Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Entity [Abstract] | ||
Entity Registrant Name | SECURITY FEDERAL CORPORATION | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2023 | |
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 | 3,253,210 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
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 ($) | Mar. 31, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and Cash Equivalents | $ 24,719,440 | $ 28,502,364 |
Certificates of Deposit with Other Banks | 1,100,045 | 1,100,045 |
Investments: | ||
Available For Sale ("AFS") | 541,070,073 | 550,148,284 |
Investment and Mortgage-Backed Securities, Held to Maturity | 180,178,508 | 167,437,616 |
Total Investments And Mortgage-Backed Securities | 721,248,581 | 717,585,900 |
Held For Sale | 240,841 | 913,258 |
Loans and Leases Receivable, Net Amount | 574,189,709 | 549,003,912 |
Total Loans Receivable, Net | 574,430,550 | 549,917,170 |
Accrued Interest Receivable: | ||
Loans | 1,531,288 | 1,462,039 |
Investments | 3,828,399 | 3,348,635 |
Total Accrued Interest Receivable | 5,359,687 | 4,810,674 |
Operating Lease, Right-of-Use Asset | 1,747,944 | 1,860,997 |
Land Held for Sale | 1,096,614 | 1,096,614 |
Premises and Equipment, Net | 28,674,858 | 27,959,793 |
Federal Home Loan Bank ("FHLB") Stock, at Cost | 658,600 | 650,600 |
Other Real Estate Owned ("OREO") | 119,700 | |
Bank Owned Life Insurance ("BOLI") | 27,468,302 | 27,318,098 |
Goodwill | 1,199,754 | 1,199,754 |
Other Assets | 18,269,716 | 19,244,454 |
Total Assets | 1,406,093,791 | 1,381,366,163 |
LIABILITIES: | ||
Deposit Accounts | 1,108,673,509 | 1,110,085,296 |
Borrowings from Federal Reserve Bank ("FRB") | 61,375,000 | 44,080,000 |
Other Borrowings | 27,817,803 | 27,588,147 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Senior Notes | 26,500,000 | 26,500,000 |
Operating Lease, Liability | 1,793,589 | 1,904,285 |
Other Liabilities | 8,286,135 | 5,819,807 |
Total Liabilities | 1,239,601,036 | 1,221,132,535 |
SHAREHOLDERS’ EQUITY: | ||
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; 82,949 Shares Authorized, Issued and Outstanding at March 31, 2023 and December 31, 2022 | 82,949,000 | 82,949,000 |
Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,454,143 and 3,453,817 Shares Issued and 3,253,210 and 3,252,884 Shares Outstanding at March 31, 2023 and December 31, 2022, Respectively | 34,541 | 34,538 |
Additional Paid-In Capital ("APIC") | 18,238,598 | 18,230,187 |
Treasury Stock, at Cost (200,933 Shares) | (4,330,712) | (4,330,712) |
Accumulated Other Comprehensive Loss ("AOCI") | (35,200,845) | (40,778,646) |
Retained Earnings | 104,802,173 | 104,129,261 |
Total Shareholders' Equity | 166,492,755 | 160,233,628 |
Total Liabilities and Shareholders' Equity | $ 1,406,093,791 | $ 1,381,366,163 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fair Value of Investment And Mortgage-Backed Securities Held To Maturity | $ 175,852,725 | $ 161,463,573 |
Allowance for Credit Losses | $ 12,126,810 | $ 11,177,753 |
Serial Preferred Stock Shares Authorized | 82,949 | |
Common Stock Shares Authorized | 5,000,000 | |
Common Stock Shares Issued | 3,454,143 | 3,453,817 |
Common Stock, Shares, Outstanding | 3,253,210 | 3,252,884 |
Treasury Stock Shares Held | 200,933 | |
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; 82,949 Shares Authorized, Issued and Outstanding at March 31, 2023 and December 31, 2022 | $ 82,949,000 | $ 82,949,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income: | ||
Loans | $ 7,410,163 | $ 6,096,686 |
Investment Securities | 6,773,482 | 2,600,958 |
Other | 34,432 | 2,216 |
Total Interest Income | 14,218,077 | 8,699,860 |
Interest Expense: | ||
Deposits | 2,915,268 | 345,067 |
FHLB Advances and Other Borrowings | 627,782 | 29,783 |
Subordinated Debentures | 347,813 | 393,750 |
Junior Subordinated Debentures | 83,606 | 26,039 |
Total Interest Expense | 3,974,469 | 794,639 |
Net Interest Income | 10,243,608 | 7,905,221 |
(Reversal of) Provision for Loan Losses | 0 | 0 |
Net Interest Income after Provision for Loan Losses | 10,243,608 | 7,905,221 |
Non-Interest Income: | ||
Gain on Sale of Loans | 193,881 | 713,893 |
Service Fees on Deposit Accounts | 269,613 | 257,491 |
Commissions From Insurance Agency | 162,799 | 139,504 |
Trust Income | 382,208 | 364,746 |
BOLI Income | 150,204 | 157,241 |
ATM and Check Card Fee Income | 802,022 | 717,267 |
Other | 239,650 | 253,182 |
Total Non-Interest Income | 2,200,377 | 2,603,324 |
Non-Interest Expense: | ||
Compensation and Employee Benefits | 5,240,796 | 5,056,620 |
Occupancy | 806,434 | 712,786 |
Advertising | 244,595 | 260,333 |
Depreciation and Maintenance of Equipment | 620,156 | 720,661 |
FDIC Insurance Premiums | 90,306 | 112,042 |
Write Down of Land Held for Sale | 0 | 339,344 |
Consulting | 213,335 | 164,750 |
Debit Card Expenses | 336,646 | 283,789 |
Information Technology and Data Processing | 280,036 | 67,052 |
Other | 1,198,284 | 877,467 |
Total Non-Interest Expense | 9,030,588 | 8,594,844 |
Income Before Income Taxes | 3,413,397 | 1,913,701 |
Provision For Income Taxes | 739,297 | 364,670 |
Net Income | $ 2,674,100 | $ 1,549,031 |
Earnings Per Share, Basic | $ 0.82 | $ 0.48 |
Cash Dividend Per Share On Common Stock | $ 0.13 | $ 0.12 |
Weighted Average Number of Shares Outstanding, Basic | 3,253,112 | 3,252,884 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 2,674,100 | $ 1,549,031 |
Other Comprehensive Income (Loss): | ||
Unrealized Holding Gains (Losses) on Securities AFS, Net of Tax Expense (Benefit) of $1,807,684 and $(6,553,438) at March 31, 2023 and 2022, Respectively | (5,575,156) | 20,222,704 |
Amortization of Unrealized Gains on AFS Securities Transferred to HTM | 2,645 | (154) |
Other Comprehensive Income (Loss), Net of Tax | 5,577,801 | (20,222,858) |
Comprehensive Income (Loss) | $ 8,251,901 | $ (18,673,827) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ 1,807,684 | $ (6,553,438) |
Other Comprehensive Income, Amortization on Unrealized Gain on AFS Transfer to HTM, Tax | $ 882 | $ (51) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock Redeemable Preferred Stock | Common Stock Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Other Comprehensive Income | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment |
Balance at at Dec. 31, 2021 | $ 115,522,525 | $ 0 | $ 34,538 | $ 18,230,187 | $ (4,330,712) | $ 5,215,107 | $ 96,373,405 | ||
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 | 0 | 34,538 | 18,230,187 | (4,330,712) | (15,007,751) | 97,532,090 | ||
Balance at at Dec. 31, 2021 | 115,522,525 | 0 | 34,538 | 18,230,187 | (4,330,712) | 5,215,107 | 96,373,405 | ||
Balance at at Dec. 31, 2022 | $ 160,233,628 | $ (1,578,271) | 82,949,000 | $ 34,538 | $ 18,230,187 | (4,330,712) | (40,778,646) | 104,129,261 | $ (1,578,271) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||||
Net Income | $ 2,674,100 | 2,674,100 | |||||||
Other Comprehensive Income, Net Of Tax: | $ 5,577,801 | 5,577,801 | |||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 8,414 | 3 | 8,411 | ||||||
Cash Dividends on Common Stock | $ (422,917) | (422,917) | |||||||
Balance at at Mar. 31, 2023 | $ 166,492,755 | $ 82,949,000 | $ 34,541 | $ 18,238,598 | $ (4,330,712) | $ (35,200,845) | $ 104,802,173 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 2,674,100 | $ 1,549,031 |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | ||
Depreciation Expense | 518,033 | 491,565 |
Discount Accretion and Premium Amortization, net | 1,160,223 | 1,975,822 |
Provision for Credit Losses | 0 | 0 |
Earnings on BOLI | (150,204) | (157,241) |
Gain on Sales of Loans | (193,881) | (713,893) |
Write Down of Land Held for Sale | 0 | 339,344 |
Amortization of Operating Lease ROU Assets | 113,053 | 106,852 |
Proceeds From Sale of Loans Held For Sale | 6,736,663 | 20,285,158 |
Origination of Loans Held For Sale | (5,870,365) | (19,118,235) |
Increase in Accrued Interest Receivable | 549,013 | 102,987 |
Other, Net | 1,525,330 | 902,012 |
Net Cash Provided By Operating Activities | 5,963,939 | 5,557,428 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Investments AFS | (3,487,262) | (43,978,806) |
Proceeds from Paydowns and Maturities of Investments AFS | 18,739,220 | 30,072,755 |
Purchase of Investments HTM | 15,587,496 | 0 |
Proceeds from Paydowns and Maturities of Investments HTM | 2,895,475 | 1,391,444 |
Purchase of FHLB Stock | (8,000) | (64,800) |
Increase in Loans Receivable | (26,764,068) | (5,315,638) |
Purchase and Improvement of Premises and Equipment | (1,233,098) | (1,223,499) |
Net Cash Used By Investing Activities | (25,445,229) | (19,118,544) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
(Decrease) Increase in Deposit Accounts | (1,411,787) | 9,972,359 |
Proceeds from (Repayments of) Other Debt | 229,656 | 7,466,530 |
Proceeds from Bank Debt | 324,005,000 | 109,025,000 |
Repayments of Short-term Debt | (306,710,000) | (109,025,000) |
Proceeds from Stock Plans | 8,414 | 0 |
Dividends to Common Stock Shareholders | (422,917) | (390,346) |
Net Cash Provided By Financing Activities | 15,698,366 | 17,048,543 |
Net (Decrease) Increase in Cash and Cash Equivalents | (3,782,924) | 3,487,427 |
Cash and Cash Equivalents at Beginning of Period | 28,502,364 | 27,622,851 |
Cash and Cash Equivalents at End of Period | 24,719,440 | 31,110,278 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash Paid for Interest | 3,644,472 | 402,484 |
Non-Cash Transactions: | ||
Other Comprehensive Income (Loss), Net of Tax | $ 5,577,801 | $ (20,222,858) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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”) 2022 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 10-K”) when reviewing interim financial statements. The unaudited consolidated results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any other period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Critical Accounting Policies
Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 included in our 2022 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. There have been no significant changes to the application of significant accounting policies since December 31, 2022, except for the following: Accounting Standards Adopted in 2023 On January 1, 2023, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Accounting Standards Codification (“ASC”) 326. This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not intend to sell and does not believe that it is more likely than not, they will be required to sell. The Company adopted ASC 326 and all related subsequent amendments thereto effective January 1, 2023 using the modified retrospective approach for all financial assets measured at amortized cost and off-balance sheet credit exposures. The transition adjustment of the adoption of CECL included an increase in the allowance for credit losses on loans of $784,000, which is presented as a reduction to net loans outstanding, and an increase in the allowance for credit losses on unfunded loan commitments of $1.2 million, which is recorded within "Other Liabilities." The adoption of CECL had an insignificant impact on the Company's held to maturity and available for sale securities portfolios. The Company recorded a net decrease to retained earnings of $1.6 million as of January 1, 2023 for the cumulative effect of adopting CECL, which reflects the transition adjustments noted above, net of the applicable deferred tax assets recorded. Results for reporting periods beginning after January 1, 2023 are presented under CECL while prior period amounts continue to be reported in accordance with previously applicable accounting standards (“Incurred Loss”). The Company adopted ASC 326 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2023. As of December 31, 2022, the Company did not have any other-than-temporarily impaired investment securities. Therefore, upon adoption of ASC 326, the Company determined that an allowance for credit losses on available for sale securities was not deemed material. The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on nonaccrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest. Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type. Accrued interest receivable on held to maturity debt securities totaled $941,000 at March 31, 2023 and was excluded from the estimate of credit losses. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label collateralized mortgage obligation ("CMO") securities which are not explicitly or implicitly guaranteed by the U.S. government are evaluated utilizing underlying pool data such as historical loss rates, loan-to-value ratios and credit enhancement data. See "Note 7 - Investments Held to Maturity" with regards to the held to maturity portfolio major security types. All mortgage-backed securities issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and local governments securities held by the Company are highly rated by major rating agencies. As a result, no allowance for credit losses was recorded on held to maturity securities at March 31, 2023. Allowance for Credit Losses – Available for Sale Securities For available for sale securities, management evaluates all investments in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security, the security is written down to fair value and the entire loss is recorded in earnings. If either of the above criteria is not met, the Company evaluates whether the decline in fair value is the result of credit losses or other factors. In making the assessment, the Company may consider various factors including the extent to which fair value is less than amortized cost, performance on any underlying collateral, downgrades in the ratings of the security by a rating agency, the failure of the issuer to make scheduled interest or principal payments and adverse conditions specifically related to the security. If the assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an available for sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2023, there was no allowance for credit loss related to the available for sale portfolio. Accrued interest receivable on available for sale debt securities totaled $2.9 million at March 31, 2023 and was excluded from the estimate of credit losses. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. A loan is considered to be past due when a scheduled payment has not been received 30 days after the contractual due date. All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance, and future payments are reasonably assured. Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments: Real Estate • Construction - Construction loans consist of loans to construct a borrower’s primary or secondary residence or vacant land upon which the owner intends to construct a dwelling at a future date. These loans are typically secured by undeveloped or partially developed land in anticipation of completing construction of a 1-4 family residential property. There is risk these construction and development projects can experience delays and cost overruns exceeding the borrower’s financial ability to complete the project. Such cost overruns can result in foreclosure of partially completed and unmarketable collateral. In addition, construction loans consist of loans to finance land for development of commercial or residential real property and construction of multifamily apartments or other commercial properties. These loans are highly dependent on the supply and demand for commercial real estate as well as the demand for newly constructed residential homes and lots acquired for development. Deterioration in demand could result in decreased collateral values, which could make repayments of outstanding loans difficult for customers. • Residential Mortgage - Residential mortgages consist of loans to purchase or refinance the borrower’s primary dwelling, second residence or vacation home and are often secured by 1-4 family residential property. Significant and rapid declines in real estate values can result in borrowers having debt levels in excess of the current market value of the collateral • Commercial - Owner occupied commercial mortgages consist of loans to purchase or re-finance owner occupied nonresidential properties. This includes office buildings, other commercial facilities, and farmland. Commercial mortgages secured by owner occupied properties are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Non-owner occupied commercial mortgages consist of loans to purchase or refinance investment nonresidential properties. This includes office buildings and other facilities rented or leased to unrelated parties, as well as farmland and multifamily properties. The primary risk associated with income producing commercial mortgage loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Commercial and Agricultural - Commercial business loans consist of loans or lines of credit to finance accounts receivable, inventory or other general business needs, business credit cards, and lease financing agreements for equipment, vehicles, or other assets. The primary risk associated with commercial and industrial and lease financing loans is the ability of borrowers to achieve business results consistent with those projected at origination. Failure to achieve these projections presents risk the borrower will be unable to service the debt consistent with the contractual terms of the loan or lease. Consumer loans • Home equity - Home equity loans consist of home equity lines of credit and other lines of credit secured by first or second liens on the borrower’s primary residence. These loans are secured by both senior and junior liens on the residential real estate and are particularly susceptible to declining collateral values. This risk is elevated for loans secured by junior lines as a substantial decline in value could render the junior lien position effectively unsecured. • Other - Consumer loans consist of loans to finance unsecured home improvements, student loans, automobiles and revolving lines of credit that can be secured or unsecured. The value of the underlying collateral within this class is at risk of potential rapid depreciation which could result in unpaid balances in excess of the collateral. The Company calculates the allowance for credit losses for each pool using a remaining life loss methodology with a two quarter reasonable and supportable forecast period and an immediate reversion period. Management believes that the Company’s historical loss experience provides the best basis for its assessment of expected credit losses to determine the allowance for credit losses. The Company uses its own internal data to measure historical credit loss experience within the pools with similar risk characteristics over an economic cycle. The Company then forecasts the calculated historical loss rates over the calculated remaining life of loans by pool. Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, loan review and audit results, asset quality and portfolio trends, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured. Loans that do not share risk characteristics are evaluated on an individual basis. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are based on the fair value of collateral at the reporting dated adjusted for selling costs as appropriate. Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancellable, through a charge to provision for unfunded commitments in the Company’s income statements. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit loss model using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third-party guarantees. The allowance for unfunded commitments is included in other liabilities on the Company’s consolidated balance sheets. In January 2023, the Company adopted ASU 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. In addition, for public business entities, the guidance requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20. The Company adopted the guidance using the modified retrospective method. Upon adoption of this guidance, the Company no longer establishes a specific reserve for modifications to borrowers experiencing financial difficulty. Instead, these modifications are included in their respective cohort and a historical loss rate is applied to the current loan balance to arrive at the quantitative baseline portion of the allowance. The difference between the allowance previously determined and the current allowance was not material to the Company’s financial statements. Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In December 2022, the Financial Accounting Standards Board (“FASB”) issued amendments to extend the period of time preparers can use the reference rate reform relief guidance under ASC Topic 848 from December 31, 2022, to December 31, 2024, to address the fact that all London Interbank Offered Rate ("LIBOR") tenors were not discontinued as of December 31, 2021, and some tenors will be published until June 2023. The amendments are effective immediately for all entities and are applied prospectively. The Company does not expect these amendments to have a material effect on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 or 2022; 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 periods indicated. Three Months Ended March 31, 2023 2022 Income Shares EPS Income Shares EPS Basic EPS $ 2,674,100 3,253,112 $ 0.82 $ 1,549,031 3,252,884 $ 0.48 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and 2022, the Company had no options outstanding and there was no activity during the three months ended March 31, 2023 and 2022. At those dates, there were 50,000 options available for grants. |
Investments, Available for Sale
Investments, Available for Sale | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments, AFS | The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments AFS at the dates indicated were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 57,131,715 $ 6,090 $ 1,303,979 $ 55,833,826 Small Business Administration (“SBA”) Bonds 94,018,900 508,204 2,831,043 91,696,061 Tax Exempt Municipal Bonds 21,550,469 593,719 1,224,676 20,919,512 Taxable Municipal Bonds 64,729,848 — 11,794,778 52,935,070 Mortgage-Backed Securities ("MBS") 350,265,323 39,438 30,619,157 319,685,604 Total Available For Sale $ 587,696,255 $ 1,147,451 $ 47,773,633 $ 541,070,073 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 60,854,658 $ 11,647 $ 1,709,323 $ 59,156,982 SBA Bonds 102,292,600 584,290 3,246,923 99,629,967 Tax Exempt Municipal Bonds 22,536,806 405,341 1,631,819 21,310,328 Taxable Municipal Bonds 65,249,883 — 14,480,144 50,769,739 MBS 353,223,361 29,861 33,971,954 319,281,268 Total Available For Sale $ 604,157,308 $ 1,031,139 $ 55,040,163 $ 550,148,284 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 March 31, 2023, the Company held an amortized cost and fair value of $61.3 million and $54.8 million in private label CMO securities, compared to an amortized cost and fair value of $60.1 million and $53.8 million at December 31, 2022, respectively. There was no allowance for credit losses recorded on investments AFS as of March 31, 2023. The amortized cost and fair value of investments AFS at March 31, 2023 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. March 31, 2023 Investments AFS: Amortized Cost Fair Value One Year or Less $ 17,789 $ 17,640 After One – Five Years 4,587,262 4,529,933 After Five – Ten Years 74,277,652 70,811,848 More Than Ten Years 158,548,229 146,025,048 MBS AFS 350,265,323 319,685,604 Total AFS $ 587,696,255 $ 541,070,073 At March 31, 2023, the amortized cost and fair value of investments AFS pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $374.3 million and $348.3 million, compared to an amortized cost and fair value of $318.0 million and $297.0 million at December 31, 2022, respectively. There were no sales of investments AFS during the three months ended March 31, 2023 and 2022; and therefore, no proceeds from sales, gross gains or gross losses were recorded during those periods. The following table shows the gross unrealized losses and estimated fair value of available sale securities for which an allowance for credit losses has not been recorded aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2023. March 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 6,532,605 $ 96,105 $ 44,272,894 $ 1,207,874 $ 50,805,499 $ 1,303,979 SBA Bonds 3,627,220 18,733 44,567,268 2,812,310 48,194,488 2,831,043 Tax Exempt Municipal Bonds 519,710 9,017 12,819,506 1,215,659 13,339,216 1,224,676 Taxable Municipal Bonds — — 52,935,070 11,794,778 52,935,070 11,794,778 MBS 19,109,549 801,062 298,058,704 29,818,095 317,168,253 30,619,157 $ 29,789,084 $ 924,917 $ 452,653,442 $ 46,848,716 $ 482,442,526 $ 47,773,633 The following table shows the gross unrealized losses and estimated fair value of available sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2022. December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 24,768,260 $ 637,963 $ 30,684,124 $ 1,071,360 $ 55,452,384 $ 1,709,323 SBA Bonds 8,403,975 120,766 45,969,373 3,126,157 54,373,348 3,246,923 Tax Exempt Municipal Bonds 8,050,944 718,645 4,929,289 913,174 12,980,233 1,631,819 Taxable Municipal Bonds 14,427,796 3,196,761 36,341,943 11,283,383 50,769,739 14,480,144 MBS 146,016,464 11,132,554 170,578,059 22,839,400 316,594,523 33,971,954 $ 201,667,439 $ 15,806,689 $ 288,502,788 $ 39,233,474 $ 490,170,227 $ 55,040,163 Securities classified as investments AFS are recorded at fair market value. At March 31, 2023 and December 31, 2022, 411 and 416 individual investments AFS were in a loss position, including 339 and 211 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 decrease in unrealized losses within the AFS portfolio during the three months ended March 31, 2023 resulted in a $1.4 million decrease in net deferred taxes, which is included in "Other Assets" on the Consolidated Balance Sheets at March 31, 2023. 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, unrealized losses have not been recognized into income. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether an allowance for credit loss is deemed necessary. Accrued interest receivable on available for sale debt securities totaled $2.9 million at March 31, 2023 and was excluded from the estimate of credit losses. |
Investments, HTM
Investments, HTM | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments, HTM | The Company’s investments HTM portfolio is recorded at amortized cost. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments HTM at the date indicated were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,600,540 $ — $ 486,165 $ 34,114,375 FHLB Bond 1,000,000 — 4,852 995,148 Student Loan Pools 18,494,187 100,836 67,488 18,527,535 SBA Bonds 15,448,896 716,125 — 16,165,021 Taxable Municipal Bonds 954,460 — 42,860 911,600 MBS 109,680,425 47,045 4,588,424 105,139,046 Total Held To Maturity $ 180,178,508 $ 864,006 $ 5,189,789 $ 175,852,725 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,511,849 $ — $ 682,198 $ 33,829,651 FHLB Bond 1,000,000 — 1,360 998,640 Student Loan Pools 16,387,997 88,489 59,090 16,417,396 SBA Bonds 3,521,293 162,235 — 3,683,528 Taxable Municipal Bonds 951,864 — 60,134 891,730 MBS 111,064,613 29,194 5,451,179 105,642,628 Total HTM $ 167,437,616 $ 279,918 $ 6,253,961 $ 161,463,573 At March 31, 2023 and December 31, 2022, 49 and 54 individual investments HTM were in a loss position, including 13 and six 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. The Company has the ability and intent to hold these securities to maturity. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label collateralized mortgage obligation ("CMO") securities which are not explicitly or implicitly guaranteed by the U.S. government are evaluated utilizing underlying pool data such as historical loss rates, loan-to-value ratios and credit enhancement data. All mortgage-backed securities issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and local governments securities held by the Company are highly rated by major rating agencies. As a result of the analysis, there was no allowance for credit losses recorded for investments HTM as of March 31, 2023. As of March 31, 2023, there were no debt securities held to maturity that were classified as either nonaccrual or 90 days or more past due and still accruing. Accrued interest receivable on held to maturity debt securities totaled $1 million at March 31, 2023 and was excluded from the estimate of credit losses. The following tables show gross unrealized losses, fair value, and length of time that individual investments HTM have been in a continuous unrealized loss position at the dates indicated. March 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized US Treasury Bonds $ 34,114,375 $ 486,165 $ — $ — $ 34,114,375 $ 486,165 FHLB Bond 995,148 4,852 — — 995,148 4,852 Student Loan Pools 4,790,881 67,488 — — 4,790,881 67,488 Taxable Municipal Bonds 911,600 42,860 — — 911,600 42,860 MBS 72,819,297 2,070,120 13,895,073 2,518,304 86,714,370 4,588,424 $ 113,631,301 $ 2,671,485 $ 13,895,073 $ 2,518,304 $ 127,526,374 $ 5,189,789 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized US Treasury Bonds $ 33,829,651 $ 682,198 $ — $ — $ 33,829,651 $ 682,198 FHLB Bond 998,640 1,360 — — 998,640 1,360 Student Loan Pools 6,520,050 59,090 — — 6,520,050 59,090 Taxable Municipal Bonds 891,730 60,134 — — 891,730 60,134 MBS 88,351,096 3,145,166 9,334,438 2,306,013 97,685,534 5,451,179 $ 130,591,167 $ 3,947,948 $ 9,334,438 $ 2,306,013 $ 139,925,605 $ 6,253,961 At March 31, 2023, the amortized cost and fair value of investments HTM that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $57.1 million and $55.0 million, respectively, compared to an amortized cost and fair value of $25.3 million and $24.5 million, respectively, at December 31, 2022. |
Loans Receivable, Net
