Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 14, 2022 | |
Entity [Abstract] | ||
Entity Registrant Name | SECURITY FEDERAL CORPORATION | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2022 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Central Index Key | 0000818677 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 3,252,884 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Shell Company | false | |
Entity Address, Address Line One | 238 Richland Avenue Northwest | |
Entity Address, City or Town | Aiken | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29801 | |
Entity Tax Identification Number | 57-0858504 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Local Phone Number | 641-3000 | |
Entity File Number | 000-16120 | |
Entity Incorporation, State or Country Code | SC | |
City Area Code | 803 | |
Entity Addresses [Line Items] | ||
Entity Address, City or Town | Aiken |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Funds Purchased | $ 0 | |
Allowance For Loan Losses | $ 11,298,845 | 11,087,164 |
Additional Paid-In Capital ("APIC") | 18,230,187 | 18,230,187 |
Debt Securities, Held-to-maturity, Fair Value | 131,615,851 | 23,720,408 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Senior Notes | 29,000,000 | 30,000,000 |
Investments | 3,381,208 | 2,419,335 |
Interest Receivable | 1,112,227 | 1,333,155 |
Other Assets | 20,074,279 | 5,241,410 |
Total Loans Receivable, Net | 523,094,273 | 499,496,809 |
Loans and Leases Receivable, Net Amount | 520,953,262 | 495,458,395 |
Held For Sale | 2,141,011 | 4,038,414 |
Investments | 729,519,308 | 706,355,826 |
Cash and Cash Equivalents | 20,068,111 | 27,622,851 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 1,100,045 | 1,100,045 |
ASSETS: | ||
Cash and Cash Equivalents | 20,068,111 | 27,622,851 |
Interest-bearing Deposits in Banks and Other Financial Institutions | 1,100,045 | 1,100,045 |
Investments: | ||
Available For Sale ("AFS") | 591,550,461 | 682,849,058 |
Investment and Mortgage-Backed Securities, Held to Maturity | 137,968,847 | 23,506,768 |
Total Investments And Mortgage-Backed Securities | 729,519,308 | 706,355,826 |
Total Loans Receivable, Net | 523,094,273 | 499,496,809 |
Loans and Leases Receivable, Net Amount | 520,953,262 | 495,458,395 |
Held For Sale | 2,141,011 | 4,038,414 |
Accrued Interest Receivable: | ||
Loans | 1,112,227 | 1,333,155 |
Investments | 3,381,208 | 2,419,335 |
Total Accrued Interest Receivable | 4,493,435 | 3,752,490 |
Operating Lease, Right-of-Use Asset | 1,974,088 | 2,252,424 |
Goodwill | 1,199,754 | 1,199,754 |
Other Assets | 20,074,279 | 5,241,410 |
Total Assets | 1,357,980,913 | 1,301,213,512 |
Liabilities [Abstract] | ||
Deposit Accounts | 1,118,816,745 | 1,115,962,963 |
Federal Funds Purchased | 0 | |
Other Borrowings | 38,809,115 | 26,785,393 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Senior Notes | 29,000,000 | 30,000,000 |
Operating Lease, Liability | 2,014,086 | 2,293,295 |
Other Liabilities | 6,590,080 | 5,494,336 |
Total Liabilities | 1,201,385,026 | 1,185,690,987 |
SHAREHOLDERS’ EQUITY: | ||
Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,453,817 Shares Issued and 3,252,884 Shares Outstanding at September 30, 2022 and December 31, 2021 | 34,538 | 34,538 |
Additional Paid-In Capital ("APIC") | 18,230,187 | 18,230,187 |
Treasury Stock, at Cost (200,933 Shares) | (4,330,712) | (4,330,712) |
Accumulated Other Comprehensive (Loss) Income ("AOCI") | (41,517,322) | 5,215,107 |
Retained Earnings | 101,230,196 | 96,373,405 |
Total Shareholders' Equity | 156,595,887 | 115,522,525 |
Total Liabilities and Shareholders' Equity | 1,357,980,913 | 1,301,213,512 |
Allowance For Loan Losses | $ 11,298,845 | $ 11,087,164 |
Common Stock Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock Shares Issued | 3,453,817 | 3,453,817 |
Common Stock, Shares, Outstanding | 3,252,884 | 3,252,884 |
Treasury Stock Shares Held | 200,933 | 200,933 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $ 646,506,705 | $ 675,913,305 |
Fair Value of Investment And Mortgage-Backed Securities Held To Maturity | 131,615,851 | 23,720,408 |
Allowance For Loan Losses | $ 11,298,845 | $ 11,087,164 |
Common Stock Par Value Per Share | $ 0.01 | $ 0.01 |
Common Stock Shares Authorized | 5,000,000 | 5,000,000 |
Common Stock Shares Issued | 3,453,817 | 3,453,817 |
Common Stock, Shares, Outstanding | 3,252,884 | 3,252,884 |
Treasury Stock Shares Held | 200,933 | 200,933 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 3,225,803 | $ 4,642,470 | $ 6,938,637 | $ 10,745,404 |
Interest and Fee Income, Loans and Leases | 6,306,312 | 7,261,810 | ||
Investment Income, Interest and Dividend | 4,892,385 | 2,403,203 | ||
Other Interest and Dividend Income | 94,436 | 3,401 | ||
Total Interest Income | 11,293,133 | 9,668,414 | ||
Interest Expense, Customer Deposits | 675,765 | 376,136 | ||
Interest Expense, Subordinated Notes and Debentures | 389,375 | 393,750 | ||
Interest Expense, Junior Subordinated Debentures | 49,842 | 23,955 | ||
Interest Expense | 1,159,368 | 844,597 | ||
Interest Income (Expense), Net | 10,133,765 | 8,823,817 | ||
Provision for Loan and Lease Losses | 0 | (665,000) | ||
Interest Income (Expense), after Provision for Loan Loss | 10,133,765 | 9,488,817 | ||
Gain (Loss) on Sales of Loans, Net | 287,081 | 932,340 | ||
Service Fees on Deposit Accounts | 279,909 | 251,440 | ||
Insurance Commissions and Fees | 235,506 | 187,657 | ||
Trust Income | 363,830 | 359,035 | ||
BOLI Income | 150,999 | 155,000 | ||
Check card revenue | 687,773 | 615,568 | ||
Grant Revenue | 0 | 1,826,265 | ||
Noninterest Income, Other Operating Income | 219,289 | 202,314 | ||
Noninterest Income | 2,224,387 | $ 4,529,619 | ||
Professional Fees | 179,318 | 182,684 | ||
Other General and Administrative Expense | 831,564 | 801,964 | ||
Communication | 97,204 | |||
Compensation and Employee Benefits | 5,019,920 | 4,757,937 | ||
Occupancy | 703,310 | 641,555 | ||
Advertising Expense | 153,460 | 275,947 | ||
Depreciation | 751,739 | 781,217 | ||
Federal Deposit Insurance Corporation Premium Expense | 87,858 | 73,845 | ||
Other Revenue (Expense) from Real Estate Operations | 10,000 | $ 55,000 | ||
Total Non-Interest Expense | $ 8,277,685 | |||
Weighted Average Number of Shares Outstanding, Basic | 3,252,884 | 3,252,884 | 3,252,884 | 3,252,884 |
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 4,080,467 | $ 5,969,540 | ||
Income Tax Expense (Benefit) | $ 854,664 | $ 1,327,070 | ||
Earnings Per Share, Basic | $ 0.99 | $ 1.43 | $ 2.13 | $ 3.30 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.11 | $ 0.64 | $ 0.33 |
Interest Income: | ||||
Interest and Fee Income, Loans and Leases | $ 6,306,312 | $ 7,261,810 | ||
Investment Income, Interest and Dividend | 4,892,385 | 2,403,203 | ||
Other Interest and Dividend Income | 94,436 | $ 3,401 | ||
Interest and Dividend Income, Operating, Total | 11,293,133 | 9,668,414 | ||
Interest Expense [Abstract] | ||||
Interest Expense, Other | 44,386 | 50,756 | ||
Interest Expense, Subordinated Notes and Debentures | 389,375 | 393,750 | ||
Interest Expense, Junior Subordinated Debentures | 49,842 | 23,955 | ||
Interest Expense, Total | 1,159,368 | 844,597 | ||
Interest Income (Expense), Net, Total | 10,133,765 | 8,823,817 | ||
Provision for Loan and Lease Losses | 0 | (665,000) | ||
Interest Income (Expense), after Provision for Loan Loss, Total | 10,133,765 | 9,488,817 | ||
Noninterest Income [Abstract] | ||||
Gain (Loss) on Sales of Loans, Net | 287,081 | 932,340 | ||
Service Fees on Deposit Accounts | 279,909 | 251,440 | ||
Insurance Commissions and Fees | 235,506 | 187,657 | ||
Trust Income | 363,830 | 359,035 | ||
BOLI Income | 150,999 | 155,000 | ||
Grant Revenue | 0 | 1,826,265 | ||
Check card revenue | 687,773 | 615,568 | ||
Noninterest Income, Other Operating Income | 219,289 | 202,314 | ||
Noninterest Income, Total | 2,224,387 | 4,529,619 | ||
General and Administrative Expense [Abstract] | ||||
Compensation and Employee Benefits | 5,019,920 | 4,757,937 | ||
Occupancy | 703,310 | 641,555 | ||
Advertising Expense | 153,460 | 275,947 | ||
Federal Deposit Insurance Corporation Premium Expense | 87,858 | 73,845 | ||
Net Cost (Recovery) from Operation of OREO | (10,000) | (55,000) | ||
Other General and Administrative Expense | 831,564 | 801,964 | ||
General and Administrative Expense, Total | 8,277,685 | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 4,080,467 | 5,969,540 | ||
Income Tax Expense (Benefit) | 854,664 | 1,327,070 | ||
Net Income | 3,225,803 | 4,642,470 | $ 6,938,637 | 10,745,404 |
Net Income | $ 3,225,803 | $ 4,642,470 | $ 10,745,404 | |
Earnings Per Share, Basic | $ 0.99 | $ 1.43 | $ 2.13 | $ 3.30 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.11 | $ 0.64 | $ 0.33 |
Weighted Average Number of Shares Outstanding, Basic | 3,252,884 | 3,252,884 | 3,252,884 | 3,252,884 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income | $ 3,225,803 | $ 4,642,470 | $ 6,938,637 | $ 10,745,404 |
Other Comprehensive Income: | ||||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 1,311 | 215 | ||
Amortization of Unrealized Gains on AFS Securities Transferred to HTM | 2,270 | 4,127 | ||
Unrealized Holding Losses on Securities AFS, Net of Taxes of $(4,263,005) and $(923,669) at September 30, 2022 and 2021, Respectively | 13,137,592 | 2,859,580 | 46,736,556 | 4,896,535 |
Other Comprehensive Loss, Net of Tax | (13,135,322) | (2,858,269) | (46,732,429) | (4,896,320) |
Comprehensive (Loss) Income | (9,909,519) | 1,784,201 | (39,793,792) | 5,849,084 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | (4,263,005) | (923,669) | ||
Other Comprehensive Income, Amortization on Unrealized Gain on AFS Transfer to HTM, Tax | $ 757 | $ 437 | 1,376 | 72 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | $ (15,155,441) | $ (1,588,001) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income, Amortization on Unrealized Gain on AFS Transfer to HTM, Tax | $ 757 | $ 437 | $ 1,376 | $ 72 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ (4,263,005) | $ (923,669) | ||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax | $ (15,155,441) | $ (1,588,001) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Common Stock Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Redeemable Preferred Stock Redeemable Preferred Stock |
Balance at at Dec. 31, 2020 | $ 111,905,746 | $ 34,538 | $ 18,230,187 | $ (4,330,712) | $ 12,940,950 | $ 85,030,783 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 3,178,792 | 3,178,792 | ||||||
Other Comprehensive Income, Net Of Tax: | (5,465,436) | (5,465,436) | ||||||
Cash Dividends on Common Stock | (357,817) | (357,817) | ||||||
Balance at at Mar. 31, 2021 | 109,261,285 | 34,538 | 18,230,187 | (4,330,712) | 7,475,514 | 87,851,758 | 0 | |
Balance at at Dec. 31, 2020 | 111,905,746 | 34,538 | 18,230,187 | (4,330,712) | 12,940,950 | 85,030,783 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 10,745,404 | |||||||
Other Comprehensive Income, Net Of Tax: | (4,896,320) | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 0 | |||||||
Balance at at Sep. 30, 2021 | 116,681,378 | $ 34,538 | 18,230,187 | (4,330,712) | 8,044,630 | 94,702,735 | 0 | |
Balance at at Mar. 31, 2021 | 109,261,285 | 34,538 | 18,230,187 | (4,330,712) | 7,475,514 | 87,851,758 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 2,924,142 | 2,924,142 | ||||||
Other Comprehensive Income, Net Of Tax: | 3,427,385 | 3,427,385 | ||||||
Cash Dividends on Common Stock | (357,818) | (357,818) | ||||||
Balance at at Jun. 30, 2021 | 115,254,994 | 34,538 | 18,230,187 | (4,330,712) | 10,902,899 | 90,418,082 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 4,642,470 | 4,642,470 | ||||||
Other Comprehensive Income, Net Of Tax: | (2,858,269) | (2,858,269) | ||||||
Cash Dividends on Common Stock | (357,817) | (357,817) | ||||||
Balance at at Sep. 30, 2021 | 116,681,378 | $ 34,538 | 18,230,187 | (4,330,712) | 8,044,630 | 94,702,735 | 0 | |
Balance at at Dec. 31, 2021 | 115,522,525 | 34,538 | 18,230,187 | (4,330,712) | 5,215,107 | 96,373,405 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 1,549,031 | 1,549,031 | ||||||
Other Comprehensive Income, Net Of Tax: | (20,222,858) | (20,222,858) | ||||||
Cash Dividends on Common Stock | (390,346) | (390,346) | ||||||
Balance at at Mar. 31, 2022 | 96,458,352 | 34,538 | 18,230,187 | (4,330,712) | (15,007,751) | 97,532,090 | 0 | |
Balance at at Dec. 31, 2021 | 115,522,525 | 34,538 | 18,230,187 | (4,330,712) | 5,215,107 | 96,373,405 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 6,938,637 | |||||||
Other Comprehensive Income, Net Of Tax: | (46,732,429) | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 82,949,000 | |||||||
Balance at at Sep. 30, 2022 | 156,595,887 | 34,538 | 18,230,187 | (4,330,712) | (41,517,322) | 101,230,196 | 82,949,000 | |
Balance at at Mar. 31, 2022 | 96,458,352 | 34,538 | 18,230,187 | (4,330,712) | (15,007,751) | 97,532,090 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 2,163,803 | 2,163,803 | ||||||
Other Comprehensive Income, Net Of Tax: | (13,374,249) | (13,374,249) | ||||||
Stock Issued During Period, Value, New Issues | 82,949,000 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 82,949,000 | |||||||
Cash Dividends on Common Stock | (1,301,154) | (1,301,154) | ||||||
Balance at at Jun. 30, 2022 | 166,895,752 | 34,538 | 18,230,187 | (4,330,712) | (28,382,000) | 98,394,739 | 82,949,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income | 3,225,803 | 3,225,803 | ||||||
Other Comprehensive Income, Net Of Tax: | (13,135,322) | (13,135,322) | ||||||
Cash Dividends on Common Stock | (390,346) | (390,346) | ||||||
Balance at at Sep. 30, 2022 | $ 156,595,887 | $ 34,538 | $ 18,230,187 | $ (4,330,712) | $ (41,517,322) | $ 101,230,196 | $ 82,949,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 2,417,879 | $ 2,569,016 |
Cash Paid for Income Taxes | 1,099,000 | 2,995,442 |
Purchase of Investments HTM | 118,798,583 | 8,261,528 |
Proceeds from Issuance of Preferred Stock and Preference Stock | 82,949,000 | 0 |
Increase in Accrued Interest Receivable | (740,945) | (140,270) |
Impairment of Long-Lived Assets to be Disposed of | 433,077 | 0 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | 6,938,637 | 10,745,404 |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | ||
Depreciation Expense | 1,460,975 | 1,471,810 |
Discount Accretion and Premium Amortization, net | 5,314,299 | 5,016,096 |
Reversal of Provision for Loan Losses | 0 | (2,270,000) |
Earnings on BOLI | (457,202) | (485,000) |
Gain on Sales of Loans | (1,511,905) | (3,022,755) |
Gain on Sales of OREO | 0 | (105,422) |
Write Down on OREO | 10,000 | 20,000 |
Amortization of Operating Lease ROU Assets | 278,336 | 247,947 |
Proceeds From Sale of Loans Held For Sale | 47,464,791 | 91,709,578 |
Origination of Loans Held For Sale | (44,055,483) | (86,582,554) |
