Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Bogota Financial Corp. | |
Entity Central Index Key | 0001787414 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | NJ | |
Entity Incorporation, State or Country Code | MD | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 14,425,441 | |
Trading Symbol | BSBK | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39180 | |
Entity Tax Identification Number | 84-3501231 | |
Entity Address, Address Line One | 819 Teaneck Road | |
Entity Address, City Or Town | Teaneck | |
Entity Address, Postal Zip Code | 07666 | |
City Area Code | 201 | |
Local Phone Number | 862-0660 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 6,153,193 | $ 5,957,564 |
Interest-bearing deposits in other banks | 94,517,618 | 74,428,175 |
Cash and cash equivalents | 100,670,811 | 80,385,739 |
Securities available for sale | 11,223,212 | 11,870,508 |
Securities held to maturity (fair value of $78,486,099 and $58,872,451, respectively) | 77,656,637 | 57,504,443 |
Loan held for sale | 893,600 | |
Loans, net of allowance of $2,128,174 and $2,241,174, respectively | 583,751,887 | 557,690,853 |
Premises and equipment, net | 7,896,029 | 5,671,097 |
Federal Home Loan Bank (FHLB) stock and other restricted securities | 5,457,100 | 5,928,100 |
Accrued interest receivable | 2,690,816 | 2,855,425 |
Core deposit intangibles | 380,331 | |
Bank-owned life insurance | 25,150,470 | 16,915,637 |
Other assets | 3,081,402 | 2,083,076 |
Total Assets | 818,852,295 | 740,904,878 |
Liabilities and Equity | ||
Non-interest bearing deposits | 31,771,385 | 27,061,629 |
Interest bearing deposits | 537,419,334 | 474,911,402 |
Total Deposits | 569,190,719 | 501,973,031 |
FHLB advances | 96,996,554 | 104,290,920 |
Advance payments by borrowers for taxes and insurance | 3,566,955 | 2,560,089 |
Other liabilities | 4,475,965 | 3,612,762 |
Total liabilities | 674,230,193 | 612,436,802 |
Commitments and Contingencies-see note 6 | ||
Stockholders’ Equity | ||
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at June 30, 2021 and December 31, 2020. | ||
Common stock $0.01 par value, 30,000,000 shares authorized, 14,425,441 issued and outstanding at June 30, 2021 and 13,157,525 at December 31, 2020 | 144,254 | 131,575 |
Additional Paid-In capital | 68,437,376 | 56,975,187 |
Retained earnings | 81,804,768 | 77,359,737 |
Unearned ESOP shares (476,721 at June 30, 2021 and 489,983 shares at December 31, 2020) | (5,574,808) | (5,725,410) |
Accumulated other comprehensive loss | (189,488) | (273,013) |
Total stockholders’ equity | 144,622,102 | 128,468,076 |
Total liabilities and stockholders’ equity | $ 818,852,295 | $ 740,904,878 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Statement Of Financial Position [Abstract] | ||
Fair value of Securities Maturities | $ 78,486,099 | $ 58,872,451 |
Allowance For Loan | $ 2,128,174 | $ 2,241,174 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred shares authorized | 1,000,000 | 1,000,000 |
Preferred shares issued | 0 | 0 |
Preferred shares outstanding | 0 | 0 |
Common stock par value | $ 0.01 | $ 0.01 |
Common shares authorized | 30,000,000 | 30,000,000 |
Common shares issued | 14,425,441 | 13,157,525 |
Common shares outstanding | 14,425,441 | 13,157,525 |
Unearned ESOP Shares | 476,721 | 489,983 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | ||||
Loans | $ 5,684,881 | $ 5,245,931 | $ 11,149,842 | $ 10,343,182 |
Securities | ||||
Taxable | 388,604 | 405,146 | 1,062,151 | 836,199 |
Tax-exempt | 12,798 | 13,220 | 25,383 | 24,881 |
Other interest-earning assets | 115,256 | 151,913 | 238,260 | 529,276 |
Total interest income | 6,201,539 | 5,816,210 | 12,475,636 | 11,733,538 |
Interest expense | ||||
Deposits | 1,050,546 | 2,041,512 | 2,314,228 | 4,357,833 |
FHLB advances | 376,508 | 488,854 | 807,633 | 1,005,926 |
Total interest expense | 1,427,054 | 2,530,366 | 3,121,861 | 5,363,759 |
Net interest income | 4,774,485 | 3,285,844 | 9,353,775 | 6,369,779 |
(Credit) provision for loan losses | (54,000) | 225,000 | (113,000) | 250,000 |
Net interest income after (credit) provision for loan losses | 4,828,485 | 3,060,844 | 9,466,775 | 6,119,779 |
Non-interest income | ||||
Fees and service charges | 68,576 | 12,327 | 121,103 | 32,045 |
Gain on sale of loans | 284,065 | 520,102 | ||
Bargain purchase gain | 1,933,397 | |||
Bank-owned life insurance | 145,167 | 749,091 | 234,833 | 848,802 |
Other | 35,480 | 6,228 | 42,459 | 8,182 |
Total non-interest income | 533,288 | 767,646 | 2,851,894 | 889,029 |
Non-interest expense | ||||
Salaries and employee benefits | 2,035,467 | 1,202,387 | 3,574,387 | 2,459,986 |
Occupancy and equipment | 294,694 | 159,376 | 561,173 | 328,916 |
FDIC insurance assessment | 69,300 | 26,000 | 114,300 | 71,000 |
Data processing | 312,527 | 165,211 | 520,836 | 311,237 |
Advertising | 60,000 | 42,180 | 120,000 | 101,814 |
Director fees | 216,880 | 178,894 | 415,119 | 365,176 |
Professional fees | 208,849 | 192,572 | 467,766 | 324,906 |
Merger fees | 73,932 | 392,197 | ||
Core conversion costs | 360,000 | |||
Contribution to charitable foundation | 2,881,500 | |||
Other | 305,484 | 193,070 | 483,801 | 387,771 |
Total non-interest expense | 3,577,133 | 2,159,690 | 7,009,579 | 7,232,306 |
Income (loss) before income taxes | 1,784,640 | 1,668,800 | 5,309,090 | (223,498) |
Income tax expense (benefit) | 345,916 | 265,727 | 864,059 | (288,988) |
Net income | $ 1,438,724 | $ 1,403,073 | $ 4,445,031 | $ 65,490 |
Earnings per Share (basic and diluted) | $ 0.10 | $ 0.11 | $ 0.33 | $ 0.01 |
Weighted average shares outstanding | 13,945,423 | 12,650,748 | 13,528,822 | 11,675,010 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive (Loss) Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,438,724 | $ 1,403,073 | $ 4,445,031 | $ 65,490 |
Net of unrealized gains/(loss) on securities available for sale: | ||||
Net of unrealized holding (loss) gain arising during the period | 12,814 | 138,947 | 28,881 | (57,784) |
Tax effect | 3,602 | 39,057 | 8,118 | (16,244) |
Net of tax | 9,212 | 99,890 | 20,763 | (41,540) |
Defined benefit retirement plans: | ||||
Reclassification adjustment for amortization of prior service cost and net gain/loss included in salaries and employee benefits | 43,653 | 38,803 | 87,306 | 77,606 |
Tax effect | (12,271) | (10,908) | (24,542) | (21,813) |
Net of tax | 31,381 | 27,895 | 62,762 | 55,793 |
Total other comprehensive income | 40,593 | 127,785 | 83,525 | 14,253 |
Comprehensive income | $ 1,479,317 | $ 1,530,858 | $ 4,528,556 | $ 79,743 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) | Total | Bogota MHC | Common Stock | Common StockBogota MHC | Paid-in Capital | Paid-in CapitalBogota MHC | Retained Earnings | Unearned ESOP shares | Accumulates Other Comprehensive Income (Loss) |
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 | (6,022,899) | (427,197) | |||
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) | 65,490 | ||||||||
Other comprehensive income (loss) | 14,253 | ||||||||
Ending balance at Jun. 30, 2020 | 126,331,951 | $ 131,575 | 57,022,232 | 75,357,002 | (5,879,446) | (299,412) | |||
Ending balance, shares at Jun. 30, 2020 | 13,157,525 | ||||||||
Beginning balance at Mar. 31, 2020 | 124,689,370 | $ 131,575 | 57,053,962 | 73,953,929 | (6,022,899) | (427,197) | |||
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 | (5,879,446) | (299,412) | |||
Ending balance, shares at Jun. 30, 2020 | 13,157,525 | ||||||||
Beginning balance at Dec. 31, 2020 | 128,468,076 | $ 131,575 | 56,975,187 | 77,359,737 | (5,725,410) | (273,013) | |||
Beginning balance, shares at Dec. 31, 2020 | 13,157,525 | ||||||||
Net income (loss) | 3,006,307 | 3,006,307 | |||||||
Other comprehensive income (loss) | 42,932 | 42,932 | |||||||
Issuance of common stock for initial public offering, net of expenses | $ 11,500,000 | $ 12,679 | $ 11,487,321 | ||||||
Issuance of common stock for initial public offering, net of expenses, shares | 1,267,916 | ||||||||
ESOP Shares released | 60,835 | (14,466) | 75,301 | ||||||
Ending balance at Mar. 31, 2021 | 143,078,150 | $ 144,254 | 68,448,042 | 80,366,044 | (5,650,109) | (230,081) | |||
Ending balance, shares at Mar. 31, 2021 | 14,425,441 | ||||||||
Beginning balance at Dec. 31, 2020 | 128,468,076 | $ 131,575 | 56,975,187 | 77,359,737 | (5,725,410) | (273,013) | |||
Beginning balance, shares at Dec. 31, 2020 | 13,157,525 | ||||||||
Net income (loss) | 4,445,031 | ||||||||
Other comprehensive income (loss) | 83,525 | ||||||||
Ending balance at Jun. 30, 2021 | 144,622,102 | $ 144,254 | 68,437,376 | 81,804,768 | (5,574,808) | (189,488) | |||
Ending balance, shares at Jun. 30, 2021 | 14,425,441 | ||||||||
Beginning balance at Mar. 31, 2021 | 143,078,150 | $ 144,254 | 68,448,042 | 80,366,044 | (5,650,109) | (230,081) | |||
Beginning balance, shares at Mar. 31, 2021 | 14,425,441 | ||||||||
Net income (loss) | 1,438,724 | 1,438,724 | |||||||
Other comprehensive income (loss) | 40,593 | 40,593 | |||||||
ESOP Shares released | 64,635 | (10,666) | 75,301 | ||||||
Ending balance at Jun. 30, 2021 | $ 144,622,102 | $ 144,254 | $ 68,437,376 | $ 81,804,768 | $ (5,574,808) | $ (189,488) | |||
Ending balance, shares at Jun. 30, 2021 | 14,425,441 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Net income | $ 4,445,031 | $ 65,490 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Bargain purchase gain | (1,933,397) | |
Amortization of intangible asset, credit marks | (275,595) | |
(Credit) provision for loan losses | (113,000) | 250,000 |
Depreciation of premises and equipment | 149,401 | 139,337 |
Amortization of deferred loan fees | 331,462 | 309,726 |
Amortization of premiums and accretion of discounts on securities, net | 103,369 | 68,148 |
Deferred income tax expense (benefit) | 350,680 | (829,801) |
Contribution to charitable foundation | 2,631,500 | |
Gain on sale of loans | (520,102) | |
Increase in cash surrender value of bank owned life insurance | (234,833) | (190,911) |
Employee stock ownership plan expense | 125,471 | 111,723 |
Changes in: | ||
Accrued interest receivable | 467,536 | (649,865) |
Net changes in other assets | (519,057) | 1,199,748 |
Net changes in other liabilities | 503,921 | 855,799 |
Net cash provided by operating activities | 2,880,887 | 3,960,894 |
Cash flows from investing activities | ||
Purchases of securities held to maturity | (27,261,578) | (11,664,965) |
Purchases of securities available for sale | (2,021,000) | |
Maturities, calls, and repayments of securities available for sale | 2,593,807 | 1,058,806 |
Maturities, calls, and repayments of securities held to maturity | 14,151,334 | 13,147,253 |
Proceeds from sale of loans | 15,659,195 | |
Net decrease (increase) in loans | 34,542,074 | (49,213,588) |
Loans purchased | (1,869,667) | |
Purchase of Bank Owned Life Insurance | (8,000,000) | |
Net cash acquired in merger | 19,393,090 | |
Death benefit proceeds from bank owned life insurance | 863,921 | |
Purchases of premises and equipment | (945,972) | (45,087) |
Purchase of FHLB Stock | (169,700) | (789,100) |
Redemption of FHLB stock | 1,194,200 | 137,700 |
Net cash provided by (used in) investing activities | 49,135,450 | (48,374,727) |
Cash flows from financing activities net of effects of business combinations | ||