Loans Receivable, Net | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Financing Receivables [Text Block] | Loans receivable, net, consisted of the following as of the dates indicated below: March 31, 2023 December 31, 2022 Real Estate Loans: Construction $ 108,716,018 $ 112,793,694 Residential Mortgage 131,958,557 110,056,973 Commercial 255,314,563 252,154,475 Commercial and Agricultural Loans 34,864,923 30,647,975 Consumer Loans: Home Equity Lines of Credit (HELOC) 32,017,283 31,736,676 Other Consumer 24,185,686 23,598,110 Total Loans Held for Investment, Gross 587,057,030 560,987,903 Less: Allowance for Credit Losses 12,126,810 11,177,753 Deferred Loan Fees 740,511 806,238 12,867,321 11,983,991 Total Loans Receivable, Net $ 574,189,709 $ 549,003,912 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 credit 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 credit 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 following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of March 31, 2023. Term Loans by Year of Origination Dollars in Thousands 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 3,095 $ 19,223 $ 9,564 $ 2,232 $ 760 $ 40,313 $ 4,999 $ 80,186 Caution 286 6,875 2,497 288 431 15,645 — 26,022 Special Mention — 30 39 — — 1,426 — 1,495 Substandard — — — 140 — 873 — 1,013 Total 3,381 26,128 12,100 2,660 1,191 58,257 4,999 108,716 Current period gross write-offs — — — — — — — — Real Estate - Mortgage Pass 6,970 24,756 11,602 15,090 4,297 27,695 10,441 100,851 Caution 2,754 8,559 5,016 1,609 1,606 5,501 8 25,053 Special Mention 1,338 159 914 362 — 250 — 3,023 Substandard — — 206 244 52 2,530 — 3,032 Total 11,062 33,474 17,738 17,305 5,955 35,976 10,449 131,959 Current period gross write-offs — — — — — — — — Real Estate - Commercial Pass 4,380 39,104 43,477 14,467 21,036 77,045 2,112 201,621 Caution 1,363 3,945 3,346 6,302 7,214 20,659 100 42,929 Special Mention — 844 464 792 243 3,426 — 5,769 Substandard — 72 61 — — 4,863 — 4,996 Total 5,743 43,965 47,348 21,561 28,493 105,993 2,212 255,315 Current period gross write-offs — — — — — — — — Commercial and Agricultural Pass 2,010 8,074 8,882 808 598 3,325 3,918 27,613 Caution 2,122 1,703 1,693 86 25 519 544 6,692 Special Mention 16 52 90 20 1 105 — 284 Substandard — 24 47 14 15 76 100 276 Total 4,148 9,853 10,712 928 639 4,025 4,562 34,865 Current period gross write-offs — — 16 — — — — 16 Home Equity Lines of Credit Pass — — — — — — 26,274 26,274 Caution — — — — — — 4,658 4,658 Special Mention — — — — — — 501 501 Substandard — — — — — — 584 584 Total — — — — — — 32,017 32,017 Current period gross write-offs — — — — — — — — Consumer loans Pass 2,190 5,626 2,623 1,221 357 335 4,576 16,928 Caution 1,080 2,957 1,355 764 332 89 269 6,846 Special Mention — 142 22 — — — 6 170 Substandard — 59 84 53 31 10 5 242 Total 3,270 8,784 4,084 2,038 720 434 4,856 24,186 Current period gross write-offs — 10 — — — — 25 35 Total Loans $ 27,604 $ 122,204 $ 91,982 $ 44,492 $ 36,998 $ 204,685 $ 59,095 $ 587,058 The table below summarizes the balance within each risk category by loan type, excluding loans held for sale, at December 31, 2022. December 31, 2022 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564,058 $ 18,837,894 $ 2,013,824 $ 377,918 $ 112,793,694 Residential Real Estate 84,028,037 22,372,649 887,874 2,768,413 110,056,973 Commercial Real Estate 196,063,300 47,821,422 3,270,916 4,998,837 252,154,475 Commercial and Agricultural 25,383,994 4,593,283 371,071 299,627 30,647,975 Consumer HELOC 25,693,252 5,018,419 401,550 623,455 31,736,676 Other Consumer 16,515,206 6,725,317 178,638 178,949 23,598,110 Total $ 439,247,847 $ 105,368,984 $ 7,123,873 $ 9,247,199 $ 560,987,903 Past Due and Nonaccrual Loans The tables below present an age analysis of past due balances by loan category at the dates indicated. March 31, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Receivable Construction Real Estate $ 2,848,456 $ 421,916 $ 205,057 $ 3,475,429 $ 105,240,589 $ 108,716,018 Residential Real Estate 1,076,722 103,930 266,093 1,446,745 130,511,812 131,958,557 Commercial Real Estate 649,004 95,678 349,906 1,094,588 254,219,975 255,314,563 Commercial and Agricultural 24,811 5,538 45,349 75,698 34,789,225 34,864,923 Consumer HELOC 285,415 47,683 76,325 409,423 31,607,860 32,017,283 Other Consumer 183,626 58,143 27,530 269,299 23,916,387 24,185,686 Total $ 5,068,034 $ 732,888 $ 970,260 $ 6,771,182 $ 580,285,848 $ 587,057,030 December 31, 2022 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 $ — $ — $ 100,472 $ 100,472 $ 112,693,222 $ 112,793,694 Residential Real Estate 1,557,114 — 471,430 2,028,544 108,028,429 110,056,973 Commercial Real Estate 2,670,997 89,342 354,406 3,114,745 249,039,730 252,154,475 Commercial and Agricultural 5,683 2,113 55,468 63,264 30,584,711 30,647,975 Consumer HELOC 199,414 — 74,159 273,573 31,463,103 31,736,676 Other Consumer 271,774 78,566 17,321 367,661 23,230,449 23,598,110 Total $ 4,704,982 $ 170,021 $ 1,073,256 $ 5,948,259 $ 555,039,644 $ 560,987,903 At March 31, 2023 and December 31, 2022, 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 the dates indicated. CECL Incurred Loss March 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 217,970 $ — $ 217,970 $ 114,630 Residential Real Estate 1,505,185 — 1,505,185 1,544,762 Commercial Real Estate 4,220,087 — 4,220,087 4,281,975 Commercial and Agricultural 101,142 — 101,142 112,652 Consumer HELOC 188,266 — 188,266 188,540 Other Consumer 35,549 — 35,549 28,671 Total Nonaccrual Loans $ 6,268,199 $ — $ 6,268,199 $ 6,271,230 The Company did not recognize any interest income on nonaccrual loans during the three months ended March 31, 2023. The following table represents the accrued interest receivables written off by reversing interest income during the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Construction Real Estate $ 2,882 Residential Real Estate 1,031 Commercial Real Estate — Commercial and Agricultural 1,103 Consumer HELOC — Other Consumer 143 Total Loans $ 5,159 Allowance for Credit Losses The following table shows the activity in the allowance for credit losses by category for the three months ended March 31, 2023 under the CECL methodology: Three Months Ended March 31, 2023 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,323,397 $ 2,124,835 $ 4,804,282 $ 874,092 $ 598,807 $ 452,340 $ 11,177,753 Adjustment to allowance for adoption of ASU 2016-13 263,737 461,879 (340,492) 112,452 107,548 179,070 784,194 Provision for credit losses (245,136) 477,263 (204,984) 154,789 (56,733) 39,801 165,000 Charge-Offs — — — (15,880) — (34,940) (50,820) Recoveries 3,960 8,400 5,016 5,300 21,904 6,103 50,683 Ending Balance $ 2,345,958 $ 3,072,377 $ 4,263,822 $ 1,130,753 $ 671,526 $ 642,374 $ 12,126,810 The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details the amortized cost of collateral dependent loans: March 31, 2023 Construction Real Estate $ 217,970 Residential Real Estate 1,062,365 Commercial Real Estate 4,220,087 Commercial and Agricultural 31,446 Consumer HELOC 47,683 Total Loans $ 5,579,551 Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the Incurred Loss methodology. The following table shows the activity in the allowance for loan losses by category for the three months ended March 31, 2022: Three Months Ended March 31, 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 Provision for Loan Losses (73,215) (44,818) 81,527 (22,242) 35,182 23,566 — Charge-Offs — — — — — (31,871) (31,871) Recoveries 8,602 9,711 18,981 23,333 2,709 10,334 73,670 Ending Balance $ 2,336,583 $ 1,628,316 $ 4,932,948 $ 1,242,919 $ 555,403 $ 432,794 $ 11,128,963 Prior to the adoption of ASU 2016-13, loans were considered impaired when, based on current information and events, it was probable the Company would be unable to collect all amounts due in accordance with the original contractual terms of the loan agreements. Impaired loans include loans on nonaccrual status and accruing troubled debt restructurings. When determining if the Company would be unable to collect all principal and interest payments due in accordance with the contractual terms of the loan agreement, the Company considered the borrower’s capacity to pay, which included such factors as the borrower’s current financial statements, an analysis of global cash flow sufficient to pay all debt obligations and an evaluation of secondary sources of repayment, such as guarantor support and collateral value. Non-accrual commercial loans under $200,000 and non-accrual consumer loans under $100,000 were considered immaterial and are excluded from the impairment review. The tables below include all loans deemed impaired, whether or not individually assessed for impairment. If a loan was deemed impaired, a specific valuation allowance was allocated, if necessary, so that the loan was reported net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment was expected solely from the collateral. Interest payments on impaired loans were typically applied to principal unless collectability of the principal amount was reasonably assured, in which case interest was recognized on a cash basis. The table below summarizes the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances at December 31, 2022: Allowance For Loan Losses Loans Receivable December 31, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323,397 $ 2,323,397 $ 114,630 $ 112,679,064 $ 112,793,694 Residential Real Estate — 2,124,835 2,124,835 1,089,308 108,967,665 110,056,973 Commercial Real Estate — 4,804,282 4,804,282 4,281,702 247,872,773 252,154,475 Commercial and Agricultural — 874,092 874,092 31,446 30,616,529 30,647,975 Consumer HELOC — 598,807 598,807 48,792 31,687,884 31,736,676 Other Consumer — 452,340 452,340 — 23,598,110 23,598,110 Total $ — $ 11,177,753 $ 11,177,753 $ 5,565,878 $ 555,422,025 $ 560,987,903 The following tables present information related to impaired loans by loan category at December 31, 2022 and for the three months ended March 31, 2022. December 31, 2022 Impaired Loans Recorded Unpaid Principal Balance Related Construction Real Estate $ 114,630 $ 114,630 $ — Residential Real Estate 1,089,308 1,626,308 — Commercial Real Estate 4,281,702 4,281,702 — Commercial and Agricultural 31,446 926,446 — Consumer HELOC 48,792 48,792 — Other Consumer — — — Total $ 5,565,878 $ 6,997,878 $ — Three Months Ended March 31, 2022 Impaired Loans Average Recorded Investment Interest Income Construction Real Estate $ 18,511 $ — Residential Real Estate 1,239,308 — Commercial Real Estate 1,038,300 — Commercial and Agricultural 31,446 — Consumer HELOC 96,578 — Other Consumer — — Total $ 2,424,143 $ — Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. Occasionally, the Company modifies loans by providing principal forgiveness on certain of its real estate loans. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one type of concession, such as a term extension, is granted initially. If the borrower continues to experience financial difficulty, another concession, such as principal forgiveness, may be granted. As such multiple types of modifications may have been made on the same loan within the current reporting period each much be reported. The combination is at least two of the following: a term extension, principal forgiveness, and interest rate reduction. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Company had two modified loans with a combined balance of $375,000 at March 31, 2023, compared to two modified loans with a combined balance of $385,000 at December 31, 2022. The Company did not modify any loans to borrowers experiencing financial difficulty during the three months ended March 31, 2023 or 2022. As of March 31, 2023 and 2022, there were no loans modified with borrowers experiencing financial difficulty for which there was a payment default within 12 months of the restructuring date. The Company considers any loan 30 days or more past due to be in default. Allowance for Credit Losses - Unfunded Commitments The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e., commitment cannot be canceled at any time). The allowance for off-balance sheet credit exposures is adjusted as a provision for (reversal of) credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans, and are discussed in this Note 8. The allowance for credit losses for unfunded loan commitments of $1.0 million and $0 at March 31, 2023 and December 31, 2022, respectively, is separately classified on the balance sheet within "Other Liabilities." The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the three months ended March 31, 2023. Total Allowance for Credit Losses - Unfunded Commitments Balance, December 31, 2022 $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,213,614 (Reversal of) provision for unfunded commitments (165,000) Balance, March 31, 2023 $ 1,048,614 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposits [Abstract] | |
Deposits | Deposits outstanding at the dates indicated are summarized below by account type as follows: Deposit Account Type March 31, 2023 December 31, 2022 Checking $ 474,947,532 $ 510,983,509 Money Market 348,562,043 348,833,623 Savings 102,392,660 108,237,098 Certificates of Deposit 182,771,274 142,031,066 Total $ 1,108,673,509 $ 1,110,085,296 The Bank had $5.0 million in brokered deposits, which are included in checking and money market deposits above, at March 31, 2023 and December 31, 2022. In addition, the Bank had $6.0 million and $6.0 million in brokered time deposits, and $68,000 and $98,000, in overdrafts that were reclassified to loans at March 31, 2023 and December 31, 2022, respectively. Certificates of deposits that met or exceeded the FDIC insurance limit of $250,000 were $49.1 million and $30.3 million at March 31, 2023 and December 31, 2022, respectively. All deposits that met or exceeded the FDIC insurance limit totaled $310.2 million and $350.1 million at March 31, 2023 and December 31, 2022, respectively. The amounts and scheduled maturities of all certificates of deposit at the dates indicated were as follows: March 31, 2023 December 31, 2022 Within 1 Year $ 133,984,928 $ 97,163,169 After 1 Year, Within 2 Years 36,761,162 31,550,543 After 2 Years, Within 3 Years 6,189,086 6,465,582 After 3 Years, Within 4 Years 2,680,079 3,177,916 After 4 Years, Within 5 Years 3,156,019 3,673,856 Total Certificates of Deposit $ 182,771,274 $ 142,031,066 |
Junior Subordinated Debentures
Junior Subordinated Debentures | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures In September 2006, Security Federal Statutory Trust (the "Trust"), issued and sold fixed and floating rate capital securities of the Trust (the “Capital Securities”). The Trust used the net proceeds from the sale of the Capital Securities to purchase a like amount of junior subordinated debentures (the “Debentures”) of the Company which are reported on the Consolidated Balance Sheets as junior subordinated debentures. The Capital Securities accrue and pay distributions at a floating rate of three month LIBOR plus 170 basis points annually which was equal to 6.57% at March 31, 2023 compared to 6.47% at December 31, 2022. The distribution rate payable on the Capital Securities is cumulative and payable quarterly in arrears. The Capital Securities mature or are mandatorily redeemable upon maturity on December 15, 2036, or upon earlier optional redemption as provided in the indenture. The Company has had the right to redeem the Capital Securities in whole or in part since September 15, 2011. As of a result of the discontinuation of LIBOR, effective June 30, 2023, the Capital Securities will transition from its floating rate of three month LIBOR plus 170 basis points to a replacement rate which is expected to be the floating rate of three month Secured Overnight Financing Rate ("SOFR") as adjusted by the relevant spread adjustment of 0.26161 plus 170 basis points. Subordinated Debentures In November 2019, the Company sold and issued to certain institutional investors $17.5 million in aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2029 (the “10-Year Notes”) and $12.5 million in aggregate principal amount of 5.25% fixed-to-floating rate subordinated notes due 2034 (the “15-Year Notes”, and together with the 10-Year Notes, the “Notes”). The 10-Year Notes have a stated maturity of November 22, 2029, and bear interest at a fixed rate of 5.25% per year, from and including November 22, 2019 but excluding November 22, 2024. From and including November 22, 2024 to but excluding the maturity date or early redemption date, the interest rate shall reset semi-annually to an interest rate equal to the then-current three-month LIBOR rate plus 369 basis points. The 15-Year Notes have a stated maturity of November 22, 2034, and bear interest at a fixed rate of 5.25% per year, from and including November 22, 2019 but excluding November 22, 2029. From and including November 22, 2029 to but excluding the maturity date or early redemption date, the interest rate for the 15-Year Notes shall reset semi-annually to an interest rate equal to the then-current three-month LIBOR rate plus 357 basis points. The Notes are payable semi-annually in arrears on June 1 and December 1 of each year commencing June 1, 2020. Both the 10-Year and 15-Note Year subordinated notes include remedies in the event that LIBOR is discontinued. The Company is currently determining an appropriate benchmark replacement for LIBOR. The Company expects the replacement benchmark to be materially consistent with the three-month LIBOR. The Notes are not subject to redemption at the option of the holder and may be redeemed by the Company only under certain limited circumstances prior to November 22, 2024, with respect to the 10-Year Notes, and November 22, 2029, with respect to the 15-Year Notes. The Company may redeem the 10-Year Notes and the 15-Year Notes at its option, in whole at any time, or in part from time to time, after November 22, 2024 and November 22, 2029, respectively. The Notes are unsecured, subordinated obligations of the Company and rank junior in right to payment to the Company’s current and future senior indebtedness, and each Note is equal in right to payment with respect to the other Notes. The Notes have been structured to qualify as Tier 2 capital for the Company under applicable regulatory guidelines. The Company used the net proceeds from the sale of the Notes to fund the redemption of the convertible senior debentures and for general corporate purposes to support future growth. During the year ended December 31, 2022 the Company repurchased $1.0 million in principal of the 10-Year Notes and $2.5 million in principal of the 15-Year Notes, leaving an aggregate remaining principal balance of $16.5 million and $10.0 million, respectively. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2023 | |