Increase in Accrued Interest Receivable | (740,945) | (140,270) |
Other, Net | 1,143,235 | 801,185 |
Net Cash Provided By Operating Activities | 16,277,815 | 17,406,019 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Investments AFS | (59,674,541) | (122,070,342) |
Proceeds from Paydowns and Maturities of Investments AFS | 83,769,857 | 72,169,959 |
Purchase of Investments HTM | 118,798,583 | 8,261,528 |
Proceeds from Paydowns and Maturities of Investments HTM | 4,333,488 | 3,985,667 |
Proceeds from Redemption of Certificates of Deposits with Other Banks | 0 | 250,000 |
Purchase of FHLB Stock | (64,800) | (1,900) |
Redemption of FHLB Stock | 0 | 1,393,300 |
Increase in Loans Receivable | (25,494,867) | (21,267,422) |
Proceeds From Sale of OREO | 0 | 454,332 |
Purchase and Improvement of Premises and Equipment | (3,647,767) | (1,091,300) |
Net Cash Used By Investing Activities | (119,577,213) | (74,439,234) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in Deposit Accounts | 2,853,782 | 98,470,851 |
Repayment of FHLB Advances | 0 | (25,000,000) |
Proceeds from (Repayments of) Other Debt | 12,023,722 | 13,490,672 |
Proceeds from Bank Debt | 202,980,000 | 232,140,000 |
Repayments of Short-term Debt | (201,980,000) | (265,465,000) |
Dividends to Common Stock Shareholders | (2,081,846) | (1,073,452) |
Net Cash Provided By Financing Activities | 95,744,658 | 52,563,071 |
Net Decrease in Cash and Cash Equivalents | (7,554,740) | (4,470,144) |
Cash and Cash Equivalents at Beginning of Period | 27,622,851 | 18,025,409 |
Cash and Cash Equivalents at End of Period | 20,068,111 | 13,555,265 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash Paid for Income Taxes | $ 1,099,000 | $ 2,995,442 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America ("GAAP"); therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows. Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods. Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation’s (the “Company”) 2021 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 10-K”) when reviewing interim financial statements. |
Critical Accounting Policies
Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Critical Accounting Policies | The Company has adopted various accounting policies, which govern the application of accounting principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to the audited consolidated financial statements at December 31, 2021 included in our 2021 Annual Report to Shareholders. Certain accounting policies involve significant judgments and assumptions by management, which have a material impact on the carrying value of certain assets and liabilities, and, as such, have a greater possibility of producing results that could be materially different than originally reported. We consider these accounting policies to be critical accounting policies. The judgments and assumptions we use are based on historical experience and other factors, which we believe to be reasonable under the circumstances. Because of the nature of the judgments and assumptions we make, actual results could differ from these judgments and estimates which could have a material impact on our carrying values of assets and liabilities and our results of operations. The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulatory agencies, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, which may require adjustments to be made to the allowance based upon the information that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the consolidated financial statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. There were no stock options outstanding at September 30, 2022 or 2021; and therefore, no dilutive options were included in the calculation of diluted EPS for those periods. The following tables include a summary of the Company's basic EPS for the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, 2022 2021 Income Shares EPS Income Shares EPS Basic EPS $ 3,225,803 3,252,884 $ 0.99 $ 4,642,470 3,252,884 $ 1.43 Nine Months Ended September 30, 2022 2021 Income Shares EPS Income Shares EPS Basic EPS $ 6,938,637 3,252,884 $ 2.13 $ 10,745,404 3,252,884 $ 3.30 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Employee Benefit Plans | Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. Options are granted at exercise prices not less than the fair value of the Company’s common stock on the date of the grant. At September 30, 2022 and 2021, the Company had no options outstanding and there was no activity during both the three and nine months ended September 30, 2022 and 2021. At those dates, there were 50,000 options available for grants. |
Investment and Mortgage-Backed
Investment and Mortgage-Backed Securities, Available for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Mortgage-Backed Securities, Available for Sale | The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments available for sale at the dates indicated were as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 64,581,912 $ 33,352 $ 1,393,915 $ 63,221,349 Small Business Administration (“SBA”) Bonds 109,893,553 732,050 3,169,244 107,456,359 Tax Exempt Municipal Bonds 44,440,177 186,711 2,914,934 41,711,954 Taxable Municipal Bonds 65,767,015 — 14,346,937 51,420,078 Mortgage-Backed Securities ("MBS") 361,824,048 63,849 34,147,176 327,740,721 Total Available For Sale $ 646,506,705 $ 1,015,962 $ 55,972,206 $ 591,550,461 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 71,949,517 $ 317,722 $ 255,678 $ 72,011,561 SBA Bonds 139,854,620 1,018,231 1,079,774 139,793,077 Tax Exempt Municipal Bonds 44,757,755 5,226,600 — 49,984,355 Taxable Municipal Bonds 65,834,301 734,237 599,387 65,969,151 MBS 353,517,112 5,294,398 3,720,596 355,090,914 Total Available For Sale $ 675,913,305 $ 12,591,188 $ 5,655,435 $ 682,849,058 Student Loan Pools are typically 97% guaranteed by the United States government while SBA bonds are 100% backed by the full faith and credit of the United States government. The majority of the MBS included in the tables above and below are issued or guaranteed by an agency of the United States government such as Ginnie Mae, or by Government Sponsored Entities ("GSEs"), including Fannie Mae and Freddie Mac. Ginnie Mae MBS are backed by the full faith and credit of the United States government, while those issued by GSEs are not. Also included in MBS in the tables above and below are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not backed by the full faith and credit of the United States government. At September 30, 2022, the Company held AFS private label CMO MBS with an amortized cost and fair value of $62.3 million and $56.4 million, compared to an amortized cost and fair value of $41.8 million and $41.7 million at December 31, 2021, respectively. The amortized cost and fair value of investments AFS at September 30, 2022 are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since MBS are not due at a single maturity date, they are disclosed separately, rather than allocated over the maturity groupings set forth in the table below. September 30, 2022 Investment Securities AFS: Amortized Cost Fair Value One Year or Less $ 539,253 $ 537,497 After One – Five Years 5,898,094 5,834,644 After Five – Ten Years 82,128,559 78,136,356 More Than Ten Years 196,116,751 179,301,243 MBS AFS 361,824,048 327,740,721 Total AFS $ 646,506,705 $ 591,550,461 At September 30, 2022, the amortized cost and fair value of investments AFS pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $329.8 million and $309.0 million, respectively, compared to an amortized cost and fair value of $335.6 million and $342.6 million, respectively, at December 31, 2021. There were no sales of AFS securities during the nine months ended September 30, 2022 and 2021; and therefore, no proceeds from sales, gross gains or gross losses were recorded during those periods. The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual AFS securities were in a continuous unrealized loss position at the dates indicated. September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 37,822,551 $ 718,181 $ 23,576,616 $ 675,734 $ 61,399,167 $ 1,393,915 SBA Bonds 13,370,130 906,319 40,092,297 2,262,925 53,462,427 3,169,244 Tax Exempt Municipal Bonds 33,440,787 2,914,934 — — 33,440,787 2,914,934 Taxable Municipal Bonds 40,292,536 10,429,037 11,127,542 3,917,900 51,420,078 14,346,937 MBS 214,230,551 18,654,810 107,126,659 15,492,366 321,357,210 34,147,176 $ 339,156,555 $ 33,623,281 $ 181,923,114 $ 22,348,925 $ 521,079,669 $ 55,972,206 December 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 36,816,929 $ 216,012 $ 8,826,508 $ 39,666 $ 45,643,437 $ 255,678 SBA Bonds 15,916,497 359,541 48,791,470 720,233 64,707,967 1,079,774 Taxable Municipal Bonds 28,032,194 413,490 4,342,641 185,897 32,374,835 599,387 MBS 160,097,766 2,865,948 22,951,882 854,648 183,049,648 3,720,596 $ 240,863,386 $ 3,854,991 $ 84,912,501 $ 1,800,444 $ 325,775,887 $ 5,655,435 Securities classified as AFS are recorded at fair market value. At September 30, 2022 and December 31, 2021, 443 and 199 individual AFS securities were in a loss position, including 140 and 83 securities that were in a loss position for greater than 12 months, respectively. The Company has the ability and intent to hold these securities until such time as the value recovers or the securities mature. The increase in unrealized losses within the AFS portfolio during the nine months ended September 30, 2022 resulted in a $14.9 million increase in net deferred taxes, which is included in "Other Assets" on the Consolidated Balance Sheets at September 30, 2022. The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not in the credit quality of the issuer and therefore, these losses are not considered other-than-temporary. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether there is any indication of other-than-temporary impairment (“OTTI”). A further decline in national and local economic conditions, as a result of the effects of inflation, a inflation, a potential recession or slowed economic growth, and any governmental or societal responses to the novel coronavirus of 2019 (“COVID-19”) pandemic, among other factors, may, however, have an adverse impact on credit quality in the future and result in OTTI charges. Factors considered in the review include estimated future cash flows, length of time and extent to which market value has been less than cost, the financial condition and near term prospects of the issuer, and our intent and ability to retain the security to allow for an anticipated recovery in market value. If the review determines that there is OTTI, an impairment loss is recognized in earnings equal to the difference between the investment’s cost and its fair value at the balance sheet date of the reporting period for which the assessment is made, or the Company may recognize a portion in other comprehensive income. The fair value of investments on which OTTI is recognized then becomes the new cost basis of the investment. There was no OTTI recognized during the nine months ended September 30, 2022 and the year ended December 31, 2021. |
Investment and Mortgage-Backe_2
Investment and Mortgage-Backed Securities, Held to Maturity | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment and Mortgage-Backed Securities, Held to Maturity | The Company’s HTM portfolio is recorded at amortized cost. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments HTM at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,422,185 $ — $ 657,961 $ 33,764,224 SBA Bonds 3,653,646 176,069 — 3,829,715 Taxable Municipal Bonds 949,306 — 51,976 897,330 MBS 98,943,710 1,860 5,820,988 93,124,582 Total Held To Maturity $ 137,968,847 $ 177,929 $ 6,530,925 $ 131,615,851 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value MBS $ 23,506,768 $ 577,005 $ 363,365 $ 23,720,408 Total Held To Maturity $ 23,506,768 $ 577,005 $ 363,365 $ 23,720,408 At September 30, 2022, the amortized cost and fair value of investments HTM that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $8.6 million and $8.0 million, respectively, compared to an amortized cost and fair value of $9.0 million and $9.5 million, respectively, at December 31, 2021. The following tables show gross unrealized losses, fair value, and length of time that individual HTM securities have been in a continuous unrealized loss position at the dates indicated below. September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized US Treasury Bonds $ 33,764,224 $ 657,961 $ — $ — $ 33,764,224 $ 657,961 Taxable Municipal Bonds 897,330 51,976 — — 897,330 51,976 MBS 83,477,755 3,668,395 8,330,880 2,152,593 91,808,635 5,820,988 $ 118,139,309 $ 4,378,332 $ 8,330,880 $ 2,152,593 $ 126,470,189 $ 6,530,925 December 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized MBS $ 9,969,587 $ 206,472 $ 3,442,229 $ 156,893 $ 13,411,816 $ 363,365 $ 9,969,587 $ 206,472 $ 3,442,229 $ 156,893 $ 13,411,816 $ 363,365 At September 30, 2022 and December 31, 2021, 50 and six individual HTM securities were in a loss position, including five and two securities that were in a loss position for greater than 12 months, respectively. The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value was attributable to changes in market interest rates and was not in the credit quality of the issuer and therefore, the loss was not considered other-than-temporary. The Company has the ability and intent to hold these securities to maturity. |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2022 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Financing Receivables [Text Block] | Loans receivable, net, consisted of the following as of the dates indicated below: September 30, 2022 December 31, 2021 Real Estate Loans: Construction $ 104,250,955 $ 100,162,260 Residential Mortgage 97,404,583 84,965,542 Commercial 246,797,162 227,751,664 Commercial and Agricultural Loans 31,501,202 44,689,391 Consumer Loans: Home Equity Lines of Credit (HELOC) 29,954,251 28,611,516 Other Consumer 23,095,584 21,449,809 Total Loans Held For Investment, Gross 533,003,737 507,630,182 Less: Allowance For Loan Losses 11,298,845 11,087,164 Deferred Loan Fees 751,630 1,084,623 12,050,475 12,171,787 Total Loans Receivable, Net $ 520,953,262 $ 495,458,395 During the first nine months of 2022, the Company continued its participation in the U.S. Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”), by processing applications for PPP loan forgiveness. PPP loans are included in Commercial and Agricultural loans in the tables above and below and had a total balance of $55,000 at September 30, 2022 compared to $9.8 million at December 31, 2021. The balance of unamortized net deferred fees on PPP loans was $8,000 at September 30, 2022 compared to $441,000 at December 31, 2021. The Company uses a risk based approach based on the following credit quality measures when analyzing the loan portfolio: pass, caution, special mention, and substandard. These indicators are used to rate the credit quality of loans for the purposes of determining the Company’s allowance for loan losses. Pass loans are loans that are performing and are deemed adequately protected by the net worth of the borrower or the underlying collateral value. These loans are considered to have the least amount of risk in terms of determining the allowance for loan losses. Loans that are graded as substandard are considered to have the most risk. These loans typically have an identified weakness or weaknesses and are inadequately protected by the net worth of the borrower or collateral value. All loans 90 days or more past due are automatically classified in this category. The caution and special mention categories fall in between the pass and substandard grades and consist of loans that do not currently expose the Company to sufficient risk to warrant adverse classification but possess weaknesses. The tables below summarize the balance within each risk category by loan type, excluding loans held for sale, at September 30, 2022 and December 31, 2021. September 30, 2022 Special Mention Construction Real Estate $ 85,290,332 $ 17,068,984 $ 1,541,750 $ 349,889 $ 104,250,955 Residential Real Estate 76,008,204 18,055,116 735,332 2,605,931 97,404,583 Commercial Real Estate 193,971,553 46,929,938 3,606,034 2,289,637 246,797,162 Commercial and Agricultural 26,859,082 4,094,485 331,731 215,904 31,501,202 Consumer HELOC 23,960,565 4,997,785 402,060 593,841 29,954,251 Other Consumer 16,163,946 6,649,604 171,910 110,124 23,095,584 Total $ 422,253,682 $ 97,795,912 $ 6,788,817 $ 6,165,326 $ 533,003,737 December 31, 2021 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 67,205,984 $ 25,867,339 $ 6,566,302 $ 522,635 $ 100,162,260 Residential Real Estate 65,650,970 14,506,787 2,061,598 2,746,187 84,965,542 Commercial Real Estate 185,117,439 34,263,196 5,669,666 2,701,363 227,751,664 Commercial and Agricultural 40,017,641 4,296,962 54,380 320,408 44,689,391 Consumer HELOC 23,416,585 3,987,734 624,055 583,142 28,611,516 Other Consumer 15,059,609 6,244,382 85,673 60,145 21,449,809 Total $ 396,468,228 $ 89,166,400 $ 15,061,674 $ 6,933,880 $ 507,630,182 Past Due and Non-accrual Loans The tables below present an age analysis of past due balances by loan category at September 30, 2022 and December 31, 2021: September 30, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Receivable Construction Real Estate $ 108,112 $ 547,795 $ 100,472 $ 756,379 $ 103,494,576 $ 104,250,955 Residential Real Estate 128,333 319,082 449,007 896,422 96,508,161 97,404,583 Commercial Real Estate 713,162 64,531 358,906 1,136,599 245,660,563 246,797,162 Commercial and Agricultural 131,687 33,835 16,775 182,297 31,318,905 31,501,202 Consumer HELOC 350,385 17,439 19,420 387,244 29,567,007 29,954,251 Other Consumer 215,030 50,427 17,456 282,913 22,812,671 23,095,584 Total $ 1,646,709 $ 1,033,109 $ 962,036 $ 3,641,854 $ 529,361,883 $ 533,003,737 December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Construction Real Estate $ 4,291 $ 114,516 $ — $ 118,807 $ 100,043,453 $ 100,162,260 Residential Real Estate 296,556 543,716 205,713 1,045,985 83,919,557 84,965,542 Commercial Real Estate 195,271 — 372,405 567,676 227,183,988 227,751,664 Commercial and Agricultural 79,381 133,610 — 212,991 44,476,400 44,689,391 Consumer HELOC 51,430 — 44,382 95,812 28,515,704 28,611,516 Other Consumer 93,560 3,648 8,797 106,005 21,343,804 21,449,809 Total $ 720,489 $ 795,490 $ 631,297 $ 2,147,276 $ 505,482,906 $ 507,630,182 At September 30, 2022 and December 31, 2021, the Company did not have any loans that were 90 days or more past due and still accruing interest. The Company's strategy is to work with its borrowers to reach acceptable payment plans while protecting its interests in the existing collateral. In the event an acceptable arrangement cannot be reached, the Company may have to acquire these properties through foreclosure or other means and subsequently sell, develop, or liquidate them. The following table shows non-accrual loans by category at September 30, 2022 compared to December 31, 2021: Non-accrual Loans: September 30, 2022 December 31, 2021 Construction Real Estate $ 115,874 $ 21,434 Residential Real Estate 1,529,370 1,389,498 Commercial Real Estate 741,081 1,057,496 Commercial and Agricultural 75,740 64,479 Consumer HELOC 112,784 141,683 Other Consumer 24,049 8,797 Total Non-accrual Loans $ 2,598,898 $ 2,683,387 Allowance for Loan Losses The following tables show the activity in the allowance for loan losses by category for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,104,386 $ 1,870,696 $ 4,736,314 $ 1,403,818 $ 606,847 $ 475,893 $ 11,197,954 (Reversal of) Provision for Loan Losses 99,612 (17,503) 44,664 (117,519) (37,681) 28,427 — Charge-Offs — — — — — (54,192) (54,192) Recoveries 15,460 9,678 77,479 1,281 38,190 12,995 155,083 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Three Months Ended September 30, 2021 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,129,101 $ 1,768,461 $ 4,956,531 $ 1,528,501 $ 566,579 $ 474,587 $ 11,423,760 (Reversal of) Provision for Loan Losses 33,090 (21,578) (196,852) (403,030) (58,843) (17,787) (665,000) Charge-Offs (21,460) — — (800) — (23,702) (45,962) Recoveries 192,459 15,749 240,585 323 10,323 — 459,439 Ending Balance $ 2,333,190 $ 1,762,632 $ 5,000,264 $ 1,124,994 $ 518,059 $ 433,098 $ 11,172,237 Nine Months Ended September 30, 2022 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,401,196 $ 1,663,423 $ 4,832,440 $ 1,241,828 $ 517,512 $ 430,765 $ 11,087,164 (Reversal of) Provision for Loan Losses (212,761) 161,839 (100,941) 19,643 44,068 88,152 — Charge-Offs — — — — — (97,884) (97,884) Recoveries 31,023 37,609 126,958 26,109 45,776 42,090 309,565 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Nine Months Ended September 30, 2021 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,486,910 $ 2,264,414 $ 5,753,641 $ 1,112,952 $ 657,356 $ 567,623 $ 12,842,896 (Reversal of) Provision for Loan Losses (324,719) (541,877) (1,149,539) 17,562 (149,620) (121,807) (2,270,000) Charge-Offs (21,460) — — (7,499) — (81,394) (110,353) Recoveries 192,459 40,095 396,162 1,979 10,323 68,676 709,694 Ending Balance $ 2,333,190 $ 1,762,632 $ 5,000,264 $ 1,124,994 $ 518,059 $ 433,098 $ 11,172,237 Allowance for Loan Losses and Loans Receivable Evaluated for Impairment The tables below summarize the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances at September 30, 2022 and December 31, 2021. Allowance For Loan Losses Loans Receivable September 30, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,219,458 $ 2,219,458 $ 115,874 $ 104,135,081 $ 104,250,955 Residential Real Estate — 1,862,871 1,862,871 1,112,281 96,292,302 97,404,583 Commercial Real Estate — 4,858,457 4,858,457 737,672 246,059,490 246,797,162 Commercial and Agricultural — 1,287,580 1,287,580 31,446 31,469,756 31,501,202 Consumer HELOC — 607,356 607,356 49,905 29,904,346 29,954,251 Other Consumer — 463,123 463,123 — 23,095,584 23,095,584 Total $ — $ 11,298,845 $ 11,298,845 $ 2,047,178 $ 530,956,559 $ 533,003,737 Allowance For Loan Losses Loans Receivable December 31, 2021 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,401,196 $ 2,401,196 $ 19,133 $ 100,143,127 $ 100,162,260 Residential Real Estate — 1,663,423 1,663,423 1,128,452 83,837,090 84,965,542 Commercial Real Estate — 4,832,440 4,832,440 1,046,974 226,704,690 227,751,664 Commercial and Agricultural — 1,241,828 1,241,828 31,446 44,657,945 44,689,391 Consumer HELOC — 517,512 517,512 97,302 28,514,214 28,611,516 Other Consumer — 430,765 430,765 — 21,449,809 21,449,809 Total $ — $ 11,087,164 $ 11,087,164 $ 2,323,307 $ 505,306,875 $ 507,630,182 Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Non-accrual commercial loans under $200,000 and non-accrual consumer loans under $100,000 are considered immaterial and are excluded from the impairment review. Once a loan is identified as individually impaired, management measures the impairment and records the loan at fair value. Fair value is estimated using one of the following methods: fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. The fair value of the collateral less estimated costs to sell is the most frequently used method. The following tables present information related to impaired loans by loan category at September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021. September 30, 2022 December 31, 2021 Impaired Loans Recorded Unpaid Related Recorded Unpaid Construction Real Estate $ 115,874 $ 115,874 $ — $ 19,133 $ 19,133 $ — Residential Real Estate 1,112,281 1,649,281 — 1,128,452 1,646,952 — Commercial Real Estate 737,672 737,672 — 1,046,974 1,046,974 — Commercial and Agricultural 31,446 926,446 — 31,446 926,446 — Consumer HELOC 49,905 49,905 — 97,302 97,302 — Other Consumer — — — — — — Total $ 2,047,178 $ 3,479,178 $ — $ 2,323,307 $ 3,736,807 $ — Three Months Ended September 30, 2022 2021 Impaired Loans Average Recorded Investment Interest Income Average Recorded Interest Income Construction Real Estate $ 116,495 $ — $ 27,396 $ — Residential Real Estate 1,121,686 — 1,224,991 496 Commercial Real Estate 743,998 — 1,068,681 6,887 Commercial and Agricultural 31,446 — 46,246 — Consumer HELOC 50,725 — 152,775 — Total $ 2,064,350 $ — $ 2,520,089 $ 7,383 Nine Months Ended September 30, 2022 2021 Impaired Loans Average Recorded Interest Income Average Recorded Interest Income Construction Real Estate $ 117,881 $ — $ 33,530 $ — Residential Real Estate 1,144,363 — 1,317,557 3,149 Commercial Real Estate 756,394 — 1,086,104 11,914 Commercial and Agricultural 31,446 — 50,326 — Consumer HELOC 52,643 — 156,049 — Total $ 2,102,727 $ — $ 2,643,566 $ 15,063 Troubled Debt Restructurings and Loan Modifications In the course of resolving delinquent loans, the Company may choose to restructure the contractual terms of certain loans. A troubled debt restructuring ("TDR") is a restructuring in which the Company, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to a borrower that it would not otherwise consider (FASB ASC Topic 310-40). The concessions granted on TDRs generally include terms to reduce the interest rate, extend the term of the debt obligation, or modify the payment structure on the debt obligation. The Company grants such concessions to reassess the borrower’s financial status and develop a plan for repayment. At the date of modification, TDRs are initially classified as nonaccrual TDRs. They are returned to accruing status when there is economic substance to the restructuring, there is documented credit evaluation of the borrower's financial condition, the remaining balance is reasonably assured of repayment in accordance with its modified terms, and the borrower has demonstrated sustained repayment performance in accordance with the modified terms for a reasonable period of time (generally a minimum of six months). The Company had three TDRs with a combined balance of $394,000 included in impaired loans at September 30, 2022 compared to three TDRs with a combined balance of $694,000 at December 31, 2021. There were no loans restructured as TDRs during the nine months ended September 30, 2022 or the nine months ended September 30, 2021 and no TDRs were in default at those dates. The Company considers any loan 30 days or more past due to be in default. At September 30, 2022 and December 31, 2021, the Company had no commitments to extend additional credit to borrowers whose loan terms have been modified in a TDR. All TDRs are also classified as impaired loans and are included in the loans individually evaluated for impairment. Our policy with respect to accrual of interest on loans restructured as a TDR follows relevant supervisory guidance. That is, if a borrower has demonstrated performance under the previous loan terms and shows capacity to perform under the restructured loan terms, continued accrual of interest at the restructured interest rate is probable. If a borrower was materially delinquent on payments prior to the restructuring but shows capacity to meet the restructured loan terms, the loan will likely continue as nonaccrual going forward. Lastly, if the borrower does not perform under the restructured terms, the loan is placed on nonaccrual status. The Company will continue to closely monitor these loans and will cease accruing interest on them if management believes that the borrowers may not continue performing based on the restructured note terms. If, after previously being classified as a TDR, a loan is restructured a second time, then that loan is automatically placed on nonaccrual status. The Bank's policy with respect |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Matters | The Bank, as a state-chartered, federally insured savings bank, is subject to the capital requirements established by the FDIC. Under the FDIC's capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors. The Company is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, as amended, and the regulations of the Federal Reserve. For a bank holding company with less than $3.0 billion in assets, the capital guidelines apply on a bank only basis and the Federal Reserve expects the holding company's subsidiary banks to be well-capitalized under the prompt corrective action regulations. Based on its capital levels at September 30, 2022, the Bank exceeded all regulatory capital requirements as of that date. Consistent with the Bank's goals to operate a sound and profitable organization, it is the Bank's policy to maintain a "well-capitalized" status under the regulatory capital categories of the FDIC. Based on capital levels at September 30, 2022, the Bank was considered to be "well-capitalized" under applicable regulatory requirements. Management monitors the capital levels to provide for current and future business opportunities and to maintain the Bank's "well-capitalized" status. The tables below provide the Bank’s regulatory capital requirements and actual results at the dates indicated. Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Dollars in Thousands Tier 1 Risk-Based Core Capital $ 138,263 17.9% $ 46,448 6.0% $ 61,930 8.0% Total Risk-Based Capital 147,960 19.1% 61,930 8.0% 77,413 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 138,263 17.9% 34,836 4.5% 50,318 6.5% Tier 1 Leverage (Core) Capital 138,263 10.3% 53,607 4.0% 67,009 5.0% December 31, 2021 Tier 1 Risk-Based Core Capital $ 123,783 17.4% $ 42,701 6.0% $ 56,934 8.0% Total Risk-Based Capital 132,706 18.6% 56,934 8.0% 71,168 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 123,783 17.4% 32,025 4.5% 46,259 6.5% Tier 1 Leverage (Core) Capital 123,783 9.9% 50,169 4.0% 62,711 5.0% In addition to the minimum capital requirements, the Bank must maintain a capital conservation buffer, which consists of additional CET1 capital greater than 2.5% of risk weighted assets above the required minimum levels in order to avoid limitations on paying dividends, repurchasing shares, and paying discretionary bonuses. At September 30, 2022, the Bank’s conservation buffer wa s 11.1%. |