Net decrease in deposits | (14,593,415) | (5,334,232) |
Net decrease in short-term FHLB advances | (12,000,000) | 7,000,000 |
Proceeds from long-term FHLB non-repo advances | 3,000,000 | 16,500,000 |
Repayments of long-term FHLB non-repo advances | (8,498,055) | (7,486,878) |
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 (decrease) in advance payments from borrowers for taxes and insurance | 360,205 | (499,444) |
Net cash used in financing activities | (31,731,265) | (31,639,256) |
Net increase (decrease) in cash and cash equivalents | 20,285,072 | (76,053,089) |
Cash and cash equivalents at beginning of year | 80,385,739 | 127,862,559 |
Cash and cash equivalents at June 30 | 100,670,811 | 51,809,470 |
Supplemental cash flow information | ||
Subscription offering proceeds used to purchase common stock | 48,843,842 | |
Income taxes paid | 1,355,000 | 100,000 |
Interest paid | 3,157,098 | $ 5,449,347 |
Non-cash investment and financing activities | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 87,352,754 | |
Fair value of liabilities assumed | $ 93,312,447 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at June 30, 2021 and December 31, 2020. 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 contributed $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 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 six months ended June 30, 2021 and 2020. For the three months ended June 30, 2021 For the three months ended June 30, 2020 For the six months ended June 30, 2021 For the six months ended June 30, 2020 Net income $ 1,438,724 $ 1,403,073 $ 4,445,031 $ 65,490 Basic earnings per share: Weighted average shares outstanding - basic 13,945,423 12,650,748 13,528,822 11,675,010 Basic earnings per share $ 0.10 $ 0.11 $ 0.33 $ 0.01 Use of Estimates NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Risks and Uncertainties Basis of Presentation The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Savings Bank at and for the year ended December 31, 2020. Acquired Loans Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after the acquisition. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. Not Yet Effective Accounting Pronouncements: 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 the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. 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. |
ACQUISITION OF GIBRALTAR BANK
ACQUISITION OF GIBRALTAR BANK | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITION OF GIBRALTAR BANK | NOTE 2- ACQUISITION OF GIBRALTAR BANK On February 28, 2021, the Company completed its acquisition of Gibraltar Bank. Pursuant to the terms of the Merger Agreement, Gibraltar Bank merged with and into the Bank, with the Bank as the surviving entity. Under the terms of the merger agreement, depositors of Gibraltar Bank became depositors of the Bank and have the same rights and privileges in Bogota Financial MHC as if their accounts had been established at the Bank on the date established at Gibraltar Bank. The Company issued 1,267,916 shares of its common stock to Bogota MHC in conjunction with the acquisition. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of February 28, 2021 based on management’s best estimate using the information available as of the merger date. The application of the acquisition method of accounting resulted in the recognition of bargain purchase gain of $1.9 million and a core deposit intangible of $400,000. NOTE 2- ACQUISITION OF GIBRALTAR BANK (continued) Merger-related expenses of $392,000 for 2021 As recorded by Gibraltar Bank Fair value adjustments As recorded at acquisition Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 (208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other restricted stock 603,500 — 603,500 Loans receivable 77,683,903 (920,497 ) (b) 76,763,406 Allowance for loan loss (640,232 ) 640,232 (c ) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e ) 400,000 Deferred taxes 913,303 (184,973 ) (f) 728,330 Other assets 362,636 (278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and insurance 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities over estimated useful life. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense NOTE 2- ACQUISITION OF GIBRALTAR BANK (continued) The fair value of loans acquired from Gibraltar Bank was estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. There was no carryover of Gibraltar’s Bank allowance for loan losses associated with the loans that were acquired. The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Accordingly, the Company recognizes amounts for identifiable assets acquired and liabilities assumed at their estimated acquisition date fair value. Due to the complexity in valuing the assets acquired and liabilities assumed, and the significant amount of data inputs required, the valuation of the assets and liabilities acquired is not yet final. Fair value estimates are based on the information available and are subject to change for up to one year after the closing date of the acquisition as additional information relative to the closing date fair values becomes available. The fair value of purchased financial assets with credit impairment was $6.1 million on the date of acquisition. The gross contractual amounts receivable relating to the purchased financial assets with the credit impairment was $6.7 million. Certain loans, for which specific credit-related deterioration was identified, are recorded at fair value, reflecting the present value of the amounts expected to be collected. Income recognition on these loans is based on a reasonable expectation of the timing and amount of cash flows to be collected. The timing of the sale of loan collateral was estimated for acquired loans deemed impaired and considered collateral dependent. For these collateral dependent impaired loans, the excess of the future expected cash flow over the present value of the future expected cash flow represents the accretable yield, which will be accreted into interest income over the estimated liquidation period using the effective interest method. The following table details the loans that are accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal and interest at acquisition $ 8,346 Contractual cash flows not expected to be collected (nonaccretable difference) 1,412 Expected cash flows at acquisition 6,934 Interest component of expected cash flows (accretable discount) 846 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 6,088 Acquired loans not subject to the requirements of FASB ASC 310-30 are recorded at fair value. The fair value mark on each of these loans will be accreted into interest income over the remaining life of the loan. The following table details loans that are not accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal at acquisition $ 91,906 Contractual cash flows not expected to be collected (credit mark) 9,978 Expected cash flows at acquisition 81,928 Interest component of expected cash flows (accretable discount) 143 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 82,071 NOTE 2- ACQUISITION OF GIBRALTAR BANK (continued) The following table presents actual operating results attributable to Gibraltar Bank since the March 1, 2021 acquisition date through June 30, 20201. This information does not include purchase accounting adjustments or acquisition integration costs. (Dollars in thousands) Gibraltar March 1, 2021 to June 30, 2021 Net interest income $ 845 Non-interest income 600 Non-interest expense 204 Pre-tax income 1,241 Income tax expense — Net Income $ 1,241 The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowings was based on the FHLB calculation to prepay borrowings with associated penalties. |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 6 Months Ended |
Jun. 30, 2021 | |
Available-for-sale Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 3 – SECURITIES AVAILABLE FOR SALE The following table summarizes the amortized cost, fair value, and gross unrealized gains and losses of securities available for sale at June 30, 2021 and December 31, 2020: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2021 Corporate bonds due in: One through five years $ 5,380,365 $ 44,969 $ — $ 5,425,334 Five through ten years 1,002,862 5,008 — 1,007,870 MBSs – residential 4,671,210 120,375 (1,577 ) 4,790,008 Total $ 11,054,437 $ 170,352 $ (1,577 ) $ 11,223,212 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 (4,186 ) 5,396,748 Five through ten years — — — — MBSs – residential 5,359,734 114,426 (2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ (6,894 ) $ 11,870,508 All of the mortgaged-backed securities (“MBSs”) are issued by the following government sponsored agencies Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Government National Mortgage Association (“GNMA”). NOTE 3 – SECURITIES AVAILABLE FOR SALE (Continued) There were no sales of securities during the six months ended June 30, 2021 or June 30, 2020. The age of unrealized losses and the fair value of related securities as of June 30, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2021 Corporate bonds $ — $ — $ — $ — $ — $ — MBSs – residential - - 262,826 (1,577 ) 262,826 (1,577 ) Total $ — $ — $ 262,826 $ (1,577 ) $ 262,826 $ (1,577 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ (4,186 ) $ 2,005,441 $ (4,186 ) MBSs – residential 271,340 (2,708 ) - - 271,340 (2,708 ) Total $ 271,340 $ (2,708 ) $ 2,005,441 $ (4,186 ) $ 2,276,781 $ (6,894 ) 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 June 30, 2021, 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 June 30, 2021. At June 30, 2021 and December 31, 2020, securities available for sale with a carrying value of $178,525 and $214,229, respectively, were pledged to secure public deposits. |
SECURITIES HELD TO MATURITY
SECURITIES HELD TO MATURITY | 6 Months Ended |
Jun. 30, 2021 | |
Held-to-maturity Securities | |
Marketable Securities [Line Items] | |