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 Board of Governors of the Federal Reserve System (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 March 31, 2023, 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 March 31, 2023, 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 March 31, 2023 (Dollars in Thousands) Tier 1 Risk-Based Core Capital $ 142,406 17.9% $ 47,863 6.0% $ 63,817 8.0% Total Risk-Based Capital 152,417 19.1% 63,817 8.0% 79,772 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 142,406 17.9% 35,897 4.5% 51,852 6.5% Tier 1 Leverage (Core) Capital 142,406 10.4% 54,811 4.0% 68,513 5.0% December 31, 2022 Tier 1 Risk-Based Core Capital $ 141,452 17.8% $ 47,714 6.0% $ 63,619 8.0% Total Risk-Based Capital 151,408 19.0% 63,619 8.0% 79,523 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8% 35,785 4.5% 51,690 6.5% Tier 1 Leverage (Core) Capital 141,452 10.4% 54,372 4.0% 67,965 5.0% In addition to the minimum capital requirements, the Bank must maintain a capital conservation buffer, which consists of additional Common Equity Tier 1 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 March 31, 2023, the Bank’s conservation buffer was 11.1%. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
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 Investments AFS are recorded at fair value on a recurring basis. At March 31, 2023, 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 securities 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. Collateral Dependent Loans The Company does not record loans held for investment at fair value on a recurring basis. However, from time to time, the Company designates individually evaluated loans with higher risk as collateral dependent loans and an allowance for credit losses is established as necessary. Collateral dependent loans are loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. These loans do not share common risk characteristics and are not included within the collectively evaluated loans for determining the allowance for credit losses. Under CECL, for collateral dependent loans, the Company has adopted the practical expedient to measure the allowance for credit losses based on the fair value of collateral. The allowance for credit losses is calculated on an individual loan basis based on the shortfall between the fair value of the loan's collateral, which is adjusted for estimated costs to sell, and amortized cost. If the fair value of the collateral exceeds the amortized cost, no allowance is required. 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. Typically, the Company reviews the most recent appraisal and if it is over 24 months old will request a new third party appraisal. Depending on the particular circumstances surrounding the loan, including the location of the collateral, the date of the most recent appraisal and the value of the collateral relative to the recorded investment in the loan, management may order an independent appraisal immediately or, in some instances, may elect to perform an internal analysis. Specifically, as an example, in situations where the collateral on a nonperforming commercial real estate loan is out of the Company’s primary market area, management would typically order an independent appraisal immediately, at the earlier of the date the loan becomes nonperforming or immediately following the determination that the loan is collateral dependent. However, as a second example, on a nonperforming commercial real estate loan where management is familiar with the property and surrounding areas and where the original appraisal value far exceeds the recorded investment in the loan, management may perform an internal analysis whereby the previous appraisal value would be reviewed and adjusted for current conditions including recent sales of similar properties in the area and any other relevant economic trends. These valuations are reviewed at a minimum on a quarterly basis. Those collateral dependent loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. At March 31, 2023, all collateral dependent loans were evaluated based on the fair value of the collateral. Loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. The Company records collateral dependent loans as nonrecurring Level 3. 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 credit 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 the dates indicated: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 55,833,826 $ — $ — $ 59,156,982 $ — SBA Bonds — 91,696,061 — — 99,629,967 — Tax Exempt Municipal Bonds — 20,919,512 — — 21,310,328 — Taxable Municipal Bonds — 52,935,070 — — 50,769,739 — MBS — 319,685,604 — — 319,281,268 — Total $ — $ 541,070,073 $ — $ — $ 550,148,284 $ — There were no liabilities measured at fair value on a recurring basis at March 31, 2023 or December 31, 2022. 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 the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall. March 31, 2023 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 240,841 $ — $ 240,841 Collateral Dependent Loans (1) — — 5,579,551 5,579,551 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 240,841 $ 6,795,865 $ 7,036,706 December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913,258 $ — $ 913,258 Collateral Dependent Loans (1) — — 5,565,878 5,565,878 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 913,258 $ 6,782,192 $ 7,695,450 (1) Reported net of specific reserves. There were no specific reserves at March 31, 2023 and December 31, 2022. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2023 or December 31, 2022. For Level 3 assets measured at fair value on a recurring or non-recurring basis at the dates indicated, the significant unobservable inputs used in the fair value measurements were as follows: Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs March 31, 2023 December 31, 2022 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Loans Appraised Value Discounts to appraised values 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 30% 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: construction, residential mortgage, commercial real estate, other commercial, HELOCs and other consumer 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 March 31, 2023 or December 31, 2022. 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 the dates indicated presented in accordance with the applicable accounting guidance. March 31, 2023 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 24,719 $ 24,719 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investment Securities AFS 541,070 — 541,070 — Investment Securities HTM 180,179 — 175,853 — Loans Receivable, Net 574,190 — — 557,843 FHLB Stock 659 659 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 925,902 $ 925,902 $ — $ — Certificates of Deposits 182,771 — 179,810 — Borrowings from FRB 61,375 61,191 — — Other Borrowed Money 27,818 27,818 — — Subordinated Debentures 26,500 — 24,135 — Junior Subordinated Debentures 5,155 — 5,155 — December 31, 2022 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investment Securities AFS 550,148 — 550,148 — Investment Securities HTM 167,438 — 161,464 — Loans Receivable, Net 549,917 — — 528,174 FHLB Stock 651 651 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 968,054 $ 968,054 $ — $ — Certificates of Deposits 142,031 — 138,382 — Borrowings from FRB 44,080 44,071 — — Other Borrowed Money 27,588 27,588 — — Subordinated Debentures 26,500 — 24,435 — Junior Subordinated Debentures 5,155 — 5,155 — At March 31, 2023, the Bank had $165.0 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) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Revenue Recognition In accordance with ASU 2014-09, Revenue from Contracts with Customers (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 periods indicated. 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 March 31, 2023 2022 Non-interest income: Gain on Sale of Loans (1) $ 193,881 $ 713,893 Service Fees on Deposit Accounts 269,613 257,491 Commissions From Insurance Agency (1) 162,799 139,504 Trust Income 382,208 364,746 BOLI Income (1) 150,204 157,241 ATM and Check Card Fee Income 802,022 717,267 Other (1) 239,650 253,182 Total non-interest income $ 2,200,377 $ 2,603,324 (1) Not within the scope of ASC 606 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES The Company has operating leases on six of its branches. During the three months ended March 31, 2023, the Company made cash payments in the amount of $128,000 for operating leases. The lease expense recognized during this period was $128,000 and was recorded in occupancy expense within the Consolidated Statements of Income. The lease liability had a net decrease of $111,000. At March 31, 2023 , the Bank had ROU assets of $1.7 million and a lease liability of $1.8 million recorded on its consolidated balance sheet compared to ROU assets of $1.9 million and a lease liability of $1.9 million at December 31, 2022. The lease agreements have maturity dates ranging from 2023 through 2028, some of which include options for multiple five or ten year extensions. At March 31, 2023, t he remaining weighted average lease term was 3.86 years and the weighted average discount rate used was 3.2%. At March 31, 2023, m aturities of operating lease liabilities for future periods were as follows: Remainder of 2023 $ 389,688 2024 522,147 2025 474,815 2026 363,428 2027 149,301 Thereafter 10,371 Total undiscounted lease payments 1,909,750 Less: effect of discounting (116,161) Present value of estimated lease payments (lease liability) $ 1,793,589 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Preferred Stock | On May 24, 2022, the Company entered into a Letter Agreement (“Agreement”) with the U.S. Department of Treasury under the Emergency Capital Investment Program (“ECIP”). Established by the Consolidated Appropriations Act, 2021, the ECIP was created to encourage low- and moderate-income community financial institutions and minority depository institutions to provide loans, grants, and forbearance for small businesses, minority-owned businesses, and consumers, especially low-income and underserved communities, including counties with persistent poverty, that may be disproportionately impacted by the economic effect of the COVID-19 pandemic by providing direct and indirect capital investments in low- and moderate-income community financial institutions. Pursuant to the Agreement, the Company agreed to issue and sell 82,949 shares of Preferred Stock for an aggregate purchase price of $82.9 million in cash. This ECIP investment is treated as tier 1 capital. The Preferred Stock bears no dividend for the first 24 months following the investment date. Thereafter, the dividend rate will be adjusted, not higher than 2%, based on the lending growth criteria listed in the Agreement. After the tenth anniversary of the investment date, the dividend rate will be fixed based on the average annual amount of lending in years 2 through 10. Dividends will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Preferred Stock may be redeemed at the option of the Company on or after the fifth anniversary of issuance (or earlier in the event of loss of regulatory capital treatment), subject to the approval of the appropriate federal banking regulator and in accordance with the federal banking agencies’ regulatory capital regulations. The Preferred Stock is reported on the Consolidated Balance Sheets as Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
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. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy | The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Investments, Inc. ("SFINV") and Security Federal Insurance, Inc. (“SFINS”). SFINV was formed to hold investment securities and allow for better management of the securities portfolio. SFINS is an insurance agency offering auto, business, and home insurance. All significant intercompany transactions and balances have been eliminated in consolidation. The Company has a wholly owned subsidiary, Security Federal Statutory Trust (the “Trust”), which issued and sold fixed and floating rate capital securities of the Trust. However, under current accounting guidance, the Trust is not consolidated in the Company’s financial statements. The Bank is primarily engaged in the business of accepting savings and demand deposits and originating mortgage loans and other loans to individuals and small businesses for various personal and commercial purposes. |
Investments, Available for Sa_2
Investments, Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 AFS at the dates indicated were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 57,131,715 $ 6,090 $ 1,303,979 $ 55,833,826 Small Business Administration (“SBA”) Bonds 94,018,900 508,204 2,831,043 91,696,061 Tax Exempt Municipal Bonds 21,550,469 593,719 1,224,676 20,919,512 Taxable Municipal Bonds 64,729,848 — 11,794,778 52,935,070 Mortgage-Backed Securities ("MBS") 350,265,323 39,438 30,619,157 319,685,604 Total Available For Sale $ 587,696,255 $ 1,147,451 $ 47,773,633 $ 541,070,073 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 60,854,658 $ 11,647 $ 1,709,323 $ 59,156,982 SBA Bonds 102,292,600 584,290 3,246,923 99,629,967 Tax Exempt Municipal Bonds 22,536,806 405,341 1,631,819 21,310,328 Taxable Municipal Bonds 65,249,883 — 14,480,144 50,769,739 MBS 353,223,361 29,861 33,971,954 319,281,268 Total Available For Sale $ 604,157,308 $ 1,031,139 $ 55,040,163 $ 550,148,284 |
Schedule of Available For Sale Securities, Contractual Maturities | 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. March 31, 2023 Investments AFS: Amortized Cost Fair Value One Year or Less $ 17,789 $ 17,640 After One – Five Years 4,587,262 4,529,933 After Five – Ten Years 74,277,652 70,811,848 More Than Ten Years 158,548,229 146,025,048 MBS AFS 350,265,323 319,685,604 Total AFS $ 587,696,255 $ 541,070,073 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table shows the gross unrealized losses and estimated fair value of available sale securities for which an allowance for credit losses has not been recorded aggregated by category and length of time that securities have been in a continuous unrealized loss position at March 31, 2023. March 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 6,532,605 $ 96,105 $ 44,272,894 $ 1,207,874 $ 50,805,499 $ 1,303,979 SBA Bonds 3,627,220 18,733 44,567,268 2,812,310 48,194,488 2,831,043 Tax Exempt Municipal Bonds 519,710 9,017 12,819,506 1,215,659 13,339,216 1,224,676 Taxable Municipal Bonds — — 52,935,070 11,794,778 52,935,070 11,794,778 MBS 19,109,549 801,062 298,058,704 29,818,095 317,168,253 30,619,157 $ 29,789,084 $ 924,917 $ 452,653,442 $ 46,848,716 $ 482,442,526 $ 47,773,633 The following table shows the gross unrealized losses and estimated fair value of available sale securities aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2022. December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Student Loan Pools $ 24,768,260 $ 637,963 $ 30,684,124 $ 1,071,360 $ 55,452,384 $ 1,709,323 SBA Bonds 8,403,975 120,766 45,969,373 3,126,157 54,373,348 3,246,923 Tax Exempt Municipal Bonds 8,050,944 718,645 4,929,289 913,174 12,980,233 1,631,819 Taxable Municipal Bonds 14,427,796 3,196,761 36,341,943 11,283,383 50,769,739 14,480,144 MBS 146,016,464 11,132,554 170,578,059 22,839,400 316,594,523 33,971,954 $ 201,667,439 $ 15,806,689 $ 288,502,788 $ 39,233,474 $ 490,170,227 $ 55,040,163 |