Carrying Amounts and Fair Value
Carrying Amounts and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Value of Financial Instruments | GAAP requires the Company to disclose fair value of financial instruments measured at amortized cost on the balance sheet and to measure that fair value using an exit price notion, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. Accounting guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The following three levels of inputs may be used to measure fair value: Level 1 - Quoted Market Price in Active Markets Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasuries and money market funds. Level 2 - Significant Other Observable Inputs Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments, mortgage-backed securities, municipal bonds, corporate debt securities and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain derivative contracts. Level 3 - Significant Unobservable Inputs Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS Investment securities available for sale are recorded at fair value on a recurring basis. At September 30, 2022, the Company’s investment portfolio was comprised of student loan pools, government and agency bonds, MBS issued by government agencies or GSEs, private label CMO MBS and municipal securities. Fair value measurement is based upon prices obtained from third party pricing services that use independent pricing models which rely on a variety of factors including reported trades, broker/dealer quotes, benchmark yields, economic and industry events and other relevant market information. As a result, these securities are classified as Level 2. Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not yet settled with the FHLMC or other investors, are carried in the Company’s loans held for sale portfolio. These loans are fixed rate residential loans that have been originated in the Company’s name and have closed. Virtually all of these loans have commitments to be purchased by investors and the majority of these loans were locked in by price with the investors on the same day or shortly thereafter that the loan was locked in with the Company’s customers. Therefore, these loans present very little market risk for the Company. The Company usually delivers a commitment to, and receives funding from, the investor within 30 days. Commitments to sell these loans to the investor are considered derivative contracts and are sold to investors on a “best efforts" basis. The Company is not obligated to deliver a loan or pay a penalty if a loan is not delivered to the investor. As a result of the short-term nature of these derivative contracts, the fair value of the mortgage loans held for sale in most cases is the same as the value of the loan amount at its origination . These loans are classified as Level 2. Land Held for Sale Land held for sale is reported at the lower of the carrying amount or fair value less costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral less estimated selling costs. The Company records land held for sale as nonrecurring level 3. Impaired Loans Loans that are considered impaired are recorded at fair value on a nonrecurring basis. Once a loan is considered impaired, the fair value is measured using one of several methods, including fair value of the collateral less estimated costs to sell, discounted cash flows, or market value of the loan based on similar debt. Those impaired loans not requiring a specific charge against the allowance represent loans for which the fair value of the expected repayments or collateral meet or exceed the recorded investment in the loan. Loans which are deemed to be impaired are primarily valued on a nonrecurring basis at the fair value of the underlying real estate collateral. Such fair values are obtained using independent appraisals, which the Company considers to be Level 3 inputs. Other Real Estate Owned Fair value adjustments to OREO are recorded at the lower of carrying amount of the loan or fair value of the collateral less selling costs. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for loan losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Foreclosed assets are recorded as nonrecurring Level 3. Assets measured at fair value on a recurring basis were as follows at September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 63,221,349 $ — $ — $ 72,011,561 $ — SBA Bonds — 107,456,359 — — 139,793,077 — Tax Exempt Municipal Bonds — 41,711,954 — — 49,984,355 — Taxable Municipal Bonds — 51,420,078 — — 65,969,151 — MBS — 327,740,721 — — 355,090,914 — Total $ — $ 591,550,461 $ — $ — $ 682,849,058 $ — There were no liabilities measured at fair value on a recurring basis at September 30, 2022 or December 31, 2021. The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These include assets that are measured at the lower of cost or market that were recognized at fair value below cost at the end of the period. The tables below present assets measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. September 30, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 2,141,011 $ — $ 2,141,011 Collateral Dependent Impaired Loans (1) — — 2,047,178 2,047,178 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 2,141,011 $ 3,263,492 $ 5,404,503 December 31, 2021 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 4,038,414 $ — $ 4,038,414 Collateral Dependent Impaired Loans (1) — — 2,323,307 2,323,307 Other Real Estate Owned — — 129,700 129,700 Land Held for Sale — — 1,529,691 1,529,691 Total $ — $ 4,038,414 $ 3,982,698 $ 8,021,112 (1) Reported net of specific reserves. There were no specific reserves at September 30, 2022 and December 31, 2021. There were no liabilities measured at fair value on a nonrecurring basis at September 30, 2022 or December 31, 2021. For Level 3 assets measured at fair value on a recurring or non-recurring basis at September 30, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs September 30, 2022 December 31, 2021 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Impaired Loans Appraised Value/ Discounted Cash Flows Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal 8% - 13% 8% - 13% Other Real Estate Owned Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 36% 30% For assets and liabilities not presented on the balance sheet at fair value, the following methods are used to determine fair value: Cash and Cash Equivalents —The carrying amount of these financial instruments approximates fair value. All mature within 90 days and do not present unanticipated credit concerns. Certificates of Deposit with Other Banks —Fair value is based on market prices for similar assets. Investment Securities HTM —Investment securities held to maturity are valued at quoted market prices or dealer quotes. Loans Receivable, Net —The fair value of loans is estimated using an exit price notion. The exit price notion uses a discounted cash flows technique to calculate the present value of expected future cash flows for a financial instrument and also incorporates other factors, such as enhanced credit risk, illiquidity risk and market factors that sometimes exist in exit prices in dislocated markets. The credit risk assumption is intended to approximate the fair value that a market participant would realize in a hypothetical orderly transaction. The Company’s loan portfolio is initially fair valued using a segmented approach. The Company divides its loan portfolio into the following categories: commercial real estate, other commercial, residential real estate, consumer and all other loans. The results are then adjusted to account for credit risk as described above. A further credit risk discount must be applied through the use of a discounted cash flow model to compensate for illiquidity risk, based on certain assumptions included within the discounted cash flow model, primarily the use of discount rates that better capture inherent credit risk over the lifetime of a loan. This consideration of enhanced credit risk provides an estimated exit price for the Company’s loan portfolio. For variable-rate loans that reprice frequently and have no significant change in credit risk, fair values approximate carrying values. FHLB Stock —The fair value approximates the carrying value. Deposits —The fair value of demand deposits, savings accounts, and money market accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposits is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. FHLB Advances and Borrowings from the FRB —Fair value is estimated using discounted cash flows with current market rates for borrowings with similar terms. The Company had no outstanding FHLB advances as of September 30, 2022 or December 31, 2021. Other Borrowed Money —The carrying value of these short term borrowings approximates fair value. Subordinated Debentures —The fair value is estimated by discounting the future cash flows using the current rates at which similar debenture offerings with similar terms and maturities would be issued by similar institutions. As discount rates are based on current debenture rates as well as management estimates, the fair values presented may not be indicative of the value negotiated in an actual sale. Junior Subordinated Debentures —The carrying value of junior subordinated debentures approximates fair value. The following tables provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2022 and December 31, 2021 presented in accordance with the applicable accounting guidance. September 30, 2022 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 20,068 $ 20,068 $ 20,068 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities, Available for Sale 591,550 591,550 — 591,550 — Investment Securities, Held to Maturity 137,969 131,616 — 131,616 — Loans Receivable, Net 520,953 501,910 — — 501,910 Loans Held for Sale 2,141 2,141 — — 2,141 FHLB Stock 651 651 651 — — Land Held for Sale 1,097 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 982,692 $ 982,692 $ 982,692 $ — $ — Certificates of Deposits 136,125 132,569 — 132,569 — Borrowings from FRB 1,000 1,000 1,000 — — Other Borrowed Money 38,809 38,809 38,809 — — Subordinated Debentures 29,000 27,049 — 27,049 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2021 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 27,623 $ 27,623 $ 27,623 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities, Available for Sale 682,849 682,849 — 682,849 — Investment Securities, Held to Maturity 23,507 23,720 — 23,720 — Loans Receivable, Net 495,458 503,986 — — 503,986 Loans Held for Sale 4,038 4,038 — — 4,038 FHLB Stock 586 586 586 — — Land Held for Sale 1,530 1,530 — — 1,530 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 958,601 $ 958,601 $ 958,601 $ — $ — Certificates of Deposits 157,362 157,201 — 157,201 — Other Borrowed Money 26,785 26,785 26,785 — — Subordinated Debentures 30,000 30,154 — 30,154 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — A t September 30, 2022, the Bank had $173.0 million in off-balance sheet financial commitments. These commitments are to originate loans and unused consumer lines of credit and credit card lines. Because these obligations are based on current market rates, if funded, the original princip al amount is considered to be a reasonable estimate of fair value. Fair value estimates are made on a specific date, based on relevant market data and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale the Bank’s entire holdings of a particular financial instrument. Because no active market exists for a significant portion of the Bank’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, current interest rates and prepayment trends, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in any of these assumptions used in calculating fair value would also significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Bank has significant assets and liabilities that are not considered financial assets or liabilities including deposit franchise values, loan servicing portfolios, deferred tax liabilities, and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of these estimates. The Company has used management’s best estimate of fair value on the above assumptions. Thus, the fair values presented may not be the amounts, which could be realized, in an immediate sale or settlement of the instrument. In addition, any income taxes or other expenses that would be incurred in an actual sale or settlement are not taken into consideration in the fair value presented. |
Non-interest Income (Notes)
Non-interest Income (Notes) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Revenue Recognition In accordance with Topic 606, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Service Fees on Deposit Accounts The Bank earns fees from its deposit customers for account maintenance, transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts on a monthly basis. The performance obligation is satisfied and the fees are recognized on a monthly basis as the service period is completed. Transaction-based fees on deposits accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. ATM and Check Card Fee Income Check card fee income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the card. Certain expenses directly associated with the debit card are recorded on a net basis with the fee income. Trust Income Trust income includes monthly advisory fees that are based on assets under management and certain transaction fees that are assessed and earned monthly, concurrently with the investment management services provided to the customer. The Bank does not charge performance based fees for its trust services and does not currently have any institutional clients, hedge funds or mutual funds. Although trust income is included within the scope of ASC 606, based on the fees charged by the Bank, there were no changes in the accounting for trust income. Gains/Losses on OREO Sales Gains/losses on the sale of OREO are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at the time of each real estate closing. The following table presents the Company's non-interest income for the three and nine months ended September 30, 2022 and 2021. All of the Company’s revenue from contracts with customers within the scope of ASC 606 is recognized in non-interest income, with the exception of gains on the sale of OREO, which are included in non-interest expense when applicable. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-interest income: Gain on Sale of Loans (1) $ 287,081 $ 932,340 $ 1,511,905 $ 3,022,755 Service Fees on Deposit Accounts 279,909 251,440 809,287 702,548 Commissions From Insurance Agency (1) 235,506 187,657 620,779 468,083 Trust Income 363,830 359,035 1,084,249 1,005,517 BOLI Income (1) 150,999 155,000 457,202 485,000 ATM and Check Card Fee Income 687,773 615,568 2,109,173 1,811,216 Grant Income (1) — 1,826,265 170,699 1,826,265 Other (1) 219,289 202,314 702,135 669,379 Total non-interest income $ 2,224,387 $ 4,529,619 $ 7,465,429 $ 9,990,763 (1) Not within the scope of ASC 606 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Nonrecognized subsequent events are events that provide evidence about conditions that did not exist at the date of the balance sheet but arose after that date. Management has reviewed all events occurring through the date the consolidated financial statements were available to be issued and determined that there were no subsequent events requiring accrual or disclosure. |
