Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | |
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 | 13,157,525 | |
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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 6,206,405 | $ 5,176,241 |
Interest-bearing deposits in other banks | 65,205,827 | 122,686,318 |
Cash and cash equivalents | 71,412,232 | 127,862,559 |
Securities available for sale | 12,277,380 | 13,748,561 |
Securities held to maturity (fair value of $55,337,097 and $56,582,299, respectively) | 53,826,111 | 56,093,317 |
Loans, net of allowance of $2,316,174 and $2,016,174, respectively | 583,815,965 | 537,157,217 |
Premises and equipment, net | 4,309,116 | 4,196,753 |
Federal Home Loan Bank (FHLB) stock | 6,065,200 | 5,672,700 |
Accrued interest receivable | 2,982,313 | 2,021,360 |
Bank owned life insurance | 16,827,094 | 17,409,745 |
Other assets | 1,988,626 | 2,450,042 |
Total Assets | 753,504,037 | 766,612,254 |
Liabilities | ||
Non-interest bearing | 24,026,431 | 16,122,231 |
Interest bearing | 486,838,498 | 481,627,221 |
Total Deposits | 510,864,929 | 497,749,452 |
FHLB advances | 108,147,741 | 97,092,484 |
Advance payments by borrowers for taxes and insurance | 3,265,348 | 3,191,706 |
Subscription offering proceeds | 90,349,840 | |
Other liabilities | 3,826,120 | 3,250,925 |
Total liabilities | 626,104,138 | 691,634,407 |
Commitments and Contingencies-see note 5 | ||
Stockholders’ Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2020 | ||
Common stock $0.01 par value, 30,000,000 shares authorized, 13,157,525 issued and outstanding at September 30, 2020 | 131,575 | |
Additional Paid-In capital | 56,996,307 | |
Retained earnings | 76,313,418 | 75,291,512 |
Unearned ESOP shares (496,348 shares as of September 30, 2020) | (5,802,428) | |
Accumulated other comprehensive loss | (238,973) | (313,665) |
Total stockholders’ equity | 127,399,899 | 74,977,847 |
Total liabilities and stockholders’ equity | $ 753,504,037 | $ 766,612,254 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Statement Of Financial Position [Abstract] | ||
Fair value of Securities Maturities | $ 55,337,097 | $ 56,582,299 |
Allowance For Loan | $ 2,316,174 | $ 2,016,174 |
Preferred stock par value | $ 0.01 | |
Preferred shares authorized | 1,000,000 | |
Preferred shares issued | 0 | |
Preferred shares outstanding | 0 | |
Common stock par value | $ 0.01 | |
Common shares authorized | 30,000,000 | |
Common shares issued | 13,157,525 | |
Common shares outstanding | 13,157,525 | |
Unearned ESOP Shares | 496,348 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income | ||||
Loans | $ 5,391,077 | $ 5,136,299 | $ 15,734,259 | $ 15,147,160 |
Securities | ||||
Taxable | 367,857 | 441,557 | 1,204,056 | 1,383,258 |
Tax-exempt | 13,136 | 11,836 | 38,017 | 77,787 |
Other interest-earning assets | 131,215 | 215,048 | 660,492 | 659,842 |
Total interest income | 5,903,285 | 5,804,740 | 17,636,824 | 17,268,047 |
Interest expense | ||||
Deposits | 1,836,627 | 2,485,223 | 6,194,460 | 7,433,088 |
FHLB advances | 472,506 | 568,740 | 1,478,432 | 1,487,479 |
Total interest expense | 2,309,133 | 3,053,963 | 7,672,892 | 8,920,567 |
Net interest income | 3,594,152 | 2,750,777 | 9,963,932 | 8,347,480 |
Provision for loan losses | 25,000 | 275,000 | ||
Net interest income after provision for loan losses | 3,569,152 | 2,750,777 | 9,688,932 | 8,347,480 |
Non-interest income | ||||
Fees and service charges | 13,407 | 25,447 | 45,451 | 85,887 |
Bank owned life insurance | 90,359 | 102,880 | 939,160 | 305,142 |
Other | 4,287 | 3,885 | 12,470 | 20,860 |
Total non-interest income | 108,053 | 132,212 | 997,081 | 411,889 |
Non-interest expense | ||||
Salaries and employee benefits | 1,330,540 | 1,229,834 | 3,790,526 | 3,704,454 |
Occupancy and equipment | 166,592 | 162,945 | 495,509 | 513,517 |
FDIC insurance assessment | 45,000 | 14,161 | 116,000 | 75,296 |
Data processing | 182,202 | 83,915 | 493,439 | 820,958 |
Advertising | 30,000 | 65,000 | 131,814 | 185,000 |
Director fees | 181,916 | 160,651 | 547,091 | 498,596 |
Professional fees | 239,375 | 85,500 | 642,888 | 208,000 |
Contribution to Charitable Foundation | 2,881,500 | |||
Other | 218,395 | 136,762 | 527,560 | 554,078 |
Total non-interest expense | 2,394,020 | 1,938,768 | 9,626,327 | 6,559,899 |
Income before income taxes | 1,283,185 | 944,221 | 1,059,686 | 2,199,470 |
Income tax expense | 326,769 | 273,207 | 37,781 | 558,367 |
Net income | $ 956,416 | $ 671,014 | $ 1,021,905 | $ 1,641,103 |
Earnings per Share | $ 0.08 | $ 0.09 | ||
Weighted average shares outstanding | 12,657,453 | 12,004,881 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 956,416 | $ 671,014 | $ 1,021,905 | $ 1,641,103 |
Unrealized gains/losses on securities available for sale: | ||||
Unrealized holding (loss) gain arising during the period | 45,268 | (16,035) | (12,515) | 41,227 |
Tax effect | (12,725) | 4,507 | 3,519 | (11,589) |
Net of tax | 32,543 | (11,528) | (8,996) | 29,638 |
Defined benefit retirement plans: | ||||
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits | 38,803 | (20,058) | 116,409 | (20,058) |
Tax effect | (10,907) | 5,616 | (32,721) | 5,616 |
Net of tax | 27,896 | (14,442) | 83,688 | (14,442) |
Total other comprehensive income (loss) | 60,439 | (25,970) | 74,692 | 15,196 |
Comprehensive income | $ 1,016,855 | $ 645,044 | $ 1,096,597 | $ 1,656,299 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulates Other Comprehensive Income (Loss) | Unearned ESOP shares |
Beginning balance at Dec. 31, 2018 | $ 72,477,768 | $ 72,794,887 | $ (317,119) | |||
Net Income (loss) | 361,818 | 361,818 | ||||
Other comprehensive income (loss) | 13,201 | 13,201 | ||||
Reclassification of the stranded tax effects from the enactment of the Tax Cuts and Jobs Act | 68,713 | (68,713) | ||||
Ending balance at Mar. 31, 2019 | 72,852,787 | 73,225,418 | (372,631) | |||
Beginning balance at Dec. 31, 2018 | 72,477,768 | 72,794,887 | (317,119) | |||
Net Income (loss) | 1,641,103 | |||||
Other comprehensive income (loss) | 15,196 | |||||
Ending balance at Sep. 30, 2019 | 74,134,067 | 74,504,703 | (370,636) | |||
Beginning balance at Mar. 31, 2019 | 72,852,787 | 73,225,418 | (372,631) | |||
Net Income (loss) | 608,271 | 608,271 | ||||
Other comprehensive income (loss) | 27,965 | 27,965 | ||||
Ending balance at Jun. 30, 2019 | 73,489,023 | 73,833,689 | (344,666) | |||
Net Income (loss) | 671,014 | 671,014 | ||||
Other comprehensive income (loss) | (25,970) | (25,970) | ||||
Ending balance at Sep. 30, 2019 | 74,134,067 | 74,504,703 | (370,636) | |||
Beginning balance at Dec. 31, 2019 | 74,977,847 | 75,291,512 | (313,665) | |||
Net Income (loss) | (1,337,583) | (1,337,583) | ||||
Other comprehensive income (loss) | (113,532) | (113,532) | ||||
Issuance of common stock for initial public offering, net of expenses | 54,554,037 | $ 128,943 | $ 54,425,094 | |||
Issuance of common stock for initial public offering, net of expenses, shares | 12,894,375 | |||||
Issuance of common stock to the Charitable Foundation | 2,631,500 | $ 2,632 | 2,628,868 | |||
Issuance of common stock to the Charitable Foundation, shares | 263,150 | |||||
Stock purchase by the ESOP | (6,022,899) | $ (6,022,899) | ||||
Ending balance at Mar. 31, 2020 | 124,689,370 | $ 131,575 | 57,053,962 | 73,953,929 | (427,197) | (6,022,899) |
Ending balance, shares at Mar. 31, 2020 | 13,157,525 | |||||
Beginning balance at Dec. 31, 2019 | 74,977,847 | 75,291,512 | (313,665) | |||
Net Income (loss) | 1,021,905 | |||||
Other comprehensive income (loss) | 74,692 | |||||
Ending balance at Sep. 30, 2020 | 127,399,899 | $ 131,575 | 56,996,307 | 76,313,418 | (238,973) | (5,802,428) |
Ending balance, shares at Sep. 30, 2020 | 13,157,525 | |||||
Beginning balance at Mar. 31, 2020 | 124,689,370 | $ 131,575 | 57,053,962 | 73,953,929 | (427,197) | (6,022,899) |
Beginning balance, shares at Mar. 31, 2020 | 13,157,525 | |||||
Net Income (loss) | 1,403,073 | 1,403,073 | ||||
Other comprehensive income (loss) | 127,785 | 127,785 | ||||
ESOP shares released | 111,723 | (31,730) | 143,453 | |||
Ending balance at Jun. 30, 2020 | 126,331,951 | $ 131,575 | 57,022,232 | 75,357,002 | (299,412) | (5,879,446) |
Ending balance, shares at Jun. 30, 2020 | 13,157,525 | |||||
Net Income (loss) | 956,416 | 956,416 | ||||
Other comprehensive income (loss) | 60,439 | 60,439 | ||||
ESOP shares released | 51,093 | (25,925) | 77,018 | |||
Ending balance at Sep. 30, 2020 | $ 127,399,899 | $ 131,575 | $ 56,996,307 | $ 76,313,418 | $ (238,973) | $ (5,802,428) |
