251,240 | |||
Fair Value, Inputs, Level 3 | Federal Home Loan Bank [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Federal Home Loan Bank lender risk account receivable | $ 2,213,525 | $ 2,157,661 |
Commitments and Credit Risk - C
Commitments and Credit Risk - Commitments to fund fixed rate loans (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Credit Risk | ||
Commitments to fund fixed-rate loans | $ 22,453,098 | $ 28,451,835 |
Commitments to fund fixed-rate loans, Minimum interest rate | 2.25% | 2.25% |
Commitments to fund fixed-rate loans, Maximum interest rate | 4.375% | 3.25% |
Commitments and Credit Risk- Li
Commitments and Credit Risk- Lines of credit (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments to originate loans [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | $ 4,246,342 | $ 189,200 |
Forward sale commitments [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | 33,645,271 | 41,791,767 |
Lines of credit [Member] | ||
Other Commitments | ||
Loan Commitments outstanding | $ 20,312,455 | $ 19,826,038 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Loss. | ||
Net unrealized gains on available for sale securities | $ 22,932 | $ 43,311 |
Directors' retirement plan | (443,628) | (413,407) |
AOCI Including Portion Attributable to Noncontrolling Interest, before Tax | (420,696) | (370,096) |
Tax benefit | (58,679) | (78,082) |
Net of tax amount | $ (362,017) | $ (292,014) |
Equity Incentive plans - Estima
Equity Incentive plans - Estimated grant date fair value of stock options (Details) - Stock options | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility | 20.00% |
Weighted-average volatility | 20.00% |
Expected term (in years) | 10 years |
Risk-free rate | 1.62% |
Equity Incentive plans - Stock
Equity Incentive plans - Stock Option Plan (Details) - Stock Option - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding, beginning of period | 134,328 | |
Granted | 166,608 | |
Exercised | (3,304) | |
Forfeited | (1,290) | |
Outstanding, end of period | 296,342 | 134,328 |
Exercisable, end of period | 91,260 | |
Weighted-Average Exercise Price Outstanding, beginning | $ 6.34 | |
Weighted average granted | 13.93 | |
Weighted Average Exercise Price per Option, Exercised | 5.84 | |
Weighted Average Exercise Price per Option, Forfeited | 6.94 | |
Weighted Average Exercise Price Options, Outstanding end of period | 10.64 | $ 6.34 |
Weighted Average Exercise Price per Option, Exercisable at period end | $ 6 | |
Weighted Average Remaining Contractual Term, Options Outstanding | 8 years 1 month 24 days | 6 years 10 months 13 days |
Weighted Average Remaining Contractual Term, Exercisable at end of period | 5 years 10 months 17 days | |
Aggregate Intrinsic Value, Options Outstanding (in dollars) | $ 1,269,101 | $ 698,506 |
Aggregate Intrinsic Value, Options Exercisable at period end | $ 813,961 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of status of nonvested shares (Details) - Restricted Stock - $ / shares | Jun. 09, 2021 | Jun. 30, 2020 | Sep. 30, 2021 |
Shares | |||
Nonvested, beginning of period | 22,482 | ||
Granted | 49,000 | 1,324 | 66,000 |
Vested | (10,843) | ||
Nonvested, end of period | 77,639 | ||
Weighted average grant-date fair value | |||
Nonvested, beginning of period | $ 6.31 | ||
Granted | 13.94 | ||
Vested | 6.03 | ||
Nonvested, end of period | $ 12.83 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) | Jun. 09, 2021 | May 31, 2021 | Jun. 30, 2020 | Jun. 30, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 31, 2017 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,659,000 | $ 1,659,000 | |||||||
Share-based Compensation | $ 111,133 | $ 30,392 | $ 195,583 | $ 81,973 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years 4 months 24 days | ||||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 49,000 | 1,324 | 66,000 | ||||||
2017 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 192,844 | ||||||||
2017 Equity Incentive Plan | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 55,098 | ||||||||
Vesting period | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 55,098 | ||||||||
2017 Equity Incentive Plan | Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 137,746 | ||||||||
2021 Equity Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 231,414 | ||||||||
2021 Equity Incentive Plan | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 66,118 | ||||||||
Vesting period | 5 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,000 | ||||||||
2021 Equity Incentive Plan | Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 165,296 |