Critical Accounting Policies (P
Critical Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Allowance for Loan Losses | The Company believes the allowance for loan losses is a critical accounting policy that requires the most significant judgments and estimates used in preparation of the consolidated financial statements. The impact of an unexpected and sudden large loss could deplete the allowance and potentially require increased provisions to replenish the allowance, which would negatively affect earnings. The Company provides for loan losses using the allowance method. Accordingly, all loan losses are charged to the related allowance and all recoveries are credited to the allowance for loan losses. Additions to the allowance for loan losses are provided by charges to operations based on various factors, which, in management’s judgment, deserve current recognition in estimating possible losses. Such factors considered by management include the fair value of the underlying collateral, stated guarantees by the borrower (if applicable), the borrower’s ability to repay from other economic resources, growth and composition of the loan portfolio, the relationship of the allowance for loan losses to the outstanding loans, loss experience, delinquency trends, and general economic conditions. Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may be necessary if economic conditions differ substantially from the assumptions used in making these evaluations. The allowance for loan losses is subject to periodic evaluations by our bank regulatory agencies, including the Board of Governors of the Federal Reserve System ("Federal Reserve"), the FDIC and the South Carolina Board of Financial Institutions, which may require adjustments to be made to the allowance based upon the information that is available at the time of their examination. The Company values impaired loans at the loan’s fair value if it is probable that the Company will be unable to collect all amounts due according to the terms of the loan agreement at the present value of expected cash flows, the market price of the loan, if available, or the value of the underlying collateral. Expected cash flows are required to be discounted at the loan’s effective interest rate. When the ultimate collectability of an impaired loan’s principal is in doubt, wholly or partially, all cash receipts are applied to principal. When this doubt does not exist, cash receipts are applied under the contractual terms of the loan agreement first to interest and then to principal. Once the recorded principal balance has been reduced to zero, future cash receipts are applied to interest income to the extent that any interest has been foregone. Further cash receipts are recorded as recoveries of any amounts previously charged off. |
Income Taxes | The Company uses assumptions and estimates in determining income taxes payable or refundable for the current year, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. The Company exercises considerable judgment in evaluating the amount and timing of recognition of the resulting tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change. No assurance can be given that either the tax returns submitted by us or the income tax reported on the consolidated financial statements will not be adjusted by either adverse rulings by the United States Tax Court, changes in the tax code, or assessments made by the Internal Revenue Service. |
Investment and Mortgage-Backe_3
Investment and Mortgage-Backed Securities, Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available for Sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments available for sale at the dates indicated were as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 64,581,912 $ 33,352 $ 1,393,915 $ 63,221,349 Small Business Administration (“SBA”) Bonds 109,893,553 732,050 3,169,244 107,456,359 Tax Exempt Municipal Bonds 44,440,177 186,711 2,914,934 41,711,954 Taxable Municipal Bonds 65,767,015 — 14,346,937 51,420,078 Mortgage-Backed Securities ("MBS") 361,824,048 63,849 34,147,176 327,740,721 Total Available For Sale $ 646,506,705 $ 1,015,962 $ 55,972,206 $ 591,550,461 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 71,949,517 $ 317,722 $ 255,678 $ 72,011,561 SBA Bonds 139,854,620 1,018,231 1,079,774 139,793,077 Tax Exempt Municipal Bonds 44,757,755 5,226,600 — 49,984,355 Taxable Municipal Bonds 65,834,301 734,237 599,387 65,969,151 MBS 353,517,112 5,294,398 3,720,596 355,090,914 Total Available For Sale $ 675,913,305 $ 12,591,188 $ 5,655,435 $ 682,849,058 |
Schedule of Available For Sale Securities, Contractual Maturities | September 30, 2022 Investment Securities AFS: Amortized Cost Fair Value One Year or Less $ 539,253 $ 537,497 After One – Five Years 5,898,094 5,834,644 After Five – Ten Years 82,128,559 78,136,356 More Than Ten Years 196,116,751 179,301,243 MBS AFS 361,824,048 327,740,721 Total AFS $ 646,506,705 $ 591,550,461 |
Schedule of Temporarily Impaired Securities, Fair Value and Unrealized Losses | The following tables show gross unrealized losses and fair value, aggregated by investment category, and length of time that the individual AFS securities were in a continuous unrealized loss position at the dates indicated. September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 37,822,551 $ 718,181 $ 23,576,616 $ 675,734 $ 61,399,167 $ 1,393,915 SBA Bonds 13,370,130 906,319 40,092,297 2,262,925 53,462,427 3,169,244 Tax Exempt Municipal Bonds 33,440,787 2,914,934 — — 33,440,787 2,914,934 Taxable Municipal Bonds 40,292,536 10,429,037 11,127,542 3,917,900 51,420,078 14,346,937 MBS 214,230,551 18,654,810 107,126,659 15,492,366 321,357,210 34,147,176 $ 339,156,555 $ 33,623,281 $ 181,923,114 $ 22,348,925 $ 521,079,669 $ 55,972,206 December 31, 2021 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 36,816,929 $ 216,012 $ 8,826,508 $ 39,666 $ 45,643,437 $ 255,678 SBA Bonds 15,916,497 359,541 48,791,470 720,233 64,707,967 1,079,774 Taxable Municipal Bonds 28,032,194 413,490 4,342,641 185,897 32,374,835 599,387 MBS 160,097,766 2,865,948 22,951,882 854,648 183,049,648 3,720,596 $ 240,863,386 $ 3,854,991 $ 84,912,501 $ 1,800,444 $ 325,775,887 $ 5,655,435 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loans Receivable, Net [Abstract] (Deprecated 2019-01-31) | |
Financing Receivable, Nonaccrual [Table Text Block] | The following table shows non-accrual loans by category at September 30, 2022 compared to December 31, 2021: Non-accrual Loans: September 30, 2022 December 31, 2021 Construction Real Estate $ 115,874 $ 21,434 Residential Real Estate 1,529,370 1,389,498 Commercial Real Estate 741,081 1,057,496 Commercial and Agricultural 75,740 64,479 Consumer HELOC 112,784 141,683 Other Consumer 24,049 8,797 Total Non-accrual Loans $ 2,598,898 $ 2,683,387 Allowance for Loan Losses |
Impaired Financing Receivables [Table Text Block] | The following tables present information related to impaired loans by loan category at September 30, 2022 and December 31, 2021 and for the three and nine months ended September 30, 2022 and 2021. September 30, 2022 December 31, 2021 Impaired Loans Recorded Unpaid Related Recorded Unpaid Construction Real Estate $ 115,874 $ 115,874 $ — $ 19,133 $ 19,133 $ — Residential Real Estate 1,112,281 1,649,281 — 1,128,452 1,646,952 — Commercial Real Estate 737,672 737,672 — 1,046,974 1,046,974 — Commercial and Agricultural 31,446 926,446 — 31,446 926,446 — Consumer HELOC 49,905 49,905 — 97,302 97,302 — Other Consumer — — — — — — Total $ 2,047,178 $ 3,479,178 $ — $ 2,323,307 $ 3,736,807 $ — Three Months Ended September 30, 2022 2021 Impaired Loans Average Recorded Investment Interest Income Average Recorded Interest Income Construction Real Estate $ 116,495 $ — $ 27,396 $ — Residential Real Estate 1,121,686 — 1,224,991 496 Commercial Real Estate 743,998 — 1,068,681 6,887 Commercial and Agricultural 31,446 — 46,246 — Consumer HELOC 50,725 — 152,775 — Total $ 2,064,350 $ — $ 2,520,089 $ 7,383 Nine Months Ended September 30, 2022 2021 Impaired Loans Average Recorded Interest Income Average Recorded Interest Income Construction Real Estate $ 117,881 $ — $ 33,530 $ — Residential Real Estate 1,144,363 — 1,317,557 3,149 Commercial Real Estate 756,394 — 1,086,104 11,914 Commercial and Agricultural 31,446 — 50,326 — Consumer HELOC 52,643 — 156,049 — Total $ 2,102,727 $ — $ 2,643,566 $ 15,063 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable, net, consisted of the following as of the dates indicated below: September 30, 2022 December 31, 2021 Real Estate Loans: Construction $ 104,250,955 $ 100,162,260 Residential Mortgage 97,404,583 84,965,542 Commercial 246,797,162 227,751,664 Commercial and Agricultural Loans 31,501,202 44,689,391 Consumer Loans: Home Equity Lines of Credit (HELOC) 29,954,251 28,611,516 Other Consumer 23,095,584 21,449,809 Total Loans Held For Investment, Gross 533,003,737 507,630,182 Less: Allowance For Loan Losses 11,298,845 11,087,164 Deferred Loan Fees 751,630 1,084,623 12,050,475 12,171,787 Total Loans Receivable, Net $ 520,953,262 $ 495,458,395 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The tables below summarize the balance within each risk category by loan type, excluding loans held for sale, at September 30, 2022 and December 31, 2021. September 30, 2022 Special Mention Construction Real Estate $ 85,290,332 $ 17,068,984 $ 1,541,750 $ 349,889 $ 104,250,955 Residential Real Estate 76,008,204 18,055,116 735,332 2,605,931 97,404,583 Commercial Real Estate 193,971,553 46,929,938 3,606,034 2,289,637 246,797,162 Commercial and Agricultural 26,859,082 4,094,485 331,731 215,904 31,501,202 Consumer HELOC 23,960,565 4,997,785 402,060 593,841 29,954,251 Other Consumer 16,163,946 6,649,604 171,910 110,124 23,095,584 Total $ 422,253,682 $ 97,795,912 $ 6,788,817 $ 6,165,326 $ 533,003,737 December 31, 2021 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 67,205,984 $ 25,867,339 $ 6,566,302 $ 522,635 $ 100,162,260 Residential Real Estate 65,650,970 14,506,787 2,061,598 2,746,187 84,965,542 Commercial Real Estate 185,117,439 34,263,196 5,669,666 2,701,363 227,751,664 Commercial and Agricultural 40,017,641 4,296,962 54,380 320,408 44,689,391 Consumer HELOC 23,416,585 3,987,734 624,055 583,142 28,611,516 Other Consumer 15,059,609 6,244,382 85,673 60,145 21,449,809 Total $ 396,468,228 $ 89,166,400 $ 15,061,674 $ 6,933,880 $ 507,630,182 |
Financing Receivable, Past Due [Table Text Block] | The tables below present an age analysis of past due balances by loan category at September 30, 2022 and December 31, 2021: September 30, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Receivable Construction Real Estate $ 108,112 $ 547,795 $ 100,472 $ 756,379 $ 103,494,576 $ 104,250,955 Residential Real Estate 128,333 319,082 449,007 896,422 96,508,161 97,404,583 Commercial Real Estate 713,162 64,531 358,906 1,136,599 245,660,563 246,797,162 Commercial and Agricultural 131,687 33,835 16,775 182,297 31,318,905 31,501,202 Consumer HELOC 350,385 17,439 19,420 387,244 29,567,007 29,954,251 Other Consumer 215,030 50,427 17,456 282,913 22,812,671 23,095,584 Total $ 1,646,709 $ 1,033,109 $ 962,036 $ 3,641,854 $ 529,361,883 $ 533,003,737 December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans Receivable Construction Real Estate $ 4,291 $ 114,516 $ — $ 118,807 $ 100,043,453 $ 100,162,260 Residential Real Estate 296,556 543,716 205,713 1,045,985 83,919,557 84,965,542 Commercial Real Estate 195,271 — 372,405 567,676 227,183,988 227,751,664 Commercial and Agricultural 79,381 133,610 — 212,991 44,476,400 44,689,391 Consumer HELOC 51,430 — 44,382 95,812 28,515,704 28,611,516 Other Consumer 93,560 3,648 8,797 106,005 21,343,804 21,449,809 Total $ 720,489 $ 795,490 $ 631,297 $ 2,147,276 $ 505,482,906 $ 507,630,182 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The tables below summarize the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances at September 30, 2022 and December 31, 2021. Allowance For Loan Losses Loans Receivable September 30, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,219,458 $ 2,219,458 $ 115,874 $ 104,135,081 $ 104,250,955 Residential Real Estate — 1,862,871 1,862,871 1,112,281 96,292,302 97,404,583 Commercial Real Estate — 4,858,457 4,858,457 737,672 246,059,490 246,797,162 Commercial and Agricultural — 1,287,580 1,287,580 31,446 31,469,756 31,501,202 Consumer HELOC — 607,356 607,356 49,905 29,904,346 29,954,251 Other Consumer — 463,123 463,123 — 23,095,584 23,095,584 Total $ — $ 11,298,845 $ 11,298,845 $ 2,047,178 $ 530,956,559 $ 533,003,737 Allowance For Loan Losses Loans Receivable December 31, 2021 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,401,196 $ 2,401,196 $ 19,133 $ 100,143,127 $ 100,162,260 Residential Real Estate — 1,663,423 1,663,423 1,128,452 83,837,090 84,965,542 Commercial Real Estate — 4,832,440 4,832,440 1,046,974 226,704,690 227,751,664 Commercial and Agricultural — 1,241,828 1,241,828 31,446 44,657,945 44,689,391 Consumer HELOC — 517,512 517,512 97,302 28,514,214 28,611,516 Other Consumer — 430,765 430,765 — 21,449,809 21,449,809 Total $ — $ 11,087,164 $ 11,087,164 $ 2,323,307 $ 505,306,875 $ 507,630,182 |