Ending balance, shares at Sep. 30, 2020 | 13,157,525 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 1,021,905 | $ 1,641,103 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 275,000 | |
Depreciation of premises and equipment | 204,459 | 227,638 |
Amortization of deferred loan fees | 493,186 | 306,297 |
Amortization of premiums and accretion of discounts on securities, net | 61,144 | 105,269 |
Deferred income tax(benefit) expense | (652,235) | 4,255 |
Contribution to charitable foundation | 2,631,500 | |
Increase in cash surrender value of bank owned life insurance | (281,270) | (305,142) |
Employee stock ownership plan expense | 162,816 | |
Changes in: | ||
Accrued interest receivable | (960,953) | (25,592) |
Net changes in other assets | 1,233,582 | (77,280) |
Net changes in other liabilities | 542,474 | 424,281 |
Net cash provided by operating activities | 4,731,608 | 2,300,829 |
Cash flows from investing activities | ||
Purchases of securities available for sale | (497,500) | |
Purchases of securities held to maturity | (15,414,965) | (2,051,895) |
Maturities, calls, and repayments of securities available for sale | 1,397,520 | 2,179,766 |
Maturities, calls, and repayments of securities held to maturity | 17,682,171 | 19,527,652 |
Net increase in loans | (45,557,267) | (10,180,214) |
Loans purchased | (1,869,667) | |
Death benefit proceeds from bank owned life insurance | 863,921 | |
Purchases of premises and equipment | (316,822) | (49,996) |
Purchase of FHLB Stock | (834,100) | (4,195,300) |
Redemption of FHLB stock | 441,600 | 2,671,100 |
Net cash (used in) provided by investing activities | (43,607,609) | 7,403,613 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 13,115,477 | (35,938,498) |
Net increase (decrease) in short-term FHLB advances | 7,000,000 | (40,000,000) |
Proceeds from long-term FHLB non-repo advances | 19,500,000 | 77,000,000 |
Repayments of long-term FHLB non-repo advances | (15,444,743) | (2,740,484) |
Loan to ESOP | (6,022,899) | |
Stock offering expenses | (1,973,312) | |
Return of unfilled stock offering subscriptions | (41,505,998) | |
Common stock issuance | 7,683,507 | |
Net increase in advance payments from borrowers for taxes and insurance | 73,642 | 224,289 |
Net cash used in financing activities | (17,574,326) | (1,454,693) |
Net (decrease) increase in cash and cash equivalents | (56,450,327) | 8,249,749 |
Cash and cash equivalents at beginning of year | 127,862,559 | 24,517,602 |
Cash and cash equivalents at September 30 | 71,412,232 | 32,767,351 |
Supplemental cash flow information | ||
Subscription offering proceeds used to purchase common stock | 48,843,842 | |
Income taxes paid | 800,000 | 603,000 |
Interest paid | $ 7,793,048 | $ 8,920,567 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2020 and December 31, 2019. 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. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. Shares of the Company’s common stock began trading on January 16, 2020 on the Nasdaq Capital Market under the trading symbol “BSBK.” Reclassifications Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates Risks and Uncertainties Basis of Presentation 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. Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is fiscal years beginning after December 15, 2022 (the fiscal year beginning on January 1, 2023 for the Company), and interim periods within those fiscal years. The Company currently expects to continue to qualify as a smaller reporting company, based upon the current SEC definition, and as a result, will likely be able to defer implementation of the new standard for a period of time. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations. |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 9 Months Ended |
Sep. 30, 2020 | |
Available-for-sale Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 2 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2020 Corporate bonds due in: One through five years $ 6,375,497 $ 29,296 $ (7,071 ) $ 6,397,722 Five through ten years — — — — MBSs – residential 5,758,755 123,176 (2,273 ) 5,879,658 Total $ 12,134,252 $ 152,472 $ (9,344 ) $ 12,277,380 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561 All of the MBS’s 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 2 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the nine months ended September 30, 2020 and September 30, 2019. The age of unrealized losses and the fair value of related securities as of September 30, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2020 Corporate bonds $ 1,002,506 $ (3,171 ) $ 1,003,248 $ (3,900 ) $ 2,005,754 $ (7,071 ) MBSs – residential 361,856 (2,273 ) - - 361,856 (2,273 ) Total $ 1,364,362 $ (5,444 ) $ 1,003,248 $ (3,900 ) $ 2,367,610 $ (9,344 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) 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 is largely due to changes in interest rates and other market conditions. At September 30, 2020, 100% of the mortgage-backed securities were issued by U.S. government-sponsored entities and agencies primarily Fannie Mae and Freddie Mac, 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 September 30, 2020. At September 30, 2020 and December 31, 2019, securities available for sale with a carrying value of $227,216 and $261,165, respectively, were pledged to secure public deposits. |
SECURITIES HELD TO MATURITY
SECURITIES HELD TO MATURITY | 9 Months Ended |
Sep. 30, 2020 | |
Held-to-maturity Securities | |
Marketable Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 3 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2020 U.S. Government-sponsored agencies due in: One through five years $ — $ — $ — $ — Five through ten years 1,497,375 4,163 — 1,501,538 Corporate bonds due in: Five through ten years 9,137,021 161,941 (13,163 ) 9,285,799 Municipal obligations due in: One through five years 3,105,395 41,251 (407 ) 3,146,239 Five through ten years 375,000 33,761 — 408,761 MBSs: Residential 8,139,390 191,049 (2,632 ) 8,327,807 Commercial 31,571,930 1,147,793 (52,770 ) 32,666,953 Total $ 53,826,111 $ 1,579,958 $ (68,972 ) $ 55,337,097 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299 All of the MBS are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 3 – 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 Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses September 30, 2020 Corporate Bonds $ 1,422,140 $ (13,163 ) $ — $ — $ 1,422,140 $ (13,163 ) Municipal Bonds $ 1,436,188 $ (407 ) — — $ 1,436,188 $ (407 ) MBSs – residential 313,119 (2,632 ) — — 313,119 (2,632 ) MBSs – commercial 2,610,314 (52,770 ) — — 2,610,314 (52,770 ) Total $ 5,781,761 $ (68,972 ) $ — $ — $ 5,781,761 $ (68,972 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 ) 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 is largely due to changes in interest rates and other market conditions. The fair value is expected to recover as the securities approach maturity. At September 30, 2020 and December 31, 2019, securities held to maturity with a carrying amount of $11,381,863 and $14,392,143, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. At September 30, 2020 and December 31, 2019, securities held to maturity with a carrying value of $4,121,120 and $4,429,954, respectively were pledged to secure public deposits. |
LOANS
LOANS | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