SECURITIES AVAILABLE FOR SALE AND SECURITIES HELD TO MATURITY | NOTE 4 – SECURITIES HELD TO MATURITY The following table summarizes the amortized cost, fair value, and gross unrecognized gains and losses of securities held to maturity at June 30, 2021 and December 31, 2020: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 4,503,581 $ 696 $ (2,146 ) $ 4,502,131 Corporate bonds due in: Five through ten years 13,167,446 458,741 (39,038 ) 13,587,149 Municipal obligations due in: Less than one year 1,322,439 2,542 — 1,324,981 One through five years 4,006,811 21,969 (3,100 ) 4,025,680 Five through ten years 375,000 31,729 — 406,729 MBSs: Residential 19,087,067 136,647 (190,397 ) 19,033,317 Commercial 35,194,293 655,616 (243,797 ) 35,606,112 Total $ 77,656,637 $ 1,307,940 $ (478,478 ) $ 78,486,099 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 (2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 (141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 (15,440 ) 12,036,307 Commercial 31,263,861 997,319 (59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ (77,143 ) $ 58,872,451 All of the MBSs are issued by the following government sponsored agencies: FHLMC, FNMA and GNMA. NOTE 4 – SECURITIES HELD TO MATURITY (Continued) The age of unrecognized losses and the fair value of related securities were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses June 30, 2021 U.S. Government-sponsored agencies $ 1,997,854 $ (2,146 ) $ — $ — $ 1,997,854 $ (2,146 ) Corporate bonds 3,147,743 (39,038 ) — — 3,147,743 (39,038 ) Municipal bonds 2,946,900 (3,100 ) — — 2,946,900 (3,100 ) MBSs – residential 7,612,394 (189,371 ) 83,577 (1,026 ) 7,695,971 (190,397 ) MBSs – commercial 10,840,332 (243,797 ) — — 10,840,332 (243,797 ) Total $ 26,545,223 $ (477,452 ) $ 83,577 $ (1,026 ) $ 26,628,800 $ (478,478 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2020 Corporate bonds $ 747,480 $ (2,520 ) $ — $ — $ 747,480 $ (2,520 ) Municipal bonds 1,436,454 (141 ) — — 1,436,454 (141 ) MBSs – residential 2,403,485 (15,440 ) — — 2,403,485 (15,440 ) MBSs – commercial 2,652,666 (59,042 ) — — 2,652,666 (59,042 ) Total $ 7,240,085 $ (77,143 ) $ — $ — $ 7,240,085 $ (77,143 ) 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 June 30, 2021 and December 31, 2020, securities held to maturity with a carrying amount of $8,763,014 and $11,057,973, respectively, were pledged to secure repurchase agreements at the Federal Home Loan Bank of New York. At June 30, 2021 and December 31, 2020, securities held to maturity with a carrying value of $2,704,730 and $4,327,429, respectively were pledged to secure public deposits. |
LOANS
LOANS | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS | NOTE 5 – LOANS Loans are summarized as follows at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Real estate: Residential $ 343,180,278 $ 340,000,989 Commercial and multi-family real estate 189,787,127 171,634,451 Construction 13,776,910 9,930,959 Commercial and industrial 10,624,189 13,652,248 Consumer: Home equity and other 28,511,557 24,713,380 Total loans 585,880,061 559,932,027 Allowance for loan losses (2,128,174 ) (2,241,174 ) Net loans $ 583,751,887 $ 557,690,853 The Bank has granted loans to officers and directors of the Bank. At June 30, 2021 and December 31, 2020, such loans totaled approximately $728,715 and $748,662, respectively. At June 30, 2021 and December 31, 2020 deferred loan fees were $$1,548,099 and $1,844,233 respectively As a qualified Small Business Administration lender, the Bank was automatically authorized to originate loans under the Paycheck Protection Program (“PPP”). During 2020, the Bank received and processed 113 PPP applications totaling approximately $10.5 million. The Bank participated in the second round of PPP loans and during the first half of 2021, the Bank received and processed 54 applications totaling $6.9 million. All outstanding PPP loans are included in the table above under commercial and industrial loans The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended June 30, 2021 and 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Commercial and Industrial Consumer Total Three months June 30, 2021 Allowance for loan losses: Beginning balance $ 1,185,674 $ 849,000 $ 48,000 $ 13,500 $ 86,000 $ 2,182,174 (Credit) provision for loan losses (58,980 ) 4,000 6,000 (5,020 ) — (54,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 June 30,2020 Allowance for loan losses: Beginning balance $ 1,311,174 $ 589,000 $ 31,000 $ 18,000 $ 92,000 $ 2,041,174 (Credit) provision for loan losses 46,500 181,000 3,500 (2,000 ) (4,000 ) 225,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,357,674 $ 770,000 $ 34,500 $ 16,000 $ 88,000 $ 2,266,174 NOTE 5 – LOANS (Continued) Residential First Mortgage Commercial and Multi- Family Real Estate Construction Commercial and Industrial Consumer Total Six months June 30, 2021 Allowance for loan losses: Beginning balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Provision for loan losses (credit) (127,480 ) 12,000 9,000 (5,520 ) (1,000 ) (113,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 June 30, 2020 Allowance for loan losses: Beginning balance $ 1,383,174 $ 512,000 $ 26,000 $ 9,000 $ 86,000 $ 2,016,174 Provision for loan losses (credit) (25,500 ) 258,000 8,500 7,000 2,000 250,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,357,674 $ 770,000 $ 34,500 $ 16,000 $ 88,000 $ 2,266,174 NOTE 5 – LOANS (Continued) The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of June 30, 2021 and December 31, 2020: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Commercial and Industrial Consumer Total June 30, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,090,835 853,000 54,000 8,480 86,000 2,092,315 Acquired with deteriorated credit quality — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 Loans: Loans individually evaluated for impairment $ 1,066,857 $ — $ — $ — $ 18,791 $ 1,085,648 Loans collectively evaluated for impairment 337,723,730 188,337,396 13,776,910 10,624,189 28,448,911 578,911,136 Loans acquired with deteriorated credit quality 4,389,691 1,449,731 — — 43,855 5,883,277 Total ending loan balance $ 343,180,278 $ 189,787,127 $ 13,776,910 $ 10,624,189 $ 28,511,557 $ 585,880,061 December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,218,315 841,000 45,000 14,000 87,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Loans: Loans individually evaluated for impairment $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated for impairment 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 13,652,248 $ 24,713,380 $ 559,932,027 NOTE 5 – LOANS (Continued) Impaired loans as of and for the three and six months ended June 30, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 890,402 $ 176,455 $ 35,859 Commercial and Multi-Family — — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,791 — — $ 909,193 $ 176,455 $ 35,859 Average Of individually Impaired Three months ended June 30, 2021 Six months ended June 30, 2021 Residential first mortgages $ 1,217,094 $ 1,231,099 Commercial and Multi-Family 222,534 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 18,980 19,353 $ 1,458,608 $ 1,477,678 Impaired loans as of December 31, 2020 and for the three and six months ended June 30, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended June 30, 2020 Six months ended June 30, 2020 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 5 – LOANS (Continued) The Bank has four residential loans totaling $738,717 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 and six months ended June 30, 2021 and March 31, 2020 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 June 30, 2021 and December 31, 2020: Nonaccrual Loans Past Due 90 Days or More Still Accruing June 30, 2021 Residential $ 665,732 $ — Commercial and multi-family — — Consumer 18,791 — Total $ 684,523 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ — The Bank had no other real estate owned at either June 30, 2021 or December 31, 2020. NOTE 5 – LOANS (Continued) The following table presents the aging of the recorded investment in past due loans as of June 30, 2021 and December 31, 2020, 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 Loans acquired with deteriorated credit quality Total June 30, 2021 Residential $ 331,535 $ 1,073,062 $ 113,370 $ 1,517,967 $ 337,272,620 $ 4,389,691 $ 343,180,278 Commercial and multi-family — — — — 188,337,396 1,449,731 189,787,127 Construction — — — — 13,776,910 — 13,776,910 Commercial and industrial — — — — 10,580,334 43,855 10,624,189 Consumer 199,758 21,928 — 221,686 28,289,871 — 28,511,557 Total $ 531,293 $ 1,094,990 $ 113,370 $ 1,739,653 $ 578,257,131 $ 5,883,277 $ 585,880,061 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ — $ 340,000,989 Commercial and multi-family — — — — 171,634,451 — 171,634,451 Construction — — — — 9,930,959 — 9,930,959 Commercial and industrial — — — — 13,652,248 — 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 — 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ — $ 559,932,027 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 5 – 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 June 30, 2021 Residential $ 342,100,977 $ 444,075 $ 635,226 $ — $ 343,180,278 Commercial and multi-family 188,570,416 — 1,216,711 — 189,787,127 Construction 13,776,910 — — — 13,776,910 Commercial and industrial 10,624,189 — — — 10,624,189 Consumer 28,492,766 — 18,791 — 28,511,557 Total $ 583,565,258 $ 444,075 $ 1,870,728 $ — $ 585,880,061 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 6 – 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 6 – Commitments and Contingencies (Continued) The Bank had outstanding firm commitments, all of which expire within two months, to originate, loans at June 30, 2021 and December 31, 2020 as follows: June 30, 2021 December 31, 2020 Fixed Rate Residential mortgage loans $ 11,832,150 $ 8,524,000 Commercial real estate 10,977,500 1,830,000 Commercial and industrial — — Construction 23,000,000 — Home equity 707,000 2,135,000 Total $ 46,516,650 $ 12,489,000 June 30, 2021 December 31, 2020 Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate — 4,675,000 Construction — — Home equity 159,900 — Total $ 159,900 $ 6,175,000 Commitments to make loans are generally made for periods of 90 days or less. The fixed rate loan commitments have interest rates ranging from 2.625% to 4.375% At June 30, 2021 and December 31, 2020, undisbursed funds from approved lines of credit under a homeowners’ equity lending program amounted to $45,889,699 and $41,774,944, respectively. At June 30, 2021 and December 31, 2020, undisbursed funds from approved lines of credit under a business line of credit program amounted to $413,307 and $427,827, respectively. Unless they are specifically cancelled by notice from the Bank, these funds represent firm commitments available to the respective borrowers on demand. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but primarily includes commercial and residential real estate. The Bank leases certain Bank properties and equipment under operating leases. Rent expense was $73,763 and $19,258 for the three months ended June 30, 2021 and 2020, respectively. |
FAIR VALUE