Accounts Receivable, Allowance for Credit Loss | The following tables show the activity in the allowance for loan losses by category for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, 2022 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,104,386 $ 1,870,696 $ 4,736,314 $ 1,403,818 $ 606,847 $ 475,893 $ 11,197,954 (Reversal of) Provision for Loan Losses 99,612 (17,503) 44,664 (117,519) (37,681) 28,427 — Charge-Offs — — — — — (54,192) (54,192) Recoveries 15,460 9,678 77,479 1,281 38,190 12,995 155,083 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Three Months Ended September 30, 2021 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,129,101 $ 1,768,461 $ 4,956,531 $ 1,528,501 $ 566,579 $ 474,587 $ 11,423,760 (Reversal of) Provision for Loan Losses 33,090 (21,578) (196,852) (403,030) (58,843) (17,787) (665,000) Charge-Offs (21,460) — — (800) — (23,702) (45,962) Recoveries 192,459 15,749 240,585 323 10,323 — 459,439 Ending Balance $ 2,333,190 $ 1,762,632 $ 5,000,264 $ 1,124,994 $ 518,059 $ 433,098 $ 11,172,237 Nine Months Ended September 30, 2022 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,401,196 $ 1,663,423 $ 4,832,440 $ 1,241,828 $ 517,512 $ 430,765 $ 11,087,164 (Reversal of) Provision for Loan Losses (212,761) 161,839 (100,941) 19,643 44,068 88,152 — Charge-Offs — — — — — (97,884) (97,884) Recoveries 31,023 37,609 126,958 26,109 45,776 42,090 309,565 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Nine Months Ended September 30, 2021 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,486,910 $ 2,264,414 $ 5,753,641 $ 1,112,952 $ 657,356 $ 567,623 $ 12,842,896 (Reversal of) Provision for Loan Losses (324,719) (541,877) (1,149,539) 17,562 (149,620) (121,807) (2,270,000) Charge-Offs (21,460) — — (7,499) — (81,394) (110,353) Recoveries 192,459 40,095 396,162 1,979 10,323 68,676 709,694 Ending Balance $ 2,333,190 $ 1,762,632 $ 5,000,264 $ 1,124,994 $ 518,059 $ 433,098 $ 11,172,237 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Banking and Thrift [Abstract] (Deprecated 2020-01-31) | |
Regulatory capital amounts and ratios | Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio September 30, 2022 Dollars in Thousands Tier 1 Risk-Based Core Capital $ 138,263 17.9% $ 46,448 6.0% $ 61,930 8.0% Total Risk-Based Capital 147,960 19.1% 61,930 8.0% 77,413 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 138,263 17.9% 34,836 4.5% 50,318 6.5% Tier 1 Leverage (Core) Capital 138,263 10.3% 53,607 4.0% 67,009 5.0% December 31, 2021 Tier 1 Risk-Based Core Capital $ 123,783 17.4% $ 42,701 6.0% $ 56,934 8.0% Total Risk-Based Capital 132,706 18.6% 56,934 8.0% 71,168 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 123,783 17.4% 32,025 4.5% 46,259 6.5% Tier 1 Leverage (Core) Capital 123,783 9.9% 50,169 4.0% 62,711 5.0% |
Carrying Amounts and Fair Val_2
Carrying Amounts and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements, recurring basis | Assets measured at fair value on a recurring basis were as follows at September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 63,221,349 $ — $ — $ 72,011,561 $ — SBA Bonds — 107,456,359 — — 139,793,077 — Tax Exempt Municipal Bonds — 41,711,954 — — 49,984,355 — Taxable Municipal Bonds — 51,420,078 — — 65,969,151 — MBS — 327,740,721 — — 355,090,914 — Total $ — $ 591,550,461 $ — $ — $ 682,849,058 $ — |
Fair value measurements, nonrecurring basis | The tables below present assets measured at fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021, aggregated by the level in the fair value hierarchy within which those measurements fall. September 30, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 2,141,011 $ — $ 2,141,011 Collateral Dependent Impaired Loans (1) — — 2,047,178 2,047,178 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 2,141,011 $ 3,263,492 $ 5,404,503 December 31, 2021 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 4,038,414 $ — $ 4,038,414 Collateral Dependent Impaired Loans (1) — — 2,323,307 2,323,307 Other Real Estate Owned — — 129,700 129,700 Land Held for Sale — — 1,529,691 1,529,691 Total $ — $ 4,038,414 $ 3,982,698 $ 8,021,112 |
Significant unobservable inputs used in the fair value measurements | For Level 3 assets measured at fair value on a recurring or non-recurring basis at September 30, 2022 and December 31, 2021, the significant unobservable inputs used in the fair value measurements were as follows: Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs September 30, 2022 December 31, 2021 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Impaired Loans Appraised Value/ Discounted Cash Flows Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal 8% - 13% 8% - 13% Other Real Estate Owned Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 36% 30% |
Summary of the carrying value and estimated fair value of financial instruments | The following tables provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at September 30, 2022 and December 31, 2021 presented in accordance with the applicable accounting guidance. September 30, 2022 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 20,068 $ 20,068 $ 20,068 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities, Available for Sale 591,550 591,550 — 591,550 — Investment Securities, Held to Maturity 137,969 131,616 — 131,616 — Loans Receivable, Net 520,953 501,910 — — 501,910 Loans Held for Sale 2,141 2,141 — — 2,141 FHLB Stock 651 651 651 — — Land Held for Sale 1,097 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 982,692 $ 982,692 $ 982,692 $ — $ — Certificates of Deposits 136,125 132,569 — 132,569 — Borrowings from FRB 1,000 1,000 1,000 — — Other Borrowed Money 38,809 38,809 38,809 — — Subordinated Debentures 29,000 27,049 — 27,049 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2021 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 27,623 $ 27,623 $ 27,623 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities, Available for Sale 682,849 682,849 — 682,849 — Investment Securities, Held to Maturity 23,507 23,720 — 23,720 — Loans Receivable, Net 495,458 503,986 — — 503,986 Loans Held for Sale 4,038 4,038 — — 4,038 FHLB Stock 586 586 586 — — Land Held for Sale 1,530 1,530 — — 1,530 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 958,601 $ 958,601 $ 958,601 $ — $ — Certificates of Deposits 157,362 157,201 — 157,201 — Other Borrowed Money 26,785 26,785 26,785 — — Subordinated Debentures 30,000 30,154 — 30,154 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — |
Non-interest Income (Tables)
Non-interest Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Non-interest income: Gain on Sale of Loans (1) $ 287,081 $ 932,340 $ 1,511,905 $ 3,022,755 Service Fees on Deposit Accounts 279,909 251,440 809,287 702,548 Commissions From Insurance Agency (1) 235,506 187,657 620,779 468,083 Trust Income 363,830 359,035 1,084,249 1,005,517 BOLI Income (1) 150,999 155,000 457,202 485,000 ATM and Check Card Fee Income 687,773 615,568 2,109,173 1,811,216 Grant Income (1) — 1,826,265 170,699 1,826,265 Other (1) 219,289 202,314 702,135 669,379 Total non-interest income $ 2,224,387 $ 4,529,619 $ 7,465,429 $ 9,990,763 (1) Not within the scope of ASC 606 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation of Net Income to Net Income Available to Common Shareholders) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Available To Common Shareholders | ||||||||
Net Income | $ 3,225,803 | $ 2,163,803 | $ 1,549,031 | $ 4,642,470 | $ 2,924,142 | $ 3,178,792 | $ 6,938,637 | $ 10,745,404 |
Income | $ 3,225,803 | $ 4,642,470 | $ 10,745,404 |
Earnings Per Common Share Dilut
Earnings Per Common Share Diluted EPS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 3,225,803 | $ 4,642,470 | $ 10,745,404 | |
Weighted Average Number of Shares Outstanding, Basic | 3,252,884 | 3,252,884 | 3,252,884 | 3,252,884 |
Earnings Per Share, Basic | $ 0.99 | $ 1.43 | $ 2.13 | $ 3.30 |
Investment and Mortgage-Backe_4
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Available for Sale Securities) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $ 646,506,705 | $ 675,913,305 |
Available-for-sale Securities, Gross Unrealized Gains | 1,015,962 | 12,591,188 |
Available-for-sale Securities, Gross Unrealized Losses | 55,972,206 | 5,655,435 |
Available-for-sale Securities, Fair Value Disclosure | 591,550,461 | 682,849,058 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 44,440,177 | 44,757,755 |
Available-for-sale Securities, Gross Unrealized Gains | 186,711 | 5,226,600 |
Available-for-sale Securities, Gross Unrealized Losses | 2,914,934 | 0 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 682,849,058 | |
Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Realized Gains | 317,722 | |
Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 64,581,912 | 71,949,517 |
Available-for-sale Securities, Gross Unrealized Losses | 1,393,915 | 255,678 |
Available-for-sale Securities, Gross Realized Gains | 33,352 | |
SBA Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 109,893,553 | 139,854,620 |
Available-for-sale Securities, Gross Unrealized Gains | 732,050 | 1,018,231 |
Available-for-sale Securities, Gross Unrealized Losses | 3,169,244 | 1,079,774 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 361,824,048 | 353,517,112 |
Available-for-sale Securities, Gross Unrealized Gains | 63,849 | 5,294,398 |
Available-for-sale Securities, Gross Unrealized Losses | 34,147,176 | 3,720,596 |
Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | 65,767,015 | 65,834,301 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 734,237 |
Available-for-sale Securities, Gross Unrealized Losses | 14,346,937 | 599,387 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 41,711,954 | 49,984,355 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 63,221,349 | 72,011,561 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 107,456,359 | 139,793,077 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 327,740,721 | 355,090,914 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 51,420,078 | $ 65,969,151 |
Investment and Mortgage-Backe_5
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Held to Maturity Securities, Contractual Maturities) (Details) | Sep. 30, 2022 USD ($) |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | |
Less Than One Year, Amortized Cost | $ 539,253 |
One – Five Years, Amortized Cost | 5,898,094 |
Five – Ten Years, Amortized Cost | 82,128,559 |
After Ten Years, Amortized Cost | 196,116,751 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 646,506,705 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | |
Less Than One Year, Fair Value | 537,497 |
One – Five Years, Fair Value | 5,834,644 |
Five – Ten Years, Fair Value | 78,136,356 |
After Ten Years, Fair Value | 179,301,243 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $ 591,550,461 |
Investment and Mortgage-Backe_6
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 339,156,555 | $ 240,863,386 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 181,923,114 | 84,912,501 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 521,079,669 | 325,775,887 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 33,623,281 | 3,854,991 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 22,348,925 | 1,800,444 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 55,972,206 | 5,655,435 |
Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 37,822,551 | 36,816,929 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 23,576,616 | 8,826,508 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 61,399,167 | 45,643,437 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 718,181 | 216,012 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 675,734 | 39,666 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 1,393,915 | 255,678 |
SBA Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,370,130 | 15,916,497 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 40,092,297 | 48,791,470 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 53,462,427 | 64,707,967 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 906,319 | 359,541 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 2,262,925 | 720,233 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 3,169,244 | 1,079,774 |
Tax Exempt Municipal Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,440,787 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 33,440,787 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 2,914,934 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 2,914,934 | |
Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 40,292,536 | 28,032,194 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11,127,542 | 4,342,641 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 51,420,078 | 32,374,835 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 10,429,037 | 413,490 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 3,917,900 | 185,897 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | 14,346,937 | 599,387 |
Mortgage-Backed Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 214,230,551 | 160,097,766 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 107,126,659 | 22,951,882 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 321,357,210 | 183,049,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Unrealized Losses | 18,654,810 | 2,865,948 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Unrealized Losses | 15,492,366 | 854,648 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses | $ 34,147,176 | $ 3,720,596 |
Investment and Mortgage-Backe_7
Investment and Mortgage-Backed Securities, Available for Sale (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost of Investment And Mortgage-Backed Securities Available For Sale | $ 675,913,305 | $ 646,506,705 |
Available-for-sale Securities, Fair Value Disclosure | 682,849,058 | $ 591,550,461 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 682,849,058 | |
Investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Gross Realized Gains | $ 317,722 |
Investment and Mortgage-Backe_8
Investment and Mortgage-Backed Securities, Held to Maturity (Schedule of investment and mortgage-backed securities held to maturity) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, gross unrealized gains | $ 177,929 | $ 577,005 |
Debt Securities, Held-to-maturity, Amortized Cost, before Other-than-temporary Impairment | 137,968,847 | 23,506,768 |
Held to maturity, gross unrealized losses | 6,530,925 | 363,365 |
Debt Securities, Held-to-maturity, Fair Value | 131,615,851 | 23,720,408 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | 98,943,710 | 23,506,768 |
Held to maturity, gross unrealized gains | 1,860 | 577,005 |
Held to maturity, gross unrealized losses | 5,820,988 | 363,365 |
Debt Securities, Held-to-maturity, Fair Value | $ 93,124,582 | $ 23,720,408 |
Investment and Mortgage-Backe_9
Investment and Mortgage-Backed Securities, Held to Maturity (Schedule of Held-to-maturity Securities) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 118,139,309 | $ 9,969,587 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,378,332 | 206,472 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,330,880 | 3,442,229 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,152,593 | 156,893 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 126,470,189 | 13,411,816 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | 6,530,925 | 363,365 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 83,477,755 | 9,969,587 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,668,395 | 206,472 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,330,880 | 3,442,229 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,152,593 | 156,893 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 91,808,635 | 13,411,816 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ 5,820,988 | $ 363,365 |