LOANS | NOTE 4 – LOANS Loans are summarized as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Real estate: Residential $ 365,098,243 $ 384,296,405 Commercial and multi-family real estate 173,151,971 119,831,813 Construction 8,988,114 5,943,594 Commercial and industrial 13,821,513 2,263,608 Consumer: Home equity and other 25,072,298 26,837,971 Total loans 586,132,139 539,173,391 Allowance for loan losses (2,316,174 ) (2,016,174 ) Net loans $ 583,815,965 $ 537,157,217 The Bank has granted loans to officers and directors of the Bank. At September 30, 2020 and December 31, 2019, such loans totaled approximately $791,102 and $779,790, respectively. As of September 30, 2020, the Bank granted $67.9 million of loan modifications, which represented 11.6% of the total loan portfolio, allowing customers who were affected by the COVID-19 pandemic to defer principal and/or interest payments. These short-term loan modifications were treated in accordance with Section 4013 of the CARES Act and will not be treated as troubled debt restructurings during the short-term modification period if the loan was not in arrears at December 31, 2019. Furthermore, these loans will continue to accrue interest. Of the 172 loans to which loan modifications were granted only 25 loans have requested additional deferrals as of September 30, 2020. The 25 loans still on deferral represents $7.9 million or 1.4% of net loans and all the loans are within the one-to-four family residential real estate portfolio. As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). As of September 30, 2020, the Bank received and processed 113 PPP applications totaling approximately $10.5 million, which are include in the table above under commercial and industrial loans. NOTE 4 – LOANS (Continued) The following table presents the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 88,000 $ 16,000 $ 2,266,174 Provision for loan losses (credit) (50,500 ) 70,000 6,000 500 (1,000 ) 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,300,674 $ 600,000 $ 12,500 $ 94,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) 37,400 (38,000 ) 500 100 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Nine months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (76,000 ) 328,000 14,500 2,500 6,000 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 31,900 (45,000 ) 4,000 5,100 4,000 — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 NOTE 4 – 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 September 30, 2020 and December 31, 2019: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,296,315 840,000 40,500 88,500 15,000 2,280,315 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 Loans: Loans individually evaluated for impairment $ 1,064,881 $ 224,930 $ — $ 19,167 $ — $ 1,308,978 Loans collectively evaluated for impairment 364,033,362 172,927,041 8,988,114 25,053,131 13,821,513 584,823,161 Total ending loan balance $ 365,098,243 $ 173,151,971 $ 8,988,114 $ 25,072,298 $ 13,821,513 $ 586,132,139 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391 NOTE 4 – LOANS (Continued) Impaired loans as of and for the nine months ended September 30, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 887,240 $ 177,641 $ 35,859 Commercial and Multi-Family 224,930 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,167 — — $ 1,131,337 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,388,858 $ 1,477,678 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 1,066,071 $ 179,000 $ 35,859 Commercial and Multi-Family 229,490 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,533 — — $ 1,315,094 $ 179,000 $ 35,859 Average Of individually Impaired Three months ended September 30, 2019 Nine months ended September 30, 2019 Residential first mortgages $ 1,231,715 $ 1,234,948 Commercial and Multi-Family — — Construction — — Commercial & Industrial — — Home equity & other consumer 9,866 6,577 $ 1,241,581 $ 1,241,525 NOTE 4 – LOANS (Continued) The Bank has five residential loans totaling $979,781 that were troubled debt restructurings (“TDRs”) as of September 30, 2020, with one loan totaling $177,641 with a specific reserve of $35,859. At December 31, 2019, the Bank had six residential loans totaling $1,250,741 that were TDRs and one loan totaling $179,000 with a specific reserve of $35,859. Nonaccrual loans and loans past due 90 days or more still on accrual include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Interest income recognized on impaired loans for the three months ended September 30, 2020 and September 30, 2019 was nominal. The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual by class of loans as of September 30, 2020 and December 31, 2019: Nonaccrual Loans Past Due 90 Days or More Still Accruing September 30, 2020 Residential $ 652,592 $ — Commercial and multi-family — — Consumer 19,167 — Total $ 671,759 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ — The Bank had no other real estate owned at either September 30, 2020 or December 31, 2019 NOTE 4 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of September 30, 2020 and December 31, 2019, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total September 30, 2020 Residential $ — $ 409,026 $ — $ 409,026 $ 364,689,217 $ 365,098,243 Commercial and multi-family — — — — 173,151,971 173,151,971 Construction — — — — 8,988,114 8,988,114 Commercial and industrial — — — — 13,821,513 13,821,513 Consumer — 24,600 — 24,600 25,047,698 25,072,298 Total $ — $ 433,626 $ — $ 433,626 $ 585,698,513 $ 586,132,139 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,594 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391 Loans greater than 89 days past due 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 4 – LOANS (Continued) Based on the most recent analysis performed, the risk category of loans by class is as follows: Pass Special Mention Substandard Doubtful Totals September 30, 2020 Residential $ 364,033,362 $ 413,118 $ 651,763 $ — $ 365,098,243 Commercial and multi-family 171,691,395 — 1,460,576 — 173,151,971 Construction 8,988,114 — — — 8,988,114 Commercial and industrial 13,821,513 — — — 13,821,513 Consumer 25,053,131 — 19,167 — 25,072,298 Total $ 583,587,515 $ 413,118 $ 2,131,506 $ — $ 586,132,139 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 5 – 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. Note 5 – (Continued) The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at September 30, 2020 and December 31, 2019 is as follows: September 30, 2020 December 31, 2019 Fixed Rate Residential mortgage loans $ 5,414,500 $ 5,094,500 Commercial real estate 2,600,000 255,000 Commercial and industrial — 3,991,844 Construction — — Home equity 174,500 — Total $ 8,189,000 $ 9,341,344 September 30, 2020 December 31, 2019 Variable Rate Residential mortgage loans $ 360,500 $ 992,000 Commercial real estate 950,000 — Construction 9,750,000 — Home equity — 977,000 Total $ 11,060,500 $ 1,969,000 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 4.75% At September 30, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $42,988,848 and $43,225,911, respectively. At September 30, 2020 and December 31, 2019, undisbursed funds from approved lines of credit under a business line of credit program amounted to $404,861 and $421,135, 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 $28,677 and $27,839 for the nine months ended September 30, 2020 and 2019, respectively. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 6 – 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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2020 Securities available for sale: Corporate bonds $ 6,397,722 $ — $ 6,397,722 $ — MBSs - residential 5,879,658 — $ 5,879,658 — $ 12,277,380 $ — $ 12,277,380 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - residential 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ — There were no transfers between level 1 and level 2 during the nine months ended September 30, 2020 and December 31, 2019. NOTE 6 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at September 30, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2020 Financial instruments - assets Cash and due from banks $ 71,412 $ 71,412 $ 71,412 $ — $ — Investment securities held-to-maturity 53,826 55,337 — 55,337 — Loans 583,816 568,171 — — 568,171 Financial instruments - liabilities Certificates of deposit 388,512 391,129 — 391,129 — Borrowings 108,148 110,403 — 110,403 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - assets Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - liabilities Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 — 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 | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) as of the three and nine months ended September 30, 2020 and 2019 Unrealized gain and losses on available for sale Benefit plans Total Three months September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ (369,764 ) $ (299,412 ) Other comprehensive gain 32,544 27,895 60,439 Amounts reclassified — — — Net period comprehensive income 32,544 27,895 60,439 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at July 1, 2019 $ 120,386 $ (465,052 ) $ (344,666 ) Other comprehensive loss before reclassification (11,528 ) (14,442 ) (25,970 ) Amounts reclassified — — — Net period comprehensive income (11,528 ) (14,442 ) (25,970 ) Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) Unrealized gain and losses on available for sale Benefit plans Total Nine months September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive (loss) gain (8,996 ) 83,688 74,692 Amounts reclassified — — — Net period comprehensive income (8,996 ) 83,688 74,692 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Cumulative effect of accounting changes 28,659 (97,372 ) (68,713 ) Beginning balance at January 1, 2019, as adjusted 79,220 (465,052 ) (385,832 ) Other comprehensive gain (loss) before reclassification 29,636 (14,442 ) 15,194 Amounts reclassified — — — Net period comprehensive income 29,636 — 15,194 Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 8 – 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 4% of the shares issued, including shares issued to the Bogota Savings Bank Charitable Foundation. 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at September 30, 2020 and December 31, 2019. 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. Bogota Financial Corp. completed its stock offering in connection with the mutual holding company reorganization of Bogota Savings Bank on January 15, 2020. The Company sold 5,657,735 shares of common stock at $10.00 per share resulting in net proceeds of $54.6 million after $2.0 million of expenses. In connection with the reorganization, the Company also issued 263,150 shares of common stock and $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and 7,236,640 shares of common stock to Bogota Financial, MHC, its New Jersey-chartered mutual holding company. 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 |