Investment and Mortgage-Backed
Investment and Mortgage-Backed Securities, Held to Maturity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Held-to-Maturity | The Company’s investments HTM portfolio is recorded at amortized cost. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments HTM at the date indicated were as follows: March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,600,540 $ — $ 486,165 $ 34,114,375 FHLB Bond 1,000,000 — 4,852 995,148 Student Loan Pools 18,494,187 100,836 67,488 18,527,535 SBA Bonds 15,448,896 716,125 — 16,165,021 Taxable Municipal Bonds 954,460 — 42,860 911,600 MBS 109,680,425 47,045 4,588,424 105,139,046 Total Held To Maturity $ 180,178,508 $ 864,006 $ 5,189,789 $ 175,852,725 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,511,849 $ — $ 682,198 $ 33,829,651 FHLB Bond 1,000,000 — 1,360 998,640 Student Loan Pools 16,387,997 88,489 59,090 16,417,396 SBA Bonds 3,521,293 162,235 — 3,683,528 Taxable Municipal Bonds 951,864 — 60,134 891,730 MBS 111,064,613 29,194 5,451,179 105,642,628 Total HTM $ 167,437,616 $ 279,918 $ 6,253,961 $ 161,463,573 The following tables show gross unrealized losses, fair value, and length of time that individual investments HTM have been in a continuous unrealized loss position at the dates indicated. March 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized US Treasury Bonds $ 34,114,375 $ 486,165 $ — $ — $ 34,114,375 $ 486,165 FHLB Bond 995,148 4,852 — — 995,148 4,852 Student Loan Pools 4,790,881 67,488 — — 4,790,881 67,488 Taxable Municipal Bonds 911,600 42,860 — — 911,600 42,860 MBS 72,819,297 2,070,120 13,895,073 2,518,304 86,714,370 4,588,424 $ 113,631,301 $ 2,671,485 $ 13,895,073 $ 2,518,304 $ 127,526,374 $ 5,189,789 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized US Treasury Bonds $ 33,829,651 $ 682,198 $ — $ — $ 33,829,651 $ 682,198 FHLB Bond 998,640 1,360 — — 998,640 1,360 Student Loan Pools 6,520,050 59,090 — — 6,520,050 59,090 Taxable Municipal Bonds 891,730 60,134 — — 891,730 60,134 MBS 88,351,096 3,145,166 9,334,438 2,306,013 97,685,534 5,451,179 $ 130,591,167 $ 3,947,948 $ 9,334,438 $ 2,306,013 $ 139,925,605 $ 6,253,961 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans Receivable, Net [Abstract] (Deprecated 2019-01-31) | |
Financing Receivable, Nonaccrual [Table Text Block] | The following table shows non-accrual loans by category at the dates indicated. CECL Incurred Loss March 31, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual Loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 217,970 $ — $ 217,970 $ 114,630 Residential Real Estate 1,505,185 — 1,505,185 1,544,762 Commercial Real Estate 4,220,087 — 4,220,087 4,281,975 Commercial and Agricultural 101,142 — 101,142 112,652 Consumer HELOC 188,266 — 188,266 188,540 Other Consumer 35,549 — 35,549 28,671 Total Nonaccrual Loans $ 6,268,199 $ — $ 6,268,199 $ 6,271,230 The Company did not recognize any interest income on nonaccrual loans during the three months ended March 31, 2023. The following table represents the accrued interest receivables written off by reversing interest income during the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Construction Real Estate $ 2,882 Residential Real Estate 1,031 Commercial Real Estate — Commercial and Agricultural 1,103 Consumer HELOC — Other Consumer 143 Total Loans $ 5,159 Allowance for Credit Losses |
Impaired Financing Receivables [Table Text Block] | The following tables present information related to impaired loans by loan category at December 31, 2022 and for the three months ended March 31, 2022. December 31, 2022 Impaired Loans Recorded Unpaid Principal Balance Related Construction Real Estate $ 114,630 $ 114,630 $ — Residential Real Estate 1,089,308 1,626,308 — Commercial Real Estate 4,281,702 4,281,702 — Commercial and Agricultural 31,446 926,446 — Consumer HELOC 48,792 48,792 — Other Consumer — — — Total $ 5,565,878 $ 6,997,878 $ — Three Months Ended March 31, 2022 Impaired Loans Average Recorded Investment Interest Income Construction Real Estate $ 18,511 $ — Residential Real Estate 1,239,308 — Commercial Real Estate 1,038,300 — Commercial and Agricultural 31,446 — Consumer HELOC 96,578 — Other Consumer — — Total $ 2,424,143 $ — |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Loans receivable, net, consisted of the following as of the dates indicated below: March 31, 2023 December 31, 2022 Real Estate Loans: Construction $ 108,716,018 $ 112,793,694 Residential Mortgage 131,958,557 110,056,973 Commercial 255,314,563 252,154,475 Commercial and Agricultural Loans 34,864,923 30,647,975 Consumer Loans: Home Equity Lines of Credit (HELOC) 32,017,283 31,736,676 Other Consumer 24,185,686 23,598,110 Total Loans Held for Investment, Gross 587,057,030 560,987,903 Less: Allowance for Credit Losses 12,126,810 11,177,753 Deferred Loan Fees 740,511 806,238 12,867,321 11,983,991 Total Loans Receivable, Net $ 574,189,709 $ 549,003,912 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of March 31, 2023. Term Loans by Year of Origination Dollars in Thousands 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 3,095 $ 19,223 $ 9,564 $ 2,232 $ 760 $ 40,313 $ 4,999 $ 80,186 Caution 286 6,875 2,497 288 431 15,645 — 26,022 Special Mention — 30 39 — — 1,426 — 1,495 Substandard — — — 140 — 873 — 1,013 Total 3,381 26,128 12,100 2,660 1,191 58,257 4,999 108,716 Current period gross write-offs — — — — — — — — Real Estate - Mortgage Pass 6,970 24,756 11,602 15,090 4,297 27,695 10,441 100,851 Caution 2,754 8,559 5,016 1,609 1,606 5,501 8 25,053 Special Mention 1,338 159 914 362 — 250 — 3,023 Substandard — — 206 244 52 2,530 — 3,032 Total 11,062 33,474 17,738 17,305 5,955 35,976 10,449 131,959 Current period gross write-offs — — — — — — — — Real Estate - Commercial Pass 4,380 39,104 43,477 14,467 21,036 77,045 2,112 201,621 Caution 1,363 3,945 3,346 6,302 7,214 20,659 100 42,929 Special Mention — 844 464 792 243 3,426 — 5,769 Substandard — 72 61 — — 4,863 — 4,996 Total 5,743 43,965 47,348 21,561 28,493 105,993 2,212 255,315 Current period gross write-offs — — — — — — — — Commercial and Agricultural Pass 2,010 8,074 8,882 808 598 3,325 3,918 27,613 Caution 2,122 1,703 1,693 86 25 519 544 6,692 Special Mention 16 52 90 20 1 105 — 284 Substandard — 24 47 14 15 76 100 276 Total 4,148 9,853 10,712 928 639 4,025 4,562 34,865 Current period gross write-offs — — 16 — — — — 16 Home Equity Lines of Credit Pass — — — — — — 26,274 26,274 Caution — — — — — — 4,658 4,658 Special Mention — — — — — — 501 501 Substandard — — — — — — 584 584 Total — — — — — — 32,017 32,017 Current period gross write-offs — — — — — — — — Consumer loans Pass 2,190 5,626 2,623 1,221 357 335 4,576 16,928 Caution 1,080 2,957 1,355 764 332 89 269 6,846 Special Mention — 142 22 — — — 6 170 Substandard — 59 84 53 31 10 5 242 Total 3,270 8,784 4,084 2,038 720 434 4,856 24,186 Current period gross write-offs — 10 — — — — 25 35 Total Loans $ 27,604 $ 122,204 $ 91,982 $ 44,492 $ 36,998 $ 204,685 $ 59,095 $ 587,058 The table below summarizes the balance within each risk category by loan type, excluding loans held for sale, at December 31, 2022. December 31, 2022 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564,058 $ 18,837,894 $ 2,013,824 $ 377,918 $ 112,793,694 Residential Real Estate 84,028,037 22,372,649 887,874 2,768,413 110,056,973 Commercial Real Estate 196,063,300 47,821,422 3,270,916 4,998,837 252,154,475 Commercial and Agricultural 25,383,994 4,593,283 371,071 299,627 30,647,975 Consumer HELOC 25,693,252 5,018,419 401,550 623,455 31,736,676 Other Consumer 16,515,206 6,725,317 178,638 178,949 23,598,110 Total $ 439,247,847 $ 105,368,984 $ 7,123,873 $ 9,247,199 $ 560,987,903 |
Financing Receivable, Past Due [Table Text Block] | The tables below present an age analysis of past due balances by loan category at the dates indicated. March 31, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or Total Past Due Current Total Loans Receivable Construction Real Estate $ 2,848,456 $ 421,916 $ 205,057 $ 3,475,429 $ 105,240,589 $ 108,716,018 Residential Real Estate 1,076,722 103,930 266,093 1,446,745 130,511,812 131,958,557 Commercial Real Estate 649,004 95,678 349,906 1,094,588 254,219,975 255,314,563 Commercial and Agricultural 24,811 5,538 45,349 75,698 34,789,225 34,864,923 Consumer HELOC 285,415 47,683 76,325 409,423 31,607,860 32,017,283 Other Consumer 183,626 58,143 27,530 269,299 23,916,387 24,185,686 Total $ 5,068,034 $ 732,888 $ 970,260 $ 6,771,182 $ 580,285,848 $ 587,057,030 December 31, 2022 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 $ — $ — $ 100,472 $ 100,472 $ 112,693,222 $ 112,793,694 Residential Real Estate 1,557,114 — 471,430 2,028,544 108,028,429 110,056,973 Commercial Real Estate 2,670,997 89,342 354,406 3,114,745 249,039,730 252,154,475 Commercial and Agricultural 5,683 2,113 55,468 63,264 30,584,711 30,647,975 Consumer HELOC 199,414 — 74,159 273,573 31,463,103 31,736,676 Other Consumer 271,774 78,566 17,321 367,661 23,230,449 23,598,110 Total $ 4,704,982 $ 170,021 $ 1,073,256 $ 5,948,259 $ 555,039,644 $ 560,987,903 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The table below summarizes the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances at December 31, 2022: Allowance For Loan Losses Loans Receivable December 31, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323,397 $ 2,323,397 $ 114,630 $ 112,679,064 $ 112,793,694 Residential Real Estate — 2,124,835 2,124,835 1,089,308 108,967,665 110,056,973 Commercial Real Estate — 4,804,282 4,804,282 4,281,702 247,872,773 252,154,475 Commercial and Agricultural — 874,092 874,092 31,446 30,616,529 30,647,975 Consumer HELOC — 598,807 598,807 48,792 31,687,884 31,736,676 Other Consumer — 452,340 452,340 — 23,598,110 23,598,110 Total $ — $ 11,177,753 $ 11,177,753 $ 5,565,878 $ 555,422,025 $ 560,987,903 |
Accounts Receivable, Allowance for Credit Loss | The following table shows the activity in the allowance for credit losses by category for the three months ended March 31, 2023 under the CECL methodology: Three Months Ended March 31, 2023 Real Estate Consumer Construction Residential Commercial Commercial and Agricultural HELOC Other Total Beginning Balance $ 2,323,397 $ 2,124,835 $ 4,804,282 $ 874,092 $ 598,807 $ 452,340 $ 11,177,753 Adjustment to allowance for adoption of ASU 2016-13 263,737 461,879 (340,492) 112,452 107,548 179,070 784,194 Provision for credit losses (245,136) 477,263 (204,984) 154,789 (56,733) 39,801 165,000 Charge-Offs — — — (15,880) — (34,940) (50,820) Recoveries 3,960 8,400 5,016 5,300 21,904 6,103 50,683 Ending Balance $ 2,345,958 $ 3,072,377 $ 4,263,822 $ 1,130,753 $ 671,526 $ 642,374 $ 12,126,810 The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first mortgages, and in some cases could be secured by a second mortgage. • Home equity lines of credit are generally secured by second mortgages on residential real estate property. • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no underlying collateral. The following table details the amortized cost of collateral dependent loans: March 31, 2023 Construction Real Estate $ 217,970 Residential Real Estate 1,062,365 Commercial Real Estate 4,220,087 Commercial and Agricultural 31,446 Consumer HELOC 47,683 Total Loans $ 5,579,551 Prior to the adoption of ASC 326 on January 1, 2023, the Company calculated the allowance for loan losses under the Incurred Loss methodology. The following table shows the activity in the allowance for loan losses by category for the three months ended March 31, 2022: Three Months Ended March 31, 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 Provision for Loan Losses (73,215) (44,818) 81,527 (22,242) 35,182 23,566 — Charge-Offs — — — — — (31,871) (31,871) Recoveries 8,602 9,711 18,981 23,333 2,709 10,334 73,670 Ending Balance $ 2,336,583 $ 1,628,316 $ 4,932,948 $ 1,242,919 $ 555,403 $ 432,794 $ 11,128,963 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Deposits, by Type [Line Items] | |
Deposits outstanding by type | Deposits outstanding at the dates indicated are summarized below by account type as follows: Deposit Account Type March 31, 2023 December 31, 2022 Checking $ 474,947,532 $ 510,983,509 Money Market 348,562,043 348,833,623 Savings 102,392,660 108,237,098 Certificates of Deposit 182,771,274 142,031,066 Total $ 1,108,673,509 $ 1,110,085,296 |
Amounts and scheduled maturities of all certificates of deposit | The amounts and scheduled maturities of all certificates of deposit at the dates indicated were as follows: March 31, 2023 December 31, 2022 Within 1 Year $ 133,984,928 $ 97,163,169 After 1 Year, Within 2 Years 36,761,162 31,550,543 After 2 Years, Within 3 Years 6,189,086 6,465,582 After 3 Years, Within 4 Years 2,680,079 3,177,916 After 4 Years, Within 5 Years 3,156,019 3,673,856 Total Certificates of Deposit $ 182,771,274 $ 142,031,066 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Banking and Thrift [Abstract] (Deprecated 2020) | |
Regulatory capital amounts and ratios | Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio March 31, 2023 (Dollars in Thousands) Tier 1 Risk-Based Core Capital $ 142,406 17.9% $ 47,863 6.0% $ 63,817 8.0% Total Risk-Based Capital 152,417 19.1% 63,817 8.0% 79,772 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 142,406 17.9% 35,897 4.5% 51,852 6.5% Tier 1 Leverage (Core) Capital 142,406 10.4% 54,811 4.0% 68,513 5.0% December 31, 2022 Tier 1 Risk-Based Core Capital $ 141,452 17.8% $ 47,714 6.0% $ 63,619 8.0% Total Risk-Based Capital 151,408 19.0% 63,619 8.0% 79,523 10.0% Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8% 35,785 4.5% 51,690 6.5% Tier 1 Leverage (Core) Capital 141,452 10.4% 54,372 4.0% 67,965 5.0% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements, recurring basis | Assets measured at fair value on a recurring basis were as follows at the dates indicated: March 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 55,833,826 $ — $ — $ 59,156,982 $ — SBA Bonds — 91,696,061 — — 99,629,967 — Tax Exempt Municipal Bonds — 20,919,512 — — 21,310,328 — Taxable Municipal Bonds — 52,935,070 — — 50,769,739 — MBS — 319,685,604 — — 319,281,268 — Total $ — $ 541,070,073 $ — $ — $ 550,148,284 $ — |
Fair value measurements, nonrecurring basis | 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 the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall. March 31, 2023 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 240,841 $ — $ 240,841 Collateral Dependent Loans (1) — — 5,579,551 5,579,551 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 240,841 $ 6,795,865 $ 7,036,706 December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913,258 $ — $ 913,258 Collateral Dependent Loans (1) — — 5,565,878 5,565,878 Other Real Estate Owned — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 913,258 $ 6,782,192 $ 7,695,450 |
