Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Bogota Financial Corp. | |
Entity Central Index Key | 0001787414 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | NJ | |
Entity Incorporation, State or Country Code | MD | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 14,142,621 | |
Trading Symbol | BSBK | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39180 | |
Entity Tax Identification Number | 84-3501231 | |
Entity Address, Address Line One | 819 Teaneck Road | |
Entity Address, City Or Town | Teaneck | |
Entity Address, Postal Zip Code | 07666 | |
City Area Code | 201 | |
Local Phone Number | 862-0660 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 6,781,706 | $ 14,446,792 |
Interest-bearing deposits in other banks | 822,524 | 90,621,993 |
Cash and cash equivalents | 7,604,230 | 105,068,785 |
Securities available for sale | 97,507,693 | 41,838,798 |
Securities held to maturity (fair value of $79,858,396 and $74,081,059, respectively) | 86,432,340 | 74,053,099 |
Loans held for sale | 360,000 | 1,152,500 |
Loans, net of allowance of $2,253,174 and $2,153,174, respectively | 630,810,380 | 570,209,669 |
Premises and equipment, net | 8,006,717 | 8,127,979 |
Federal Home Loan Bank (FHLB) stock and other restricted securities | 6,076,700 | 4,851,300 |
Accrued interest receivable | 3,007,407 | 2,712,605 |
Core deposit intangibles | 300,827 | 336,364 |
Bank-owned life insurance | 29,836,866 | 24,524,122 |
Other assets | 5,001,976 | 4,486,366 |
Total Assets | 874,945,136 | 837,361,587 |
Liabilities and Equity | ||
Non-interest bearing deposits | 39,442,245 | 39,317,500 |
Interest bearing deposits | 571,847,021 | 558,162,278 |
Total Deposits | 611,289,266 | 597,479,778 |
FHLB advances | 115,278,743 | 85,051,736 |
Advance payments by borrowers for taxes and insurance | 3,431,613 | 2,856,120 |
Other liabilities | 4,484,720 | 4,397,742 |
Total liabilities | 734,484,342 | 689,785,376 |
Stockholders’ Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021 | ||
Common stock $0.01 par value, 30,000,000 shares authorized, 14,207,860 issued and outstanding at June 30, 2022 and 14,605,809 at December 31, 2021 | 142,078 | 146,057 |
Additional paid-in capital | 64,401,403 | 68,247,204 |
Retained earnings | 87,922,716 | 84,879,812 |
Unearned ESOP shares (449,977 shares at June 30, 2022 and 463,239 shares at December 31, 2021) | (5,273,604) | (5,424,206) |
Accumulated other comprehensive loss | (6,731,799) | (272,656) |
Total stockholders’ equity | 140,460,794 | 147,576,211 |
Total liabilities and stockholders’ equity | $ 874,945,136 | $ 837,361,587 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Statement of Financial Position [Abstract] | ||
Fair value of Securities Maturities | $ 79,858,396 | $ 74,081,059 |
Allowance For Loan | $ 2,253,174 | $ 2,153,174 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred shares authorized | 1,000,000 | 1,000,000 |
Preferred shares issued | 0 | 0 |
Preferred shares outstanding | 0 | 0 |
Common stock par value | $ 0.01 | $ 0.01 |
Common shares authorized | 30,000,000 | 30,000,000 |
Common shares issued | 14,207,860 | 14,605,809 |
Common shares outstanding | 14,207,860 | 14,605,809 |
Unearned ESOP Shares | 449,977 | 463,239 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income | ||||
Loans | $ 5,848,522 | $ 5,684,881 | $ 11,385,602 | $ 11,149,842 |
Securities | ||||
Taxable | 932,714 | 388,604 | 1,569,835 | 1,062,151 |
Tax-exempt | 46,282 | 12,798 | 67,278 | 25,383 |
Other interest-earning assets | 83,682 | 115,256 | 167,495 | 238,260 |
Total interest income | 6,911,200 | 6,201,539 | 13,190,210 | 12,475,636 |
Interest expense | ||||
Deposits | 849,808 | 1,050,546 | 1,675,992 | 2,314,228 |
FHLB advances | 356,203 | 376,508 | 686,036 | 807,633 |
Total interest expense | 1,206,011 | 1,427,054 | 2,362,028 | 3,121,861 |
Net interest income | 5,705,189 | 4,774,485 | 10,828,182 | 9,353,775 |
Credit for loan losses | 100,000 | (54,000) | 100,000 | (113,000) |
Net interest income after provision for loan losses | 5,605,189 | 4,828,485 | 10,728,182 | 9,466,775 |
Non-interest income | ||||
Fees and service charges | 50,478 | 68,576 | 89,796 | 121,103 |
Gain on sale of loans | (217) | 284,065 | 86,913 | 520,102 |
Bargain purchase gain | 1,933,397 | |||
Bank-owned life insurance | 169,449 | 145,167 | 325,442 | 234,833 |
Other | 34,007 | 35,480 | 95,989 | 42,459 |
Total non-interest income | 253,717 | 533,288 | 598,140 | 2,851,894 |
Non-interest expense | ||||
Salaries and employee benefits | 2,098,897 | 2,035,467 | 4,162,244 | 3,574,387 |
Occupancy and equipment | 342,381 | 294,694 | 686,810 | 561,173 |
FDIC insurance assessment | 54,000 | 69,300 | 108,000 | 114,300 |
Data processing | 330,840 | 312,527 | 609,187 | 520,836 |
Advertising | 91,145 | 60,000 | 212,290 | 120,000 |
Director fees | 203,534 | 216,880 | 418,325 | 415,119 |
Professional fees | 151,490 | 208,849 | 295,753 | 467,766 |
Merger fees | 73,932 | 392,197 | ||
Core conversion costs | 360,000 | |||
Other | 321,585 | 305,484 | 642,538 | 483,801 |
Total non-interest expense | 3,593,872 | 3,577,133 | 7,135,147 | 7,009,579 |
Income before income taxes | 2,265,034 | 1,784,640 | 4,191,175 | 5,309,090 |
Income tax expense | 623,027 | 345,916 | 1,148,271 | 864,059 |
Net income | $ 1,642,007 | $ 1,438,724 | $ 3,042,904 | $ 4,445,031 |
Earnings per Share - basic | $ 0.12 | $ 0.10 | $ 0.22 | $ 0.33 |
Earnings per Share - diluted | $ 0.12 | $ 0.10 | $ 0.22 | $ 0.33 |
Weighted average shares outstanding- basic | 13,662,222 | 13,945,423 | 13,760,002 | 13,528,822 |
Weighted average shares outstanding - diluted | 13,701,674 | 13,945,423 | 13,800,168 | 13,528,822 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,642,007 | $ 1,438,724 | $ 3,042,904 | $ 4,445,031 |
Other comprehensive (loss) income: | ||||
Net unrealized gains/(loss) on securities available for sale | (5,762,044) | 12,814 | (9,100,460) | 28,881 |
Net of tax | (4,142,333) | 9,212 | (6,542,321) | 20,763 |
Tax effect | 1,619,711 | (3,602) | 2,558,139 | (8,118) |
Defined benefit retirement plans: | ||||
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits | 57,850 | 43,652 | 115,700 | 87,306 |
Tax effect | (16,261) | (12,271) | (32,522) | (24,544) |
Net of tax | 41,589 | 31,381 | 83,178 | 62,762 |
Total other comprehensive (loss) income | (4,100,744) | 40,593 | (6,459,143) | 83,525 |
Comprehensive (loss) income | $ (2,458,737) | $ 1,479,317 | $ (3,416,239) | $ 4,528,556 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity (unaudited) - USD ($) | Total | Bogota MHC | Common Stock | Common Stock Bogota MHC | Additional Paid-in Capital | Additional Paid-in Capital Bogota MHC | Retained Earnings | Unearned ESOP shares | Accumulates Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2020 | $ 128,468,076 | $ 131,575 | $ 56,975,187 | $ 77,359,737 | $ (5,725,410) | $ (273,013) | |||
Beginning balance, shares at Dec. 31, 2020 | 13,157,525 | ||||||||
Net income | 3,006,307 | 3,006,307 | |||||||
Other comprehensive (loss) income | 42,932 | 42,932 | |||||||
Issuance of common stock for initial public offering, net of expenses | $ 11,500,000 | $ 12,679 | $ 11,487,321 | ||||||
Issuance of common stock for initial public offering, net of expenses, shares | 1,267,916 | ||||||||
ESOP shares released | 60,835 | (14,466) | 75,301 | ||||||
Ending balance at Mar. 31, 2021 | 143,078,150 | $ 144,254 | 68,448,042 | 80,366,044 | (5,650,109) | (230,081) | |||
Ending balance, shares at Mar. 31, 2021 | 14,425,441 | ||||||||
Beginning balance at Dec. 31, 2020 | 128,468,076 | $ 131,575 | 56,975,187 | 77,359,737 | (5,725,410) | (273,013) | |||
Beginning balance, shares at Dec. 31, 2020 | 13,157,525 | ||||||||
Net income | 4,445,031 | ||||||||
Other comprehensive (loss) income | 83,525 | ||||||||
Ending balance at Jun. 30, 2021 | 144,622,102 | $ 144,254 | 68,437,376 | 81,804,768 | (5,574,808) | (189,488) | |||
Ending balance, shares at Jun. 30, 2021 | 14,425,441 | ||||||||
Beginning balance at Mar. 31, 2021 | 143,078,150 | $ 144,254 | 68,448,042 | 80,366,044 | (5,650,109) | (230,081) | |||
Beginning balance, shares at Mar. 31, 2021 | 14,425,441 | ||||||||
Net income | 1,438,724 | 1,438,724 | |||||||
Other comprehensive (loss) income | 40,593 | 40,593 | |||||||
ESOP shares released | 64,635 | (10,666) | 75,301 | ||||||
Ending balance at Jun. 30, 2021 | 144,622,102 | $ 144,254 | 68,437,376 | 81,804,768 | (5,574,808) | (189,488) | |||
Ending balance, shares at Jun. 30, 2021 | 14,425,441 | ||||||||
Beginning balance at Dec. 31, 2021 | 147,576,211 | $ 146,057 | 68,247,204 | 84,879,812 | (5,424,206) | (272,656) | |||
Beginning balance, shares at Dec. 31, 2021 | 14,605,809 | ||||||||
Net income | 1,400,897 | 1,400,897 | |||||||
Other comprehensive (loss) income | (2,358,399) | (2,358,399) | |||||||
Stock based compensation | 233,193 | 233,193 | |||||||
Stock purchased and retired | (1,892,115) | $ (1,805) | (1,890,310) | ||||||
Stock purchased and retired, shares | (180,501) | ||||||||
ESOP shares released | 66,145 | (9,156) | 75,301 | ||||||
Ending balance at Mar. 31, 2022 | 145,025,932 | $ 144,252 | 66,580,931 | 86,280,709 | (5,348,905) | (2,631,055) | |||
Ending balance, shares at Mar. 31, 2022 | 14,425,308 | ||||||||
Beginning balance at Dec. 31, 2021 | 147,576,211 | $ 146,057 | 68,247,204 | 84,879,812 | (5,424,206) | (272,656) | |||
Beginning balance, shares at Dec. 31, 2021 | 14,605,809 | ||||||||
Net income | 3,042,904 | ||||||||
Other comprehensive (loss) income | (6,459,143) | ||||||||
Ending balance at Jun. 30, 2022 | 140,460,794 | $ 142,078 | 64,401,403 | 87,922,716 | (5,273,604) | (6,731,799) | |||
Ending balance, shares at Jun. 30, 2022 | 14,207,860 | ||||||||
Beginning balance at Mar. 31, 2022 | 145,025,932 | $ 144,252 | 66,580,931 | 86,280,709 | (5,348,905) | (2,631,055) | |||
Beginning balance, shares at Mar. 31, 2022 | 14,425,308 | ||||||||
Net income | 1,642,007 | 1,642,007 | |||||||
Other comprehensive (loss) income | (4,100,744) | (4,100,744) | |||||||
Stock based compensation | 233,193 | 233,193 | |||||||
Stock purchased and retired | (2,410,063) | $ (2,174) | (2,407,889) | ||||||
Stock purchased and retired, shares | (217,448) | ||||||||
ESOP shares released | 70,469 | (4,832) | 75,301 | ||||||
Ending balance at Jun. 30, 2022 | $ 140,460,794 | $ 142,078 | $ 64,401,403 | $ 87,922,716 | $ (5,273,604) | $ (6,731,799) | |||
Ending balance, shares at Jun. 30, 2022 | 14,207,860 |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) (unaudited) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
ESOP Shares released, shares | 25,789 | 25,789 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 3,042,904 | $ 4,445,031 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Bargain purchase gain | (1,933,397) | |
Amortization of intangible asset | (119,059) | (275,595) |
Provision (credit) for loan losses | 100,000 | (113,000) |
Depreciation of premises and equipment | 234,798 | 149,401 |
Amortization of deferred loan(fees) costs, net | (41,279) | 331,462 |
Amortization of premiums and accretion of discounts on securities, net | 38,625 | 103,369 |
Deferred income tax expense | 76,209 | 350,680 |
Gain on sale of loans | (86,913) | (520,102) |
Proceeds from sale of loans | 4,640,081 | 15,659,195 |
Origination of loans held for sale | (3,760,668) | |
Increase in cash surrender value of bank owned life insurance | (312,745) | (234,833) |
Employee stock ownership plan expense | 136,615 | 125,471 |
Stock based compensation | 466,386 | |
Changes in: | ||
Accrued interest receivable | (294,802) | 467,536 |
Net changes in other assets | 1,933,798 | (519,057) |
Net changes in other liabilities | 202,678 | 503,921 |
Net cash provided by operating activities | 6,256,628 | 18,540,082 |
Cash flows from investing activities | ||
Purchases of securities held to maturity | (23,120,238) | (27,261,578) |
Purchases of securities available for sale | (67,461,181) | (2,021,000) |
Maturities, calls, and repayments of securities available for sale | 2,653,200 | 2,593,807 |
Maturities, calls, and repayments of securities held to maturity | 10,740,997 | 14,151,334 |
Net (increase) decrease in loans | (60,612,691) | 34,542,074 |
Purchase of Bank Owned Life Insurance | (5,000,000) | (8,000,000) |
Net cash acquired in merger | 19,393,090 | |
Purchases of premises and equipment | (113,536) | (945,972) |
Purchase of FHLB Stock | (2,204,600) | (169,700) |
Redemption of FHLB stock | 979,200 | 1,194,200 |
Net cash (used in)provided by investing activities | (144,138,849) | 33,476,255 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 13,876,424 | (14,593,415) |
Net increase (decrease) in short-term FHLB advances | 43,220,000 | (12,000,000) |
Proceeds from long-term FHLB non-repo advances | 3,000,000 | |
Repayments of long-term FHLB non-repo advances | (12,952,073) | (8,498,055) |
Repurchase of common stock | (4,302,178) | |
Net increase in advance payments from borrowers for taxes and insurance | 575,493 | 360,205 |
Net cash provided by (used in) financing activities | 40,417,666 | (31,731,265) |
Net (decrease) increase in cash and cash equivalents | (97,464,555) | 20,285,072 |
Cash and cash equivalents at beginning of year | 105,068,785 | 80,385,739 |