Earnings per Share | Earnings per Share: The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09 |
Use of Estimates | Use of Estimates |
Risks and Uncertainties | Risks and Uncertainties |
Basis of Presentation | Basis of Presentation 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. |
Not yet effective Accounting Pronouncements: | Not yet effective Accounting Pronouncements: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The effective date of ASU 2016-13 for the Company is fiscal years beginning after December 15, 2022 (the fiscal year beginning on January 1, 2023 for the Company), and interim periods within those fiscal years. The Company currently expects to continue to qualify as a smaller reporting company, based upon the current SEC definition, and as a result, will likely be able to defer implementation of the new standard for a period of time. The Company does not plan to early adopt, but will continue to review factors that might indicate that the full deferral time period should not be used. The Company continues to evaluate the impact the new standard will have on the accounting for credit losses, but the Company may recognize a one-time cumulative-effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, consistent with regulatory expectations set forth in interagency guidance issued at the end of 2016. The Company cannot yet determine the magnitude of any such one-time cumulative adjustment or of the overall impact of the new standard on its consolidated financial condition or results of operations. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule Of Earnings Per Share Basic And Diluted [Abstract] | |
Summary of earnings per share basic | The following is a reconciliation of the numerators and denominators of the basic earnings per share calculations for the three and nine months ended September 30, 2020. Earnings per share were not applicable for the three and nine months ended September 30, 2019 since there were no shares outstanding. For the three months ended September 30, For the nine months ended September 30, Net income $ 956,416 $ 1,021,905 Basic earnings per share: Weighted average shares outstanding - basic 12,657,453 12,004,881 Basic earnings per share $ 0.08 $ 0.09 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrealized gains and losses of securities available for sale | The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2020 Corporate bonds due in: One through five years $ 6,375,497 $ 29,296 $ (7,071 ) $ 6,397,722 Five through ten years — — — — MBSs – residential 5,758,755 123,176 (2,273 ) 5,879,658 Total $ 12,134,252 $ 152,472 $ (9,344 ) $ 12,277,380 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 Corporate bonds due in: Less than one year $ 499,126 $ 2,053 $ (8,405 ) $ 501,179 One through five years 6,038,217 29,709 — 6,059,521 Five through ten years 350,000 157 — 350,157 MBSs – residential 6,705,574 132,130 — 6,837,704 Total $ 13,592,917 $ 164,049 $ (8,405 ) $ 13,748,561 |
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 September 30, 2020 and December 31, 2019 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses September 30, 2020 Corporate bonds $ 1,002,506 $ (3,171 ) $ 1,003,248 $ (3,900 ) $ 2,005,754 $ (7,071 ) MBSs – residential 361,856 (2,273 ) - - 361,856 (2,273 ) Total $ 1,364,362 $ (5,444 ) $ 1,003,248 $ (3,900 ) $ 2,367,610 $ (9,344 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019 Corporate bonds $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) Total $ 1,010,399 $ (2,883 ) $ 1,003,516 $ (5,522 ) $ 2,013,915 $ (8,405 ) |
SECURITIES HELD TO MATURITY (Ta
SECURITIES HELD TO MATURITY (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity | The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at September 30, 2020 and December 31, 2019: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value September 30, 2020 U.S. Government-sponsored agencies due in: One through five years $ — $ — $ — $ — Five through ten years 1,497,375 4,163 — 1,501,538 Corporate bonds due in: Five through ten years 9,137,021 161,941 (13,163 ) 9,285,799 Municipal obligations due in: One through five years 3,105,395 41,251 (407 ) 3,146,239 Five through ten years 375,000 33,761 — 408,761 MBSs: Residential 8,139,390 191,049 (2,632 ) 8,327,807 Commercial 31,571,930 1,147,793 (52,770 ) 32,666,953 Total $ 53,826,111 $ 1,579,958 $ (68,972 ) $ 55,337,097 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2019 U.S. Government-sponsored agencies due in: Less than one year $ 4,950,000 $ — $ (520 ) $ 4,949,480 One through five years 2,499,584 — (8,517 ) 2,491,067 Five through ten years 4,495,576 421 (5,406 ) 4,490,591 Corporate bonds due in: Five through ten years 5,436,837 112,172 — 5,549,009 Municipal obligations due in: Less than one year 909,795 3,697 — 913,492 One through five years 1,380,377 20,395 — 1,400,772 MBSs: Residential 7,820,452 76,082 (10,077 ) 7,886,457 Commercial 28,600,696 305,721 (4,984 ) 28,901,432 Total $ 56,093,317 $ 518,486 $ (29,504 ) $ 56,582,299 |
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 Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses September 30, 2020 Corporate Bonds $ 1,422,140 $ (13,163 ) $ — $ — $ 1,422,140 $ (13,163 ) Municipal Bonds $ 1,436,188 $ (407 ) — — $ 1,436,188 $ (407 ) MBSs – residential 313,119 (2,632 ) — — 313,119 (2,632 ) MBSs – commercial 2,610,314 (52,770 ) — — 2,610,314 (52,770 ) Total $ 5,781,761 $ (68,972 ) $ — $ — $ 5,781,761 $ (68,972 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2019 U.S. Government-sponsored agencies $ 2,991,651 $ (5,406 ) $ 7,440,548 $ (9,037 ) $ 10,432,199 $ (14,443 ) Corporate bonds — — — — — — MBSs – residential 64,672 (129 ) 1,539,406 (9,948 ) 1,604,078 (10,077 ) MBSs – commercial 2,077,669 (4,984 ) — — 2,077,669 (4,894 ) Total $ 5,133,992 $ (10,519 ) $ 8,979,954 $ (18,985 ) $ 14,113,946 $ (29,504 ) |
LOANS (Tables)
LOANS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of loans receivable | Loans are summarized as follows at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Real estate: Residential $ 365,098,243 $ 384,296,405 Commercial and multi-family real estate 173,151,971 119,831,813 Construction 8,988,114 5,943,594 Commercial and industrial 13,821,513 2,263,608 Consumer: Home equity and other 25,072,298 26,837,971 Total loans 586,132,139 539,173,391 Allowance for loan losses (2,316,174 ) (2,016,174 ) Net loans $ 583,815,965 $ 537,157,217 |
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 and nine months ended September 30, 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Three months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,357,674 $ 770,000 $ 34,500 $ 88,000 $ 16,000 $ 2,266,174 Provision for loan losses (credit) (50,500 ) 70,000 6,000 500 (1,000 ) 25,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,300,674 $ 600,000 $ 12,500 $ 94,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) 37,400 (38,000 ) 500 100 — — Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total Nine months September 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Provision for loan losses (credit) (76,000 ) 328,000 14,500 2,500 6,000 275,000 Loans charged off — — — — — — Recoveries 25,000 — — — — 25,000 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 September 30, 2019 Allowance for loan losses: Beginning balance $ 1,266,175 $ 607,000 $ 9,000 $ 89,000 $ 5,000 $ 1,976,175 Provision for loan losses (credit) 31,900 (45,000 ) 4,000 5,100 4,000 — Loans charged off — — — — — — Recoveries 39,999 — — — — 39,999 Total ending allowance balance $ 1,338,074 $ 562,000 $ 13,000 $ 94,100 $ 9,000 $ 2,016,174 |