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 the dates indicated, the significant unobservable inputs used in the fair value measurements were as follows: Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs March 31, 2023 December 31, 2022 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Loans Appraised Value Discounts to appraised values 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 30% 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 the dates indicated presented in accordance with the applicable accounting guidance. March 31, 2023 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 24,719 $ 24,719 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investment Securities AFS 541,070 — 541,070 — Investment Securities HTM 180,179 — 175,853 — Loans Receivable, Net 574,190 — — 557,843 FHLB Stock 659 659 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 925,902 $ 925,902 $ — $ — Certificates of Deposits 182,771 — 179,810 — Borrowings from FRB 61,375 61,191 — — Other Borrowed Money 27,818 27,818 — — Subordinated Debentures 26,500 — 24,135 — Junior Subordinated Debentures 5,155 — 5,155 — December 31, 2022 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investment Securities AFS 550,148 — 550,148 — Investment Securities HTM 167,438 — 161,464 — Loans Receivable, Net 549,917 — — 528,174 FHLB Stock 651 651 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 968,054 $ 968,054 $ — $ — Certificates of Deposits 142,031 — 138,382 — Borrowings from FRB 44,080 44,071 — — Other Borrowed Money 27,588 27,588 — — Subordinated Debentures 26,500 — 24,435 — Junior Subordinated Debentures 5,155 — 5,155 — |
Non-interest Income (Tables)
Non-interest Income (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended March 31, 2023 2022 Non-interest income: Gain on Sale of Loans (1) $ 193,881 $ 713,893 Service Fees on Deposit Accounts 269,613 257,491 Commissions From Insurance Agency (1) 162,799 139,504 Trust Income 382,208 364,746 BOLI Income (1) 150,204 157,241 ATM and Check Card Fee Income 802,022 717,267 Other (1) 239,650 253,182 Total non-interest income $ 2,200,377 $ 2,603,324 (1) Not within the scope of ASC 606 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, to be Paid, Maturity | At March 31, 2023, m aturities of operating lease liabilities for future periods were as follows: Remainder of 2023 $ 389,688 2024 522,147 2025 474,815 2026 363,428 2027 149,301 Thereafter 10,371 Total undiscounted lease payments 1,909,750 Less: effect of discounting (116,161) Present value of estimated lease payments (lease liability) $ 1,793,589 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Available To Common Shareholders | ||
Income | $ 2,674,100 | $ 1,549,031 |
Earnings Per Common Share Dilut
Earnings Per Common Share Diluted EPS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Available to Common Stockholders, Basic | $ 2,674,100 | $ 1,549,031 |
Weighted Average Number of Shares Outstanding, Basic | 3,253,112 | 3,252,884 |
Earnings Per Share, Basic | $ 0.82 | $ 0.48 |
Investments, AFS (Schedule of A
Investments, AFS (Schedule of Available for Sale Securities) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 587,696,255 | $ 604,157,308 |
Gross Unrealized Gains | 1,147,451 | 1,031,139 |
Gross Unrealized Losses | 47,773,633 | 55,040,163 |
Fair Value | 541,070,073 | 550,148,284 |
Student Loan Pools | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 57,131,715 | 60,854,658 |
Gross Unrealized Gains | 6,090 | 11,647 |
Gross Unrealized Losses | 1,303,979 | 1,709,323 |
SBA Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 94,018,900 | 102,292,600 |
Gross Unrealized Gains | 508,204 | 584,290 |
Gross Unrealized Losses | 2,831,043 | 3,246,923 |
Tax Exempt Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 21,550,469 | 22,536,806 |
Gross Unrealized Gains | 593,719 | 405,341 |
Gross Unrealized Losses | 1,224,676 | 1,631,819 |
Taxable Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 64,729,848 | 65,249,883 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11,794,778 | 14,480,144 |
MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 350,265,323 | 353,223,361 |
Gross Unrealized Gains | 39,438 | 29,861 |
Gross Unrealized Losses | 30,619,157 | 33,971,954 |
Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 541,070,000 | 550,148,000 |
Fair Value, Recurring [Member] | Level 2 | Student Loan Pools | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 55,833,826 | 59,156,982 |
Fair Value, Recurring [Member] | Level 2 | SBA Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 91,696,061 | 99,629,967 |
Fair Value, Recurring [Member] | Level 2 | Tax Exempt Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 20,919,512 | 21,310,328 |
Fair Value, Recurring [Member] | Level 2 | Taxable Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 52,935,070 | 50,769,739 |
Fair Value, Recurring [Member] | Level 2 | MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 319,685,604 | $ 319,281,268 |
Investments, AFS (Schedule of C
Investments, AFS (Schedule of Contractual Maturities) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Amortized Cost | $ 17,789 | |
One – Five Years, Amortized Cost | 4,587,262 | |
Five – Ten Years, Amortized Cost | 74,277,652 | |
After Ten Years, Amortized Cost | 158,548,229 | |
Amortized Cost | 587,696,255 | $ 604,157,308 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Less Than One Year, Fair Value | 17,640 | |
One – Five Years, Fair Value | 4,529,933 | |
Five – Ten Years, Fair Value | 70,811,848 | |
After Ten Years, Fair Value | 146,025,048 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 541,070,073 | |
Fair Value | 541,070,073 | 550,148,284 |
MBS | ||
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Amortized Cost | $ 350,265,323 | $ 353,223,361 |
Investment and Mortgage-Backe_2
Investment and Mortgage-Backed Securities, Available for Sale (Schedule of Temporarily Impaired Securities, Fair Value and Unrealized losses) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 29,789,084 | $ 201,667,439 |
12 Months or More, Fair Value | 452,653,442 | 288,502,788 |
Total, Fair Value | 482,442,526 | 490,170,227 |
Less than 12 Months, Unrealized Losses | 924,917 | 15,806,689 |
12 Months or More, Unrealized Losses | 46,848,716 | 39,233,474 |
Total, Unrealized Losses | 47,773,633 | 55,040,163 |
Student Loan Pools | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 6,532,605 | 24,768,260 |
12 Months or More, Fair Value | 44,272,894 | 30,684,124 |
Total, Fair Value | 50,805,499 | 55,452,384 |
Less than 12 Months, Unrealized Losses | 96,105 | 637,963 |
12 Months or More, Unrealized Losses | 1,207,874 | 1,071,360 |
Total, Unrealized Losses | 1,303,979 | 1,709,323 |
SBA Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 3,627,220 | 8,403,975 |
12 Months or More, Fair Value | 44,567,268 | 45,969,373 |
Total, Fair Value | 48,194,488 | 54,373,348 |
Less than 12 Months, Unrealized Losses | 18,733 | 120,766 |
12 Months or More, Unrealized Losses | 2,812,310 | 3,126,157 |
Total, Unrealized Losses | 2,831,043 | 3,246,923 |
Tax Exempt Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 519,710 | 8,050,944 |
12 Months or More, Fair Value | 12,819,506 | 4,929,289 |
Total, Fair Value | 13,339,216 | 12,980,233 |
Less than 12 Months, Unrealized Losses | 9,017 | 718,645 |
12 Months or More, Unrealized Losses | 1,215,659 | 913,174 |
Total, Unrealized Losses | 1,224,676 | 1,631,819 |
Taxable Municipal Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 0 | 14,427,796 |
12 Months or More, Fair Value | 52,935,070 | 36,341,943 |
Total, Fair Value | 52,935,070 | 50,769,739 |
Less than 12 Months, Unrealized Losses | 0 | 3,196,761 |
12 Months or More, Unrealized Losses | 11,794,778 | 11,283,383 |
Total, Unrealized Losses | 11,794,778 | 14,480,144 |
MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 19,109,549 | 146,016,464 |
12 Months or More, Fair Value | 298,058,704 | 170,578,059 |
Total, Fair Value | 317,168,253 | 316,594,523 |
Less than 12 Months, Unrealized Losses | 801,062 | 11,132,554 |
12 Months or More, Unrealized Losses | 29,818,095 | 22,839,400 |
Total, Unrealized Losses | $ 30,619,157 | $ 33,971,954 |
Investment and Mortgage-Backe_3
Investment and Mortgage-Backed Securities, Available for Sale (Narrative) (Details) | Mar. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 587,696,255 | $ 604,157,308 |
Fair Value | $ 541,070,073 | $ 550,148,284 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | security | 411 | 416 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 339 | 211 |
Asset Pledged as Collateral | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 374,300,000 | $ 318,000,000 |
Fair Value | 348,300,000 | 297,000,000 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 61,300,000 | 60,100,000 |
Fair Value | $ 54,800,000 | $ 53,800,000 |
Investment, HTM (Schedule of in
Investment, HTM (Schedule of investment and mortgage-backed securities held to maturity) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 180,178,508 | $ 167,437,616 | |
Gross Unrealized Gains | 864,006 | $ 279,918 | |
Gross Unrealized Losses | 5,189,789 | $ 6,253,961 | |
Fair Value | 175,852,725 | 161,463,573 | |
US Treasury Bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 34,600,540 | 34,511,849 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 486,165 | 682,198 | |
Fair Value | 34,114,375 | 33,829,651 | |
FHLB Bond | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 1,000,000 | 1,000,000 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 4,852 | 1,360 | |
Fair Value | 995,148 | 998,640 | |
Student Loan Pools | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 18,494,187 | 16,387,997 | |
Gross Unrealized Gains | 100,836 | 88,489 | |
Gross Unrealized Losses | 67,488 | 59,090 | |
Fair Value | 18,527,535 | 16,417,396 | |
SBA Bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 15,448,896 | 3,521,293 | |
Gross Unrealized Gains | 716,125 | 162,235 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 16,165,021 | 3,683,528 | |
Taxable Municipal Bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 954,460 | 951,864 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 42,860 | 60,134 | |
Fair Value | 911,600 | 891,730 | |
MBS | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 109,680,425 | 111,064,613 | |
Gross Unrealized Gains | 47,045 | 29,194 | |
Gross Unrealized Losses | 4,588,424 | 5,451,179 | |
Fair Value | $ 105,139,046 | $ 105,642,628 |
Investments, HTM (Schedule of H
Investments, HTM (Schedule of Held-to-maturity Securities) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less than 12 Months | $ 113,631,301 | $ 130,591,167 |
12 Months or More | 13,895,073 | 9,334,438 |
Total | 127,526,374 | 139,925,605 |
Unrealized Losses | ||
Less than 12 Months | 2,671,485 | 3,947,948 |
12 Months or More | 2,518,304 | 2,306,013 |
Total | 5,189,789 | 6,253,961 |
US Treasury Bonds | ||
Fair Value | ||
Less than 12 Months | 34,114,375 | 33,829,651 |
12 Months or More | 0 | 0 |
Total | 34,114,375 | 33,829,651 |
Unrealized Losses | ||
Less than 12 Months | 486,165 | 682,198 |
12 Months or More | 0 | 0 |
Total | 486,165 | 682,198 |
FHLB Bond | ||
Fair Value | ||
Less than 12 Months | 995,148 | 998,640 |
12 Months or More | 0 | 0 |
Total | 995,148 | 998,640 |
Unrealized Losses | ||
Less than 12 Months | 4,852 | 1,360 |
12 Months or More | 0 | 0 |
Total | 4,852 | 1,360 |
Student Loan Pools | ||
Fair Value | ||
Less than 12 Months | 4,790,881 | 6,520,050 |
12 Months or More | 0 | 0 |
Total | 4,790,881 | 6,520,050 |
Unrealized Losses | ||
Less than 12 Months | 67,488 | 59,090 |
12 Months or More | 0 | 0 |
Total | 67,488 | 59,090 |
Taxable Municipal Bonds | ||
Fair Value | ||
Less than 12 Months | 911,600 | 891,730 |
12 Months or More | 0 | 0 |
Total | 911,600 | 891,730 |
Unrealized Losses | ||
Less than 12 Months | 42,860 | 60,134 |
12 Months or More | 0 | 0 |
Total | 42,860 | 60,134 |
MBS | ||
Fair Value | ||
Less than 12 Months | 72,819,297 | 88,351,096 |
12 Months or More | 13,895,073 | 9,334,438 |
Total | 86,714,370 | 97,685,534 |
Unrealized Losses | ||
Less than 12 Months | 2,070,120 | 3,145,166 |
12 Months or More | 2,518,304 | 2,306,013 |
Total | $ 4,588,424 | $ 5,451,179 |
Investment, HTM (Narrative) (De
Investment, HTM (Narrative) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 180,178,508 | $ 167,437,616 |
Fair Value | 175,852,725 | 161,463,573 |
Asset Pledged as Collateral | ||
Amortized Cost | 57,100,000 | 25,300,000 |
Fair Value | $ 55,000,000 | $ 24,500,000 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | $ 587,057,030 | $ 560,987,903 | |
Allowance for Credit Losses | 12,126,810 | 11,177,753 | |
Loans and Leases Receivable, Deferred Income | 740,511 | 806,238 | |
Loans Receivable, Allowance, Loans in Process, and Deferred Loan Fees | 12,867,321 | 11,983,991 | |
Loans and Leases Receivable, Net Amount | $ 549,003,912 | 574,189,709 | 549,003,912 |
Construction Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 108,716,018 | 112,793,694 | |
Home Equity Lines of Credit (HELOC) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 32,017,283 | 31,736,676 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 131,958,557 | 110,056,973 | |
Commercial Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 255,314,563 | 252,154,475 | |
Commercial and Agricultural | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 34,864,923 | 30,647,975 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 24,185,686 | 23,598,110 | |
Construction Real Estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 108,716,018 | 112,793,694 | |
Residential Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 131,958,557 | 110,056,973 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 255,314,563 | 252,154,475 | |
Commercial and Agricultural Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 34,864,923 | 30,647,975 | |
Home Equity Lines of Credit (HELOC) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 32,017,283 | 31,736,676 | |
Other Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | $ 24,185,686 | $ 23,598,110 |
Loans Receivable, Net (Financin
Loans Receivable, Net (Financing Receivable Credit Quality Indicators) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | $ 27,604,000 | |
2022 | 122,204,000 | |
2021 | 91,982,000 | |
2020 | 44,492,000 | |
2019 | 36,998,000 | |
Prior | 204,685,000 | |
Revolving | 59,095,000 | |
Total Loans Receivable | 587,057,030 | $ 560,987,903 |
Construction Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 3,381,000 | |
2022 | 26,128,000 | |
2021 | 12,100,000 | |
2020 | 2,660,000 | |
2019 | 1,191,000 | |
Prior | 58,257,000 | |
Revolving | 4,999,000 | |
Total Loans Receivable | 108,716,018 | 112,793,694 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | |
Residential Mortgage | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 11,062,000 | |
2022 | 33,474,000 | |
2021 | 17,738,000 | |
2020 | 17,305,000 | |
2019 | 5,955,000 | |
Prior | 35,976,000 | |
Revolving | 10,449,000 | |
Total Loans Receivable | 131,958,557 | 110,056,973 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | |
Commercial Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 5,743,000 | |
2022 | 43,965,000 | |
2021 | 47,348,000 | |
2020 | 21,561,000 | |
2019 | 28,493,000 | |
Prior | 105,993,000 | |
Revolving | 2,212,000 | |
Total Loans Receivable | 255,314,563 | 252,154,475 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | |
Commercial and Agricultural | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 4,148,000 | |
2022 | 9,853,000 | |
2021 | 10,712,000 | |
2020 | 928,000 | |
2019 | 639,000 | |
Prior | 4,025,000 | |
Revolving | 4,562,000 | |
Total Loans Receivable | 34,864,923 | 30,647,975 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 16,000 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 16,000 | |
Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 32,017,000 | |
Total Loans Receivable | 32,017,283 | 31,736,676 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total | 0 | |