FAIR VALUE | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 7 – 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 June 30, 2021 Securities available for sale: Corporate bonds $ 6,433,204 $ — $ 6,433,204 $ — MBSs - residential 4,790,008 — $ 4,790,008 — $ 11,223,212 $ — $ 11,223,212 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — There were no transfers between level 1 and level 2 during the nine months ended June 30, 2021 and December 31, 2020. NOTE 7 – FAIR VALUE (Continued) The carrying amounts and estimated fair values of financial instruments, at June 30, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2021 Financial instruments - assets Cash and due from banks $ 100,671 $ 100,671 $ 100,671 $ — $ — Investment securities held-to-maturity 77,657 78,486 — 78,486 — Loans 583,752 582,818 — — 582,818 Financial instruments - liabilities Certificates of deposit 374,134 374,864 — 374,864 — Borrowings 96,997 98,556 — 98,556 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 — Carrying amount is the estimated fair value for cash and cash equivalents. The fair value of loans is determined using an exit price methodology. Certificates of deposits fair value is estimated by using a discounted cash flow approach. Fair value of FHLB advances is based on current rates for similar financing. The fair value of off-balance sheet items is not considered material. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | NOTE 8 – ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss included in equity (net of tax) for the three and six months ended June 30, 2021 and 2020 Unrealized gain and losses on available for sale Benefit plans Total Three months June 30, 2021 Beginning balance at April 1, 2021 $ 112,120 $ (342,201 ) $ (230,081 ) Other comprehensive gain 9,212 — 9,212 Amounts reclassified — 31,381 31,381 Net period comprehensive income 9,212 31,381 40,593 Ending balance $ 121,332 $ (310,820 ) $ (189,488 ) June 30, 2020 Beginning balance at January 1, 2020 $ (29,538 ) $ (397,659 ) $ (427,197 ) Other comprehensive loss before reclassification 99,890 — 99,890 Amounts reclassified — 27,895 27,895 Net period comprehensive loss 99,890 27,895 127,785 Ending balance $ 70,352 $ (369,764 ) $ (299,412 ) Unrealized gain and losses on available for sale Benefit plans Total Six months June 30, 2020 Beginning balance at January 1, 2021 $ 100,569 $ (373,582 ) $ (273,013 ) Other comprehensive (loss) gain 20,763 — 20,763 Amounts reclassified — 62,762 62,762 Net period comprehensive income 20,763 62,762 83,525 Ending balance $ 121,332 $ (310,820 ) $ (189,488 ) June 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive gain (loss) (41,540 ) — (41,540 ) Amounts reclassified — 55,793 55,793 Net period comprehensive income (41,540 ) 55,793 14,253 Ending balance $ 70,352 $ (369,764 ) $ (299,412 ) |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | NOTE 9 – 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) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The Bank maintains two subsidiaries. Bogota Securities Corp. was formed for the purpose of buying, selling and holding investment securities. Bogota Properties, LLC was inactive at June 30, 2021 and December 31, 2020. 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 contributed $250,000 in cash to Bogota Savings Bank Charitable Foundation, Inc., and issued 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 six months ended June 30, 2021 and 2020. For the three months ended June 30, 2021 For the three months ended June 30, 2020 For the six months ended June 30, 2021 For the six months ended June 30, 2020 Net income $ 1,438,724 $ 1,403,073 $ 4,445,031 $ 65,490 Basic earnings per share: Weighted average shares outstanding - basic 13,945,423 12,650,748 13,528,822 11,675,010 Basic earnings per share $ 0.10 $ 0.11 $ 0.33 $ 0.01 |
Use of Estimates | Use of Estimates |
Risks and Uncertainties | Risks and Uncertainties |
Basis of Presentation | Basis of Presentation The Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures necessary for the fair presentation of the accompanying consolidated financial statements have been included. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year or any other period. The unaudited financial statements and other financial information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements, and related notes, of Bogota Savings Bank at and for the year ended December 31, 2020. |
Acquired Loans | Acquired Loans Loans acquired including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. Loans are evaluated individually to determine if there is evidence of deterioration of credit quality since origination. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non-accretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining estimated life. Decreases in expected cash flows are recognized immediately as impairment. Any valuation allowances on these impaired loans reflect only losses incurred after the acquisition. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) For purchased loans acquired that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have common risk characteristics. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for loan losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans. |
Not Yet Effective Accounting Pronouncements: | Not Yet Effective Accounting Pronouncements: 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 the fiscal year beginning on January 1, 2023 and interim periods within those fiscal years. 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) | 6 Months Ended |
Jun. 30, 2021 | |
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 six months ended June 30, 2021 and 2020. For the three months ended June 30, 2021 For the three months ended June 30, 2020 For the six months ended June 30, 2021 For the six months ended June 30, 2020 Net income $ 1,438,724 $ 1,403,073 $ 4,445,031 $ 65,490 Basic earnings per share: Weighted average shares outstanding - basic 13,945,423 12,650,748 13,528,822 11,675,010 Basic earnings per share $ 0.10 $ 0.11 $ 0.33 $ 0.01 |
ACQUISITION OF GIBRALTAR BANK (
ACQUISITION OF GIBRALTAR BANK (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table sets forth assets acquired and liabilities assumed in the acquisition of the Gibraltar Bank, at their estimated fair values as of the closing date of the transaction: As recorded by Gibraltar Bank Fair value adjustments As recorded at acquisition Fair value of Equity acquired $ 11,500,000 Assets Acquired Cash and cash equivalents $ 19,393,090 $ — $ 19,393,090 Securities held to maturity 7,250,000 (208,051 ) (a) 7,041,949 Federal Home Loan Bank stock and other restricted stock 603,500 — 603,500 Loans receivable 77,683,903 (920,497 ) (b) 76,763,406 Allowance for loan loss (640,232 ) 640,232 (c ) — Accrued interest receivable 302,927 — 302,927 Premises and equipment, net 348,714 1,079,647 (d) 1,428,361 Core deposit intangible — 400,000 (e ) 400,000 Deferred taxes 913,303 (184,973 ) (f) 728,330 Other assets 362,636 (278,355 ) (g) 84,281 Total assets acquired $ 106,217,841 $ 528,003 $ 106,745,844 Liabilities assumed Deposits $ 81,558,612 $ 386,865 (h) $ 81,945,477 Borrowings 10,000,000 273,721 (i) 10,273,721 Advance payments by borrowers for taxes and insurance 646,661 — 646,661 Accrued expenses and other liabilities 446,588 — 446,588 Total liabilities assumed $ 92,651,861 $ 660,586 $ 93,312,447 Net assets acquired $ 13,433,397 Bargain purchase gain recorded at merger 1,933,397 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustments on investment securities over estimated useful life. (b) Represents the fair value adjustments on the net book value of loans, which includes an interest rate mark and credit mark adjustment and the reversal of deferred fees/costs and premiums over estimated useful life. (c) Represents the elimination of Gibraltar Bank allowance for loan losses. (d) Represents the fair value adjustments to reflect the fair value of land and buildings and premises and equipment, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (f) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (g) Represents an adjustment to other assets acquired. (h) Represents fair value adjustments on time deposits, which will be treated as a reduction of interest expense over the remaining term of the time deposits. (i) Represents FHLB borrowing calculation to prepay borrowings, which will be treated as a reduction of interest expense |
Schedule of Loans Acquired Accounted for as Debt Securities | The following table details the loans that are accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal and interest at acquisition $ 8,346 Contractual cash flows not expected to be collected (nonaccretable difference) 1,412 Expected cash flows at acquisition 6,934 Interest component of expected cash flows (accretable discount) 846 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 6,088 |
Schedule of Loans Acquired Not Accounted for as Debt Securities | The following table details loans that are not accounted for in accordance with FASB ASC 310-30 as of March 1, 2021: (Dollars in thousands) Contractually required principal at acquisition $ 91,906 Contractual cash flows not expected to be collected (credit mark) 9,978 Expected cash flows at acquisition 81,928 Interest component of expected cash flows (accretable discount) 143 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 82,071 |
Schedule of Business Acquisition Actual Operating Results | The following table presents actual operating results attributable to Gibraltar Bank since the March 1, 2021 acquisition date through June 30, 20201. This information does not include purchase accounting adjustments or acquisition integration costs. (Dollars in thousands) Gibraltar March 1, 2021 to June 30, 2021 Net interest income $ 845 Non-interest income 600 Non-interest expense 204 Pre-tax income 1,241 Income tax expense — Net Income $ 1,241 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2021 Corporate bonds due in: One through five years $ 5,380,365 $ 44,969 $ — $ 5,425,334 Five through ten years 1,002,862 5,008 — 1,007,870 MBSs – residential 4,671,210 120,375 (1,577 ) 4,790,008 Total $ 11,054,437 $ 170,352 $ (1,577 ) $ 11,223,212 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,001,354 $ 954 $ — $ 1,002,308 One through five years 5,369,527 31,407 (4,186 ) 5,396,748 Five through ten years — — — — MBSs – residential 5,359,734 114,426 (2,708 ) 5,471,452 Total $ 11,730,615 $ 146,787 $ (6,894 ) $ 11,870,508 |
Summary of debt securities available for sale and unrealized loss position | The age of unrealized losses and the fair value of related securities as of June 30, 2021 and December 31, 2020 were as follows: Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses June 30, 2021 Corporate bonds $ — $ — $ — $ — $ — $ — MBSs – residential - - 262,826 (1,577 ) 262,826 (1,577 ) Total $ — $ — $ 262,826 $ (1,577 ) $ 262,826 $ (1,577 ) Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2020 Corporate bonds $ — $ — $ 2,005,441 $ (4,186 ) $ 2,005,441 $ (4,186 ) MBSs – residential 271,340 (2,708 ) - - 271,340 (2,708 ) Total $ 271,340 $ (2,708 ) $ 2,005,441 $ (4,186 ) $ 2,276,781 $ (6,894 ) |
SECURITIES HELD TO MATURITY (Ta
SECURITIES HELD TO MATURITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 and December 31, 2020: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value June 30, 2021 U.S. Government-sponsored agencies due in: More than ten years $ 4,503,581 $ 696 $ (2,146 ) $ 4,502,131 Corporate bonds due in: Five through ten years 13,167,446 458,741 (39,038 ) 13,587,149 Municipal obligations due in: Less than one year 1,322,439 2,542 — 1,324,981 One through five years 4,006,811 21,969 (3,100 ) 4,025,680 Five through ten years 375,000 31,729 — 406,729 MBSs: Residential 19,087,067 136,647 (190,397 ) 19,033,317 Commercial 35,194,293 655,616 (243,797 ) 35,606,112 Total $ 77,656,637 $ 1,307,940 $ (478,478 ) $ 78,486,099 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value December 31, 2020 Corporate bonds due in: Less than one year $ 1,501,179 $ 13,616 $ — $ 1,514,795 One through five years 8,635,831 221,716 (2,520 ) 8,855,027 Municipal obligations due in: Less than one year 2,764,079 4,944 (141 ) 2,768,882 One through five years 1,057,609 30,492 — 1,088,101 Five through ten years 375,000 32,201 — 407,201 MBSs: Residential 11,906,884 144,863 (15,440 ) 12,036,307 Commercial 31,263,861 997,319 (59,042 ) 32,202,138 Total $ 57,504,443 $ 1,445,151 $ (77,143 ) $ 58,872,451 |