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 September 30, 2020 and December 31, 2019: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Consumer Commercial and Industrial Total September 30, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,296,315 840,000 40,500 88,500 15,000 2,280,315 Total ending allowance balance $ 1,332,174 $ 840,000 $ 40,500 $ 88,500 $ 15,000 $ 2,316,174 Loans: Loans individually evaluated for impairment $ 1,064,881 $ 224,930 $ — $ 19,167 $ — $ 1,308,978 Loans collectively evaluated for impairment 364,033,362 172,927,041 8,988,114 25,053,131 13,821,513 584,823,161 Total ending loan balance $ 365,098,243 $ 173,151,971 $ 8,988,114 $ 25,072,298 $ 13,821,513 $ 586,132,139 December 31, 2019 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,347,315 512,000 26,000 86,000 9,000 1,980,315 Total ending allowance balance $ 1,383,174 $ 512,000 $ 26,000 $ 86,000 $ 9,000 $ 2,016,174 Loans: Loans individually evaluated for impairment $ 1,245,071 $ 229,490 $ — $ 19,533 $ — $ 1,494,094 Loans collectively evaluated for impairment 383,051,334 119,602,323 5,943,594 26,818,438 2,263,608 537,679,297 Total ending loan balance $ 384,296,405 $ 119,831,813 $ 5,943,594 $ 26,837,971 $ 2,263,608 $ 539,173,391 |
Summary of impaired loans | Impaired loans as of and for the nine months ended September 30, 2020 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 887,240 $ 177,641 $ 35,859 Commercial and Multi-Family 224,930 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,167 — — $ 1,131,337 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended September 30, 2020 Nine months ended September 30, 2020 Residential first mortgages $ 1,143,912 $ 1,231,099 Commercial and Multi-Family 225,714 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 19,232 19,353 $ 1,388,858 $ 1,477,678 Impaired loans as of and for the year ended December 31, 2019 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 1,066,071 $ 179,000 $ 35,859 Commercial and Multi-Family 229,490 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,533 — — $ 1,315,094 $ 179,000 $ 35,859 Average Of individually Impaired Three months ended September 30, 2019 Nine months ended September 30, 2019 Residential first mortgages $ 1,231,715 $ 1,234,948 Commercial and Multi-Family — — Construction — — Commercial & Industrial — — Home equity & other consumer 9,866 6,577 $ 1,241,581 $ 1,241,525 |
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 by class of loans as of September 30, 2020 and December 31, 2019: Nonaccrual Loans Past Due 90 Days or More Still Accruing September 30, 2020 Residential $ 652,592 $ — Commercial and multi-family — — Consumer 19,167 — Total $ 671,759 $ — December 31, 2019 Residential $ 570,406 $ — Commercial and multi-family — — Consumer 19,533 — Total $ 589,940 $ — |
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 September 30, 2020 and December 31, 2019, by class of loans: 30-59 Days Past Due 60-89 Days Past Due Greater than 89 Days Past Due Total Past Loans Not Past Due Total September 30, 2020 Residential $ — $ 409,026 $ — $ 409,026 $ 364,689,217 $ 365,098,243 Commercial and multi-family — — — — 173,151,971 173,151,971 Construction — — — — 8,988,114 8,988,114 Commercial and industrial — — — — 13,821,513 13,821,513 Consumer — 24,600 — 24,600 25,047,698 25,072,298 Total $ — $ 433,626 $ — $ 433,626 $ 585,698,513 $ 586,132,139 December 31, 2019 Residential $ — $ 370,909 $ — $ 370,909 $ 383,925,496 $ 384,296,405 Commercial and multi-family — — — — 119,831,813 119,831,813 Construction — — — — 5,943,594 5,943,594 Commercial and industrial — — — — 2,263,608 2,263,608 Home Equity & Consumer 171,645 26,474 19,533 217,652 26,620,319 26,837,971 Total $ 171,645 $ 397,383 $ 19,533 $ 588,561 $ 538,584,830 $ 539,173,391 |
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 Mention Substandard Doubtful Totals September 30, 2020 Residential $ 364,033,362 $ 413,118 $ 651,763 $ — $ 365,098,243 Commercial and multi-family 171,691,395 — 1,460,576 — 173,151,971 Construction 8,988,114 — — — 8,988,114 Commercial and industrial 13,821,513 — — — 13,821,513 Consumer 25,053,131 — 19,167 — 25,072,298 Total $ 583,587,515 $ 413,118 $ 2,131,506 $ — $ 586,132,139 December 31, 2019 Residential $ 382,840,124 $ 326,089 $ 1,130,192 $ — $ 384,296,405 Commercial and multi-family 118,348,599 — 1,483,214 — 119,831,813 Construction 5,943,594 — — — 5,943,594 Commercial and industrial 2,263,608 — — — 2,263,608 Consumer 26,818,438 — 19,533 — 26,837,971 Total $ 536,214,363 $ 326,089 $ 2,632,939 $ — $ 539,173,391 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of outstanding firm commitments | The Bank had outstanding firm commitments, all of which expire within two months, to originate, or purchase participation interests in, loans at September 30, 2020 and December 31, 2019 is as follows: September 30, 2020 December 31, 2019 Fixed Rate Residential mortgage loans $ 5,414,500 $ 5,094,500 Commercial real estate 2,600,000 255,000 Commercial and industrial — 3,991,844 Construction — — Home equity 174,500 — Total $ 8,189,000 $ 9,341,344 September 30, 2020 December 31, 2019 Variable Rate Residential mortgage loans $ 360,500 $ 992,000 Commercial real estate 950,000 — Construction 9,750,000 — Home equity — 977,000 Total $ 11,060,500 $ 1,969,000 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments, at September 30, 2020 and December 31, 2019, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2020 Financial instruments - assets Cash and due from banks $ 71,412 $ 71,412 $ 71,412 $ — $ — Investment securities held-to-maturity 53,826 55,337 — 55,337 — Loans 583,816 568,171 — — 568,171 Financial instruments - liabilities Certificates of deposit 388,512 391,129 — 391,129 — Borrowings 108,148 110,403 — 110,403 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2019 Financial instruments - assets Cash and due from banks $ 127,863 $ 127,863 $ 127,863 $ — $ — Investment securities held-to-maturity 56,093 56,582 — 56,582 — Loans 537,157 530,956 — — 530,956 Financial instruments - liabilities Certificates of deposit 400,181 402,513 — 402,513 — Borrowings 97,092 96,892 — 96,892 — |
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 Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2020 Securities available for sale: Corporate bonds $ 6,397,722 $ — $ 6,397,722 $ — MBSs - residential 5,879,658 — $ 5,879,658 — $ 12,277,380 $ — $ 12,277,380 $ — As of December 31, 2019 Securities available for sale: Corporate bonds $ 6,910,857 $ — $ 6,910,857 $ — MBSs - residential 6,837,704 — 6,837,704 — $ 13,748,561 $ — $ 13,748,561 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss included in equity (net of tax) as of the three and nine months ended September 30, 2020 and 2019 Unrealized gain and losses on available for sale Benefit plans Total Three months September 30, 2020 Beginning balance at July 1, 2020 $ 70,352 $ (369,764 ) $ (299,412 ) Other comprehensive gain 32,544 27,895 60,439 Amounts reclassified — — — Net period comprehensive income 32,544 27,895 60,439 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at July 1, 2019 $ 120,386 $ (465,052 ) $ (344,666 ) Other comprehensive loss before reclassification (11,528 ) (14,442 ) (25,970 ) Amounts reclassified — — — Net period comprehensive income (11,528 ) (14,442 ) (25,970 ) Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) Unrealized gain and losses on available for sale Benefit plans Total Nine months September 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive (loss) gain (8,996 ) 83,688 74,692 Amounts reclassified — — — Net period comprehensive income (8,996 ) 83,688 74,692 Ending balance $ 102,896 $ (341,869 ) $ (238,973 ) September 30, 2019 Beginning balance at January 1, 2019 $ 50,561 $ (367,680 ) $ (317,119 ) Cumulative effect of accounting changes 28,659 (97,372 ) (68,713 ) Beginning balance at January 1, 2019, as adjusted 79,220 (465,052 ) (385,832 ) Other comprehensive gain (loss) before reclassification 29,636 (14,442 ) 15,194 Amounts reclassified — — — Net period comprehensive income 29,636 — 15,194 Ending balance $ 108,858 $ (479,494 ) $ (370,636 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($) | Mar. 16, 2020 | Mar. 03, 2020 | Jan. 15, 2020 | Sep. 30, 2020 |
Shares issued during period | 5,657,735 | |||
Shares Issued, Price Per Share | $ 10 | |||
Net Proceeds from Issuance of Common stock | $ 54,600,000 | |||
Issuance Expenses | $ 2,000,000 | |||
Minimum | ||||