Other Consumer | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 3,270,000 | |
2022 | 8,784,000 | |
2021 | 4,084,000 | |
2020 | 2,038,000 | |
2019 | 720,000 | |
Prior | 434,000 | |
Revolving | 4,856,000 | |
Total Loans Receivable | 24,185,686 | 23,598,110 |
Current period gross write-offs | ||
2023 | 0 | |
2022 | 10,000 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 25,000 | |
Total | 35,000 | |
Pass | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Loans Receivable | 439,247,847 | |
Pass | Construction Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 3,095,000 | |
2022 | 19,223,000 | |
2021 | 9,564,000 | |
2020 | 2,232,000 | |
2019 | 760,000 | |
Prior | 40,313,000 | |
Revolving | 4,999,000 | |
Total Loans Receivable | 80,186,000 | 91,564,058 |
Pass | Residential Mortgage | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 6,970,000 | |
2022 | 24,756,000 | |
2021 | 11,602,000 | |
2020 | 15,090,000 | |
2019 | 4,297,000 | |
Prior | 27,695,000 | |
Revolving | 10,441,000 | |
Total Loans Receivable | 100,851,000 | 84,028,037 |
Pass | Commercial Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 4,380,000 | |
2022 | 39,104,000 | |
2021 | 43,477,000 | |
2020 | 14,467,000 | |
2019 | 21,036,000 | |
Prior | 77,045,000 | |
Revolving | 2,112,000 | |
Total Loans Receivable | 201,621,000 | 196,063,300 |
Pass | Commercial and Agricultural | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 2,010,000 | |
2022 | 8,074,000 | |
2021 | 8,882,000 | |
2020 | 808,000 | |
2019 | 598,000 | |
Prior | 3,325,000 | |
Revolving | 3,918,000 | |
Total Loans Receivable | 27,613,000 | 25,383,994 |
Pass | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 26,274,000 | |
Total Loans Receivable | 26,274,000 | 25,693,252 |
Pass | Other Consumer | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 2,190,000 | |
2022 | 5,626,000 | |
2021 | 2,623,000 | |
2020 | 1,221,000 | |
2019 | 357,000 | |
Prior | 335,000 | |
Revolving | 4,576,000 | |
Total Loans Receivable | 16,928,000 | 16,515,206 |
Caution | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Loans Receivable | 105,368,984 | |
Caution | Construction Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 286,000 | |
2022 | 6,875,000 | |
2021 | 2,497,000 | |
2020 | 288,000 | |
2019 | 431,000 | |
Prior | 15,645,000 | |
Revolving | 0 | |
Total Loans Receivable | 26,022,000 | 18,837,894 |
Caution | Residential Mortgage | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 2,754,000 | |
2022 | 8,559,000 | |
2021 | 5,016,000 | |
2020 | 1,609,000 | |
2019 | 1,606,000 | |
Prior | 5,501,000 | |
Revolving | 8,000 | |
Total Loans Receivable | 25,053,000 | 22,372,649 |
Caution | Commercial Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 1,363,000 | |
2022 | 3,945,000 | |
2021 | 3,346,000 | |
2020 | 6,302,000 | |
2019 | 7,214,000 | |
Prior | 20,659,000 | |
Revolving | 100,000 | |
Total Loans Receivable | 42,929,000 | 47,821,422 |
Caution | Commercial and Agricultural | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 2,122,000 | |
2022 | 1,703,000 | |
2021 | 1,693,000 | |
2020 | 86,000 | |
2019 | 25,000 | |
Prior | 519,000 | |
Revolving | 544,000 | |
Total Loans Receivable | 6,692,000 | 4,593,283 |
Caution | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 4,658,000 | |
Total Loans Receivable | 4,658,000 | 5,018,419 |
Caution | Other Consumer | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 1,080,000 | |
2022 | 2,957,000 | |
2021 | 1,355,000 | |
2020 | 764,000 | |
2019 | 332,000 | |
Prior | 89,000 | |
Revolving | 269,000 | |
Total Loans Receivable | 6,846,000 | 6,725,317 |
Special Mention | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Loans Receivable | 7,123,873 | |
Special Mention | Construction Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 30,000 | |
2021 | 39,000 | |
2020 | 0 | |
2019 | 0 | |
Prior | 1,426,000 | |
Revolving | 0 | |
Total Loans Receivable | 1,495,000 | 2,013,824 |
Special Mention | Residential Mortgage | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 1,338,000 | |
2022 | 159,000 | |
2021 | 914,000 | |
2020 | 362,000 | |
2019 | 0 | |
Prior | 250,000 | |
Revolving | 0 | |
Total Loans Receivable | 3,023,000 | 887,874 |
Special Mention | Commercial Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 844,000 | |
2021 | 464,000 | |
2020 | 792,000 | |
2019 | 243,000 | |
Prior | 3,426,000 | |
Revolving | 0 | |
Total Loans Receivable | 5,769,000 | 3,270,916 |
Special Mention | Commercial and Agricultural | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 16,000 | |
2022 | 52,000 | |
2021 | 90,000 | |
2020 | 20,000 | |
2019 | 1,000 | |
Prior | 105,000 | |
Revolving | 0 | |
Total Loans Receivable | 284,000 | 371,071 |
Special Mention | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 501,000 | |
Total Loans Receivable | 501,000 | 401,550 |
Special Mention | Other Consumer | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 142,000 | |
2021 | 22,000 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 6,000 | |
Total Loans Receivable | 170,000 | 178,638 |
Substandard | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
Total Loans Receivable | 9,247,199 | |
Substandard | Construction Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 140,000 | |
2019 | 0 | |
Prior | 873,000 | |
Revolving | 0 | |
Total Loans Receivable | 1,013,000 | 377,918 |
Substandard | Residential Mortgage | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 206,000 | |
2020 | 244,000 | |
2019 | 52,000 | |
Prior | 2,530,000 | |
Revolving | 0 | |
Total Loans Receivable | 3,032,000 | 2,768,413 |
Substandard | Commercial Real Estate | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 72,000 | |
2021 | 61,000 | |
2020 | 0 | |
2019 | 0 | |
Prior | 4,863,000 | |
Revolving | 0 | |
Total Loans Receivable | 4,996,000 | 4,998,837 |
Substandard | Commercial and Agricultural | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 24,000 | |
2021 | 47,000 | |
2020 | 14,000 | |
2019 | 15,000 | |
Prior | 76,000 | |
Revolving | 100,000 | |
Total Loans Receivable | 276,000 | 299,627 |
Substandard | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Prior | 0 | |
Revolving | 584,000 | |
Total Loans Receivable | 584,000 | 623,455 |
Substandard | Other Consumer | ||
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract] | ||
2023 | 0 | |
2022 | 59,000 | |
2021 | 84,000 | |
2020 | 53,000 | |
2019 | 31,000 | |
Prior | 10,000 | |
Revolving | 5,000 | |
Total Loans Receivable | $ 242,000 | $ 178,949 |
Loans Receivable, Net (Past Due
Loans Receivable, Net (Past Due Financing Receivables) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 6,771,182 | $ 5,948,259 |
Current | 580,285,848 | 555,039,644 |
Total Loans Receivable | 587,057,030 | 560,987,903 |
Construction Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 3,475,429 | 100,472 |
Current | 105,240,589 | 112,693,222 |
Total Loans Receivable | 108,716,018 | 112,793,694 |
Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,446,745 | 2,028,544 |
Current | 130,511,812 | 108,028,429 |
Total Loans Receivable | 131,958,557 | 110,056,973 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,094,588 | 3,114,745 |
Current | 254,219,975 | 249,039,730 |
Total Loans Receivable | 255,314,563 | 252,154,475 |
Commercial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 75,698 | 63,264 |
Current | 34,789,225 | 30,584,711 |
Total Loans Receivable | 34,864,923 | 30,647,975 |
Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 409,423 | 273,573 |
Current | 31,607,860 | 31,463,103 |
Total Loans Receivable | 32,017,283 | 31,736,676 |
Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 269,299 | 367,661 |
Current | 23,916,387 | 23,230,449 |
Total Loans Receivable | 24,185,686 | 23,598,110 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,068,034 | 4,704,982 |
30-59 Days Past Due | Construction Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 2,848,456 | 0 |
30-59 Days Past Due | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 1,076,722 | 1,557,114 |
30-59 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 649,004 | 2,670,997 |
30-59 Days Past Due | Commercial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 24,811 | 5,683 |
30-59 Days Past Due | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 285,415 | 199,414 |
30-59 Days Past Due | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 183,626 | 271,774 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 732,888 | 170,021 |
60-89 Days Past Due | Construction Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 421,916 | 0 |
60-89 Days Past Due | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 103,930 | 0 |
60-89 Days Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 95,678 | 89,342 |
60-89 Days Past Due | Commercial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 5,538 | 2,113 |
60-89 Days Past Due | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 47,683 | 0 |
60-89 Days Past Due | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 58,143 | 78,566 |
90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 970,260 | 1,073,256 |
90 Days or More Past Due | Construction Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 205,057 | 100,472 |
90 Days or More Past Due | Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 266,093 | 471,430 |
90 Days or More Past Due | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 349,906 | 354,406 |
90 Days or More Past Due | Commercial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 45,349 | 55,468 |
90 Days or More Past Due | Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | 76,325 | 74,159 |
90 Days or More Past Due | Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due | $ 27,530 | $ 17,321 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Nonperforming Loans, Accrual Status, Minimum Consecutive Payments | 90 |
Days Past Due to Be Considered In Default | 30 |
Impaired Financing Receivable, Recorded Investment | $ 5,565,878 |
Loans Receivable, Net (Schedu_2
Loans Receivable, Net (Schedule of non-accrual loans by category) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | $ 6,268,199 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 6,268,199 | $ 6,271,230 |
Construction Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 217,970 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 217,970 | 114,630 |
Residential Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 1,505,185 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 1,505,185 | 1,544,762 |
Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 4,220,087 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 4,220,087 | 4,281,975 |
Commercial and Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 101,142 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 101,142 | 112,652 |
Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 188,266 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | 188,266 | 188,540 |
Other Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual Loans with No Allowance | 35,549 | |
Nonaccrual Loans with an Allowance | 0 | |
Total Nonaccrual Loans | $ 35,549 | $ 28,671 |
Loans Receivable, Net (Accrued
Loans Receivable, Net (Accrued Interest Write Off) (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | $ 5,159 |
Construction Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | 2,882 |
Residential Mortgage | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | 1,031 |
Commercial Real Estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | 0 |
Commercial and Agricultural | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | 1,103 |
Home Equity Lines of Credit (HELOC) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | 0 |
Other Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing Receivable, Accrued Interest, Writeoff | $ 143 |
Loans Receivable, Net (Schedu_3
Loans Receivable, Net (Schedule of Allowance for Loan Losses) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 11,177,753 | $ 11,087,164 | |
Provision for credit losses | 165,000 | 0 | |
Charge-Offs | (50,820) | (31,871) | |
Recoveries | 50,683 | 73,670 | |
Ending Balance | 12,126,810 | 11,128,963 | |
Collateral, Amortized Cost | 5,579,551 | ||
Financing Receivable, Allowance for Credit Loss | $ 11,177,753 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,177,753 | ||
Financing Receivable, Individually Evaluated for Impairment | 5,565,878 | ||
Financing Receivable, Collectively Evaluated for Impairment | 555,422,025 | ||
Total Loans Receivable | 587,057,030 | 560,987,903 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 784,194 | ||
Construction Real Estate | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Collateral, Amortized Cost | 217,970 | ||
Financing Receivable, Allowance for Credit Loss | 2,323,397 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,323,397 | ||
Financing Receivable, Individually Evaluated for Impairment | 114,630 | ||
Financing Receivable, Collectively Evaluated for Impairment | 112,679,064 | ||
Total Loans Receivable | 108,716,018 | 112,793,694 | |
Residential Mortgage | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Collateral, Amortized Cost | 1,062,365 | ||
Financing Receivable, Allowance for Credit Loss | 2,124,835 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,124,835 | ||
Financing Receivable, Individually Evaluated for Impairment | 1,089,308 | ||
Financing Receivable, Collectively Evaluated for Impairment | 108,967,665 | ||
Total Loans Receivable | 131,958,557 | 110,056,973 | |
Commercial Real Estate | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Collateral, Amortized Cost | 4,220,087 | ||
Financing Receivable, Allowance for Credit Loss | 4,804,282 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,804,282 | ||
Financing Receivable, Individually Evaluated for Impairment | 4,281,702 | ||
Financing Receivable, Collectively Evaluated for Impairment | 247,872,773 | ||
Total Loans Receivable | 255,314,563 | 252,154,475 | |
Commercial and Agricultural | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Collateral, Amortized Cost | 31,446 | ||
Financing Receivable, Allowance for Credit Loss | 874,092 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 874,092 | ||
Financing Receivable, Individually Evaluated for Impairment | 31,446 | ||
Financing Receivable, Collectively Evaluated for Impairment | 30,616,529 | ||
Total Loans Receivable | 34,864,923 | 30,647,975 | |
Home Equity Lines of Credit (HELOC) | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Collateral, Amortized Cost | 47,683 | ||
Financing Receivable, Allowance for Credit Loss | 598,807 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 598,807 | ||
Financing Receivable, Individually Evaluated for Impairment | 48,792 | ||
Financing Receivable, Collectively Evaluated for Impairment | 31,687,884 | ||
Total Loans Receivable | 32,017,283 | 31,736,676 | |
Other Consumer | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | 452,340 | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 452,340 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 23,598,110 | ||
Total Loans Receivable | 24,185,686 | 23,598,110 | |
Construction Real Estate | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,323,397 | 2,401,196 | |
Provision for credit losses | (245,136) | (73,215) | |
Charge-Offs | 0 | 0 | |
Recoveries | 3,960 | 8,602 | |
Ending Balance | 2,345,958 | 2,336,583 | |
Total Loans Receivable | 108,716,018 | 112,793,694 | |
Construction Real Estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 263,737 | ||
Residential Mortgage | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,124,835 | 1,663,423 | |
Provision for credit losses | 477,263 | (44,818) | |
Charge-Offs | 0 | 0 | |
Recoveries | 8,400 | 9,711 | |
Ending Balance | 3,072,377 | 1,628,316 | |
Total Loans Receivable | 131,958,557 | 110,056,973 | |