Cash and cash equivalents at March 31 | 7,604,230 | 100,670,811 |
Supplemental cash flow information | ||
Income taxes paid | 700,000 | 1,355,000 |
Interest paid | $ 2,322,057 | 3,157,098 |
Non-cash investment and financing activities | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 87,352,754 | |
Fair value of liabilities assumed | $ 93,312,447 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at June 30, 2022 and December 31, 2021. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity. Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested restricted stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three-and-six month periods ended June 30, 2022, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the three and six-month periods ended June 30, 2021. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2022 and 2021. For the three months ended June 30, 2022 For the three months ended June 30, 2021 For the six months ended June 30, 2022 For the six months ended June 30, 2021 Numerator Net income $ 1,642,007 $ 1,438,724 $ 3,042,904 $ 4,445,031 Denominator: Weighted average shares outstanding - basic 13,662,222 13,945,423 13,760,002 13,528,822 Effect of stock options 39,452 — 40,166 — Weighted average shares outstanding - diluted 13,701,674 13,945,423 13,800,168 13,528,822 Earnings per common share: Basic $ 0.12 $ 0.10 $ 0.22 $ 0.33 Diluted 0.12 0.10 0.22 0.33 NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ under different conditions than those assumed. Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2021 . NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Not Yet Effective Accounting Pronouncements : In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or re assess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This Update is effective for SEC filers that qualify as smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company expects to recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of January 1, 2023. The Company cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. |
ACQUISITION OF GIBRALTAR BANK
ACQUISITION OF GIBRALTAR BANK | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
ACQUISITION OF GIBRALTAR BANK | NOTE 2 – ACQUISITION OF GIBRALTAR BANK On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. Pursuant to the terms of the Merger Agreement, Gibraltar Bank merged with and into the Bank, with the Bank as the surviving entity. Under the terms of the merger agreement, depositors of Gibraltar Bank became depositors of the Bank and have the same rights and privileges in Bogota Financial MHC as if their accounts had been established at the Bank on the date established at Gibraltar Bank. The Company issued 1,267,916 shares of its common stock to Bogota Financial, MHC in conjunction with the acquisition. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of February 28, 2021 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of bargain purchase gain of $ 1.9 million and a core deposit intangible of $ 400,000 in 2021. NOTE 2 – ACQUISITION OF GIBRALTAR BANK (Continued) Merger-related expenses of $ 392,000 for the first quarter of 2021 are recorded in the Consolidated Statements of Income and were expensed as incurred. The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Fair value As recorded Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 ( 208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other 603,500 — 603,500 Loans receivable 77,683,903 ( 920,497 ) (b) 76,763,406 Allowance for loan loss ( 640,232 ) 640,232 (c) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e) 400,000 Deferred taxes 913,303 ( 184,973 ) (f) 728,330 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities at the acquisition date. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense. |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 6 Months Ended |
Jun. 30, 2022 | |
Available-for-sale Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 3 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at June 30, 2022 and December 31, 2021: Amortized Gross Gross Fair June 30, 2022 U.S treasury bills less than one year $ 9,910,459 $ — $ ( 40,027 ) 9,870,432 U.S. government and agency obligations One through five years 6,000,000 — ( 432,891 ) 5,567,109 Corporate bonds due in: One through five years 15,252,017 503 ( 358,051 ) 14,894,469 Five through ten years 2,949,325 — ( 234,025 ) 2,715,300 MBSs – residential 46,918,907 11,912 ( 5,546,864 ) 41,383,955 MBSs – commercial 25,553,578 — ( 2,477,150 ) 23,076,428 Total $ 106,584,286 $ 12,415 $ ( 9,089,008 ) $ 97,507,693 Amortized Gross Gross Fair December 31, 2021 U.S. government and agency obligations One through five years $ 3,000,000 $ — $ ( 18,270 ) $ 2,981,730 Corporate bonds due in: One through five years 6,375,068 17,594 ( 636 ) 6,392,026 Five through ten years 1,002,542 3,050 — 1,005,592 MBSs – residential 21,695,539 89,297 ( 24,591 ) 21,760,245 MBSs – commercial 9,741,782 — ( 42,577 ) 9,699,205 Total $ 41,814,931 $ 109,941 $ ( 86,074 ) $ 41,838,798 All of the mortgaged-backed securities (“MBSs”) are issued by the following government sponsored agencies: Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 3 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the three and six months ended June 30, 2022 or June 30, 2021. The age of unrealized losses and the fair value of related securities as of June 30, 2022 and December 31, 2021 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2022 U.S treasury bills $ 9,870,432 $ ( 40,027 ) $ — $ — $ 9,870,432 $ ( 40,027 ) U.S. government and agency obligations 5,567,109 ( 432,891 ) — — 5,567,109 ( 432,891 ) Corporate bonds 16,608,727 ( 592,076 ) — — 16,608,727 ( 592,076 ) MBSs – residential 40,333,985 ( 5,541,734 ) 239,326 ( 5,130 ) 40,573,311 ( 5,546,864 ) MBSs – commercial 23,076,428 ( 2,477,150 ) — — 23,076,428 ( 2,477,150 ) Total $ 95,456,681 $ ( 9,083,878 ) $ 239,326 $ ( 5,130 ) $ 95,696,007 $ ( 9,089,008 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 U.S. government and agency obligations $ 2,981,730 $ ( 18,270 ) $ — $ — $ 2,981,730 $ ( 18,270 ) Corporate bonds 1,006,523 ( 636 ) — — 1,006,523 ( 636 ) MBSs – residential 10,000,558 ( 22,652 ) 250,581 ( 1,939 ) 10,251,139 ( 24,591 ) MBSs – commercial 9,699,205 ( 42,577 ) — — 9,699,205 ( 42,577 ) Total $ 23,688,016 $ ( 84,135 ) $ 250,581 $ ( 1,939 ) $ 23,938,597 $ ( 86,074 ) Unrealized losses on corporate bonds available for sale have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value was largely due to changes in interest rates and other market conditions. At June 30, 2022 , 100 % of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies, primarily FNMA and FHLMC, institutions which the government has affirmed its commitment to support. Because the decline in fair value is attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these mortgage-backed securities and it is likely that it will not be required to sell the securities before their anticipated recovery, the Bank does not consider these securities to be other-than-temporary impaired at June 30, 2022. At June 30, 2022 , securities available for sale with a carrying value of $ 144,705 were pledged to secure public deposits. There were no securities available for sale and pledged to secure public deposits at December 31, 2021. There were 53 securities in a loss position at June 30, 2022, none of which were considered to be other-than-temporally impaired. |
SECURITIES HELD TO MATURITY
SECURITIES HELD TO MATURITY | 6 Months Ended |
Jun. 30, 2022 | |
Held-to-maturity Securities | |
Marketable Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 4 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at June 30, 2022 and December 31, 2021: Amortized Gross Gross Fair June 30, 2022 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 288,760 ) $ 9,711,240 Five through ten years 3,000,000 — ( 340,374 ) 2,659,626 Corporate bonds due in: One through five years 938,800 — ( 40,579 ) 898,221 Five through ten years 15,317,671 14,613 ( 416,722 ) 14,915,562 Municipal obligations due in: Less than one year 8,453,894 595 ( 40,660 ) 8,413,829 One through five years 1,223,015 499 ( 71,658 ) 1,151,856 Five through ten years 375,000 128 — 375,128 Greater than ten years 1,730,290 — ( 372,950 ) 1,357,340 MBSs: Residential 15,543,065 1,545 ( 1,670,272 ) 13,874,338 Commercial 29,850,605 — ( 3,349,349 ) 26,501,256 Total $ 86,432,340 $ 17,380 $ ( 6,591,324 ) $ 79,858,396 Amortized Gross Gross Fair December 31, 2021 U.S. Government and agency obligations Five through ten years $ 3,000,000 $ — $ — $ 3,000,000 Corporate bonds due in: Five through ten years 13,681,053 410,726 ( 39,870 ) 14,051,909 Municipal obligations due in: Less than one year 4,006,006 12,668 ( 2,776 ) 4,015,898 One through five years 903,483 — ( 15,399 ) 888,084 Five through ten years 375,000 27,353 — 402,353 Greater than ten years 1,732,386 9,527 — 1,741,913 MBSs: Residential 16,913,787 75,094 ( 240,797 ) 16,748,084 Commercial 33,441,384 287,278 ( 495,844 ) 33,232,818 Total $ 74,053,099 $ 822,646 $ ( 794,686 ) $ 74,081,059 All of the MBSs are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 4 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2022 U.S. government and agency obligations $ 12,370,866 $ ( 629,134 ) $ — $ — $ 12,370,866 $ ( 629,134 ) Corporate bonds 11,431,670 ( 374,801 ) 667,500 ( 82,500 ) 12,099,170 ( 457,301 ) Municipal bonds 9,866,743 ( 485,268 ) — — 9,866,743 ( 485,268 ) MBSs – residential 8,703,765 ( 1,106,726 ) 4,934,374 ( 563,546 ) 13,638,139 ( 1,670,272 ) MBSs – commercial 20,130,247 ( 1,744,641 ) 6,371,009 ( 1,604,708 ) 26,501,256 ( 3,349,349 ) Total $ 62,503,291 $ ( 4,340,570 ) $ 11,972,883 $ ( 2,250,754 ) $ 74,476,174 $ ( 6,591,324 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2021 Corporate bonds $ 3,710,120 $ ( 39,870 ) $ — $ — $ 3,710,120 $ ( 39,870 ) Municipal bonds 3,835,309 ( 18,175 ) — — 3,835,309 ( 18,175 ) MBSs – residential 10,720,544 ( 141,726 ) 2,701,345 ( 99,071 ) 13,421,889 ( 240,797 ) MBSs – commercial 7,898,509 ( 197,720 ) 4,653,364 ( 298,124 ) 12,551,873 ( 495,844 ) Total $ 26,164,482 $ ( 397,491 ) $ 7,354,709 $ ( 397,195 ) $ 33,519,191 $ ( 794,686 ) Unrecognized losses have not been recognized into income because the issuers of the securities are of high credit quality, management does not intend to sell and it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value was largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At June 30, 2022 and December 31, 2021 , securities held to maturity with a carrying amount of $ 6,643,645 and $ 8,363,997 , respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. There were 57 securities in a loss position at June 30, 2022, none of which were considered to be other-than-temporally impaired. At June 30, 2022 and December 31, 2021 , securities held to maturity with a carrying value of $ 4,792,454 and $ 3,976,629 , respectively, were pledged to secure public deposits. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
LOANS | NOTE 5 – LOANS Loans are summarized as follows at June 30, 2022 and December 31, 2021: June 30, December 31, Real estate: (unaudited) Residential $ 379,776,653 $ 319,968,234 Commercial and multi-family real estate 173,619,693 175,375,419 Construction 51,799,501 41,384,687 Commercial and industrial 2,068,871 7,905,524 Consumer: Home equity and other 25,798,836 27,728,979 Total loans 633,063,554 572,362,843 Allowance for loan losses ( 2,253,174 ) ( 2,153,174 ) Net loans $ 630,810,380 $ 570,209,669 As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). During 2020, the Bank received and processed 113 PPP applications totaling approximately $ 10.5 million. The Bank participated in the second round of PPP loans and during the first half of 2021, the Bank received and processed 54 applications totaling $ 6.9 million. All outstanding PPP loans are included in the table above under commercial and industrial loans. Since origination, the Bank has processed forgiveness applications for $ 13.4 million and the outstanding balance of PPP loans at June 30, 2022 and December 31, 2021 was $ 1.4 million and $ 5.8 million, respectively. The Bank has granted loans to officers and directors of the Bank. At June 30, 2022 and December 31, 2021 , such loans totaled $ 1,754,815 and $ 577,143 , respectively. At June 30, 2022 and December 31, 2021 deferred loan fees were $ 2,127,170 and $ 1,249,233 , respectively. Purchased credit impaired ("PCI") loans are loans acquired at a discount primarily due to deteriorated credit quality. These loans are initially recorded at fair value at acquisition, based upon the present value of expected future cash flows, with no related allowance for loan losses. PCI loans acquired in the Gibraltar Bank acquisition totaled $ 4.7 million at June 30, 2022. The following table presents changes in accretable yield for PCI loans for the six months ended June 30, 2022 and 2021. Three months ended Six months ended Three Months Ended Six Months Ended Balance at the beginning of period $ 160,457 $ 170,075 $ 217,789 $ — Acquisition — — — 217,789 Accretion 8,603 18,221 — — Reclassification of non-accretable discount — — — — Balance at the end of period $ 151,854 $ 151,854 $ 217,789 $ 217,789 NOTE 5 – LOANS (Continued) The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended June 30, 2022 and 2021. Residential Commercial Construction Commercial Home equity & other Total Three months Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 (Credit) provision for loan losses 159,450 ( 88,600 ) 37,000 ( 2,400 ) ( 5,450 ) 100,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 June 30, 2021 Allowance for loan losses: Beginning balance $ 1,185,674 $ 849,000 $ 48,000 $ 13,500 $ 86,000 $ 2,182,174 (Credit) provision for loan losses ( 58,980 ) 4,000 6,000 ( 5,020 ) — ( 54,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 The following table presents the activity in the allowance for loan losses by portfolio segments for the six months ended June 30, 2022 and 2021. Residential Commercial Construction Commercial Home equity & other Total Six months Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for loan losses (credit) 159,450 ( 88,600 ) 37,000 ( 2,400 ) ( 5,450 ) 100,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 June 30, 2021 Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Provision for loan losses (credit) ( 127,480 ) 12,000 9,000 ( 5,520 ) ( 1,000 ) ( 113,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 NOTE 5 – LOANS (Continued) The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of June 30, 2022 and December 31, 2021: Residential Commercial Construction Commercial Home equity & other consumer Total June 30, 2022 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,216,065 680,000 232,000 7,000 82,250 2,217,315 Acquired with deteriorated — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 Loans: Loans individually evaluated $ 832,754 $ — $ — $ — $ 18,239 $ 850,993 Loans collectively evaluated 375,642,159 172,240,349 51,799,501 2,068,871 25,745,345 627,496,225 Loans acquired with deteriorated 3,301,740 1,379,344 — — 35,252 4,716,336 Total ending loan balance $ 379,776,653 $ 173,619,693 $ 51,799,501 $ 2,068,871 $ 25,798,836 $ 633,063,554 December 31, 2021 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,056,615 768,600 195,000 9,400 87,700 2,117,315 Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Loans: Loans individually evaluated $ 1,099,793 $ — $ — $ — $ 18,507 $ 1,118,300 Loans collectively evaluated 314,754,870 173,962,424 41,384,687 7,866,263 27,710,472 565,678,716 Loans acquired with deteriorated 4,113,571 1,412,995 — 39,261 — 5,565,827 Total ending loan balance $ 319,968,234 $ 175,375,419 $ 41,384,687 $ 7,905,524 $ 27,728,979 $ 572,362,843 NOTE 5 – LOANS (Continued) Impaired loans as of and for the three and six months ended June 30, 2022 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 1,215,530 $ 173,353 $ 35,859 Commercial and Multi-Family 488,849 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,239 — — $ 1,722,618 $ 173,353 $ 35,859 Average loans for the Three months ended Six months ended Residential first mortgages $ 1,393,122 $ 1,482,496 Commercial and Multi-Family 488,752 488,504 Construction — — Commercial & Industrial — — Home equity & other consumer 28,907 25,440 $ 1,910,781 $ 1,996,440 Impaired loans as of December 31, 2021 and for the three and six months ended June 30, 2021 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 1,486,469 $ 174,776 $ 35,859 Commercial and Multi-Family 488,003 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,507 — — $ 1,992,979 $ 174,776 $ 35,859 Average loans for the Three months ended June 30, 2021 Six months ended June 30, 2021 Residential first mortgages $ 1,217,094 $ 1,231,099 Commercial and Multi-Family 222,534 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 18,980 19,353 $ 1,458,608 $ 1,477,678 NOTE 5 – LOANS (Continued) The Bank has three residential loans totaling $ 469,102 that were troubled debt restructurings (“TDRs”) as of June 30, 2022 , with one loan totaling $ 173,353 with a specific reserve of $ 35,859 . At December 31, 2021 , the Bank had four residential loans totaling $ 728,288 that were TDRs and one loan totaling $ 174,776 with a specific reserve of $ 35,859 . The Bank has not committed to lend additional amounts as of June 30, 2022 or December 31, 2021 to customers with outstanding loans that are classified as TDRs. There were no loans modified as TDRs during the six-month periods ended June 30, 2022 or 2021. There were no TDRs in payment default within twelve months following the modification during the six months ended June 30, 2022 or 2021. Interest income recognized on impaired loans for the three and six months ended June 30, 2022 and June 30, 2021 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, excluding PCI loans, by class of loans as of June 30, 2022 and December 31, 2021: Nonaccrual Loans Past June 30, 2022 Residential $ 832,754 $ — Home equity and other consumer 18,239 — Total $ 850,993 $ — December 31, 2021 Residential $ 846,037 $ — Home equity and other consumer 18,507 — Total $ 864,544 $ — The Bank had no other real estate owned at either June 30, 2022 or December 31, 2021. NOTE 5 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of June 30, 2022 and December 31, 2021, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total June 30, 2022 Residential $ — $ 559,838 $ 286,744 $ 846,582 $ 375,628,331 $ 3,301,740 $ 379,776,653 Commercial and multi-family — — — — 172,240,349 1,379,344 173,619,693 Construction — — — — 51,799,501 — 51,799,501 Commercial and industrial — — — — 2,068,871 — 2,068,871 Home equity and other consumer 137,112 — — 137,112 25,626,472 35,252 25,798,836 Total $ 137,112 $ 559,838 $ 286,744 $ 983,694 $ 627,363,524 $ 4,716,336 $ 633,063,554 December 31, 2021 Residential $ — $ 312,616 $ 857,676 $ 1,170,292 $ 314,684,371 $ 4,113,571 $ 319,968,234 Commercial and multi-family — — — — 173,962,424 1,412,995 175,375,419 Construction — — — — 41,384,687 — 41,384,687 Commercial and industrial — — — — 7,905,524 — 7,905,524 Home Equity & Consumer 27,529 — — 27,529 27,662,189 39,261 27,728,979 Total $ 27,529 $ 312,616 $ 857,676 $ 1,197,821 $ 565,599,195 $ 5,565,827 $ 572,362,843 Loans greater than 89 days past due and loans on non-accrual are considered to be nonperforming. Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. Commercial and multi-family real estate, commercial and industrial and construction loans are graded on an annual basis. Residential and consumer loans are primarily evaluated based on performance. Refer to the immediately preceding table for the aging of the recorded investment of these loan segments. The Bank uses the following definitions for risk ratings: Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans not meeting the criteria above are considered to be Pass rated loans. NOTE 5 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals June 30, 2022 Residential $ 378,943,899 $ 372,332 $ 460,422 $ — $ 379,776,653 Commercial and multi-family 173,619,693 — — — 173,619,693 Construction 51,799,501 — — — 51,799,501 Commercial and industrial 2,068,871 — — — 2,068,871 Home equity and other consumer 25,780,597 — 18,239 — 25,798,836 Total $ 632,212,561 $ 372,332 $ 478,661 $ — $ 633,063,554 December 31, 2021 Residential $ 318,868,440 $ 383,034 $ 716,760 $ — $ 319,968,234 Commercial and multi-family 174,173,925 — 1,201,494 — 175,375,419 Construction 41,384,687 — — — 41,384,687 Commercial and industrial 7,905,524 — — — 7,905,524 Home equity and other consumer 27,710,472 — 18,507 — 27,728,979 Total $ 570,043,048 $ 383,034 $ 1,936,761 $ — $ 572,362,843 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 6 – STOCK BASED COMPENSATION At the annual meeting held on May 27, 2021, stockholders of the Company approved the Bogota Financial Corp. 2021 Equity Incentive Plan ("2021 Plan"), which provides for the issuance of up to 902,602 shares ( 257,887 restricted stock awards and 644,718 stock options) of Bogota Financial Corp. common stock. On September 2, 2021, 226,519 shares of restricted stock were awarded, with a grant date fair value of $ 10.45 per share. Grants of restricted common stock were issued from authorized but unissued shares. Restricted shares granted under the 2021 Plan vest in equal installments, over a service period of five years , beginning one year from the date of grant. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. During the three and six months ended June 30, 2022, approximately $ 118,000 and $ 236,000 in expense was recognized in regard to these awards. There was no restricted stock expense recorded for the three and six months ended June 30, 2021. The expected future compensation expense related to the 226,519 non-vested restricted shares outstanding at June 30, 2022 was approximately $ 2.0 million over a weighted average period of four years . The following is a summary of the Company's restricted stock activity during the six months ended June 30, 2022: Number of non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2022 226,519 $ 10.45 Granted — — Vested — — Forfeited — — Outstanding, June 30, 2022 226,519 $ 10.45 NOTE 6 – STOCK BASED COMPENSATION (Continued) On September 2, 2021, options to purchase 526,119 shares of Company common stock were awarded, with a grant date fair value of $ 4.37 per option. Stock options granted under the 2021 Plan vest in equal installments over a service period of five years beginning one year from the date of grant. Stock options were granted at an exercise price of $ 10.45 , which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of 10 years . The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6.5 years, risk-free rate of return of 0.904 %, volatility of 41.10 %, and a dividend yield of 0.00 %. The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently converted to a public Company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has no t paid any cash dividends on its common stock. Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three and six months ended June 30, 2022, approximately $ 115,000 and $ 230,000 in expense was recognized in regard to these awards, respectively. There was no stock option expense recorded for the three or six months ended June 30, 2021. The expected future compensation expense related to the 526,119 non-vested options outstanding at June 30, 2022 was $ 1.9 million over the vesting period of four years . The following is a summary of the Company's option activity during the six months ended June 30, 2022: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2022 $ 523,619 $ 10.45 6.5 $ 397,951 Granted — Exercised — Forfeited — Outstanding, June 30, 2022 523,619 $ 10.45 5.9 $ 397,591 Options exercisable at June 30, 2022 $ — $ — The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 7 – EMPLOYEE STOCK OWNERSHIP PLAN In connection with our mutual-to-stock reorganization and stock offering, the Bank established an employee stock ownership plan (“ESOP”), which acquired 515,775 shares of the Company’s common stock equaling 3.92 % of the Company's outstanding shares. The ESOP is a tax-qualified retirement plan providing employees the opportunity to own Company stock. Bank contributions to the ESOP are allocated to eligible participants on the basis of compensation, subject to federal tax limits. The number of shares to be allocated annually is 25,789 through 2039. During the three months ended June 30, 2022 and 2021, $ 70,000 and $ 65,000 was incurred as expense for the plan, respectively. During the six months ended June 30, 2022 and 2021, $ 137,000 and $ 125,000 was incurred as expense for the plan, respectively. As of June 30, 2022, 65,789 shares have been allocated and 449,977 shares are unallocated with a fair value of $ 5.1 million. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 8 – Commitments and Contingencies The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments primarily include commitments to extend credit. Such instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of these instruments reflect the extent of involvement the Bank has in those particular classes of financial instruments. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Bank had outstanding firm commitments, all of which expire within three months, to originate, loans at June 30, 2022 and December 31, 2021 as follows: June 30, December 31, Fixed Rate Residential mortgage loans $ 27,116,500 $ 2,986,250 Commercial real estate 350,000 — Construction 675,000 — Home equity — 170,000 Total $ 28,141,500 $ 3,156,250 June 30, December 31, Variable Rate Residential mortgage loans $ 25,144,739 $ — Commercial real estate 3,040,000 1,400,000 Commercial and industrial 500,000 — Construction — 7,522,375 Home equity 618,000 1,060,000 Total $ 29,302,739 $ 9,982,375 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 3.50 % to 6.00 % and maturities ranging from 10 years to 30 years. At June 30, 2022 and December 31, 2021 , undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $ 47,745,830 and $ 48,028,579 , respectively. At June 30, 2022 and December 31, 2021 , undisbursed funds from approved lines of credit under a business line of credit program amounted to $ 8,176,073 and $ 7,938,827 , respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes commercial and residential real estate. The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $ 43,364 and $ 48,012 for the three months ended June 30, 2022 and 2021, respectively. Rent expense was $ 87,179 and $ 73,763 for the six months ended June 30, 2022 and 2021 , respectively. |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 9 – FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a bank’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: The Bank’s available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income/loss in stockholders’ equity. The securities available-for-sale portfolio consists of corporate bonds and mortgage-backed securities. The fair values of these securities are obtained from an independent nationally recognized pricing service. An independent pricing service provides prices which are categorized as Level 2, as quoted prices in active markets for identical assets are generally not available for the securities. Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of June 30, 2022 Securities available for sale: U.S. treasury bills $ 9,870,432 $ 9,870,432 $ — $ — U.S. government and agency obligations 5,567,109 — 5,567,109 — Corporate bonds 17,609,769 — 17,609,769 — MBSs - residential 41,383,955 — 41,383,955 — MBSs - commercial 23,076,428 — 23,076,428 — $ 97,507,693 $ 9,870,432 $ 87,637,261 $ — As of December 31, 2021 Securities available for sale: U.S. government and agency obligations $ 2,981,730 $ — $ 2,981,730 Corporate bonds 7,397,618 — 7,397,618 — MBSs - residential 21,760,245 — 21,760,245 — MBSs - commercial 9,699,205 — 9,699,205 — $ 41,838,798 $ — $ 41,838,798 $ — There were no transfers between level 1 and level 2 during the six months ended June 30, 2022. NOTE 9 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments not measured at fair value, at June 30, 2022 and December 31, 2021, were as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Financial instruments - assets Cash and due from banks $ 7,604 $ 7,604 $ 7,604 $ — $ — Investment securities held-to-maturity 86,432 79,858 — 79,858 — Loans and loans held for sale 631,170 595,775 — — 595,775 Financial instruments - liabilities Certificates of deposit 367,866 369,394 — 369,394 — Borrowings 115,279 114,670 — 114,670 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial instruments - assets Cash and due from banks $ 105,069 $ 105,069 $ 105,069 $ — $ — Investment securities held-to-maturity 74,053 74,081 — 74,081 — Loans and loans held for sale 571,363 569,845 — — 569,845 Financial instruments - liabilities Certificates of deposit 366,396 365,452 — 365,452 — Borrowings 85,052 86,657 — 86,657 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 10 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three and six months ended June 30, 2022 and 2021 was as follows: Unrealized gain securities Benefit plans Total Three months ended June 30, 2022 Beginning balance at April 1, 2022 $ ( 2,689,802 ) $ 58,747 $ ( 2,631,055 ) Other comprehensive (loss) income before reclassification — — — Amounts reclassified ( 4,142,333 ) 41,589 ( 4,100,744 ) Net period comprehensive (loss) income ( 4,142,333 ) 41,589 ( 4,100,744 ) Ending balance at June 30, 2022 $ ( 6,832,135 ) $ 100,336 $ ( 6,731,799 ) June 30, 2021 Beginning balance at April 1, 2021 $ 112,120 $ ( 342,201 ) $ ( 230,081 ) Other comprehensive income before reclassification — — — Amounts reclassified 9,212 31,381 40,593 Net period comprehensive income 9,212 31,381 40,593 Ending balance at June 30, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) Unrealized gain securities Benefit plans Total Six months ended Beginning balance at January 1, 2022 $ ( 289,814 ) $ 17,158 $ ( 272,656 ) Other comprehensive income before reclassification — — — Amounts reclassified ( 6,542,321 ) 83,178 ( 6,459,143 ) Net period comprehensive income ( 6,542,321 ) 83,178 ( 6,459,143 ) Ending balance at June 30, 2022 $ ( 6,832,135 ) $ 100,336 $ ( 6,731,799 ) June 30, 2021 Beginning balance at January 1, 2021 $ 100,569 $ ( 373,582 ) $ ( 273,013 ) Other comprehensive income before reclassification — — — Amounts reclassified 20,763 62,762 83,525 Net period comprehensive income 20,763 62,762 83,525 Ending balance at June 30, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation : On January 15, 2020, Bogota Financial Corp. (the “Company,” “we” or “our”) became the mid-tier stock holding company for Bogota Savings Bank (the “Bank”) in connection with the reorganization of Bogota Savings Bank into the two-tier mutual holding company structure. The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at June 30, 2022 and December 31, 2021. The Bank generally originates residential, commercial and consumer loans to, and accepts deposits from, customers in New Jersey. The debtors’ ability to repay the loans is dependent upon the region’s economy and the borrowers’ circumstances. The Bank is also subject to the regulations of certain federal and state agencies and undergoes periodic examination by those regulatory authorities. The Company completed its stock offering in connection with the mutual holding company reorganization of the Bank on January 15, 2020. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” |
Reclassifications | Reclassifications : Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or stockholders' equity. |
Earnings per Share | Earnings per Share: Basic earnings per share (“EPS”) is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes unallocated employee stock ownership plan shares that have not been committed for release and non-vested restricted stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. For the three-and-six month periods ended June 30, 2022, options to purchase 526,119 common shares with an exercise price of $ 10.45 were outstanding but were not included in the computation of diluted earnings per common share because to do so would be anti-dilutive. The Company did no t have any outstanding stock options or shares of restricted stock for the three and six-month periods ended June 30, 2021. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2022 and 2021. For the three months ended June 30, 2022 For the three months ended June 30, 2021 For the six months ended June 30, 2022 For the six months ended June 30, 2021 Numerator Net income $ 1,642,007 $ 1,438,724 $ 3,042,904 $ 4,445,031 Denominator: Weighted average shares outstanding - basic 13,662,222 13,945,423 13,760,002 13,528,822 Effect of stock options 39,452 — 40,166 — Weighted average shares outstanding - diluted 13,701,674 13,945,423 13,800,168 13,528,822 Earnings per common share: Basic $ 0.12 $ 0.10 $ 0.22 $ 0.33 Diluted 0.12 0.10 0.22 0.33 |
Use of Estimates | Use of Estimates : To prepare financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ under different conditions than those assumed. |
Basis of Presentation | Basis of Presentation : The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting in Article 10 of Regulation S-X of the Securities Exchange Act of 1934, as amended. The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. These financial statements include the accounts of the Company, the Bank and its subsidiaries, and all significant intercompany balances and transactions are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Financial Corp. at and for the year ended December 31, 2021 . |
Not Yet Effective Accounting Pronouncements: | Not Yet Effective Accounting Pronouncements : In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or re assess a previous accounting determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 2022. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position and results of operations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the impairment model for most financial assets. This Update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the Update is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be affected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. With certain exceptions, transition to the new requirements will be through a cumulative-effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This Update is effective for SEC filers that qualify as smaller reporting companies, non-SEC filers, and all other companies, to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company expects to recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of January 1, 2023. The Company cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | |
Summary of earnings per share basic and diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2022 and 2021. For the three months ended June 30, 2022 For the three months ended June 30, 2021 For the six months ended June 30, 2022 For the six months ended June 30, 2021 Numerator Net income $ 1,642,007 $ 1,438,724 $ 3,042,904 $ 4,445,031 Denominator: Weighted average shares outstanding - basic 13,662,222 13,945,423 13,760,002 13,528,822 Effect of stock options 39,452 — 40,166 — Weighted average shares outstanding - diluted 13,701,674 13,945,423 13,800,168 13,528,822 Earnings per common share: Basic $ 0.12 $ 0.10 $ 0.22 $ 0.33 Diluted 0.12 0.10 0.22 0.33 |
ACQUISITION OF GIBRALTAR BANK (
ACQUISITION OF GIBRALTAR BANK (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Fair value As recorded Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 ( 208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other 603,500 — 603,500 Loans receivable 77,683,903 ( 920,497 ) (b) 76,763,406 Allowance for loan loss ( 640,232 ) 640,232 (c) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e) 400,000 Deferred taxes 913,303 ( 184,973 ) (f) 728,330 Other assets 362,636 ( 278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities at the acquisition date. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense. |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale by contractual maturity bucket | The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale, by contractual maturity, at June 30, 2022 and December 31, 2021: Amortized Gross Gross Fair June 30, 2022 U.S treasury bills less than one year $ 9,910,459 $ — $ ( 40,027 ) 9,870,432 U.S. government and agency obligations One through five years 6,000,000 — ( 432,891 ) 5,567,109 Corporate bonds due in: One through five years 15,252,017 503 ( 358,051 ) 14,894,469 Five through ten years 2,949,325 — ( 234,025 ) 2,715,300 MBSs – residential 46,918,907 11,912 ( 5,546,864 ) 41,383,955 MBSs – commercial 25,553,578 — ( 2,477,150 ) 23,076,428 Total $ 106,584,286 $ 12,415 $ ( 9,089,008 ) $ 97,507,693 Amortized Gross Gross Fair December 31, 2021 U.S. government and agency obligations One through five years $ 3,000,000 $ — $ ( 18,270 ) $ 2,981,730 Corporate bonds due in: One through five years 6,375,068 17,594 ( 636 ) 6,392,026 Five through ten years 1,002,542 3,050 — 1,005,592 MBSs – residential 21,695,539 89,297 ( 24,591 ) 21,760,245 MBSs – commercial 9,741,782 — ( 42,577 ) 9,699,205 Total $ 41,814,931 $ 109,941 $ ( 86,074 ) $ 41,838,798 |
Summary of debt securities available for sale and unrealized loss position | The age of unrealized losses and the fair value of related securities as of June 30, 2022 and December 31, 2021 were as follows: Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized June 30, 2022 U.S treasury bills $ 9,870,432 $ ( 40,027 ) $ — $ — $ 9,870,432 $ ( 40,027 ) U.S. government and agency obligations 5,567,109 ( 432,891 ) — — 5,567,109 ( 432,891 ) Corporate bonds 16,608,727 ( 592,076 ) — — 16,608,727 ( 592,076 ) MBSs – residential 40,333,985 ( 5,541,734 ) 239,326 ( 5,130 ) 40,573,311 ( 5,546,864 ) MBSs – commercial 23,076,428 ( 2,477,150 ) — — 23,076,428 ( 2,477,150 ) Total $ 95,456,681 $ ( 9,083,878 ) $ 239,326 $ ( 5,130 ) $ 95,696,007 $ ( 9,089,008 ) Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 U.S. government and agency obligations $ 2,981,730 $ ( 18,270 ) $ — $ — $ 2,981,730 $ ( 18,270 ) Corporate bonds 1,006,523 ( 636 ) — — 1,006,523 ( 636 ) MBSs – residential 10,000,558 ( 22,652 ) 250,581 ( 1,939 ) 10,251,139 ( 24,591 ) MBSs – commercial 9,699,205 ( 42,577 ) — — 9,699,205 ( 42,577 ) Total $ 23,688,016 $ ( 84,135 ) $ 250,581 $ ( 1,939 ) $ 23,938,597 $ ( 86,074 ) |
SECURITIES HELD TO MATURITY (Ta
SECURITIES HELD TO MATURITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity | The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity at June 30, 2022 and December 31, 2021: Amortized Gross Gross Fair June 30, 2022 U.S. Government and agency obligations One through five years $ 10,000,000 $ — $ ( 288,760 ) $ 9,711,240 Five through ten years 3,000,000 — ( 340,374 ) 2,659,626 Corporate bonds due in: One through five years 938,800 — ( 40,579 ) 898,221 Five through ten years 15,317,671 14,613 ( 416,722 ) 14,915,562 Municipal obligations due in: Less than one year 8,453,894 595 ( 40,660 ) 8,413,829 One through five years 1,223,015 499 ( 71,658 ) 1,151,856 Five through ten years 375,000 128 — 375,128 Greater than ten years 1,730,290 — ( 372,950 ) 1,357,340 MBSs: Residential 15,543,065 1,545 ( 1,670,272 ) 13,874,338 Commercial 29,850,605 — ( 3,349,349 ) 26,501,256 Total $ 86,432,340 $ 17,380 $ ( 6,591,324 ) $ 79,858,396 Amortized Gross Gross Fair December 31, 2021 U.S. Government and agency obligations Five through ten years $ 3,000,000 $ — $ — $ 3,000,000 Corporate bonds due in: Five through ten years 13,681,053 410,726 ( 39,870 ) 14,051,909 Municipal obligations due in: Less than one year 4,006,006 12,668 ( 2,776 ) 4,015,898 One through five years 903,483 — ( 15,399 ) 888,084 Five through ten years 375,000 27,353 — 402,353 Greater than ten years 1,732,386 9,527 — 1,741,913 MBSs: Residential 16,913,787 75,094 ( 240,797 ) 16,748,084 Commercial 33,441,384 287,278 ( 495,844 ) 33,232,818 Total $ 74,053,099 $ 822,646 $ ( 794,686 ) $ 74,081,059 |