Federal funds interest rate | 0.00% | 1.00% | ||
Maximum | ||||
Federal funds interest rate | 0.25% | 1.25% | ||
Bogota Savings Bank Charitable Foundation Inc | Structure Reorganization | ||||
Shares issued during period | 263,150 | |||
Payments for reorganization | $ 250,000 | |||
Bogota Financial MHC | Structure Reorganization | ||||
Shares issued during period | 7,236,640 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 956,416 | $ 1,403,073 | $ (1,337,583) | $ 671,014 | $ 608,271 | $ 361,818 | $ 1,021,905 | $ 1,641,103 |
Basic earnings per share: | ||||||||
Weighted average shares outstanding - basic | 12,657,453 | 12,004,881 | ||||||
Basic earnings per share | $ 0.08 | $ 0.09 |
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 (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 12,134,252 | $ 13,592,917 |
Gross Unrealized Gains | 152,472 | 164,049 |
Gross Unrealized Losses | (9,344) | (8,405) |
Fair Value | 12,277,380 | 13,748,561 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available for sale, due in Less than one year, Amortized Cost | 499,126 | |
Securities available for sale, due in One through five years, Amortized Cost | 6,375,497 | 6,038,217 |
Securities available for sale, due in Five through ten years, Amortized Cost | 350,000 | |
Securities available for sale, due in Less than one year, Gross Unrealized Gains | 2,053 | |
Securities available for sale, due in One through five years, Gross Unrealized Gains | 29,296 | 29,709 |
Securities available for sale, due in Five through ten years, Gross Unrealized Gains | 157 | |
Securities available for sale, due in Less than one year, Gross Unrealized Losses | (8,405) | |
Securities available for sale, due in One through five years, Gross Unrealized Losses | (7,071) | |
Securities available for sale, due in Less than one year, Fair Value | 501,179 | |
Securities available for sale, due in One through five years, Fair Value | 6,397,722 | 6,059,521 |
Securities available for sale, due in Five through ten years, Fair Value | 350,157 | |
Residential Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 5,758,755 | 6,705,574 |
Gross Unrealized Gains | 123,176 | 132,130 |
Gross Unrealized Losses | (2,273) | |
Fair Value | $ 5,879,658 | $ 6,837,704 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Interest – bearing deposits in other | Collateral Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Debt securities, available-for-sale, restricted | $ 227,216 | $ 261,165 | |
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 | |
Percent of MSB issued | 100.00% |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE - Summary of debt securities available for sale and unrealized loss position (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | $ 1,364,362 | $ 1,010,399 |
Unrealized Losses, Less Than 12 Months | (5,444) | (2,883) |
Fair Value, 12 Months or More | 1,003,248 | 1,003,516 |
Unrealized Losses, 12 Months or More | (3,900) | (5,522) |
Fair Value, Total | 2,367,610 | 2,013,915 |
Unrealized Losses, Total | (9,344) | (8,405) |
Corporate Bonds | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 1,002,506 | 1,010,399 |
Unrealized Losses, Less Than 12 Months | (3,171) | (2,883) |
Fair Value, 12 Months or More | 1,003,248 | 1,003,516 |
Unrealized Losses, 12 Months or More | (3,900) | (5,522) |
Fair Value, Total | 2,005,754 | 2,013,915 |
Unrealized Losses, Total | (7,071) | $ (8,405) |
Residential Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 361,856 | |
Unrealized Losses, Less Than 12 Months | (2,273) | |
Fair Value, Total | 361,856 | |
Unrealized Losses, Total | $ (2,273) |
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 (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 53,826,111 | $ 56,093,317 |
Gross Unrealized Gains | 1,579,958 | 518,486 |
Gross Unrealized Losses | (68,972) | (29,504) |
Fair Value | 55,337,097 | 56,582,299 |
U.S. Government-sponsored Agencies | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 4,950,000 | |
Securities held to maturity, due in One through five years, Amortized Cost | 2,499,584 | |
Securities held to maturity, due in Five through ten years, Amortized Cost | 1,497,375 | 4,495,576 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 4,163 | 421 |
Securities held to maturity, due in Less than one year, Gross Unrealized Losses | (520) | |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (8,517) | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (5,406) | |
Securities held to maturity, due in Less than one year, Fair Value | 4,949,480 | |
Securities held to maturity, due in One through five years, Fair Value | 2,491,067 | |
Securities held to maturity, due in Five through ten years, Fair Value | 1,501,538 | 4,490,591 |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Five through ten years, Amortized Cost | 9,137,021 | 5,436,837 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 161,941 | 112,172 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (13,163) | |
Securities held to maturity, due in Five through ten years, Fair Value | 9,285,799 | 5,549,009 |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 909,795 | |
Securities held to maturity, due in One through five years, Amortized Cost | 3,105,395 | 1,380,377 |
Securities held to maturity, due in Five through ten years, Amortized Cost | 375,000 | |
Securities held to maturity, due in Less than one year, Gross Unrealized Gains | 3,697 | |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 41,251 | 20,395 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 33,761 | |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (407) | |
Securities held to maturity, due in Less than one year, Fair Value | 913,492 | |
Securities held to maturity, due in One through five years, Fair Value | 3,146,239 | 1,400,772 |
Securities held to maturity, due in Five through ten years, Fair Value | 408,761 | |
Residential Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 8,139,390 | 7,820,452 |
Gross Unrealized Gains | 191,049 | 76,082 |
Gross Unrealized Losses | (2,632) | (10,077) |
Fair Value | 8,327,807 | 7,886,457 |
Commercial Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 31,571,930 | 28,600,696 |
Gross Unrealized Gains | 1,147,793 | 305,721 |
Gross Unrealized Losses | (52,770) | (4,984) |
Fair Value | $ 32,666,953 | $ 28,901,432 |
SECURITIES HELD TO MATURITY -_2
SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 5,781,761 | $ 5,133,992 |
Unrealized Losses, Less Than 12 Months | (68,972) | (10,519) |
Fair Value, 12 Months or More | 8,979,954 | |
Unrealized Losses, 12 Months or More | (18,985) | |
Fair Value, Total | 5,781,761 | 14,113,946 |
Unrealized Losses, Total | (68,972) | (29,504) |
U.S. Government-sponsored Agencies | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,991,651 | |
Unrealized Losses, Less Than 12 Months | (5,406) | |
Fair Value, 12 Months or More | 7,440,548 | |
Unrealized Losses, 12 Months or More | (9,037) | |
Fair Value, Total | 10,432,199 | |
Unrealized Losses, Total | (14,443) | |
Corporate bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 1,422,140 | |
Unrealized Losses, Less Than 12 Months | (13,163) | |
Fair Value, Total | 1,422,140 | |
Unrealized Losses, Total | (13,163) | |
Municipal Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 1,436,188 | |
Unrealized Losses, Less Than 12 Months | (407) | |
Fair Value, Total | 1,436,188 | |
Unrealized Losses, Total | (407) | |
MBSs – residential | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 313,119 | 64,672 |
Unrealized Losses, Less Than 12 Months | (2,632) | (129) |
Fair Value, 12 Months or More | 1,539,406 | |
Unrealized Losses, 12 Months or More | (9,948) | |
Fair Value, Total | 313,119 | 1,604,078 |
Unrealized Losses, Total | (2,632) | (10,077) |
MBSs – commercial | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,610,314 | 2,077,669 |
Unrealized Losses, Less Than 12 Months | (52,770) | (4,984) |
Fair Value, Total | 2,610,314 | 2,077,669 |
Unrealized Losses, Total | $ (52,770) | $ (4,894) |
SECURITIES HELD TO MATURITY - A
SECURITIES HELD TO MATURITY - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Interest – bearing deposits in other | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 4,121,120 | $ 4,429,954 |
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 | $ 11,381,863 | $ 14,392,143 |
LOANS - Summary of loans receiv
LOANS - Summary of loans receivable (Detail) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 586,132,139 | $ 539,173,391 | ||||
Allowance for loan losses | (2,316,174) | $ (2,266,174) | (2,016,174) | $ (2,016,174) | $ (2,016,174) | $ (1,976,175) |