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 461,879 | ||
Commercial Real Estate | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,804,282 | 4,832,440 | |
Provision for credit losses | (204,984) | 81,527 | |
Charge-Offs | 0 | 0 | |
Recoveries | 5,016 | 18,981 | |
Ending Balance | 4,263,822 | 4,932,948 | |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | (340,492) | ||
Commercial and Agricultural | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 874,092 | 1,241,828 | |
Provision for credit losses | 154,789 | (22,242) | |
Charge-Offs | (15,880) | 0 | |
Recoveries | 5,300 | 23,333 | |
Ending Balance | 1,130,753 | 1,242,919 | |
Commercial and Agricultural | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 112,452 | ||
Home Equity Lines of Credit (HELOC) | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 598,807 | 517,512 | |
Provision for credit losses | (56,733) | 35,182 | |
Charge-Offs | 0 | 0 | |
Recoveries | 21,904 | 2,709 | |
Ending Balance | 671,526 | 555,403 | |
Total Loans Receivable | 32,017,283 | 31,736,676 | |
Home Equity Lines of Credit (HELOC) | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 107,548 | ||
Other Consumer | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 452,340 | 430,765 | |
Provision for credit losses | 39,801 | 23,566 | |
Charge-Offs | (34,940) | (31,871) | |
Recoveries | 6,103 | 10,334 | |
Ending Balance | 642,374 | $ 432,794 | |
Total Loans Receivable | 24,185,686 | $ 23,598,110 | |
Other Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 179,070 |
Loans Receivable, Net (Schedu_4
Loans Receivable, Net (Schedule of loans evaluated individually for impairment and collectively evaluated for impairment in loans receivable) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,177,753 | |
Financing Receivable, Allowance for Credit Loss | 11,177,753 | |
Financing Receivable, Individually Evaluated for Impairment | 5,565,878 | |
Financing Receivable, Collectively Evaluated for Impairment | 555,422,025 | |
Total Loans Receivable | $ 587,057,030 | 560,987,903 |
Construction Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,323,397 | |
Financing Receivable, Allowance for Credit Loss | 2,323,397 | |
Financing Receivable, Individually Evaluated for Impairment | 114,630 | |
Financing Receivable, Collectively Evaluated for Impairment | 112,679,064 | |
Total Loans Receivable | 108,716,018 | 112,793,694 |
Residential Mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,124,835 | |
Financing Receivable, Allowance for Credit Loss | 2,124,835 | |
Financing Receivable, Individually Evaluated for Impairment | 1,089,308 | |
Financing Receivable, Collectively Evaluated for Impairment | 108,967,665 | |
Total Loans Receivable | 131,958,557 | 110,056,973 |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,804,282 | |
Financing Receivable, Allowance for Credit Loss | 4,804,282 | |
Financing Receivable, Individually Evaluated for Impairment | 4,281,702 | |
Financing Receivable, Collectively Evaluated for Impairment | 247,872,773 | |
Total Loans Receivable | 255,314,563 | 252,154,475 |
Commercial and Agricultural | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 874,092 | |
Financing Receivable, Allowance for Credit Loss | 874,092 | |
Financing Receivable, Individually Evaluated for Impairment | 31,446 | |
Financing Receivable, Collectively Evaluated for Impairment | 30,616,529 | |
Total Loans Receivable | 34,864,923 | 30,647,975 |
Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 598,807 | |
Financing Receivable, Allowance for Credit Loss | 598,807 | |
Financing Receivable, Individually Evaluated for Impairment | 48,792 | |
Financing Receivable, Collectively Evaluated for Impairment | 31,687,884 | |
Total Loans Receivable | 32,017,283 | 31,736,676 |
Other Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 452,340 | |
Financing Receivable, Allowance for Credit Loss | 452,340 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | |
Financing Receivable, Collectively Evaluated for Impairment | 23,598,110 | |
Total Loans Receivable | $ 24,185,686 | $ 23,598,110 |
Loans Receivable, Net (Impaired
Loans Receivable, Net (Impaired Financing Receivables) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | $ 5,565,878 | |
Impaired Financing Receivable, Unpaid Principal Balance | 6,997,878 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 2,424,143 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Construction Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | $ 114,630 | |
Impaired Financing Receivable, Unpaid Principal Balance | 114,630 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 18,511 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Residential Mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | 1,089,308 | |
Impaired Financing Receivable, Unpaid Principal Balance | 1,626,308 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 1,239,308 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Commercial and Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | 31,446 | |
Impaired Financing Receivable, Unpaid Principal Balance | 926,446 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 31,446 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | 4,281,702 | |
Impaired Financing Receivable, Unpaid Principal Balance | 4,281,702 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 1,038,300 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Home Equity Lines of Credit (HELOC) | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | 48,792 | |
Impaired Financing Receivable, Unpaid Principal Balance | 48,792 | |
Impaired financing receivable, related allowance | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 96,578 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | |
Other Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired financing receivable, recorded investment | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | |
Impaired financing receivable, related allowance | $ 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 |
Deposits (Deposits outstanding
Deposits (Deposits outstanding by type) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Deposits, by Type [Abstract] | ||
Checking | $ 474,947,532 | $ 510,983,509 |
Money Market | 348,562,043 | 348,833,623 |
Savings | 102,392,660 | 108,237,098 |
Certificates of Deposit | 182,771,274 | 142,031,066 |
Deposits, Total | $ 1,108,673,509 | $ 1,110,085,296 |
Deposits (Amounts and scheduled
Deposits (Amounts and scheduled maturities of all certificates of deposit) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
Within 1 Year | $ 133,984,928 | $ 97,163,169 |
After 1 Year, Within 2 Years | 36,761,162 | 31,550,543 |
After 2 Years, Within 3 Years | 6,189,086 | 6,465,582 |
After 3 Years, Within 4 Years | 2,680,079 | 3,177,916 |
After 4 Years, Within 5 Years | 3,156,019 | 3,673,856 |
Time Deposits | $ 182,771,274 | $ 142,031,066 |
Deposits (Details)
Deposits (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Deposit Liability [Line Items] | ||
Noninterest-Bearing Domestic Deposit, Brokered | $ 5,000,000 | |
Interest-bearing Domestic Deposit, Brokered | 6,000,000 | $ 6,000,000 |
Overdrafts reclassified to loans | 68,000 | 98,000 |
Time deposits, $250,000 or more | $ 49,100,000 | $ 30,300,000 |
Debt (Details)
Debt (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Borrowings from Federal Reserve Bank ("FRB") | $ 61,375,000 | $ 44,080,000 |
Regulatory Matters (Regulatory
Regulatory Matters (Regulatory capital amounts and ratios) (Details) - Security Federal Bank [Member] | Mar. 31, 2023 | Dec. 31, 2022 |
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 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Fair value measurements, recurring basis) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | $ 541,070,073 | $ 550,148,284 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 541,070,000 | 550,148,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 541,070,073 | 550,148,284 |
Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Student Loan Pools | Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Student Loan Pools | Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 55,833,826 | 59,156,982 |
Student Loan Pools | Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
SBA Bonds | Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
SBA Bonds | Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 91,696,061 | 99,629,967 |
SBA Bonds | Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Tax Exempt Municipal Bonds | Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Tax Exempt Municipal Bonds | Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 20,919,512 | 21,310,328 |
Tax Exempt Municipal Bonds | Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Taxable Municipal Bonds | Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
Taxable Municipal Bonds | Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 52,935,070 | 50,769,739 |
Taxable Municipal Bonds | Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
MBS | Fair Value, Recurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 0 | 0 |
MBS | Fair Value, Recurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | 319,685,604 | 319,281,268 |
MBS | Fair Value, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available For Sale ("AFS") | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Fair value measurements, nonrecurring basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 7,036,706 | $ 7,695,450 | |
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 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 240,841 | 913,258 | |
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 | 6,795,865 | 6,782,192 | |
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 | 240,841 | 913,258 | |
Mortgage Loans Held For Sale | 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 | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 240,841 | 913,258 | |
Mortgage Loans Held For Sale | 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 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,579,551 | 5,565,878 | [1] |
Collateral Dependent Impaired Loans | 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 | Level 2 | |||
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 | 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 | 5,579,551 | 5,565,878 | |
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 | 119,700 | |
Foreclosed Assets | 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 | Level 2 | |||
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 | 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 | 119,700 | ||
Land 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 | 1,096,614 | 1,096,614 | |
Land Held For Sale | 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 | |
Land Held For Sale | Level 2 | |||
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 | |
Land Held For Sale | 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 | $ 1,096,614 | ||
[1]Reported net of specific reserves. There were no specific reserves at March 31, 2023 and December 31, 2022. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Significant unobservable inputs used in the fair value measurements) (Details) - Fair Value, Measurements, Nonrecurring | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | |
Land Held For Sale | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs | Discounts to appraised values for estimated holding or selling costs | |||
Significant Unobservable Inputs, Percentage Range | 1,000% | 10% | ||
Impaired Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs | Discounts to appraised values 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 | 30% | 30% | ||
Maximum | Impaired Loans [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Significant Unobservable Inputs, Percentage Range | 13% | 13% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Summary of the carrying value and estimated fair value of financial instruments) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Cash and Cash Equivalents | $ 24,719,000 | $ 28,502,000 |
Certificates of Deposits with Other Banks | 1,100,000 | 1,100,000 |
Available For Sale ("AFS") | 541,070,073 | 550,148,284 |
Investment Securities HTM | 180,179,000 | 167,438,000 |
Loans Receivable, Net | 574,190,000 | 549,917,000 |
FHLB Stock | 659,000 | 651,000 |
Land, Held For Sale, Fair Value Disclosure | 1,097,000 | 1,097,000 |
Financial Liabilities: | ||
Checking, Savings & Money Market Accounts | 925,902,000 | 968,054,000 |
Certificate Accounts | 182,771,000 | 142,031,000 |
Other Borrowed Money | 27,818,000 | 27,588,000 |
Advances from FHLB | 61,375,000 | 44,080,000 |
Senior Convertible Debentures | 26,500,000 | 26,500,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Level 1 | ||
Financial Assets: | ||
Cash and Cash Equivalents | 24,719,000 | 28,502,000 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Investment Securities HTM | 0 | 0 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 659,000 | 651,000 |
Land, Held For Sale, Fair Value Disclosure | 0 | 0 |
Financial Liabilities: | ||
Checking, Savings & Money Market Accounts | 925,902,000 | 968,054,000 |
Certificate Accounts | 0 | 0 |
Other Borrowed Money | 27,818,000 | 27,588,000 |
Advances from FHLB | 61,191,000 | 44,071,000 |
Senior Convertible Debentures | 0 | 0 |
Junior Subordinated Debentures | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 1,100,000 | 1,100,000 |
Available For Sale ("AFS") | 541,070,000 | 550,148,000 |
Investment Securities HTM | 175,853,000 | 161,464,000 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 0 | 0 |
Land, Held For Sale, Fair Value Disclosure | 0 | 0 |
Financial Liabilities: | ||
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificate Accounts | 179,810,000 | 138,382,000 |
Other Borrowed Money | 0 | 0 |
Advances from FHLB | 0 | 0 |
Senior Convertible Debentures | 24,135,000 | 24,435,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Level 3 | ||
Financial Assets: | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Investment Securities HTM | 0 | 0 |
Loans Receivable, Net | 557,843,000 | 528,174,000 |
FHLB Stock | 0 | 0 |
Land, Held For Sale, Fair Value Disclosure | 1,097,000 | 1,097,000 |
Financial Liabilities: | ||
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificate Accounts | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Advances from FHLB | 0 | 0 |
Senior Convertible Debentures | 0 | 0 |
Junior Subordinated Debentures | $ 0 | $ 0 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Fair Value Disclosures [Abstract] | |
Liabilities, Fair Value Disclosure, Recurring | $ 0 |
Investor funding period | 30 days |
Non-interest Income (Details)
Non-interest Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | ||
Service Fees on Deposit Accounts | $ 269,613 | $ 257,491 |
ATM and Check Card Fee Income | 802,022 | 717,267 |
Trust Income | 382,208 | 364,746 |
Commissions From Insurance Agency | 162,799 | 139,504 |
Gain on Sale of Loans | 193,881 | 713,893 |
BOLI Income | 150,204 | 157,241 |
Other | 239,650 | 253,182 |
Noninterest Income | $ 2,200,377 | $ 2,603,324 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 389,688 | |
2024 | 522,147 | |
2025 | 474,815 | |
2026 | 363,428 | |
2027 | 149,301 | |
Thereafter | 10,371 | |
Total undiscounted lease payments | 1,909,750 | |
Less: effect of discounting | (116,161) | |
Operating Lease, Liability | $ 1,793,589 | $ 1,904,285 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating Lease, Payments | $ 128,000 | |
Lease, Cost | 128,000 | |
Operating Lease, Right-of-Use Asset | 1,747,944 | $ 1,860,997 |
Operating Lease, Liability | 1,793,589 | $ 1,904,285 |
Increase (Decrease) in Operating Lease Liability | $ 111,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 10 months 9 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% |