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 June 30, 2021 U.S. Government-sponsored agencies $ 1,997,854 $ (2,146 ) $ — $ — $ 1,997,854 $ (2,146 ) Corporate bonds 3,147,743 (39,038 ) — — 3,147,743 (39,038 ) Municipal bonds 2,946,900 (3,100 ) — — 2,946,900 (3,100 ) MBSs – residential 7,612,394 (189,371 ) 83,577 (1,026 ) 7,695,971 (190,397 ) MBSs – commercial 10,840,332 (243,797 ) — — 10,840,332 (243,797 ) Total $ 26,545,223 $ (477,452 ) $ 83,577 $ (1,026 ) $ 26,628,800 $ (478,478 ) Less Than 12 Months 12 Months or More Total Fair Value Unrecognized Losses Fair Value Unrecognized Losses Fair Value Unrecognized Losses December 31, 2020 Corporate bonds $ 747,480 $ (2,520 ) $ — $ — $ 747,480 $ (2,520 ) Municipal bonds 1,436,454 (141 ) — — 1,436,454 (141 ) MBSs – residential 2,403,485 (15,440 ) — — 2,403,485 (15,440 ) MBSs – commercial 2,652,666 (59,042 ) — — 2,652,666 (59,042 ) Total $ 7,240,085 $ (77,143 ) $ — $ — $ 7,240,085 $ (77,143 ) |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of loans receivable | Loans are summarized as follows at June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Real estate: Residential $ 343,180,278 $ 340,000,989 Commercial and multi-family real estate 189,787,127 171,634,451 Construction 13,776,910 9,930,959 Commercial and industrial 10,624,189 13,652,248 Consumer: Home equity and other 28,511,557 24,713,380 Total loans 585,880,061 559,932,027 Allowance for loan losses (2,128,174 ) (2,241,174 ) Net loans $ 583,751,887 $ 557,690,853 |
Summary of activity in the allowance for loan losses by portfolio segment | The following table presents the activity in the allowance for loan losses by portfolio segments for the three months ended June 30, 2021 and 2020. Residential First Mortgage Commercial and Multi- Family Real Estate Construction Commercial and Industrial Consumer Total Three months June 30, 2021 Allowance for loan losses: Beginning balance $ 1,185,674 $ 849,000 $ 48,000 $ 13,500 $ 86,000 $ 2,182,174 (Credit) provision for loan losses (58,980 ) 4,000 6,000 (5,020 ) — (54,000 ) Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 June 30,2020 Allowance for loan losses: Beginning balance $ 1,311,174 $ 589,000 $ 31,000 $ 18,000 $ 92,000 $ 2,041,174 (Credit) provision for loan losses 46,500 181,000 3,500 (2,000 ) (4,000 ) 225,000 Loans charged off — — — — — — Recoveries — — — — — — Total ending allowance balance $ 1,357,674 $ 770,000 $ 34,500 $ 16,000 $ 88,000 $ 2,266,174 NOTE 5 – LOANS (Continued) |
Summary of allowance for loan losses and the recorded investment in loans by portfolio segments | The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of June 30, 2021 and December 31, 2020: Residential First Mortgage Commercial and Multi- Family Real Estate Construction Commercial and Industrial Consumer Total June 30, 2021 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,090,835 853,000 54,000 8,480 86,000 2,092,315 Acquired with deteriorated credit quality — — — — — — Total ending allowance balance $ 1,126,694 $ 853,000 $ 54,000 $ 8,480 $ 86,000 $ 2,128,174 Loans: Loans individually evaluated for impairment $ 1,066,857 $ — $ — $ — $ 18,791 $ 1,085,648 Loans collectively evaluated for impairment 337,723,730 188,337,396 13,776,910 10,624,189 28,448,911 578,911,136 Loans acquired with deteriorated credit quality 4,389,691 1,449,731 — — 43,855 5,883,277 Total ending loan balance $ 343,180,278 $ 189,787,127 $ 13,776,910 $ 10,624,189 $ 28,511,557 $ 585,880,061 December 31, 2020 Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 35,859 $ — $ — $ — $ — $ 35,859 Collectively evaluated for impairment 1,218,315 841,000 45,000 14,000 87,000 2,205,315 Total ending allowance balance $ 1,254,174 $ 841,000 $ 45,000 $ 14,000 $ 87,000 $ 2,241,174 Loans: Loans individually evaluated for impairment $ 1,082,371 $ 223,352 $ — $ — $ 19,044 $ 1,324,767 Loans collectively evaluated for impairment 338,918,618 171,411,099 9,930,959 13,652,248 24,694,336 558,607,260 Total ending loan balance $ 340,000,989 $ 171,634,451 $ 9,930,959 $ 13,652,248 $ 24,713,380 $ 559,932,027 |
Summary of impaired loans | Impaired loans as of and for the three and six months ended June 30, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 890,402 $ 176,455 $ 35,859 Commercial and Multi-Family — — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 18,791 — — $ 909,193 $ 176,455 $ 35,859 Average Of individually Impaired Three months ended June 30, 2021 Six months ended June 30, 2021 Residential first mortgages $ 1,217,094 $ 1,231,099 Commercial and Multi-Family 222,534 227,226 Construction — — Commercial & Industrial — — Home equity & other consumer 18,980 19,353 $ 1,458,608 $ 1,477,678 Impaired loans as of December 31, 2020 and for the three and six months ended June 30, 2021 were as follows: Loans With no related allowance Loans with an allowance Amount of allowance for loan Residential first mortgages $ 904,730 $ 177,641 $ 35,859 Commercial and Multi-Family 223,352 — — Construction — — — Commercial & Industrial — — — Home equity & other consumer 19,044 — — $ 1,147,126 $ 177,641 $ 35,859 Average Of individually Impaired Three months ended June 30, 2020 Six months ended June 30, 2020 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 June 30, 2021 and December 31, 2020: Nonaccrual Loans Past Due 90 Days or More Still Accruing June 30, 2021 Residential $ 665,732 $ — Commercial and multi-family — — Consumer 18,791 — Total $ 684,523 $ — December 31, 2020 Residential $ 673,539 $ — Commercial and multi-family — — Consumer 19,044 — Total $ 692,583 $ — |
Summary of aging of loans receivable by portfolio segment | The following table presents the aging of the recorded investment in past due loans as of June 30, 2021 and December 31, 2020, 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 Loans acquired with deteriorated credit quality Total June 30, 2021 Residential $ 331,535 $ 1,073,062 $ 113,370 $ 1,517,967 $ 337,272,620 $ 4,389,691 $ 343,180,278 Commercial and multi-family — — — — 188,337,396 1,449,731 189,787,127 Construction — — — — 13,776,910 — 13,776,910 Commercial and industrial — — — — 10,580,334 43,855 10,624,189 Consumer 199,758 21,928 — 221,686 28,289,871 — 28,511,557 Total $ 531,293 $ 1,094,990 $ 113,370 $ 1,739,653 $ 578,257,131 $ 5,883,277 $ 585,880,061 December 31, 2020 Residential $ — $ 702,497 $ 24,628 $ 727,125 $ 339,273,864 $ — $ 340,000,989 Commercial and multi-family — — — — 171,634,451 — 171,634,451 Construction — — — — 9,930,959 — 9,930,959 Commercial and industrial — — — — 13,652,248 — 13,652,248 Home Equity & Consumer 160,382 — — 160,382 24,552,998 — 24,713,380 Total $ 160,382 $ 702,497 $ 24,628 $ 887,507 $ 559,044,520 $ — $ 559,932,027 |
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 June 30, 2021 Residential $ 342,100,977 $ 444,075 $ 635,226 $ — $ 343,180,278 Commercial and multi-family 188,570,416 — 1,216,711 — 189,787,127 Construction 13,776,910 — — — 13,776,910 Commercial and industrial 10,624,189 — — — 10,624,189 Consumer 28,492,766 — 18,791 — 28,511,557 Total $ 583,565,258 $ 444,075 $ 1,870,728 $ — $ 585,880,061 December 31, 2020 Residential $ 338,786,939 $ 567,766 $ 646,284 $ — $ 340,000,989 Commercial and multi-family 170,181,704 — 1,452,747 — 171,634,451 Construction 9,930,959 — — — 9,930,959 Commercial and industrial 13,652,248 — — — 13,652,248 Consumer 24,694,336 — 19,044 — 24,713,380 Total $ 557,246,186 $ 567,766 $ 2,118,075 $ — $ 559,932,027 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, loans at June 30, 2021 and December 31, 2020 as follows: June 30, 2021 December 31, 2020 Fixed Rate Residential mortgage loans $ 11,832,150 $ 8,524,000 Commercial real estate 10,977,500 1,830,000 Commercial and industrial — — Construction 23,000,000 — Home equity 707,000 2,135,000 Total $ 46,516,650 $ 12,489,000 June 30, 2021 December 31, 2020 Variable Rate Residential mortgage loans $ — $ 1,500,000 Commercial real estate — 4,675,000 Construction — — Home equity 159,900 — Total $ 159,900 $ 6,175,000 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of carrying amounts and estimated fair values of financial instruments | The carrying amounts and estimated fair values of financial instruments, at June 30, 2021 and December 31, 2020, are as follows: Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) June 30, 2021 Financial instruments - assets Cash and due from banks $ 100,671 $ 100,671 $ 100,671 $ — $ — Investment securities held-to-maturity 77,657 78,486 — 78,486 — Loans 583,752 582,818 — — 582,818 Financial instruments - liabilities Certificates of deposit 374,134 374,864 — 374,864 — Borrowings 96,997 98,556 — 98,556 — Carrying Fair Fair Value Measurement Placement Amount Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2020 Financial instruments - assets Cash and due from banks $ 80,386 $ 80,386 $ 80,386 $ — $ — Investment securities held-to-maturity 57,504 58,872 — 58,872 — Loans 557,691 544,392 — — 544,392 Financial instruments - liabilities Certificates of deposit 356,364 359,465 — 359,465 — Borrowings 104,291 106,159 — 106,159 — |
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 June 30, 2021 Securities available for sale: Corporate bonds $ 6,433,204 $ — $ 6,433,204 $ — MBSs - residential 4,790,008 — $ 4,790,008 — $ 11,223,212 $ — $ 11,223,212 $ — As of December 31, 2020 Securities available for sale: Corporate bonds $ 6,399,056 $ — $ 6,399,056 $ — MBSs - residential 5,471,452 — 5,471,452 — $ 11,870,508 $ — $ 11,870,508 $ — |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders Equity Note [Abstract] | |
Summary of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss included in equity (net of tax) for the three and six months ended June 30, 2021 and 2020 Unrealized gain and losses on available for sale Benefit plans Total Three months June 30, 2021 Beginning balance at April 1, 2021 $ 112,120 $ (342,201 ) $ (230,081 ) Other comprehensive gain 9,212 — 9,212 Amounts reclassified — 31,381 31,381 Net period comprehensive income 9,212 31,381 40,593 Ending balance $ 121,332 $ (310,820 ) $ (189,488 ) June 30, 2020 Beginning balance at January 1, 2020 $ (29,538 ) $ (397,659 ) $ (427,197 ) Other comprehensive loss before reclassification 99,890 — 99,890 Amounts reclassified — 27,895 27,895 Net period comprehensive loss 99,890 27,895 127,785 Ending balance $ 70,352 $ (369,764 ) $ (299,412 ) Unrealized gain and losses on available for sale Benefit plans Total Six months June 30, 2020 Beginning balance at January 1, 2021 $ 100,569 $ (373,582 ) $ (273,013 ) Other comprehensive (loss) gain 20,763 — 20,763 Amounts reclassified — 62,762 62,762 Net period comprehensive income 20,763 62,762 83,525 Ending balance $ 121,332 $ (310,820 ) $ (189,488 ) June 30, 2020 Beginning balance at January 1, 2020 $ 111,892 $ (425,557 ) $ (313,665 ) Other comprehensive gain (loss) (41,540 ) — (41,540 ) Amounts reclassified — 55,793 55,793 Net period comprehensive income (41,540 ) 55,793 14,253 Ending balance $ 70,352 $ (369,764 ) $ (299,412 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | Feb. 28, 2021shares | Mar. 16, 2020 | Mar. 03, 2020 | Jan. 15, 2020USD ($)Subsidiary$ / sharesshares |
Number of subsidiaries | Subsidiary | 2 | |||
Shares issued during period | shares | 5,657,735 | |||
Shares issued, price per share | $ / shares | $ 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. | ||||