Summary of debt securities held to maturity and unrealized loss position | The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized June 30, 2022 U.S. government and agency obligations $ 12,370,866 $ ( 629,134 ) $ — $ — $ 12,370,866 $ ( 629,134 ) Corporate bonds 11,431,670 ( 374,801 ) 667,500 ( 82,500 ) 12,099,170 ( 457,301 ) Municipal bonds 9,866,743 ( 485,268 ) — — 9,866,743 ( 485,268 ) MBSs – residential 8,703,765 ( 1,106,726 ) 4,934,374 ( 563,546 ) 13,638,139 ( 1,670,272 ) MBSs – commercial 20,130,247 ( 1,744,641 ) 6,371,009 ( 1,604,708 ) 26,501,256 ( 3,349,349 ) Total $ 62,503,291 $ ( 4,340,570 ) $ 11,972,883 $ ( 2,250,754 ) $ 74,476,174 $ ( 6,591,324 ) Less Than 12 Months 12 Months or More Total Fair Unrecognized Fair Unrecognized Fair Unrecognized December 31, 2021 Corporate bonds $ 3,710,120 $ ( 39,870 ) $ — $ — $ 3,710,120 $ ( 39,870 ) Municipal bonds 3,835,309 ( 18,175 ) — — 3,835,309 ( 18,175 ) MBSs – residential 10,720,544 ( 141,726 ) 2,701,345 ( 99,071 ) 13,421,889 ( 240,797 ) MBSs – commercial 7,898,509 ( 197,720 ) 4,653,364 ( 298,124 ) 12,551,873 ( 495,844 ) Total $ 26,164,482 $ ( 397,491 ) $ 7,354,709 $ ( 397,195 ) $ 33,519,191 $ ( 794,686 ) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of loans receivable | Loans are summarized as follows at June 30, 2022 and December 31, 2021: June 30, December 31, Real estate: (unaudited) Residential $ 379,776,653 $ 319,968,234 Commercial and multi-family real estate 173,619,693 175,375,419 Construction 51,799,501 41,384,687 Commercial and industrial 2,068,871 7,905,524 Consumer: Home equity and other 25,798,836 27,728,979 Total loans 633,063,554 572,362,843 Allowance for loan losses ( 2,253,174 ) ( 2,153,174 ) Net loans $ 630,810,380 $ 570,209,669 |
Schedule of Changes in Accretable Yield for PCI Loans | The following table presents changes in accretable yield for PCI loans for the six months ended June 30, 2022 and 2021. Three months ended Six months ended Three Months Ended Six Months Ended Balance at the beginning of period $ 160,457 $ 170,075 $ 217,789 $ — Acquisition — — — 217,789 Accretion 8,603 18,221 — — Reclassification of non-accretable discount — — — — Balance at the end of period $ 151,854 $ 151,854 $ 217,789 $ 217,789 |
Summary of activity in the allowance for loan losses by portfolio segment | The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended June 30, 2022 and 2021. Residential Commercial Construction Commercial Home equity & other Total Three months Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 (Credit) provision for loan losses 159,450 ( 88,600 ) 37,000 ( 2,400 ) ( 5,450 ) 100,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 June 30, 2021 Allowance for loan losses: Beginning balance $ 1,185,674 $ 849,000 $ 48,000 $ 13,500 $ 86,000 $ 2,182,174 (Credit) provision for loan losses ( 58,980 ) 4,000 6,000 ( 5,020 ) — ( 54,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 The following table presents the activity in the allowance for loan losses by portfolio segments for the six months ended June 30, 2022 and 2021. Residential Commercial Construction Commercial Home equity & other Total Six months Allowance for loan losses: Beginning balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Provision for loan losses (credit) 159,450 ( 88,600 ) 37,000 ( 2,400 ) ( 5,450 ) 100,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 June 30, 2021 Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Provision for loan losses (credit) ( 127,480 ) 12,000 9,000 ( 5,520 ) ( 1,000 ) ( 113,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 |
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of June 30, 2022 and December 31, 2021: Residential Commercial Construction Commercial Home equity & other consumer Total June 30, 2022 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,216,065 680,000 232,000 7,000 82,250 2,217,315 Acquired with deteriorated — — — — — — Total ending allowance balance $ 1,251,924 $ 680,000 $ 232,000 $ 7,000 $ 82,250 $ 2,253,174 Loans: Loans individually evaluated $ 832,754 $ — $ — $ — $ 18,239 $ 850,993 Loans collectively evaluated 375,642,159 172,240,349 51,799,501 2,068,871 25,745,345 627,496,225 Loans acquired with deteriorated 3,301,740 1,379,344 — — 35,252 4,716,336 Total ending loan balance $ 379,776,653 $ 173,619,693 $ 51,799,501 $ 2,068,871 $ 25,798,836 $ 633,063,554 December 31, 2021 Allowance for loan losses: Ending allowance balance Individually evaluated for $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for 1,056,615 768,600 195,000 9,400 87,700 2,117,315 Total ending allowance balance $ 1,092,474 $ 768,600 $ 195,000 $ 9,400 $ 87,700 $ 2,153,174 Loans: Loans individually evaluated $ 1,099,793 $ — $ — $ — $ 18,507 $ 1,118,300 Loans collectively evaluated 314,754,870 173,962,424 41,384,687 7,866,263 27,710,472 565,678,716 Loans acquired with deteriorated 4,113,571 1,412,995 — 39,261 — 5,565,827 Total ending loan balance $ 319,968,234 $ 175,375,419 $ 41,384,687 $ 7,905,524 $ 27,728,979 $ 572,362,843 |
Summary of impaired loans | Impaired loans as of and for the three and six months ended June 30, 2022 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 1,215,530 $ 173,353 $ 35,859 Commercial and Multi-Family 488,849 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,239 — — $ 1,722,618 $ 173,353 $ 35,859 Average loans for the Three months ended Six months ended Residential first mortgages $ 1,393,122 $ 1,482,496 Commercial and Multi-Family 488,752 488,504 Construction — — Commercial & Industrial — — Home equity & other consumer 28,907 25,440 $ 1,910,781 $ 1,996,440 Impaired loans as of December 31, 2021 and for the three and six months ended June 30, 2021 were as follows: Loans recorded Loans recorded Amount of losses allocated Residential first mortgages $ 1,486,469 $ 174,776 $ 35,859 Commercial and Multi-Family 488,003 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,507 — — $ 1,992,979 $ 174,776 $ 35,859 Average loans for the Three months ended June 30, 2021 Six months ended June 30, 2021 Residential first mortgages $ 1,217,094 $ 1,231,099 Commercial and Multi-Family 222,534 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 18,980 19,353 $ 1,458,608 $ 1,477,678 |
Summary of recorded investment in nonaccrual and past due | The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, excluding PCI loans, by class of loans as of June 30, 2022 and December 31, 2021: Nonaccrual Loans Past June 30, 2022 Residential $ 832,754 $ — Home equity and other consumer 18,239 — Total $ 850,993 $ — December 31, 2021 Residential $ 846,037 $ — Home equity and other consumer 18,507 — Total $ 864,544 $ — |
Summary of aging of loans receivable by portfolio segment | The following table presents the aging of the recorded investment in past due loans as of June 30, 2022 and December 31, 2021, by class of loans: 30-59 Days 60-89 Days Greater than Total Due Loans Not PCI loans Total June 30, 2022 Residential $ — $ 559,838 $ 286,744 $ 846,582 $ 375,628,331 $ 3,301,740 $ 379,776,653 Commercial and multi-family — — — — 172,240,349 1,379,344 173,619,693 Construction — — — — 51,799,501 — 51,799,501 Commercial and industrial — — — — 2,068,871 — 2,068,871 Home equity and other consumer 137,112 — — 137,112 25,626,472 35,252 25,798,836 Total $ 137,112 $ 559,838 $ 286,744 $ 983,694 $ 627,363,524 $ 4,716,336 $ 633,063,554 December 31, 2021 Residential $ — $ 312,616 $ 857,676 $ 1,170,292 $ 314,684,371 $ 4,113,571 $ 319,968,234 Commercial and multi-family — — — — 173,962,424 1,412,995 175,375,419 Construction — — — — 41,384,687 — 41,384,687 Commercial and industrial — — — — 7,905,524 — 7,905,524 Home Equity & Consumer 27,529 — — 27,529 27,662,189 39,261 27,728,979 Total $ 27,529 $ 312,616 $ 857,676 $ 1,197,821 $ 565,599,195 $ 5,565,827 $ 572,362,843 |
Summary of loans receivable by credit quality risk | Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Substandard Doubtful Totals June 30, 2022 Residential $ 378,943,899 $ 372,332 $ 460,422 $ — $ 379,776,653 Commercial and multi-family 173,619,693 — — — 173,619,693 Construction 51,799,501 — — — 51,799,501 Commercial and industrial 2,068,871 — — — 2,068,871 Home equity and other consumer 25,780,597 — 18,239 — 25,798,836 Total $ 632,212,561 $ 372,332 $ 478,661 $ — $ 633,063,554 December 31, 2021 Residential $ 318,868,440 $ 383,034 $ 716,760 $ — $ 319,968,234 Commercial and multi-family 174,173,925 — 1,201,494 — 175,375,419 Construction 41,384,687 — — — 41,384,687 Commercial and industrial 7,905,524 — — — 7,905,524 Home equity and other consumer 27,710,472 — 18,507 — 27,728,979 Total $ 570,043,048 $ 383,034 $ 1,936,761 $ — $ 572,362,843 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following is a summary of the Company's restricted stock activity during the six months ended June 30, 2022: Number of non-vested Restricted Shares Weighted Average Grant Date Fair Value Outstanding, January 1, 2022 226,519 $ 10.45 Granted — — Vested — — Forfeited — — Outstanding, June 30, 2022 226,519 $ 10.45 |
Summary of Option Activity | The following is a summary of the Company's option activity during the six months ended June 30, 2022: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2022 $ 523,619 $ 10.45 6.5 $ 397,951 Granted — Exercised — Forfeited — Outstanding, June 30, 2022 523,619 $ 10.45 5.9 $ 397,591 Options exercisable at June 30, 2022 $ — $ — |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of outstanding firm commitments | The Bank had outstanding firm commitments, all of which expire within three months, to originate, loans at June 30, 2022 and December 31, 2021 as follows: June 30, December 31, Fixed Rate Residential mortgage loans $ 27,116,500 $ 2,986,250 Commercial real estate 350,000 — Construction 675,000 — Home equity — 170,000 Total $ 28,141,500 $ 3,156,250 June 30, December 31, Variable Rate Residential mortgage loans $ 25,144,739 $ — Commercial real estate 3,040,000 1,400,000 Commercial and industrial 500,000 — Construction — 7,522,375 Home equity 618,000 1,060,000 Total $ 29,302,739 $ 9,982,375 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value | The carrying amounts and estimated fair values of financial instruments not measured at fair value, at June 30, 2022 and December 31, 2021, were as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2022 Financial instruments - assets Cash and due from banks $ 7,604 $ 7,604 $ 7,604 $ — $ — Investment securities held-to-maturity 86,432 79,858 — 79,858 — Loans and loans held for sale 631,170 595,775 — — 595,775 Financial instruments - liabilities Certificates of deposit 367,866 369,394 — 369,394 — Borrowings 115,279 114,670 — 114,670 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2021 Financial instruments - assets Cash and due from banks $ 105,069 $ 105,069 $ 105,069 $ — $ — Investment securities held-to-maturity 74,053 74,081 — 74,081 — Loans and loans held for sale 571,363 569,845 — — 569,845 Financial instruments - liabilities Certificates of deposit 366,396 365,452 — 365,452 — Borrowings 85,052 86,657 — 86,657 — |
Fair Value, Recurring | |
Summary of fair value, assets measured on recurring and nonrecurring basis | Assets measured at fair value on a recurring basis are summarized below: Carrying Quoted Prices Significant Significant As of June 30, 2022 Securities available for sale: U.S. treasury bills $ 9,870,432 $ 9,870,432 $ — $ — U.S. government and agency obligations 5,567,109 — 5,567,109 — Corporate bonds 17,609,769 — 17,609,769 — MBSs - residential 41,383,955 — 41,383,955 — MBSs - commercial 23,076,428 — 23,076,428 — $ 97,507,693 $ 9,870,432 $ 87,637,261 $ — As of December 31, 2021 Securities available for sale: U.S. government and agency obligations $ 2,981,730 $ — $ 2,981,730 Corporate bonds 7,397,618 — 7,397,618 — MBSs - residential 21,760,245 — 21,760,245 — MBSs - commercial 9,699,205 — 9,699,205 — $ 41,838,798 $ — $ 41,838,798 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss included in equity (net of tax) for the three and six months ended June 30, 2022 and 2021 was as follows: Unrealized gain securities Benefit plans Total Three months ended June 30, 2022 Beginning balance at April 1, 2022 $ ( 2,689,802 ) $ 58,747 $ ( 2,631,055 ) Other comprehensive (loss) income before reclassification — — — Amounts reclassified ( 4,142,333 ) 41,589 ( 4,100,744 ) Net period comprehensive (loss) income ( 4,142,333 ) 41,589 ( 4,100,744 ) Ending balance at June 30, 2022 $ ( 6,832,135 ) $ 100,336 $ ( 6,731,799 ) June 30, 2021 Beginning balance at April 1, 2021 $ 112,120 $ ( 342,201 ) $ ( 230,081 ) Other comprehensive income before reclassification — — — Amounts reclassified 9,212 31,381 40,593 Net period comprehensive income 9,212 31,381 40,593 Ending balance at June 30, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) Unrealized gain securities Benefit plans Total Six months ended Beginning balance at January 1, 2022 $ ( 289,814 ) $ 17,158 $ ( 272,656 ) Other comprehensive income before reclassification — — — Amounts reclassified ( 6,542,321 ) 83,178 ( 6,459,143 ) Net period comprehensive income ( 6,542,321 ) 83,178 ( 6,459,143 ) Ending balance at June 30, 2022 $ ( 6,832,135 ) $ 100,336 $ ( 6,731,799 ) June 30, 2021 Beginning balance at January 1, 2021 $ 100,569 $ ( 373,582 ) $ ( 273,013 ) Other comprehensive income before reclassification — — — Amounts reclassified 20,763 62,762 83,525 Net period comprehensive income 20,763 62,762 83,525 Ending balance at June 30, 2021 $ 121,332 $ ( 310,820 ) $ ( 189,488 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2021 shares | Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 Subsidiary $ / shares shares | Dec. 31, 2021 shares | Jun. 30, 2021 shares | |