Net loans | 583,815,965 | 537,157,217 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 13,821,513 | 2,263,608 | ||||
Allowance for loan losses | (15,000) | (16,000) | (9,000) | (9,000) | (9,000) | (5,000) |
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 25,072,298 | 26,837,971 | ||||
Allowance for loan losses | (88,500) | (88,000) | (86,000) | (94,100) | (94,000) | (89,000) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 365,098,243 | 384,296,405 | ||||
Allowance for loan losses | (1,332,174) | (1,357,674) | (1,383,174) | (1,338,074) | (1,300,674) | (1,266,175) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 173,151,971 | 119,831,813 | ||||
Allowance for loan losses | (840,000) | (770,000) | (512,000) | (562,000) | (600,000) | (607,000) |
Construction | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 8,988,114 | 5,943,594 | ||||
Allowance for loan losses | (40,500) | $ (34,500) | (26,000) | $ (13,000) | $ (12,500) | $ (9,000) |
Home equity and other | Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 25,072,298 | $ 26,837,971 |
LOANS - Additional Information
LOANS - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2020USD ($)LoanApplication | Sep. 30, 2019Loan | Dec. 31, 2019USD ($)Loan | |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable from related parties | $ 791,102 | $ 779,790 | |
Loan modifications | $ 67,900,000 | ||
Percentage of loan portfolio | 11.60% | ||
Number of loans modified under Cares Act | Loan | 172 | ||
Number of loans modified deferred under Cares Act | Loan | 25 | ||
Loans receivable amount modified deferred under Cares Act | $ 7,900,000 | ||
Percentage of loans receivable modified deferred under Cares Act | 1.40% | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | $ 177,641 | 179,000 | |
Amount of allowance for loan losses allocated | $ 35,859 | $ 35,859 | |
Paycheck Protection Program | Commercial Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Number of applications received and processed | Application | 113 | ||
Loans received and processed | $ 10,500,000 | ||
Residential | Commercial Real Estate Portfolio Segment | |||
Financing Receivable, Past Due [Line Items] | |||
Number of troubled debt restructured loans | Loan | 5 | 6 | |
Troubled debt restructured loans | $ 979,781 | $ 1,250,741 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 177,641 | 179,000 | |
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 - Summary of activity in
LOANS - Summary of activity in the allowance for loan losses by portfolio segment (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | $ 2,266,174 | $ 2,016,174 | $ 2,016,174 | $ 1,976,175 |
Provision for loan losses (credit) | 25,000 | 275,000 | ||
Recoveries | 25,000 | 25,000 | 39,999 | |
Ending balance | 2,316,174 | 2,016,174 | 2,316,174 | 2,016,174 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 1,357,674 | 1,300,674 | 1,383,174 | 1,266,175 |
Provision for loan losses (credit) | (50,500) | 37,400 | (76,000) | 31,900 |
Recoveries | 25,000 | 25,000 | 39,999 | |
Ending balance | 1,332,174 | 1,338,074 | 1,332,174 | 1,338,074 |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 770,000 | 600,000 | 512,000 | 607,000 |
Provision for loan losses (credit) | 70,000 | (38,000) | 328,000 | (45,000) |
Ending balance | 840,000 | 562,000 | 840,000 | 562,000 |
Commercial Real Estate Portfolio Segment | Construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 34,500 | 12,500 | 26,000 | 9,000 |
Provision for loan losses (credit) | 6,000 | 500 | 14,500 | 4,000 |
Ending balance | 40,500 | 13,000 | 40,500 | 13,000 |
Consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 88,000 | 94,000 | 86,000 | 89,000 |
Provision for loan losses (credit) | 500 | 100 | 2,500 | 5,100 |
Ending balance | 88,500 | 94,100 | 88,500 | 94,100 |
Commercial Portfolio Segment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 16,000 | 9,000 | 9,000 | 5,000 |
Provision for loan losses (credit) | (1,000) | 6,000 | 4,000 | |
Ending balance | $ 15,000 | $ 9,000 | $ 15,000 | $ 9,000 |
LOANS - Summary of allowance fo
LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||||||
Individually evaluated for impairment | $ 35,859 | $ 35,859 | ||||
Collectively evaluated for impairment | 2,280,315 | 1,980,315 | ||||
Total ending allowance balance | 2,316,174 | $ 2,266,174 | 2,016,174 | $ 2,016,174 | $ 2,016,174 | $ 1,976,175 |
Loans individually evaluated for impairment | 1,308,978 | 1,494,094 | ||||
Loans collectively evaluated for impairment | 584,823,161 | 537,679,297 | ||||
Total ending loan balance | 586,132,139 | 539,173,391 | ||||
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 | 1,296,315 | 1,347,315 | ||||
Total ending allowance balance | 1,332,174 | 1,357,674 | 1,383,174 | 1,338,074 | 1,300,674 | 1,266,175 |
Loans individually evaluated for impairment | 1,064,881 | 1,245,071 | ||||
Loans collectively evaluated for impairment | 364,033,362 | 383,051,334 | ||||
Total ending loan balance | 365,098,243 | 384,296,405 | ||||
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 840,000 | 512,000 | ||||
Total ending allowance balance | 840,000 | 770,000 | 512,000 | 562,000 | 600,000 | 607,000 |
Loans individually evaluated for impairment | 224,930 | 229,490 | ||||
Loans collectively evaluated for impairment | 172,927,041 | 119,602,323 | ||||
Total ending loan balance | 173,151,971 | 119,831,813 | ||||
Commercial Real Estate Portfolio Segment | Construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 40,500 | 26,000 | ||||
Total ending allowance balance | 40,500 | 34,500 | 26,000 | 13,000 | 12,500 | 9,000 |
Loans collectively evaluated for impairment | 8,988,114 | 5,943,594 | ||||
Total ending loan balance | 8,988,114 | 5,943,594 | ||||
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 88,500 | 86,000 | ||||
Total ending allowance balance | 88,500 | 88,000 | 86,000 | 94,100 | 94,000 | 89,000 |
Loans individually evaluated for impairment | 19,167 | 19,533 | ||||
Loans collectively evaluated for impairment | 25,053,131 | 26,818,438 | ||||
Total ending loan balance | 25,072,298 | 26,837,971 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 15,000 | 9,000 | ||||
Total ending allowance balance | 15,000 | $ 16,000 | 9,000 | $ 9,000 | $ 9,000 | $ 5,000 |
Loans collectively evaluated for impairment | 13,821,513 | 2,263,608 | ||||
Total ending loan balance | $ 13,821,513 | $ 2,263,608 |
LOANS - Summary of impaired loa
LOANS - Summary of impaired loans (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | $ 1,131,337 | $ 1,131,337 | $ 1,315,094 | ||
Loans with an allowance recorded | 177,641 | 177,641 | 179,000 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,388,858 | $ 1,241,581 | 1,477,678 | $ 1,241,525 | |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 887,240 | 887,240 | 1,066,071 | ||
Loans with an allowance recorded | 177,641 | 177,641 | 179,000 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,143,912 | 1,231,715 | 1,231,099 | 1,234,948 | |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 224,930 | 224,930 | 229,490 | ||
Average of individually impaired loans | 225,714 | 227,226 | |||
Home equity & other consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 19,167 | 19,167 | $ 19,533 | ||
Average of individually impaired loans | $ 19,232 | $ 9,866 | $ 19,353 | $ 6,577 |
LOANS - Summary of recorded inv
LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 671,759 | $ 589,940 |
Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 652,592 | 570,406 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 19,167 | $ 19,533 |
LOANS - Summary of aging of loa
LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | $ 433,626 | $ 588,561 |
Loans Not Past Due | 585,698,513 | 538,584,830 |
Total loans | 586,132,139 | 539,173,391 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 409,026 | 370,909 |
Loans Not Past Due | 364,689,217 | 383,925,496 |
Total loans | 365,098,243 | 384,296,405 |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 173,151,971 | 119,831,813 |
Total loans | 173,151,971 | 119,831,813 |
Commercial Real Estate Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 8,988,114 | 5,943,594 |
Total loans | 8,988,114 | 5,943,594 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 13,821,513 | 2,263,608 |
Total loans | 13,821,513 | 2,263,608 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 24,600 | |
Loans Not Past Due | 25,047,698 | |
Total loans | 25,072,298 | 26,837,971 |
Consumer | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 217,652 | |
Loans Not Past Due | 26,620,319 | |