Shares issued during period | shares | 263,150 | |||
Contribution for reorganization | $ | $ 250,000 | |||
Bogota Financial, MHC | ||||
Shares issued during period | shares | 1,267,916 | 7,236,640 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of earnings per share basic (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 1,438,724 | $ 3,006,307 | $ 1,403,073 | $ (1,337,583) | $ 4,445,031 | $ 65,490 |
Basic earnings per share: | ||||||
Weighted average shares outstanding - basic | 13,945,423 | 12,650,748 | 13,528,822 | 11,675,010 | ||
Basic earnings per share | $ 0.10 | $ 0.11 | $ 0.33 | $ 0.01 |
ACQUISITION OF GIBRALTAR BANK -
ACQUISITION OF GIBRALTAR BANK - Additional Information (Detail) - USD ($) | Feb. 28, 2021 | Jan. 15, 2020 | Jun. 30, 2021 | Mar. 01, 2021 |
Business Acquisition [Line Items] | ||||
Issuance of common stock for initial public offering, net of expenses, shares | 5,657,735 | |||
Bargain purchase gain | $ 1,933,397 | |||
Fair value of purchased financial assets with credit impairment | 5,883,277 | |||
Gibraltar Bank | ||||
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 1,933,397 | |||
Core deposit intangible | $ 400,000 | |||
Merger-related expenses | $ 392,000 | |||
Estimated useful life | 10 years | |||
Fair value of purchased financial assets with credit impairment | $ 6,100,000 | $ 82,071,000 | ||
Gross contractual amounts receivable relating to purchased financial assets with credit impairment | $ 6,700,000 | $ 91,906,000 | ||
Gibraltar Bank | Maximum | ||||
Business Acquisition [Line Items] | ||||
Measurement period for adjustments to provisional amounts | 1 year | |||
Bogota Financial, MHC | ||||
Business Acquisition [Line Items] | ||||
Issuance of common stock for initial public offering, net of expenses, shares | 1,267,916 | 7,236,640 |
ACQUISITION OF GIBRALTAR BANK_2
ACQUISITION OF GIBRALTAR BANK - Schedule of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Feb. 28, 2021 | Jun. 30, 2021 |
Liabilities assumed | ||
Bargain purchase gain recorded at merger | $ 1,933,397 | |
Gibraltar Bank | ||
Business Acquisition [Line Items] | ||
Fair value of Equity acquired | $ 11,500,000 | |
Assets Acquired | ||
Cash and cash equivalents | 19,393,090 | |
Securities held to maturity | 7,041,949 | |
Federal Home Loan Bank stock and other restricted stock | 603,500 | |
Loans receivable | 76,763,406 | |
Accrued interest receivable | 302,927 | |
Premises and equipment, net | 1,428,361 | |
Core deposit intangible | 400,000 | |
Deferred taxes | 728,330 | |
Other assets | 84,281 | |
Total assets acquired | 106,745,844 | |
Liabilities assumed | ||
Deposits | 81,945,477 | |
Borrowings | 10,273,721 | |
Advance payments by borrowers for taxes and insurance | 646,661 | |
Accrued expenses and other liabilities | 446,588 | |
Total liabilities assumed | 93,312,447 | |
Net assets acquired | 13,433,397 | |
Bargain purchase gain recorded at merger | 1,933,397 | |
Gibraltar Bank | As Recorded by Gibraltar Bank | ||
Assets Acquired | ||
Cash and cash equivalents | 19,393,090 | |
Securities held to maturity | 7,250,000 | |
Federal Home Loan Bank stock and other restricted stock | 603,500 | |
Loans receivable | 77,683,903 | |
Allowance for loan loss | (640,232) | |
Accrued interest receivable | 302,927 | |
Premises and equipment, net | 348,714 | |
Deferred taxes | 913,303 | |
Other assets | 362,636 | |
Total assets acquired | 106,217,841 | |
Liabilities assumed | ||
Deposits | 81,558,612 | |
Borrowings | 10,000,000 | |
Advance payments by borrowers for taxes and insurance | 646,661 | |
Accrued expenses and other liabilities | 446,588 | |
Total liabilities assumed | 92,651,861 | |
Gibraltar Bank | Fair Value Adjustments | ||
Assets Acquired | ||
Securities held to maturity | (208,051) | |
Loans receivable | (920,497) | |
Allowance for loan loss | 640,232 | |
Premises and equipment, net | 1,079,647 | |
Core deposit intangible | 400,000 | |
Deferred taxes | (184,973) | |
Other assets | (278,355) | |
Total assets acquired | 528,003 | |
Liabilities assumed | ||
Deposits | 386,865 | |
Borrowings | 273,721 | |
Total liabilities assumed | $ 660,586 |
ACQUISITION OF GIBRALTAR BANK_3
ACQUISITION OF GIBRALTAR BANK - Schedule of Loans Acquired Accounted for as Debt Securities (Detail) - Gibraltar Bank $ in Thousands | Mar. 01, 2021USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 8,346 |
Contractual cash flows not expected to be collected (nonaccretable difference) | 1,412 |
Expected cash flows at acquisition | 6,934 |
Interest component of expected cash flows (accretable discount) | 846 |
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 6,088 |
ACQUISITION OF GIBRALTAR BANK_4
ACQUISITION OF GIBRALTAR BANK - Schedule of Loans Acquired Not Accounted for as Debt Securities (Detail) - USD ($) | Jun. 30, 2021 | Mar. 01, 2021 | Feb. 28, 2021 |
Business Acquisition [Line Items] | |||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 5,883,277 | ||
Gibraltar Bank | |||
Business Acquisition [Line Items] | |||
Contractually required principal at acquisition | $ 91,906,000 | $ 6,700,000 | |
Contractual cash flows not expected to be collected (credit mark) | 9,978,000 | ||
Expected cash flows at acquisition | 81,928,000 | ||
Interest component of expected cash flows (accretable discount) | 143,000 | ||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 82,071,000 | $ 6,100,000 |
ACQUISITION OF GIBRALTAR BANK_5
ACQUISITION OF GIBRALTAR BANK - Schedule of Business Acquisition Actual Operating Results (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||||||
Net interest income | $ 4,774,485 | $ 3,285,844 | $ 9,353,775 | $ 6,369,779 | ||
Non-interest income | 533,288 | 767,646 | 2,851,894 | 889,029 | ||
Non-interest expense | 3,577,133 | 2,159,690 | 7,009,579 | 7,232,306 | ||
Income (loss) before income taxes | 1,784,640 | 1,668,800 | 5,309,090 | (223,498) | ||
Income tax expense (benefit) | 345,916 | 265,727 | 864,059 | (288,988) | ||
Net income | 1,438,724 | $ 3,006,307 | $ 1,403,073 | $ (1,337,583) | $ 4,445,031 | $ 65,490 |
Gibraltar Bank | ||||||
Business Acquisition [Line Items] | ||||||
Net interest income | 845,000 | |||||
Non-interest income | 600,000 | |||||
Non-interest expense | 204,000 | |||||
Income (loss) before income taxes | 1,241,000 | |||||
Net income | $ 1,241,000 |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 11,054,437 | $ 11,730,615 |
Gross Unrealized Gains | 170,352 | 146,787 |
Gross Unrealized Losses | (1,577) | (6,894) |
Fair Value | 11,223,212 | 11,870,508 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Corporate bonds due in Less than one year, Amortized Cost | 1,001,354 | |
Corporate bonds due in One through five years, Amortized Cost | 5,380,365 | 5,369,527 |
Corporate bonds due in Five through ten years, Amortized Cost | 1,002,862 | |
Corporate bonds due in Less than one year, Gross Unrealized Gains | 954 | |
Corporate bonds due in One through five years, Gross Unrealized Gains | 44,969 | 31,407 |
Corporate bonds due in Five through ten years, Gross Unrealized Gains | 5,008 | |
Corporate bonds due in One through five years, Gross Unrealized Losses | (4,186) | |
Corporate bonds due in Less than one year, Fair Value | 1,002,308 | |
Corporate bonds due in One through five years, Fair Value | 5,425,334 | 5,396,748 |
Corporate bonds due in Five through ten years, Fair Value | 1,007,870 | |
Residential Mortgage Backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 4,671,210 | 5,359,734 |
Gross Unrealized Gains | 120,375 | 114,426 |
Gross Unrealized Losses | (1,577) | (2,708) |
Fair Value | $ 4,790,008 | $ 5,471,452 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Interest – bearing deposits in other | Collateral Pledged | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Debt securities, available-for-sale, restricted | $ 178,525 | $ 214,229 | |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | $ 271,340 | |
Unrealized Losses, Less Than 12 Months | (2,708) | |
Fair Value, 12 Months or More | $ 262,826 | 2,005,441 |
Unrealized Losses, 12 Months or More | (1,577) | (4,186) |
Fair Value, Total | 262,826 | 2,276,781 |
Unrealized Losses, Total | (1,577) | (6,894) |
Corporate Bonds | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, 12 Months or More | 2,005,441 | |
Unrealized Losses, 12 Months or More | (4,186) | |
Fair Value, Total | 2,005,441 | |
Unrealized Losses, Total | (4,186) | |
Residential Mortgage Backed Securities | ||
Debt Securities Available For Sale Unrealized Loss Position Fair Value [Line Items] | ||
Fair Value, Less Than 12 Months | 271,340 | |
Unrealized Losses, Less Than 12 Months | (2,708) | |
Fair Value, 12 Months or More | 262,826 | |
Unrealized Losses, 12 Months or More | (1,577) | |
Fair Value, Total | 262,826 | 271,340 |
Unrealized Losses, Total | $ (1,577) | $ (2,708) |
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 ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Amortized Cost | $ 77,656,637 | $ 57,504,443 |
Gross Unrealized Gains | 1,307,940 | 1,445,151 |
Gross Unrealized Losses | (478,478) | (77,143) |
Fair Value | 78,486,099 | 58,872,451 |
U.S. Government-sponsored Agencies | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in more than ten years, Amortized Cost | 4,503,581 | |
Securities held to maturity, due in more than ten years, Gross Unrealized Gains | 696 | |
Securities held to maturity, due in more than ten years, Gross Unrealized Losses | (2,146) | |
Securities held to maturity, due in more than ten years, Fair Value | 4,502,131 | |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 1,501,179 | |
Securities held to maturity, due in One through five years, Amortized Cost | 8,635,831 | |
Securities held to maturity, due in Five through ten years, Amortized Cost | 13,167,446 | |
Securities held to maturity, due in Less than one year, Gross Unrealized Gains | 13,616 | |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 221,716 | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 458,741 | |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (2,520) | |
Securities held to maturity, due in Five through ten years, Gross Unrealized Losses | (39,038) | |
Securities held to maturity, due in Less than one year, Fair Value | 1,514,795 | |
Securities held to maturity, due in One through five years, Fair Value | 8,855,027 | |
Securities held to maturity, due in Five through ten years, Fair Value | 13,587,149 | |
Municipal Obligations | ||
Marketable Securities [Line Items] | ||
Securities held to maturity, due in Less than one year, Amortized Cost | 1,322,439 | 2,764,079 |
Securities held to maturity, due in One through five years, Amortized Cost | 4,006,811 | 1,057,609 |
Securities held to maturity, due in Five through ten years, Amortized Cost | 375,000 | 375,000 |
Securities held to maturity, due in Less than one year, Gross Unrealized Gains | 2,542 | 4,944 |
Securities held to maturity, due in One through five years, Gross Unrealized Gains | 21,969 | 30,492 |
Securities held to maturity, due in Five through ten years, Gross Unrealized Gains | 31,729 | 32,201 |
Securities held to maturity, due in Less than one year, Gross Unrealized Losses | (141) | |
Securities held to maturity, due in One through five years, Gross Unrealized Losses | (3,100) | |