Number of subsidiaries | Subsidiary | 2 | ||||
Number of share options awarded | 526,119 | 526,119 | |||
Grant date fair value of options awarded | $ / shares | $ 10.45 | $ 10.45 | |||
Number of stock options outstanding | 0 | ||||
Restricted Stock [Member] | |||||
Restricted stock outstanding | 226,519 | 226,519 | 226,519 | ||
Bogota Financial, MHC | |||||
Shares issued during period | 1,267,916 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic and Diluted (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator | ||||||
Net income | $ 1,642,007 | $ 1,400,897 | $ 1,438,724 | $ 3,006,307 | $ 3,042,904 | $ 4,445,031 |
Denominator | ||||||
Weighted average shares outstanding - basic | 13,662,222 | 13,945,423 | 13,760,002 | 13,528,822 | ||
Effect of stock options | 39,452 | 40,166 | ||||
Weighted average shares outstanding diluted | 13,701,674 | 13,945,423 | 13,800,168 | 13,528,822 | ||
Earnings per common share: | ||||||
Basic | $ 0.12 | $ 0.10 | $ 0.22 | $ 0.33 | ||
Diluted | $ 0.12 | $ 0.10 | $ 0.22 | $ 0.33 |
ACQUISITION OF GIBRALTAR BANK -
ACQUISITION OF GIBRALTAR BANK - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Feb. 28, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | |
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 1,933,397 | ||
Gibraltar Bank | |||
Business Acquisition [Line Items] | |||
Bargain purchase gain | $ 1,933,397 | ||
Core deposit intangible | $ 400,000 | ||
Merger-related expenses | $ 392,000 | ||
Bogota Financial, MHC | |||
Business Acquisition [Line Items] | |||
Issuance of common stock for initial public offering, net of expenses, shares | 1,267,916 |
ACQUISITION OF GIBRALTAR BANK_2
ACQUISITION OF GIBRALTAR BANK - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | 6 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2021 | |
Liabilities assumed | ||
Bargain purchase gain recorded at merger | $ 1,933,397 | |
Gibraltar Bank | ||
Business Acquisition [Line Items] | ||
Fair value of Equity acquired | $ 11,500,000 | |
Assets Acquired | ||
Cash and cash equivalents | 19,393,090 | |
Securities held to maturity | 7,041,949 | |
Federal Home Loan Bank stock and other restricted stock | 603,500 | |
Loans receivable | 76,763,406 | |
Accrued interest receivable | 302,927 | |
Premises and equipment, net | 1,428,361 | |
Core deposit intangible | 400,000 | |
Deferred taxes | 728,330 | |
Other assets | 84,281 | |
Total assets acquired | 106,745,844 | |
Liabilities assumed | ||
Deposits | 81,945,477 | |
Borrowings | 10,273,721 | |
Advance payments by borrowers for taxes and insurance | 646,661 | |
Accrued expenses and other liabilities | 446,588 | |
Total liabilities assumed | 93,312,447 | |
Net assets acquired | 13,433,397 | |
Bargain purchase gain recorded at merger | 1,933,397 | |
Gibraltar Bank | As Recorded by Gibraltar Bank | ||
Assets Acquired | ||
Cash and cash equivalents | 19,393,090 | |
Securities held to maturity | 7,250,000 | |
Federal Home Loan Bank stock and other restricted stock | 603,500 | |
Loans receivable | 77,683,903 | |
Allowance for loan loss | (640,232) | |
Accrued interest receivable | 302,927 | |
Premises and equipment, net | 348,714 | |
Deferred taxes | 913,303 | |
Other assets | 362,636 | |
Total assets acquired | 106,217,841 | |
Liabilities assumed | ||
Deposits | 81,558,612 | |
Borrowings | 10,000,000 | |
Advance payments by borrowers for taxes and insurance | 646,661 | |
Accrued expenses and other liabilities | 446,588 | |
Total liabilities assumed | 92,651,861 | |
Gibraltar Bank | Fair Value Adjustments | ||
Assets Acquired | ||
Securities held to maturity | (208,051) | |
Loans receivable | (920,497) | |
Allowance for loan loss | 640,232 | |
Premises and equipment, net | 1,079,647 | |
Core deposit intangible | 400,000 | |
Deferred taxes | (184,973) | |
Other assets | (278,355) | |
Total assets acquired | 528,003 | |
Liabilities assumed | ||
Deposits | 386,865 | |
Borrowings | 273,721 | |
Total liabilities assumed | $ 660,586 |
SECURITIES AVAILABLE FOR SALE -
SECURITIES AVAILABLE FOR SALE - Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale by contractual maturity bucket (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 106,584,286 | $ 41,814,931 |
Gross Unrealized Gains | 12,415 | 109,941 |
Gross Unrealized Losses | (9,089,008) | (86,074) |
Fair Value | 97,507,693 | 41,838,798 |
U.S Treasury Bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
U.S Treasury Bills Less Than One Year, Amortized Cost | 9,910,459 | |
U.S Treasury Bills Less Than One Year, Gross Unrealized Losses | (40,027) | |
U.S Treasury Bills Less Than One Year, Fair Value | 9,870,432 | |
U.S. Government and Agency Obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities due in One through five years, Amortized Cost | 6,000,000 | 3,000,000 |
Securities due in One through five years, Gross Unrealized Losses | (432,891) | (18,270) |
Securities due in One through five years, Fair Value | 5,567,109 | 2,981,730 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities due in One through five years, Amortized Cost | 15,252,017 | 6,375,068 |
Corporate bonds due in Five through ten years, Amortized Cost | 2,949,325 | 1,002,542 |
Securities due in One through five years, Gross Unrealized Gains | 503 | 17,594 |
Corporate bonds due in Five through ten years, Gross Unrealized Gains | 3,050 | |
Securities due in One through five years, Gross Unrealized Losses | (358,051) | (636) |
Corporate bonds due in Five through ten years, Gross Unrealized Losses | (234,025) | |
Securities due in One through five years, Fair Value | 14,894,469 | 6,392,026 |
Corporate bonds due in Five through ten years, Fair Value | 2,715,300 | 1,005,592 |
Residential Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 46,918,907 | 21,695,539 |
Gross Unrealized Gains | 11,912 | 89,297 |
Gross Unrealized Losses | (5,546,864) | (24,591) |
Fair Value | 41,383,955 | 21,760,245 |
Commercial Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 25,553,578 | 9,741,782 |
Gross Unrealized Losses | (2,477,150) | (42,577) |
Fair Value | $ 23,076,428 | $ 9,699,205 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) Securities | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Securities | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Number of securities in loss position | Securities | 53 | 53 | |||
Interest – bearing deposits in other | Collateral Pledged | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Debt securities, available-for-sale, restricted | $ 144,705 | $ 144,705 | $ 0 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Sales of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
Percent of MSB issued | 100% | 100% |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | $ 95,456,681 | $ 23,688,016 |
Unrealized Losses, Less Than 12 Months | (9,083,878) | (84,135) |
Fair Value, 12 Months or More | 239,326 | 250,581 |
Unrealized Losses, 12 Months or More | (5,130) | (1,939) |
Fair Value, Total | 95,696,007 | 23,938,597 |
Unrealized Losses, Total | (9,089,008) | (86,074) |
U.S Treasury Bills | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 9,870,432 | |
Unrealized Losses, Less Than 12 Months | (40,027) | |
Fair Value, Total | 9,870,432 | |
Unrealized Losses, Total | (40,027) | |
U.S. Government and Agency Obligations | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 5,567,109 | 2,981,730 |
Unrealized Losses, Less Than 12 Months | (432,891) | (18,270) |
Fair Value, Total | 5,567,109 | 2,981,730 |
Unrealized Losses, Total | (432,891) | (18,270) |
Corporate Bonds | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 16,608,727 | 1,006,523 |
Unrealized Losses, Less Than 12 Months | (592,076) | (636) |
Fair Value, Total | 16,608,727 | 1,006,523 |
Unrealized Losses, Total | (592,076) | (636) |
Residential Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 40,333,985 | 10,000,558 |
Unrealized Losses, Less Than 12 Months | (5,541,734) | (22,652) |
Fair Value, 12 Months or More | 239,326 | 250,581 |
Unrealized Losses, 12 Months or More | (5,130) | (1,939) |
Fair Value, Total | 40,573,311 | 10,251,139 |
Unrealized Losses, Total | (5,546,864) | (24,591) |
Commercial Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 23,076,428 | 9,699,205 |
Unrealized Losses, Less Than 12 Months | (2,477,150) | (42,577) |
Fair Value, Total | 23,076,428 | 9,699,205 |
Unrealized Losses, Total | $ (2,477,150) | $ (42,577) |
SECURITIES HELD TO MATURITY - S
SECURITIES HELD TO MATURITY - Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity by contractual maturity (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 86,432,340 | $ 74,053,099 |
Gross Unrealized Gains | 17,380 | 822,646 |
Gross Unrealized Losses | (6,591,324) | (794,686) |
Fair Value | 79,858,396 | 74,081,059 |
U.S. Government and Agency Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in One through five years, Amortized Cost | 10,000,000 | |
Securities held to maturity, due in Five through ten years, Amortized Cost | 3,000,000 | 3,000,000 |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | (288,760) | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | (340,374) | |
Securities held to maturity, due in One through five years, Fair Value | 9,711,240 | |
Securities held to maturity, due in Five through ten years, Fair Value | 2,659,626 | 3,000,000 |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in One through five years, Amortized Cost | 938,800 | |
Securities held to maturity, due in Five through ten years, Amortized Cost | 15,317,671 | 13,681,053 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 14,613 | 410,726 |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (40,579) | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (416,722) | (39,870) |
Securities held to maturity, due in One through five years, Fair Value | 898,221 | |
Securities held to maturity, due in Five through ten years, Fair Value | 14,915,562 | 14,051,909 |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 8,453,894 | 4,006,006 |
Securities held to maturity, due in One through five years, Amortized Cost | 1,223,015 | 903,483 |
Securities held to maturity, due in Five through ten years, Amortized Cost | 375,000 | 375,000 |
Securities held to maturity, due in more than ten years, Amortized Cost | 1,730,290 | 1,732,386 |
Securities held to maturity, due in Less than one year, Gross Unrealized Gains | 595 | 12,668 |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 499 | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 128 | 27,353 |
Securities held to maturity, due in more than ten years, Gross Unrealized Gains | 9,527 | |
Securities held to maturity, due in Less than one year, Gross Unrealized Losses | (40,660) | (2,776) |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (71,658) | (15,399) |
Securities held to maturity, due in more than ten years, Gross Unrealized Losses | (372,950) | |
Securities held to maturity, due in Less than one year, Fair Value | 8,413,829 | 4,015,898 |
Securities held to maturity, due in One through five years, Fair Value | 1,151,856 | 888,084 |
Securities held to maturity, due in Five through ten years, Fair Value | 375,128 | 402,353 |
Securities held to maturity, due in more than ten years, Fair Value | 1,357,340 | 1,741,913 |
Residential Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 15,543,065 | 16,913,787 |
Gross Unrealized Gains | 1,545 | 75,094 |
Gross Unrealized Losses | (1,670,272) | (240,797) |
Fair Value | 13,874,338 | 16,748,084 |
Commercial Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 29,850,605 | 33,441,384 |
Gross Unrealized Gains | 287,278 | |
Gross Unrealized Losses | (3,349,349) | (495,844) |
Fair Value | $ 26,501,256 | $ 33,232,818 |
SECURITIES HELD TO MATURITY -_2
SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 62,503,291 | $ 26,164,482 |
Unrealized Losses, Less Than 12 Months | (4,340,570) | (397,491) |
Fair Value, 12 Months or More | 11,972,883 | 7,354,709 |
Unrealized Losses, 12 Months or More | (2,250,754) | (397,195) |
Fair Value, Total | 74,476,174 | 33,519,191 |
Unrealized Losses, Total | (6,591,324) | (794,686) |
U.S. Government and Agency Obligations | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 12,370,866 | |