Total loans | 25,072,298 | 26,837,971 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 171,645 | |
30-59 Days Past Due | Consumer | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 171,645 | |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 433,626 | 397,383 |
60-89 Days Past Due | Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 409,026 | 370,909 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | $ 24,600 | |
60-89 Days Past Due | Consumer | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 26,474 | |
Greater than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 19,533 | |
Greater than 89 Days Past Due | Consumer | Home Equity Loan | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | $ 19,533 |
LOANS - Summary of loans rece_2
LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 586,132,139 | $ 539,173,391 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,821,513 | 2,263,608 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 25,072,298 | 26,837,971 |
Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 583,587,515 | 536,214,363 |
Pass | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,821,513 | 2,263,608 |
Pass | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 25,053,131 | 26,818,438 |
Special Mention | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 413,118 | 326,089 |
Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,131,506 | 2,632,939 |
Substandard | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,167 | 19,533 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 365,098,243 | 384,296,405 |
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 364,033,362 | 382,840,124 |
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 413,118 | 326,089 |
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 651,763 | 1,130,192 |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 173,151,971 | 119,831,813 |
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 171,691,395 | 118,348,599 |
Commercial and Multi-Family Real Estate | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,460,576 | 1,483,214 |
Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,988,114 | 5,943,594 |
Construction | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 8,988,114 | $ 5,943,594 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fixed Rate | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | $ 8,189,000 | $ 9,341,344 |
Fixed Rate | Residential mortgage loans | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 5,414,500 | 5,094,500 |
Fixed Rate | Commercial real estate | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 2,600,000 | 255,000 |
Fixed Rate | Commercial and industrial | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 3,991,844 | |
Fixed Rate | Home equity loans | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 174,500 | |
Variable Rate | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 11,060,500 | 1,969,000 |
Variable Rate | Residential mortgage loans | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 360,500 | 992,000 |
Variable Rate | Commercial real estate | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | 950,000 | |
Variable Rate | Construction | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | $ 9,750,000 | |
Variable Rate | Home equity loans | ||
Commitments and contingencies [Line Items] | ||
Fair Value, Concentration of Risk, Commitments | $ 977,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
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 | $ 28,677 | $ 27,839 | |
Home Equity Loan | |||
Commitments and contingencies [Line Items] | |||
Undisbursed loan funds | 42,988,848 | $ 43,225,911 | |
Business Line Of Credit | |||
Commitments and contingencies [Line Items] | |||
Undisbursed loan funds | $ 404,861 | $ 421,135 | |
Minimum | |||
Commitments and contingencies [Line Items] | |||
Interest rate | 3.50% | ||
Maturity term | 10 years | ||
Maximum | |||
Commitments and contingencies [Line Items] | |||
Interest rate | 4.75% | ||
Maturity term | 30 years |
FAIR VALUE - Summary of assets
FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 12,277,380 | $ 13,748,561 |
MBSs – residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 5,879,658 | 6,837,704 |
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 12,277,380 | 13,748,561 |
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 | 6,397,722 | 6,910,857 |
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 | 5,879,658 | 6,837,704 |
Fair Value, Recurring Basis | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 12,277,380 | 13,748,561 |
Fair Value, Recurring Basis | Carrying Value | Corporate bonds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 6,397,722 | 6,910,857 |
Fair Value, Recurring Basis | Carrying Value | MBSs – residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 5,879,658 | $ 6,837,704 |
FAIR VALUE - Summary of carryin
FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Financial instruments - assets | ||
Cash and cash equivalents, fair value disclosure | $ 71,412,000 | $ 127,863,000 |
Investment securities held-to-maturity | 55,337,097 | 56,582,299 |
Loans | 568,171,000 | 530,956,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 391,129,000 | 402,513,000 |
Borrowings | 110,403,000 | 96,892,000 |
Fair Value Measurement Placement (Level 1) | ||
Financial instruments - assets | ||
Cash and cash equivalents, fair value disclosure | 71,412,000 | 127,863,000 |
Fair Value Measurement Placement (Level 2) | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 55,337,000 | 56,582,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 391,129,000 | 402,513,000 |
Borrowings | 110,403,000 | 96,892,000 |
Fair Value Measurement Placement (Level 3) | ||
Financial instruments - assets | ||
Loans | 568,171,000 | 530,956,000 |
Carrying Value | ||
Financial instruments - assets | ||
Cash and cash equivalents, fair value disclosure | 71,412,000 | 127,863,000 |
Investment securities held-to-maturity | 53,826,000 | 56,093,000 |
Loans | 583,816,000 | 537,157,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 388,512,000 | 400,181,000 |
Borrowings | $ 108,148,000 | $ 97,092,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 126,331,951 | $ 73,489,023 | $ 74,977,847 | $ 72,477,768 |
Comprehensive income | 1,016,855 | 645,044 | 1,096,597 | 1,656,299 |
Ending balance | 127,399,899 | 74,134,067 | 127,399,899 | 74,134,067 |
Unrealized gain and losses on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 70,352 | 120,386 | 111,892 | 50,561 |
Other comprehensive (loss) gain | 32,544 | (8,996) | ||
Other comprehensive gain (loss) before reclassification | (11,528) | 29,636 | ||
Comprehensive income | 32,544 | (11,528) | (8,996) | 29,636 |
Ending balance | 102,896 | 108,858 | 102,896 | 108,858 |
Unrealized gain and losses on available for sale securities | Cumulative Effect of Accounting Changes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 28,659 | |||
Unrealized gain and losses on available for sale securities | Cumulative Effect of Adoption Adjusted Balance | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 79,220 | |||
Benefit plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (369,764) | (465,052) | (425,557) | (367,680) |
Other comprehensive (loss) gain | 27,895 | 83,688 | ||
Other comprehensive gain (loss) before reclassification | (14,442) | (14,442) | ||
Comprehensive income | 27,895 | (14,442) | 83,688 | |
Ending balance | (341,869) | (479,494) | (341,869) | (479,494) |
Benefit plans | Cumulative Effect of Accounting Changes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (97,372) | |||
Benefit plans | Cumulative Effect of Adoption Adjusted Balance | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (465,052) | |||
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (299,412) | (344,666) | (313,665) | (317,119) |
Other comprehensive (loss) gain | 60,439 | 74,692 | ||
Other comprehensive gain (loss) before reclassification | (25,970) | 15,194 | ||
Comprehensive income | 60,439 | (25,970) | 74,692 | 15,194 |
Ending balance | $ (238,973) | $ (370,636) | $ (238,973) | (370,636) |
AOCI Attributable to Parent | Cumulative Effect of Accounting Changes | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (68,713) | |||
AOCI Attributable to Parent | Cumulative Effect of Adoption Adjusted Balance | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (385,832) |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail) | Sep. 30, 2020shares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
ESOP shares issued | 515,775 |
ESOP percentage of shares issued | 4.00% |
ESOP, Number of shares to be allocated | 25,789 |