Securities held to maturity, due in Less than one year, Fair Value | 1,324,981 | 2,768,882 |
Securities held to maturity, due in One through five years, Fair Value | 4,025,680 | 1,088,101 |
Securities held to maturity, due in Five through ten years, Fair Value | 406,729 | 407,201 |
Residential Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 19,087,067 | 11,906,884 |
Gross Unrealized Gains | 136,647 | 144,863 |
Gross Unrealized Losses | (190,397) | (15,440) |
Fair Value | 19,033,317 | 12,036,307 |
Commercial Mortgage Backed Securities | ||
Marketable Securities [Line Items] | ||
Amortized Cost | 35,194,293 | 31,263,861 |
Gross Unrealized Gains | 655,616 | 997,319 |
Gross Unrealized Losses | (243,797) | (59,042) |
Fair Value | $ 35,606,112 | $ 32,202,138 |
SECURITIES HELD TO MATURITY -_2
SECURITIES HELD TO MATURITY - Summary of debt securities held to maturity and unrealized loss position (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 26,545,223 | $ 7,240,085 |
Unrealized Losses, Less Than 12 Months | (477,452) | (77,143) |
Fair Value, 12 Months or More | 83,577 | |
Unrealized Losses, 12 Months or More | (1,026) | |
Fair Value, Total | 26,628,800 | 7,240,085 |
Unrealized Losses, Total | (478,478) | (77,143) |
U.S. Government-sponsored Agencies | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 1,997,854 | |
Unrealized Losses, Less Than 12 Months | (2,146) | |
Fair Value, Total | 1,997,854 | |
Unrealized Losses, Total | (2,146) | |
Corporate Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 3,147,743 | 747,480 |
Unrealized Losses, Less Than 12 Months | (39,038) | (2,520) |
Fair Value, Total | 3,147,743 | 747,480 |
Unrealized Losses, Total | (39,038) | (2,520) |
Municipal Bonds | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,946,900 | 1,436,454 |
Unrealized Losses, Less Than 12 Months | (3,100) | (141) |
Fair Value, Total | 2,946,900 | 1,436,454 |
Unrealized Losses, Total | (3,100) | (141) |
MBSs - residential | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 7,612,394 | 2,403,485 |
Unrealized Losses, Less Than 12 Months | (189,371) | (15,440) |
Fair Value, 12 Months or More | 83,577 | |
Unrealized Losses, 12 Months or More | (1,026) | |
Fair Value, Total | 7,695,971 | 2,403,485 |
Unrealized Losses, Total | (190,397) | (15,440) |
MBSs commercial | ||
Marketable Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 10,840,332 | 2,652,666 |
Unrealized Losses, Less Than 12 Months | (243,797) | (59,042) |
Fair Value, Total | 10,840,332 | 2,652,666 |
Unrealized Losses, Total | $ (243,797) | $ (59,042) |
SECURITIES HELD TO MATURITY - A
SECURITIES HELD TO MATURITY - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Interest – bearing deposits in other | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Debt securities, held to maturity, restricted | $ 2,704,730 | $ 4,327,429 |
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 | $ 8,763,014 | $ 11,057,973 |
LOANS - Summary of loans receiv
LOANS - Summary of loans receivable (Detail) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 585,880,061 | $ 559,932,027 | ||||
Allowance for loan losses | (2,128,174) | $ (2,182,174) | (2,241,174) | $ (2,266,174) | $ (2,041,174) | $ (2,016,174) |
Net loans | 583,751,887 | 557,690,853 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 10,624,189 | 13,652,248 | ||||
Allowance for loan losses | (8,480) | (13,500) | (14,000) | (16,000) | (18,000) | (9,000) |
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 28,511,557 | 24,713,380 | ||||
Allowance for loan losses | (86,000) | (86,000) | (87,000) | (88,000) | (92,000) | (86,000) |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 343,180,278 | 340,000,989 | ||||
Allowance for loan losses | (1,126,694) | (1,185,674) | (1,254,174) | (1,357,674) | (1,311,174) | (1,383,174) |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 189,787,127 | 171,634,451 | ||||
Allowance for loan losses | (853,000) | (849,000) | (841,000) | (770,000) | (589,000) | (512,000) |
Construction | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | 13,776,910 | 9,930,959 | ||||
Allowance for loan losses | (54,000) | $ (48,000) | (45,000) | $ (34,500) | $ (31,000) | $ (26,000) |
Home Equity and Other | Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total loans | $ 28,511,557 | $ 24,713,380 |
LOANS - Additional Information
LOANS - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 13 Months Ended | ||
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020Loan | Jun. 30, 2021USD ($)ApplicationLoan | Jun. 30, 2020Loan | Dec. 31, 2020USD ($)ApplicationLoan | Jun. 30, 2021USD ($)Loan | |
Financing Receivable, Past Due [Line Items] | ||||||
Loans receivable from related parties | $ 728,715 | $ 728,715 | $ 748,662 | $ 728,715 | ||
Deferred loan fees | 1,548,099 | 1,548,099 | 1,844,233 | 1,548,099 | ||
Loan receivable outstanding balance | 585,880,061 | 585,880,061 | 559,932,027 | 585,880,061 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 176,455 | 176,455 | 177,641 | 176,455 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | 35,859 | ||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loan receivable outstanding balance | 10,624,189 | $ 10,624,189 | $ 13,652,248 | 10,624,189 | ||
Number of troubled debt restructured loans | Loan | 1 | |||||
Troubled debt restructured loans | $ 223,352 | |||||
Paycheck Protection Program | Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Number of applications received and processed | Application | 54 | 113 | ||||
Loans received and processed | 6,900,000 | $ 6,900,000 | $ 10,500,000 | 6,900,000 | ||
Forgiveness applications processed outstanding amount | 9,000,000 | |||||
Loan receivable outstanding balance | 8,200,000 | 8,200,000 | 8,200,000 | |||
Residential | Commercial Real Estate Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Loan receivable outstanding balance | $ 343,180,278 | $ 343,180,278 | $ 340,000,989 | $ 343,180,278 | ||
Number of troubled debt restructured loans | Loan | 4 | 4 | 4 | 4 | ||
Troubled debt restructured loans | $ 738,717 | $ 738,717 | $ 750,035 | $ 738,717 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 176,455 | 176,455 | 177,641 | 176,455 | ||
Specific reserve for troubled debt restructured loans | 35,859 | 35,859 | 35,859 | |||
Amount of allowance for loan losses allocated | $ 35,859 | $ 35,859 | 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 | 0 | 0 | ||
Other real estate owned | $ 0 | $ 0 | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | $ 2,182,174 | $ 2,041,174 | $ 2,241,174 | $ 2,016,174 |
(Credit) provision for loan losses | (54,000) | 225,000 | (113,000) | 250,000 |
Ending balance | 2,128,174 | 2,266,174 | 2,128,174 | 2,266,174 |
Commercial Real Estate Portfolio Segment | Residential First Mortgage | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 1,185,674 | 1,311,174 | 1,254,174 | 1,383,174 |
(Credit) provision for loan losses | (58,980) | 46,500 | (127,480) | (25,500) |
Ending balance | 1,126,694 | 1,357,674 | 1,126,694 | 1,357,674 |
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 849,000 | 589,000 | 841,000 | 512,000 |
(Credit) provision for loan losses | 4,000 | 181,000 | 12,000 | 258,000 |
Ending balance | 853,000 | 770,000 | 853,000 | 770,000 |
Commercial Real Estate Portfolio Segment | Construction | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 48,000 | 31,000 | 45,000 | 26,000 |
(Credit) provision for loan losses | 6,000 | 3,500 | 9,000 | 8,500 |
Ending balance | 54,000 | 34,500 | 54,000 | 34,500 |
Commercial Portfolio Segment | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 13,500 | 18,000 | 14,000 | 9,000 |
(Credit) provision for loan losses | (5,020) | (2,000) | (5,520) | 7,000 |
Ending balance | 8,480 | 16,000 | 8,480 | 16,000 |
Consumer | ||||
Financing Receivable, Past Due [Line Items] | ||||
Beginning balance | 86,000 | 92,000 | 87,000 | 86,000 |
(Credit) provision for loan losses | (4,000) | (1,000) | 2,000 | |
Ending balance | $ 86,000 | $ 88,000 | $ 86,000 | $ 88,000 |
LOANS - Summary of allowance fo
LOANS - Summary of allowance for loan losses and the recorded investment in loans by portfolio segments (Detail) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||||||
Individually evaluated for impairment | $ 35,859 | $ 35,859 | ||||
Collectively evaluated for impairment | 2,092,315 | 2,205,315 | ||||
Total ending allowance balance | 2,128,174 | $ 2,182,174 | 2,241,174 | $ 2,266,174 | $ 2,041,174 | $ 2,016,174 |
Loans individually evaluated for impairment | 1,085,648 | 1,324,767 | ||||
Loans collectively evaluated for impairment | 578,911,136 | 558,607,260 | ||||
Loans acquired with deteriorated credit quality | 5,883,277 | |||||
Total ending loan balance | 585,880,061 | 559,932,027 | ||||
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 | 1,090,835 | 1,218,315 | ||||
Total ending allowance balance | 1,126,694 | 1,185,674 | 1,254,174 | 1,357,674 | 1,311,174 | 1,383,174 |
Loans individually evaluated for impairment | 1,066,857 | 1,082,371 | ||||
Loans collectively evaluated for impairment | 337,723,730 | 338,918,618 | ||||
Loans acquired with deteriorated credit quality | 4,389,691 | |||||
Total ending loan balance | 343,180,278 | 340,000,989 | ||||
Commercial Real Estate Portfolio Segment | Commercial and Multi-Family Real Estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 853,000 | 841,000 | ||||
Total ending allowance balance | 853,000 | 849,000 | 841,000 | 770,000 | 589,000 | 512,000 |
Loans individually evaluated for impairment | 223,352 | |||||
Loans collectively evaluated for impairment | 188,337,396 | 171,411,099 | ||||
Loans acquired with deteriorated credit quality | 1,449,731 | |||||
Total ending loan balance | 189,787,127 | 171,634,451 | ||||
Commercial Real Estate Portfolio Segment | Construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 54,000 | 45,000 | ||||
Total ending allowance balance | 54,000 | 48,000 | 45,000 | 34,500 | 31,000 | 26,000 |
Loans collectively evaluated for impairment | 13,776,910 | 9,930,959 | ||||
Total ending loan balance | 13,776,910 | 9,930,959 | ||||
Commercial Portfolio Segment | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 8,480 | 14,000 | ||||
Total ending allowance balance | 8,480 | 13,500 | 14,000 | 16,000 | 18,000 | 9,000 |
Loans collectively evaluated for impairment | 10,624,189 | 13,652,248 | ||||
Total ending loan balance | 10,624,189 | 13,652,248 | ||||
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Collectively evaluated for impairment | 86,000 | 87,000 | ||||
Total ending allowance balance | 86,000 | $ 86,000 | 87,000 | $ 88,000 | $ 92,000 | $ 86,000 |
Loans individually evaluated for impairment | 18,791 | 19,044 | ||||
Loans collectively evaluated for impairment | 28,448,911 | 24,694,336 | ||||
Loans acquired with deteriorated credit quality | 43,855 | |||||
Total ending loan balance | $ 28,511,557 | $ 24,713,380 |
LOANS - Summary of impaired loa
LOANS - Summary of impaired loans (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | $ 909,193 | $ 909,193 | $ 1,147,126 | ||
Loans with an allowance recorded | 176,455 | 176,455 | 177,641 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,458,608 | $ 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 | 890,402 | 890,402 | 904,730 | ||