Unrealized Losses, Less Than 12 Months | (629,134) | |
Fair Value, Total | 12,370,866 | |
Unrealized Losses, Total | (629,134) | |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 11,431,670 | 3,710,120 |
Unrealized Losses, Less Than 12 Months | (374,801) | (39,870) |
Fair Value, 12 Months or More | 667,500 | |
Unrealized Losses, 12 Months or More | (82,500) | |
Fair Value, Total | 12,099,170 | 3,710,120 |
Unrealized Losses, Total | (457,301) | (39,870) |
Municipal Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 9,866,743 | 3,835,309 |
Unrealized Losses, Less Than 12 Months | (485,268) | (18,175) |
Fair Value, Total | 9,866,743 | 3,835,309 |
Unrealized Losses, Total | (485,268) | (18,175) |
MBSs - residential | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 8,703,765 | 10,720,544 |
Unrealized Losses, Less Than 12 Months | (1,106,726) | (141,726) |
Fair Value, 12 Months or More | 4,934,374 | 2,701,345 |
Unrealized Losses, 12 Months or More | (563,546) | (99,071) |
Fair Value, Total | 13,638,139 | 13,421,889 |
Unrealized Losses, Total | (1,670,272) | (240,797) |
MBSs - commercial | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 20,130,247 | 7,898,509 |
Unrealized Losses, Less Than 12 Months | (1,744,641) | (197,720) |
Fair Value, 12 Months or More | 6,371,009 | 4,653,364 |
Unrealized Losses, 12 Months or More | (1,604,708) | (298,124) |
Fair Value, Total | 26,501,256 | 12,551,873 |
Unrealized Losses, Total | $ (3,349,349) | $ (495,844) |
SECURITIES HELD TO MATURITY - A
SECURITIES HELD TO MATURITY - Additional Information (Detail) | Jun. 30, 2022 USD ($) Securities | Dec. 31, 2021 USD ($) |
Schedule Of Held To Maturity Securities [Line Items] | ||
Number of securities in loss position | Securities | 57 | |
Collateral Pledged | Federal Funds Purchased and Securities Sold under Agreements to Repurchase | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 6,643,645 | $ 8,363,997 |
Collateral Pledged | Interest – bearing deposits in other | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 4,792,454 | $ 3,976,629 |
LOANS - Summary of loans receiv
LOANS - Summary of loans receivable (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 633,063,554 | $ 572,362,843 | ||||
Allowance for loan losses | (2,253,174) | $ (2,153,174) | (2,153,174) | $ (2,128,174) | $ (2,182,174) | $ (2,241,174) |
Net loans | 630,810,380 | 570,209,669 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 2,068,871 | 7,905,524 | ||||
Allowance for loan losses | (7,000) | (9,400) | (9,400) | (8,480) | (13,500) | (14,000) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 379,776,653 | 319,968,234 | ||||
Allowance for loan losses | (1,251,924) | (1,092,474) | (1,092,474) | (1,126,694) | (1,185,674) | (1,254,174) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 173,619,693 | 175,375,419 | ||||
Allowance for loan losses | (680,000) | (768,600) | (768,600) | (853,000) | (849,000) | (841,000) |
Construction | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 51,799,501 | 41,384,687 | ||||
Allowance for loan losses | (232,000) | (195,000) | (195,000) | (54,000) | (48,000) | (45,000) |
Home Equity and Other | Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 25,798,836 | 27,728,979 | ||||
Allowance for loan losses | $ (82,250) | $ (87,700) | $ (87,700) | $ (86,000) | $ (86,000) | $ (87,000) |
LOANS - Additional Information
LOANS - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) Loan | Jun. 30, 2021 USD ($) Loan Application | Dec. 31, 2020 USD ($) Application | Dec. 31, 2021 USD ($) Loan | |
Financing Receivable, Past Due [Line Items] | |||||
Loans receivable from related parties | $ 1,754,815 | $ 577,143 | |||
Deferred loan fees | 2,127,170 | 1,249,233 | |||
Fair value of PCI loans | 4,716,336 | 5,565,827 | |||
Loan receivable outstanding balance | 633,063,554 | 572,362,843 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 173,353 | 174,776 | |||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | |||
Gibraltar Bank | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 4,700,000 | ||||
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 39,261 | ||||
Loan receivable outstanding balance | 2,068,871 | $ 7,905,524 | |||
Number of troubled debt restructured loans | Loan | 1 | ||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 174,776 | ||||
Paycheck Protection Program | Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Number of applications received and processed | Application | 54 | 113 | |||
Loans received and processed | $ 6,900,000 | $ 10,500,000 | |||
Forgiveness applications processed outstanding amount | $ 13,400,000 | ||||
Loan receivable outstanding balance | 1,400,000 | 5,800,000 | |||
Residential | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Fair value of PCI loans | 3,301,740 | 4,113,571 | |||
Loan receivable outstanding balance | $ 379,776,653 | $ 319,968,234 | |||
Number of troubled debt restructured loans | Loan | 3 | 4 | |||
Troubled debt restructured loans | $ 469,102 | $ 728,288 | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 173,353 | 174,776 | |||
Specific reserve for troubled debt restructured loans | 35,859 | ||||
Amount of allowance for loan losses allocated | $ 35,859 | 35,859 | |||
Financing receivable, modifications, number of contracts | Loan | 0 | 0 | |||
Financing receivable, troubled debt restructuring, subsequent default, number of contracts | Loan | 0 | 0 | |||
Other real estate owned | $ 0 | $ 0 |
LOANS - Schedule of Changes in
LOANS - Schedule of Changes in Accretable Yield for PCI Loans (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Receivables [Abstract] | ||||
Balance at the beginning of period | $ 160,457 | $ 217,789 | $ 170,075 | |
Acquisition | 0 | $ 217,789 | ||
Accretion | 8,603 | 18,221 | ||
Balance at the end of period | $ 151,854 | $ 217,789 | $ 151,854 | $ 217,789 |
LOANS - Summary of activity in
LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | $ 2,153,174 | $ 2,182,174 | $ 2,153,174 | $ 2,241,174 |
Provision (credit) for loan losses | 100,000 | (54,000) | 100,000 | (113,000) |
Ending balance | 2,253,174 | 2,128,174 | 2,253,174 | 2,128,174 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 1,092,474 | 1,185,674 | 1,092,474 | 1,254,174 |
Provision (credit) for loan losses | 159,450 | (58,980) | 159,450 | (127,480) |
Ending balance | 1,251,924 | 1,126,694 | 1,251,924 | 1,126,694 |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 768,600 | 849,000 | 768,600 | 841,000 |
Provision (credit) for loan losses | (88,600) | 4,000 | (88,600) | 12,000 |
Ending balance | 680,000 | 853,000 | 680,000 | 853,000 |
Commercial Real Estate Portfolio Segment | Construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 195,000 | 48,000 | 195,000 | 45,000 |
Provision (credit) for loan losses | 37,000 | 6,000 | 37,000 | 9,000 |
Ending balance | 232,000 | 54,000 | 232,000 | 54,000 |
Commercial Portfolio Segment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 9,400 | 13,500 | 9,400 | 14,000 |
Provision (credit) for loan losses | (2,400) | (5,020) | (2,400) | (5,520) |
Ending balance | 7,000 | 8,480 | 7,000 | 8,480 |
Consumer | Home Equity and Other | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 87,700 | 86,000 | 87,700 | 87,000 |
Provision (credit) for loan losses | 5,450 | 5,450 | (1,000) | |
Ending balance | $ 82,250 | $ 86,000 | $ 82,250 | $ 86,000 |
LOANS - Summary of allowance fo
LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||||||
Individually evaluated for impairment | $ 35,859 | $ 35,859 | ||||
Collectively evaluated for impairment | 2,217,315 | 2,117,315 | ||||
Total ending allowance balance | 2,253,174 | $ 2,153,174 | 2,153,174 | $ 2,128,174 | $ 2,182,174 | $ 2,241,174 |
Loans individually evaluated for impairment | 850,993 | 1,118,300 | ||||
Loans collectively evaluated for impairment | 627,496,225 | 565,678,716 | ||||
Loans acquired with deteriorated credit quality | 4,716,336 | 5,565,827 | ||||
Total ending loan balance | 633,063,554 | 572,362,843 | ||||
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Individually evaluated for impairment | 35,859 | 35,859 | ||||
Collectively evaluated for impairment | 1,216,065 | 1,056,615 | ||||
Total ending allowance balance | 1,251,924 | 1,092,474 | 1,092,474 | 1,126,694 | 1,185,674 | 1,254,174 |
Loans individually evaluated for impairment | 832,754 | 1,099,793 | ||||
Loans collectively evaluated for impairment | 375,642,159 | 314,754,870 | ||||
Loans acquired with deteriorated credit quality | 3,301,740 | 4,113,571 | ||||
Total ending loan balance | 379,776,653 | 319,968,234 | ||||
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 680,000 | 768,600 | ||||
Total ending allowance balance | 680,000 | 768,600 | 768,600 | 853,000 | 849,000 | 841,000 |
Loans collectively evaluated for impairment | 172,240,349 | 173,962,424 | ||||
Loans acquired with deteriorated credit quality | 1,379,344 | 1,412,995 | ||||
Total ending loan balance | 173,619,693 | 175,375,419 | ||||
Commercial Real Estate Portfolio Segment | Construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 232,000 | 195,000 | ||||
Total ending allowance balance | 232,000 | 195,000 | 195,000 | 54,000 | 48,000 | 45,000 |
Loans collectively evaluated for impairment | 51,799,501 | 41,384,687 | ||||
Total ending loan balance | 51,799,501 | 41,384,687 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 7,000 | 9,400 | ||||
Total ending allowance balance | 7,000 | 9,400 | 9,400 | 8,480 | 13,500 | 14,000 |
Loans collectively evaluated for impairment | 2,068,871 | 7,866,263 | ||||
Loans acquired with deteriorated credit quality | 39,261 | |||||
Total ending loan balance | 2,068,871 | 7,905,524 | ||||
Consumer | Home Equity and Other | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 82,250 | 87,700 | ||||
Total ending allowance balance | 82,250 | $ 87,700 | 87,700 | $ 86,000 | $ 86,000 | $ 87,000 |
Loans individually evaluated for impairment | 18,239 | 18,507 | ||||
Loans collectively evaluated for impairment | 25,745,345 | 27,710,472 | ||||
Loans acquired with deteriorated credit quality | 35,252 | 39,261 | ||||
Total ending loan balance | $ 25,798,836 | $ 27,728,979 |
LOANS - Summary of impaired loa
LOANS - Summary of impaired loans (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | $ 1,722,618 | $ 1,722,618 | $ 1,992,979 | ||
Loans with an allowance recorded | 173,353 | 173,353 | 174,776 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,910,781 | $ 1,458,608 | 1,996,440 | $ 1,477,678 | |
Commercial Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with an allowance recorded | 174,776 | ||||
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 1,215,530 | 1,215,530 | 1,486,469 | ||
Loans with an allowance recorded | 173,353 | 173,353 | 174,776 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,393,122 | 1,217,094 | 1,482,496 | 1,231,099 | |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 488,849 | 488,849 | 488,003 | ||
Average of individually impaired loans | 488,752 | 222,534 | 488,504 | 227,226 | |
Home equity & other consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 18,239 | 18,239 | $ 18,507 | ||
Average of individually impaired loans | $ 28,907 | $ 18,980 | $ 25,440 | $ 19,353 |
LOANS - Summary of recorded inv
LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 850,993 | $ 864,544 |
Residential | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 832,754 | 846,037 |
Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 18,239 | $ 18,507 |
LOANS - Summary of aging of loa
LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 4,716,336 | $ 5,565,827 |
Total loans | 633,063,554 | 572,362,843 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,068,871 | 7,905,524 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 3,301,740 | 4,113,571 |
Total loans | 379,776,653 | 319,968,234 |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 1,379,344 | 1,412,995 |
Total loans | 173,619,693 | 175,375,419 |
Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 51,799,501 | 41,384,687 |
Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 35,252 | 39,261 |
Total loans | 25,798,836 | 27,728,979 |
Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 35,252 | |
Total loans | 25,798,836 | 27,728,979 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 137,112 | 27,529 |
30-59 Days Past Due | Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 27,529 | |
30-59 Days Past Due | Home Equity and Other Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 137,112 | |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 559,838 | 312,616 |
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 559,838 | 312,616 |
Greater than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 286,744 | 857,676 |
Greater than 89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 286,744 | 857,676 |
Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 983,694 | 1,197,821 |
Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 846,582 | 1,170,292 |
Past Due | Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 27,529 | |
Past Due | Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 137,112 | |
Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 627,363,524 | 565,599,195 |