Investment and Mortgage-Back_10
Investment and Mortgage-Backed Securities, Held to Maturity (Narrative) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Fair Value | $ 131,615,851 | $ 23,720,408 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 533,003,737 | $ 507,630,182 | |
Loans Held For Sale | 2,141,011 | 4,038,414 | |
Allowance For Loan Losses | 11,298,845 | 11,087,164 | |
Loans and Leases Receivable, Deferred Income | 751,630 | 1,084,623 | |
Loans Receivable, Allowance, Loans in Process, and Deferred Loan Fees | 12,050,475 | 12,171,787 | |
Loans and Leases Receivable, Net Amount | $ 495,458,395 | 520,953,262 | 495,458,395 |
Financing Receivable, Nonaccrual | 2,598,898 | 2,683,387 | |
Construction Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 104,250,955 | 100,162,260 | |
Financing Receivable, Nonaccrual | 115,874 | 21,434 | |
Home Equity Line of Credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 29,954,251 | 28,611,516 | |
Financing Receivable, Nonaccrual | 112,784 | 141,683 | |
Construction Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 104,250,955 | 100,162,260 | |
Residential Real Estate 1 [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 97,404,583 | 84,965,542 | |
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 246,797,162 | 227,751,664 | |
Commercial Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 31,501,202 | 44,689,391 | |
Home Equity Line of Credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | 29,954,251 | 28,611,516 | |
Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 23,095,584 | $ 21,449,809 |
Loans Receivable, Net (Schedu_2
Loans Receivable, Net (Schedule of Allowance for Loan Losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | $ 11,197,954 | $ 11,423,760 | $ 11,087,164 | $ 12,842,896 | |
Provision for Loan Losses | 0 | (665,000) | 0 | (2,270,000) | |
Charge Offs | (54,192) | (45,962) | (97,884) | (110,353) | |
Recoveries | 155,083 | 459,439 | 309,565 | 709,694 | |
Balance At End of Period | 11,298,845 | 11,172,237 | 11,298,845 | 11,172,237 | |
Financing Receivable, Allowance for Credit Loss | 11,298,845 | 11,298,845 | $ 11,087,164 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,298,845 | 11,298,845 | 11,087,164 | ||
Construction Loans | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 2,219,458 | 2,219,458 | 2,401,196 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 115,874 | 115,874 | 19,133 | ||
Financing Receivable, Collectively Evaluated for Impairment | 104,135,081 | 104,135,081 | 100,143,127 | ||
Residential Real Estate 1 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 1,862,871 | 1,862,871 | 1,663,423 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 1,112,281 | 1,112,281 | 1,128,452 | ||
Financing Receivable, Collectively Evaluated for Impairment | 96,292,302 | 96,292,302 | 83,837,090 | ||
Commercial Real Estate 1 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 4,858,457 | 4,858,457 | 4,832,440 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 737,672 | 737,672 | 1,046,974 | ||
Financing Receivable, Collectively Evaluated for Impairment | 246,059,490 | 246,059,490 | 226,704,690 | ||
Home Equity Line of Credit | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 607,356 | 607,356 | 517,512 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 49,905 | 49,905 | 97,302 | ||
Financing Receivable, Collectively Evaluated for Impairment | 29,904,346 | 29,904,346 | 28,514,214 | ||
Commercial Business [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 1,287,580 | 1,287,580 | 1,241,828 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 31,446 | 31,446 | 31,446 | ||
Financing Receivable, Collectively Evaluated for Impairment | 31,469,756 | 31,469,756 | 44,657,945 | ||
Consumer Portfolio Segment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Financing Receivable, Allowance for Credit Loss | 463,123 | 463,123 | 430,765 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 23,095,584 | 23,095,584 | $ 21,449,809 | ||
Residential Real Estate 1 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 1,870,696 | 1,768,461 | 1,663,423 | 2,264,414 | |
Provision for Loan Losses | (17,503) | (21,578) | 161,839 | (541,877) | |
Charge Offs | 0 | 0 | 0 | 0 | |
Recoveries | 9,678 | 15,749 | 37,609 | 40,095 | |
Balance At End of Period | 1,862,871 | 1,762,632 | 1,862,871 | 1,762,632 | |
Commercial Business [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 1,403,818 | 1,528,501 | 1,241,828 | 1,112,952 | |
Provision for Loan Losses | (117,519) | (403,030) | 19,643 | 17,562 | |
Charge Offs | 0 | (800) | 0 | (7,499) | |
Recoveries | 1,281 | 323 | 26,109 | 1,979 | |
Balance At End of Period | 1,287,580 | 1,124,994 | 1,287,580 | 1,124,994 | |
Commercial Real Estate 1 [Member] | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 4,736,314 | 4,956,531 | 4,832,440 | 5,753,641 | |
Provision for Loan Losses | 44,664 | (196,852) | (100,941) | (1,149,539) | |
Charge Offs | 0 | 0 | 0 | 0 | |
Recoveries | 77,479 | 240,585 | 126,958 | 396,162 | |
Balance At End of Period | 4,858,457 | 5,000,264 | 4,858,457 | 5,000,264 | |
Construction Loans | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 2,104,386 | 2,129,101 | 2,401,196 | 2,486,910 | |
Provision for Loan Losses | 99,612 | 33,090 | (212,761) | (324,719) | |
Charge Offs | 0 | (21,460) | 0 | (21,460) | |
Recoveries | 15,460 | 192,459 | 31,023 | 192,459 | |
Balance At End of Period | 2,219,458 | 2,333,190 | 2,219,458 | 2,333,190 | |
Consumer Portfolio Segment | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 475,893 | 474,587 | 430,765 | 567,623 | |
Provision for Loan Losses | 28,427 | (17,787) | 88,152 | (121,807) | |
Charge Offs | (54,192) | (23,702) | (97,884) | (81,394) | |
Recoveries | 12,995 | 0 | 42,090 | 68,676 | |
Balance At End of Period | 463,123 | 433,098 | 463,123 | 433,098 | |
Home Equity Line of Credit | |||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance At Beginning of Period | 606,847 | 566,579 | 517,512 | 657,356 | |
Provision for Loan Losses | (37,681) | (58,843) | 44,068 | (149,620) | |
Charge Offs | 0 | 0 | 0 | 0 | |
Recoveries | 38,190 | 10,323 | 45,776 | 10,323 | |
Balance At End of Period | $ 607,356 | $ 518,059 | $ 607,356 | $ 518,059 |
Loans Receivable, Net (Financin
Loans Receivable, Net (Financing Receivable Credit Quality Indicators) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Credit Quality Indicators [Table Text Block] | The tables below summarize the balance within each risk category by loan type, excluding loans held for sale, at September 30, 2022 and December 31, 2021. September 30, 2022 Special Mention Construction Real Estate $ 85,290,332 $ 17,068,984 $ 1,541,750 $ 349,889 $ 104,250,955 Residential Real Estate 76,008,204 18,055,116 735,332 2,605,931 97,404,583 Commercial Real Estate 193,971,553 46,929,938 3,606,034 2,289,637 246,797,162 Commercial and Agricultural 26,859,082 4,094,485 331,731 215,904 31,501,202 Consumer HELOC 23,960,565 4,997,785 402,060 593,841 29,954,251 Other Consumer 16,163,946 6,649,604 171,910 110,124 23,095,584 Total $ 422,253,682 $ 97,795,912 $ 6,788,817 $ 6,165,326 $ 533,003,737 December 31, 2021 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 67,205,984 $ 25,867,339 $ 6,566,302 $ 522,635 $ 100,162,260 Residential Real Estate 65,650,970 14,506,787 2,061,598 2,746,187 84,965,542 Commercial Real Estate 185,117,439 34,263,196 5,669,666 2,701,363 227,751,664 Commercial and Agricultural 40,017,641 4,296,962 54,380 320,408 44,689,391 Consumer HELOC 23,416,585 3,987,734 624,055 583,142 28,611,516 Other Consumer 15,059,609 6,244,382 85,673 60,145 21,449,809 Total $ 396,468,228 $ 89,166,400 $ 15,061,674 $ 6,933,880 $ 507,630,182 | |
Financing Receivable, before Allowance for Credit Loss | $ 533,003,737 | $ 507,630,182 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 97,404,583 | 84,965,542 |
Commercial Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 31,501,202 | 44,689,391 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 246,797,162 | 227,751,664 |
Construction Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 104,250,955 | 100,162,260 |
Consumer Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 23,095,584 | 21,449,809 |
Home Equity Line of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 29,954,251 | 28,611,516 |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,165,326 | 6,933,880 |
Substandard [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,605,931 | 2,746,187 |
Substandard [Member] | Commercial Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 215,904 | 320,408 |
Substandard [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,289,637 | 2,701,363 |
Substandard [Member] | Construction Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 349,889 | |
Substandard [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 110,124 | 60,145 |
Substandard [Member] | Home Equity Line of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 593,841 | 583,142 |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,788,817 | 15,061,674 |
Special Mention [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 735,332 | 2,061,598 |
Special Mention [Member] | Commercial Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 331,731 | 54,380 |
Special Mention [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,606,034 | 5,669,666 |
Special Mention [Member] | Construction Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,541,750 | |
Special Mention [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 171,910 | 85,673 |
Special Mention [Member] | Home Equity Line of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 402,060 | 624,055 |
Caution [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 97,795,912 | 89,166,400 |
Caution [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 18,055,116 | 14,506,787 |
Caution [Member] | Commercial Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,094,485 | 4,296,962 |
Caution [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 46,929,938 | 34,263,196 |
Caution [Member] | Construction Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 17,068,984 | |
Caution [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 6,649,604 | 6,244,382 |
Caution [Member] | Home Equity Line of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,997,785 | 3,987,734 |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 422,253,682 | 396,468,228 |
Pass [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 76,008,204 | 65,650,970 |
Pass [Member] | Commercial Business [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 26,859,082 | 40,017,641 |
Pass [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 193,971,553 | 185,117,439 |
Pass [Member] | Construction Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 85,290,332 | |
Pass [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,163,946 | 15,059,609 |
Pass [Member] | Home Equity Line of Credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 23,960,565 | $ 23,416,585 |
Loans Receivable, Net (Past Due
Loans Receivable, Net (Past Due Financing Receivables) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 533,003,737 | $ 507,630,182 |
Accounts Receivable, before Allowance for Credit Loss, Current | 529,361,883 | 505,482,906 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 3,641,854 | 2,147,276 |
Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 104,250,955 | 100,162,260 |
Accounts Receivable, before Allowance for Credit Loss, Current | 103,494,576 | 100,043,453 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 756,379 | 118,807 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 97,404,583 | 84,965,542 |
Accounts Receivable, before Allowance for Credit Loss, Current | 96,508,161 | 83,919,557 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 896,422 | 1,045,985 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 246,797,162 | 227,751,664 |
Accounts Receivable, before Allowance for Credit Loss, Current | 245,660,563 | 227,183,988 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,136,599 | 567,676 |
Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 31,501,202 | 44,689,391 |
Accounts Receivable, before Allowance for Credit Loss, Current | 31,318,905 | 44,476,400 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 182,297 | 212,991 |
Home Equity Line of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 29,954,251 | 28,611,516 |
Accounts Receivable, before Allowance for Credit Loss, Current | 29,567,007 | 28,515,704 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 387,244 | 95,812 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 23,095,584 | 21,449,809 |
Accounts Receivable, before Allowance for Credit Loss, Current | 22,812,671 | 21,343,804 |
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 282,913 | 106,005 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,646,709 | 720,489 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 108,112 | 4,291 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 128,333 | 296,556 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 713,162 | 195,271 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 131,687 | 79,381 |
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 350,385 | 51,430 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 215,030 | 93,560 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,033,109 | 795,490 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 547,795 | 114,516 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 319,082 | 543,716 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 64,531 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 33,835 | 133,610 |
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 17,439 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 50,427 | 3,648 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 962,036 | 631,297 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 100,472 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 449,007 | 205,713 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 358,906 | 372,405 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 16,775 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Line of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 19,420 | 44,382 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 17,456 | $ 8,797 |
Loans Receivable, Net (Schedu_3
Loans Receivable, Net (Schedule of non-accrual loans by category) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 2,598,898 | $ 2,683,387 |