Loans with an allowance recorded | 176,455 | 176,455 | 177,641 | ||
Amount of allowance for loan losses allocated | 35,859 | 35,859 | 35,859 | ||
Average of individually impaired loans | 1,217,094 | 1,231,715 | 1,231,099 | 1,234,948 | |
Commercial and Multi-Family | Commercial Real Estate Portfolio Segment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 223,352 | ||||
Average of individually impaired loans | 222,534 | 227,226 | |||
Home equity & other consumer | Consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Loans with no related allowance recorded | 18,791 | 18,791 | $ 19,044 | ||
Average of individually impaired loans | $ 18,980 | $ 9,866 | $ 19,353 | $ 6,577 |
LOANS - Summary of recorded inv
LOANS - Summary of recorded investment in non-accrual and past due (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 684,523 | $ 692,583 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 18,791 | 19,044 |
Residential | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 665,732 | $ 673,539 |
LOANS - Summary of aging of loa
LOANS - Summary of aging of loans receivable by portfolio segment (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | $ 1,739,653 | $ 887,507 |
Loans Not Past Due | 578,257,131 | 559,044,520 |
Loans acquired with deteriorated credit quality | 5,883,277 | |
Total ending loan balance | 585,880,061 | 559,932,027 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 10,580,334 | 13,652,248 |
Loans acquired with deteriorated credit quality | 43,855 | |
Total ending loan balance | 10,624,189 | 13,652,248 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 221,686 | |
Loans Not Past Due | 28,289,871 | |
Loans acquired with deteriorated credit quality | 43,855 | |
Total ending loan balance | 28,511,557 | 24,713,380 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 1,517,967 | 727,125 |
Loans Not Past Due | 337,272,620 | 339,273,864 |
Loans acquired with deteriorated credit quality | 4,389,691 | |
Total ending loan balance | 343,180,278 | 340,000,989 |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 188,337,396 | 171,634,451 |
Loans acquired with deteriorated credit quality | 1,449,731 | |
Total ending loan balance | 189,787,127 | 171,634,451 |
Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Not Past Due | 13,776,910 | 9,930,959 |
Total ending loan balance | 13,776,910 | 9,930,959 |
Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 160,382 | |
Loans Not Past Due | 24,552,998 | |
Total ending loan balance | 28,511,557 | 24,713,380 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 531,293 | 160,382 |
30-59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 199,758 | |
30-59 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 331,535 | |
30-59 Days Past Due | Home Equity Loan | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 160,382 | |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 1,094,990 | 702,497 |
60-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 21,928 | |
60-89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 1,073,062 | 702,497 |
Greater than 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | 113,370 | 24,628 |
Greater than 89 Days Past Due | Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Loans Past Due | $ 113,370 | $ 24,628 |
LOANS - Summary of loans rece_2
LOANS - Summary of loans receivable by credit quality risk (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total | $ 585,880,061 | $ 559,932,027 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,624,189 | 13,652,248 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 28,511,557 | 24,713,380 |
Pass | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 583,565,258 | 557,246,186 |
Pass | Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,624,189 | 13,652,248 |
Pass | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 28,492,766 | 24,694,336 |
Special Mention | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 444,075 | 567,766 |
Substandard | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,870,728 | 2,118,075 |
Substandard | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,791 | 19,044 |
Residential First Mortgage | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 343,180,278 | 340,000,989 |
Residential First Mortgage | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 342,100,977 | 338,786,939 |
Residential First Mortgage | Special Mention | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 444,075 | 567,766 |
Residential First Mortgage | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 635,226 | 646,284 |
Commercial and Multi-Family Real Estate | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 189,787,127 | 171,634,451 |
Commercial and Multi-Family Real Estate | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 188,570,416 | 170,181,704 |
Commercial and Multi-Family Real Estate | Substandard | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,216,711 | 1,452,747 |
Construction | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,776,910 | 9,930,959 |
Construction | Pass | Commercial Real Estate Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 13,776,910 | $ 9,930,959 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of outstanding firm commitments (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fixed Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 46,516,650 | $ 12,489,000 |
Fixed Rate | Residential Mortgage Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 11,832,150 | 8,524,000 |
Fixed Rate | Commercial Real Estate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 10,977,500 | 1,830,000 |
Fixed Rate | Construction | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 23,000,000 | |
Fixed Rate | Home Equity Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 707,000 | 2,135,000 |
Variable Rate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 159,900 | 6,175,000 |
Variable Rate | Residential Mortgage Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | 1,500,000 | |
Variable Rate | Commercial Real Estate | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 4,675,000 | |
Variable Rate | Home Equity Loans | ||
Commitments and Contingencies [Line Items] | ||
Fair value, concentration of risk, commitments | $ 159,900 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
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 | $ 73,763 | $ 19,258 | ||
Home Equity Loan | ||||
Commitments and Contingencies [Line Items] | ||||
Undisbursed loan funds | 45,889,699 | $ 45,889,699 | $ 41,774,944 | |
Business Line of Credit | ||||
Commitments and Contingencies [Line Items] | ||||
Undisbursed loan funds | $ 413,307 | $ 413,307 | $ 427,827 | |
Minimum | ||||
Commitments and Contingencies [Line Items] | ||||
Interest rate | 2.625% | 2.625% | ||
Maturity term | 10 years | |||
Maximum | ||||
Commitments and Contingencies [Line Items] | ||||
Interest rate | 4.375% | 4.375% | ||
Maturity term | 30 years |
FAIR VALUE - Summary of assets
FAIR VALUE - Summary of assets measured at fair value on a recurring basis (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 11,223,212 | $ 11,870,508 |
MBSs - residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 4,790,008 | 5,471,452 |
Fair Value, Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 11,223,212 | 11,870,508 |
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 | 6,433,204 | 6,399,056 |
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 | 4,790,008 | 5,471,452 |
Fair Value, Recurring Basis | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 11,223,212 | 11,870,508 |
Fair Value, Recurring Basis | Carrying Value | Corporate Bonds | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | 6,433,204 | 6,399,056 |
Fair Value, Recurring Basis | Carrying Value | MBSs - residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 4,790,008 | $ 5,471,452 |
FAIR VALUE - Additional Informa
FAIR VALUE - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Fair value assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 |
Fair value assets, level 2 to level 1 transfers, amount | 0 | 0 |
Fair value liabilities, level 1 to level 2 transfers, amount | 0 | 0 |
Fair value liabilities, level 2 to level 1 transfers, amount | $ 0 | $ 0 |
FAIR VALUE - Summary of carryin
FAIR VALUE - Summary of carrying amounts and estimated fair values of financial instruments (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Financial instruments - assets | ||
Cash and due from banks | $ 100,671,000 | $ 80,386,000 |
Investment securities held-to-maturity | 78,486,099 | 58,872,451 |
Loans | 582,818,000 | 544,392,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 374,864,000 | 359,465,000 |
Borrowings | 98,556,000 | 106,159,000 |
Fair Value Measurement Placement (Level 1) | ||
Financial instruments - assets | ||
Cash and due from banks | 100,671,000 | 80,386,000 |
Fair Value Measurement Placement (Level 2) | ||
Financial instruments - assets | ||
Investment securities held-to-maturity | 78,486,000 | 58,872,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 374,864,000 | 359,465,000 |
Borrowings | 98,556,000 | 106,159,000 |
Fair Value Measurement Placement (Level 3) | ||
Financial instruments - assets | ||
Loans | 582,818,000 | 544,392,000 |
Carrying Value | ||
Financial instruments - assets | ||
Cash and due from banks | 100,671,000 | 80,386,000 |
Investment securities held-to-maturity | 77,657,000 | 57,504,000 |
Loans | 583,752,000 | 557,691,000 |
Financial instruments - liabilities | ||
Certificates of deposit | 374,134,000 | 356,364,000 |
Borrowings | $ 96,997,000 | $ 104,291,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of accumulated other comprehensive income (loss) (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 143,078,150 | $ 124,689,370 | $ 128,468,076 | $ 74,977,847 |
Comprehensive income | 1,479,317 | 1,530,858 | 4,528,556 | 79,743 |
Ending balance | 144,622,102 | 126,331,951 | 144,622,102 | 126,331,951 |
Unrealized gain and losses on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 112,120 | (29,538) | 100,569 | 111,892 |
Other comprehensive gain (loss) | 9,212 | 20,763 | (41,540) | |
Other comprehensive loss before reclassification | 99,890 | |||
Comprehensive income | 9,212 | 99,890 | 20,763 | (41,540) |
Ending balance | 121,332 | 70,352 | 121,332 | 70,352 |
Benefit plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (342,201) | (397,659) | (373,582) | (425,557) |
Amounts reclassified | 31,381 | 27,895 | 62,762 | 55,793 |
Comprehensive income | 31,381 | 27,895 | 62,762 | 55,793 |
Ending balance | (310,820) | (369,764) | (310,820) | (369,764) |
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (230,081) | (427,197) | (273,013) | (313,665) |
Other comprehensive gain (loss) | 9,212 | 20,763 | (41,540) | |
Other comprehensive loss before reclassification | 99,890 | |||
Amounts reclassified | 31,381 | 27,895 | 62,762 | 55,793 |
Comprehensive income | 40,593 | 127,785 | 83,525 | 14,253 |
Ending balance | $ (189,488) | $ (299,412) | $ (189,488) | $ (299,412) |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Additional Information (Detail) | Jun. 30, 2021shares |
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 |