Not Past Due | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 2,068,871 | 7,905,524 |
Not Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 375,628,331 | 314,684,371 |
Not Past Due | Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 172,240,349 | 173,962,424 |
Not Past Due | Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 51,799,501 | 41,384,687 |
Not Past Due | Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | $ 27,662,189 | |
Not Past Due | Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | $ 25,626,472 |
LOANS - Summary of loans rece_2
LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 633,063,554 | $ 572,362,843 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,068,871 | 7,905,524 |
Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 632,212,561 | 570,043,048 |
Pass | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,068,871 | 7,905,524 |
Special Mention | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 372,332 | 383,034 |
Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 478,661 | 1,936,761 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 379,776,653 | 319,968,234 |
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 378,943,899 | 318,868,440 |
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 372,332 | 383,034 |
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 460,422 | 716,760 |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 173,619,693 | 175,375,419 |
Commercial and Multi-Family | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 173,619,693 | 174,173,925 |
Commercial and Multi-Family | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,201,494 | |
Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,799,501 | 41,384,687 |
Construction | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 51,799,501 | 41,384,687 |
Home Equity and Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 25,798,836 | 27,728,979 |
Home Equity and Other Consumer | Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 25,780,597 | 27,710,472 |
Home Equity and Other Consumer | Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 18,239 | $ 18,507 |
STOCK BASED COMPENSATION - Addi
STOCK BASED COMPENSATION - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Sep. 02, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 27, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of share options awarded | 526,119 | 526,119 | |||||
Grant date fair value of options awarded | $ 10.45 | $ 10.45 | |||||
Cash dividends of common stock paid | $ 0 | ||||||
Number of non-vested options outstanding | 523,619 | 523,619 | 523,619 | ||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares awarded | 0 | ||||||
Grant date fair value of shares awarded | $ 0 | ||||||
Number of non-vested restricted shares outstanding | 226,519 | 226,519 | 226,519 | ||||
Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumption, expected life | 6 years 6 months | ||||||
Fair value assumption, risk-free rate of return | 0.904% | ||||||
Fair value assumption, volatility rate | 41.10% | ||||||
Fair value assumption, dividend yield | 0% | ||||||
2021 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of share options awarded | 526,119 | ||||||
Exercise price of stock options granted | $ 10.45 | ||||||
2021 Plan | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance | 902,602 | ||||||
2021 Plan | Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance | 257,887 | ||||||
Number of shares awarded | 226,519 | ||||||
Service period of shares granted | 5 years | ||||||
Grant date fair value of shares awarded | $ 10.45 | ||||||
Expense of awards recognized | $ 118,000 | $ 0 | $ 236,000 | $ 0 | |||
Number of non-vested restricted shares outstanding | 226,519 | 226,519 | |||||
Expected future compensation expense related to non-vested shares | $ 2,000,000 | ||||||
Weighted average period of non-vested restricted shares | 4 years | ||||||
2021 Plan | Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized for issuance | 644,718 | ||||||
Service period of shares granted | 5 years | ||||||
Expense of awards recognized | $ 115,000 | $ 0 | $ 230,000 | $ 0 | |||
Expected future compensation expense related to non-vested shares | $ 1,900,000 | ||||||
Vesting period of non-vested options | 4 years | ||||||
Grant date fair value of options awarded | $ 4.37 | ||||||
Expiration period of shares granted | 10 years | ||||||
Number of non-vested options outstanding | 526,119 | 526,119 |
STOCK BASED COMPENSATION - Summ
STOCK BASED COMPENSATION - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of non-vested Restricted Shares, Outstanding, Beginning balance | shares | 226,519 |
Number of non-vested Restricted Shares, Granted | shares | 0 |
Number of non-vested Restricted Shares, Vested | shares | 0 |
Number of non-vested Restricted Shares, Forfeited | shares | 0 |
Number of non-vested Restricted Shares, Outstanding, Ending balance | shares | 226,519 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Outstanding, Beginning balance | $ / shares | $ 10.45 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Outstanding, Ending balance | $ / shares | $ 10.45 |
STOCK BASED COMPENSATION - Su_2
STOCK BASED COMPENSATION - Summary of Option Activity (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Stock Options, Outstanding, Beginning balance | 523,619 | ||
Number of Stock Options, Granted | 526,119 | 526,119 | |
Number of Stock Options, Outstanding, Ending balance | 523,619 | 523,619 | 523,619 |
Weighted Average Exercise Price | |||
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 10.45 | ||
Weighted Average Exercise Price, Granted | $ 10.45 | 10.45 | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 10.45 | $ 10.45 | $ 10.45 |
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 10 months 24 days | 6 years 6 months | |
Share-based Compensation Arrangement by Share-based Payment Award Options Non-vested Aggregate Intrinsic Value [Abstract] | |||
Aggregate Intrinsic Value, Outstanding | $ 397,591 | $ 397,591 | $ 397,951 |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP expenses incurred | $ 136,615 | $ 125,471 | ||
Employee Stock Ownership Plan (ESOP) | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP shares issued | 515,775 | 515,775 | ||
ESOP percentage of shares outstanding | 3.92% | 3.92% | ||
ESOP, Number of shares to be allocated | 25,789 | 25,789 | ||
ESOP expenses incurred | $ 70,000 | $ 65,000 | $ 137,000 | $ 125,000 |
ESOP, Number of shares allocated | 65,789 | 65,789 | ||
ESOP, Number of shares unallocated | 449,977 | 449,977 | ||
ESOP, fair value of unallocated shares | $ 5,100,000 | $ 5,100,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of outstanding firm commitments (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fixed Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 28,141,500 | $ 3,156,250 |
Fixed Rate | Residential Mortgage Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 27,116,500 | 2,986,250 |
Fixed Rate | Commercial Real Estate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 350,000 | |
Fixed Rate | Construction | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 675,000 | |
Fixed Rate | Home Equity Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 170,000 | |
Variable Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 29,302,739 | 9,982,375 |
Variable Rate | Residential Mortgage Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 25,144,739 | |
Variable Rate | Commercial Real Estate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 3,040,000 | 1,400,000 |
Variable Rate | Commercial and Industrial | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 500,000 | |
Variable Rate | Construction | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 7,522,375 | |
Variable Rate | Home Equity Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 618,000 | $ 1,060,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies [Line Items] | |||||
Period of loans commitments | Commitments to make loans are generally made for periods of 90 days or less. | ||||
Operating leases, rent expense | $ 43,364 | $ 48,012 | $ 87,179 | $ 73,763 | |
Home Equity and Other | |||||
Commitments and Contingencies [Line Items] | |||||
Undisbursed loan funds | 47,745,830 | 47,745,830 | $ 48,028,579 | ||
Business Line of Credit | |||||
Commitments and Contingencies [Line Items] | |||||
Undisbursed loan funds | $ 8,176,073 | $ 8,176,073 | $ 7,938,827 | ||
Minimum | |||||
Commitments and Contingencies [Line Items] | |||||
Interest rate | 3.50% | 3.50% | |||
Maturity term | 10 years | ||||
Maximum | |||||
Commitments and Contingencies [Line Items] | |||||
Interest rate | 6% | 6% | |||
Maturity term | 30 years |
FAIR VALUE - Summary of assets
FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 97,507,693 | $ 41,838,798 |
MBSs - residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 41,383,955 | 21,760,245 |
MBSs - commercial | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 23,076,428 | 9,699,205 |
Fair Value, Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 9,870,432 | |
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 87,637,261 | 41,838,798 |
Fair Value, Recurring Basis | U.S Treasury Bills | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 9,870,432 | |
Fair Value, Recurring Basis | U.S. Government and Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 5,567,109 | 2,981,730 |
Fair Value, Recurring Basis | Corporate Bonds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 17,609,769 | 7,397,618 |
Fair Value, Recurring Basis | MBSs - residential | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 41,383,955 | 21,760,245 |
Fair Value, Recurring Basis | MBSs - commercial | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 23,076,428 | 9,699,205 |
Fair Value, Recurring Basis | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 97,507,693 | 41,838,798 |
Fair Value, Recurring Basis | Carrying Value | U.S Treasury Bills | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 9,870,432 | |
Fair Value, Recurring Basis | Carrying Value | U.S. Government and Agency Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 5,567,109 | 2,981,730 |
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 17,609,769 | 7,397,618 |
Fair Value, Recurring Basis | Carrying Value | MBSs - residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 41,383,955 | 21,760,245 |
Fair Value, Recurring Basis | Carrying Value | MBSs - commercial | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 23,076,428 | $ 9,699,205 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities transfer amount | $ 0 |
FAIR VALUE - Summary of carryin
FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments not Measured at Fair Value (Detail) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Financial instruments - assets | ||
Cash and due from banks | $ 7,604,000 | $ 105,069,000 |
Investment securities held-to-maturity | 79,858,396 | 74,081,059 |
Loans and loans held for sale | 595,775,000 | 569,845,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 369,394,000 | 365,452,000 |
Borrowings | 114,670,000 | 86,657,000 |
Fair Value Measurement Placement (Level 1) | ||
Financial instruments - assets | ||
Cash and due from banks | 7,604,000 | 105,069,000 |
Fair Value Measurement Placement (Level 2) | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 79,858,000 | 74,081,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 369,394,000 | 365,452,000 |
Borrowings | 114,670,000 | 86,657,000 |
Fair Value Measurement Placement (Level 3) | ||
Financial instruments - assets | ||
Loans and loans held for sale | 595,775,000 | 569,845,000 |
Carrying Value | ||
Financial instruments - assets | ||
Cash and due from banks | 7,604,000 | 105,069,000 |
Investment securities held-to-maturity | 86,432,000 | 74,053,000 |
Loans and loans held for sale | 631,170,000 | 571,363,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 367,866,000 | 366,396,000 |
Borrowings | $ 115,279,000 | $ 85,052,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 145,025,932 | $ 143,078,150 | $ 147,576,211 | $ 128,468,076 |
Comprehensive (loss) income | (2,458,737) | 1,479,317 | (3,416,239) | 4,528,556 |
Ending balance | 140,460,794 | 144,622,102 | 140,460,794 | 144,622,102 |
Unrealized Gain and Losses on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,689,802) | 112,120 | (289,814) | 100,569 |
Amounts reclassified | (4,142,333) | 9,212 | (6,542,321) | 20,763 |
Comprehensive (loss) income | (4,142,333) | 9,212 | (6,542,321) | 20,763 |
Ending balance | (6,832,135) | 121,332 | (6,832,135) | 121,332 |
Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 58,747 | (342,201) | 17,158 | (373,582) |
Amounts reclassified | 41,589 | 31,381 | 83,178 | 62,762 |
Comprehensive (loss) income | 41,589 | 31,381 | 83,178 | 62,762 |
Ending balance | 100,336 | (310,820) | 100,336 | (310,820) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (2,631,055) | (230,081) | (272,656) | (273,013) |
Amounts reclassified | (4,100,744) | 40,593 | (6,459,143) | 83,525 |
Comprehensive (loss) income | (4,100,744) | 40,593 | (6,459,143) | 83,525 |
Ending balance | $ (6,731,799) | $ (189,488) | $ (6,731,799) | $ (189,488) |