Construction Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 115,874 | 21,434 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 1,529,370 | 1,389,498 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 741,081 | 1,057,496 |
Commercial Business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 75,740 | 64,479 |
Home Equity Line of Credit | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | 112,784 | 141,683 |
Consumer Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual | $ 24,049 | $ 8,797 |
Loans Receivable, Net (Schedu_4
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in the allowance for loan losses) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | $ 0 | $ 0 | ||
Balance At Beginning of Period | 11,197,954 | $ 11,423,760 | 11,087,164 | $ 12,842,896 | |
Provision for Loan Losses | 0 | (665,000) | 0 | (2,270,000) | |
Charge Offs | 54,192 | 45,962 | 97,884 | 110,353 | |
Recoveries | 155,083 | 459,439 | 309,565 | 709,694 | |
Balance At End of Period | 11,298,845 | 11,172,237 | 11,298,845 | 11,172,237 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,298,845 | 11,298,845 | 11,087,164 | ||
Financing Receivable, Allowance for Credit Loss | 11,298,845 | 11,298,845 | 11,087,164 | ||
Construction Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 2,219,458 | 2,219,458 | 2,401,196 | ||
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 1,862,871 | 1,862,871 | 1,663,423 | ||
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 4,858,457 | 4,858,457 | 4,832,440 | ||
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 1,287,580 | 1,287,580 | 1,241,828 | ||
Home Equity Line of Credit | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 607,356 | 607,356 | 517,512 | ||
Consumer Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 463,123 | 463,123 | $ 430,765 | ||
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance At Beginning of Period | 1,870,696 | 1,768,461 | 1,663,423 | 2,264,414 | |
Provision for Loan Losses | (17,503) | (21,578) | 161,839 | (541,877) | |
Charge Offs | 0 | 0 | 0 | 0 | |
Recoveries | 9,678 | 15,749 | 37,609 | 40,095 | |
Balance At End of Period | 1,862,871 | 1,762,632 | 1,862,871 | 1,762,632 | |
Commercial Business [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance At Beginning of Period | 1,403,818 | 1,528,501 | 1,241,828 | 1,112,952 | |
Provision for Loan Losses | (117,519) | (403,030) | 19,643 | 17,562 | |
Charge Offs | 0 | 800 | 0 | 7,499 | |
Recoveries | 1,281 | 323 | 26,109 | 1,979 | |
Balance At End of Period | 1,287,580 | 1,124,994 | 1,287,580 | 1,124,994 | |
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance At Beginning of Period | 4,736,314 | 4,956,531 | 4,832,440 | 5,753,641 | |
Provision for Loan Losses | 44,664 | (196,852) | (100,941) | (1,149,539) | |
Charge Offs | 0 | 0 | 0 | 0 | |
Recoveries | 77,479 | 240,585 | 126,958 | 396,162 | |
Balance At End of Period | $ 4,858,457 | $ 5,000,264 | $ 4,858,457 | $ 5,000,264 |
Loans Receivable, Net (Schedu_5
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | $ 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,298,845 | 11,087,164 |
Financing Receivable, Allowance for Credit Loss | 11,298,845 | 11,087,164 |
Financing Receivable, before Allowance for Credit Loss | 533,003,737 | 507,630,182 |
Construction Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 2,219,458 | 2,401,196 |
Financing Receivable, Individually Evaluated for Impairment | 115,874 | 19,133 |
Financing Receivable, Collectively Evaluated for Impairment | 104,135,081 | 100,143,127 |
Financing Receivable, before Allowance for Credit Loss | 104,250,955 | 100,162,260 |
Residential Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 1,862,871 | 1,663,423 |
Financing Receivable, Individually Evaluated for Impairment | 1,112,281 | 1,128,452 |
Financing Receivable, Collectively Evaluated for Impairment | 96,292,302 | 83,837,090 |
Financing Receivable, before Allowance for Credit Loss | 97,404,583 | 84,965,542 |
Commercial Real Estate 1 [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 4,858,457 | 4,832,440 |
Financing Receivable, Individually Evaluated for Impairment | 737,672 | 1,046,974 |
Financing Receivable, Collectively Evaluated for Impairment | 246,059,490 | 226,704,690 |
Financing Receivable, before Allowance for Credit Loss | 246,797,162 | 227,751,664 |
Commercial Business [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 1,287,580 | 1,241,828 |
Financing Receivable, Individually Evaluated for Impairment | 31,446 | 31,446 |
Financing Receivable, Collectively Evaluated for Impairment | 31,469,756 | 44,657,945 |
Financing Receivable, before Allowance for Credit Loss | 31,501,202 | 44,689,391 |
Home Equity Line of Credit | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 607,356 | 517,512 |
Financing Receivable, Individually Evaluated for Impairment | 49,905 | 97,302 |
Financing Receivable, Collectively Evaluated for Impairment | 29,904,346 | 28,514,214 |
Financing Receivable, before Allowance for Credit Loss | 29,954,251 | 28,611,516 |
Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Loss | 463,123 | 430,765 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 23,095,584 | 21,449,809 |
Financing Receivable, before Allowance for Credit Loss | $ 23,095,584 | $ 21,449,809 |
Loans Receivable, Net (Impaired
Loans Receivable, Net (Impaired Financing Receivables) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired financing receivable, recorded investment | $ 2,047,178 | $ 2,047,178 | $ 2,323,307 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 3,479,178 | 3,479,178 | 3,736,807 | ||
Impaired Financing Receivable, Average Recorded Investment | 2,064,350 | $ 2,520,089 | 2,102,727 | $ 2,643,566 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 7,383 | 0 | 15,063 | |
Construction Loans | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 117,881 | 33,530 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, Average Recorded Investment | 116,495 | 27,396 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | |||
Residential Real Estate 1 [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,144,363 | 1,317,557 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 3,149 | |||
Impaired Financing Receivable, Average Recorded Investment | 1,121,686 | 1,224,991 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 496 | |||
Commercial Business [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 31,446 | 50,326 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, Average Recorded Investment | 31,446 | 46,246 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 | |||
Commercial Real Estate 1 [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 756,394 | 1,086,104 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 11,914 | |||
Impaired Financing Receivable, Average Recorded Investment | 743,998 | 1,068,681 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 6,887 | |||
Home Equity Line of Credit | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 52,643 | 156,049 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | $ 0 | |||
Impaired Financing Receivable, Average Recorded Investment | 50,725 | 152,775 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | $ 0 | |||
Fair Value, Measurements, Nonrecurring | Impaired Loans [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired financing receivable, related allowance | $ 0 | $ 0 | $ 0 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 USD ($) payments | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, Past Due [Line Items] | |||
Nonperforming Loans, Accrual Status, Minimum Consecutive Payments | 6 | 90 | |
Days Past Due to Be Considered In Default | 30 | ||
Impaired Financing Receivable, Recorded Investment | $ 2,047,178 | $ 2,047,178 | $ 2,323,307 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory capital amounts and ratios) (Details) - Security Federal Bank [Member] | Sep. 30, 2022 | Dec. 31, 2021 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | ||
For Capital Adequacy, Ratio | 0.060 | 0.060 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | 0.080 |
Total Risk-Based Capital (To Risk Weighted Assets) | ||
For Capital Adequacy, Ratio | 0.080 | 0.080 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | 0.100 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | ||
For Capital Adequacy, Ratio | 0.040 | 0.040 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | 0.050 |
Carrying Amounts and Fair Val_3
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, recurring basis) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Liabilities, Fair Value Disclosure, Recurring (Deprecated 2018-01-31) | $ 0 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 591,550,461 | $ 682,849,058 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 591,550,461 | 682,849,058 |
Taxable Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 51,420,078 | 65,969,151 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 327,740,721 | 355,090,914 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 41,711,954 | 49,984,355 |
SBA Bonds | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | 107,456,359 | 139,793,077 |
Collateralized Loan Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Fair Value Disclosure | $ 63,221,349 | $ 72,011,561 |
Carrying Amounts and Fair Val_4
Carrying Amounts and Fair Value of Financial Instruments (Fair value measurements, nonrecurring basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 5,404,503 | $ 8,021,112 | |
Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,141,011 | 4,038,414 | |
Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,263,492 | 3,982,698 | |
Mortgage Loans Held For Sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,141,011 | 4,038,414 | |
Mortgage Loans Held For Sale | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Mortgage Loans Held For Sale | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,141,011 | 4,038,414 | |
Mortgage Loans Held For Sale | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Collateral Dependent Impaired Loans (1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,047,178 | 2,323,307 | [1] |
Impaired financing receivable, related allowance | 0 | 0 | |
Collateral Dependent Impaired Loans (1) | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | [1] |
Collateral Dependent Impaired Loans (1) | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | [1] |
Collateral Dependent Impaired Loans (1) | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,047,178 | 2,323,307 | |
Foreclosed Assets | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 119,700 | 129,700 | |
Foreclosed Assets | Fair Value, Inputs, Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Foreclosed Assets | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 0 | $ 0 | |
[1]Reported net of specific reserves. There were no specific reserves at September 30, 2022 and December 31, 2021. |
Carrying Amounts and Fair Val_5
Carrying Amounts and Fair Value of Financial Instruments (Significant unobservable inputs used in the fair value measurements) (Details) - Fair Value, Measurements, Nonrecurring | 3 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs | Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal | |||
Foreclosed Assets | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs | Discounts to appraised values for estimated holding or selling costs | |||
Minimum | Impaired Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 8% | 8% | ||
Minimum | Foreclosed Assets | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 36% | 30% | ||
Maximum | Impaired Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 13% | 13% |
Carrying Amounts and Fair Val_6
Carrying Amounts and Fair Value of Financial Instruments (Summary of the carrying value and estimated fair value of financial instruments) (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||||
Cash And Cash Equivalents | $ 20,068,000 | $ 27,623,000 | ||
Cash and Cash Equivalents | 20,068,111 | 27,622,851 | $ 13,555,265 | $ 18,025,409 |
Certificates of Deposits With Other Banks | 1,100,000 | 1,100,000 | ||
Investments | 729,519,308 | 706,355,826 | ||
Investment And Mortgage-Backed Securities | 131,616,000 | 682,849,000 | ||
Loans Receivable, Net | 501,910,000 | 503,986,000 | ||
FHLB Stock | 651,000 | 586,000 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 982,692,000 | 958,601,000 | ||
Certificate Accounts, Carrying Value | 157,362,000 | |||
Certificate Accounts | 132,569,000 | 157,201,000 | ||
Other Borrowed Money | 38,809,000 | 26,785,000 | ||
Other Borrowings | 38,809,115 | 26,785,393 | ||
Junior Subordinated Debentures | 5,155,000 | 5,155,000 | ||
Interest-bearing Deposits in Banks and Other Financial Institutions | 1,100,045 | 1,100,045 | ||
Fair Value, Inputs, Level 1 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 27,623,000 | |||
Cash and Cash Equivalents | 20,068,000 | |||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 586,000 | |||
Federal Home Loan Bank ("FHLB") Stock, at Cost | 651,000 | |||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 982,692,000 | 958,601,000 | ||
Certificate Accounts | 0 | 0 | ||
Other Borrowed Money | 26,785,000 | |||
Other Borrowings | 38,809,000 | |||
Junior Subordinated Debentures | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 1,100,000 | |||
Certificates of Deposit with Other Banks | 1,100,000 | |||
Investment And Mortgage-Backed Securities | 131,616,000 | 682,849,000 | ||
Loans Receivable, Net | 0 | 0 | ||
FHLB Stock | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Certificate Accounts | 132,569,000 | 157,201,000 | ||
Other Borrowed Money | 0 | 0 | ||
Junior Subordinated Debentures | 5,155,000 | 5,155,000 | ||
Fair Value, Inputs, Level 3 | ||||
Financial Assets: | ||||
Cash And Cash Equivalents | 0 | 0 | ||
Certificates of Deposits With Other Banks | 0 | 0 | ||
Investment And Mortgage-Backed Securities | 0 | 0 | ||
Loans Receivable, Net | 501,910,000 | 503,986,000 | ||
FHLB Stock | 0 | 0 | ||
Financial Liabilities: | ||||
Checking, Savings, And Money Market Accounts | 0 | 0 | ||
Certificate Accounts | 0 | 0 | ||
Other Borrowed Money | 0 | 0 | ||
Junior Subordinated Debentures | $ 0 | $ 0 |
Carrying Amounts and Fair Val_7
Carrying Amounts and Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | ||
Investor funding period | 30 days | |
Impaired financing receivable, recorded investment | $ 2,047,178 | $ 2,323,307 |
Non-interest Income (Details)
Non-interest Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |||
Service Fees on Deposit Accounts | $ 279,909 | $ 251,440 | |
Check card revenue | 687,773 | 615,568 | |
Trust Income | 363,830 | 359,035 | |
Insurance Commissions and Fees | 235,506 | 187,657 | |
Gain (Loss) on Sales of Loans, Net | 287,081 | 932,340 | |
BOLI Income | 150,999 | 155,000 | |
Noninterest Income, Other Operating Income | 219,289 | $ 202,314 | |
Noninterest Income | $ 2,224,387 | $ 4,529,619 |