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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
 12 Months Ended
Dec. 31, 2020
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $676,155 at December 31, 2020, and $155,697 at December 31, 2019) are shown in the table below. 

 

    December 31,
2020		     December 31,
2019		  
Commercial   $ 51,041,397     $ 52,848,455  
Commercial real estate:                
Construction     14,813,726       12,491,078  
Other     146,187,886       143,821,990  
Consumer:                
Real estate     71,836,041       59,533,045  
Other     4,480,491       5,377,992  
Paycheck protection program     32,443,132       -  
      320,802,673       274,072,560  
Allowance for loan losses     (4,185,694 )     (4,003,758 )
Loans, net   $ 316,616,979     $ 270,068,802
Schedule of credit risks by category and internally assigned grades

The following tables illustrate credit risks by category and internally assigned grades at December 31, 2020 and 2019. “Pass” includes loans internally graded as excellent, good and satisfactory.

 

      December 31, 2020  
      Commercial     Commerical
Real Estate Construction		     Commercial
Real Estate
Other		     Consumer
Real Estate		     Consumer
Other		     Paycheck Protection Program   Total  
Pass     $ 44,903,134     $ 14,349,065     $ 125,111,378     $ 70,454,909     $ 4,171,858     $ 32,443,132   $ 291,433,476  
Watch       3,415,408       464,661       15,200,992       467,163       219,954       —     19,768,178  
OAEM       1,039,647       —       1,784,296       623,226       46,783       —     3,493,952  
Substandard       1,683,208       —       4,091,220       290,743       41,896       —     6,107,067  
Doubtful       —       —       —       —       —       —     —  
Loss       —       —       —       —       —       —     —  
  Total     $ 51,041,397     $ 14,813,726     $ 146,187,886     $ 71,836,041     $ 4,480,491     $ 32,443,132   $ 320,802,673  
 

 

December 31, 2019

    Commercial   Commercial
Real Estate
Construction		   Commercial
Real Estate
Other		   Consumer
Real Estate		   Consumer
Other		   Paycheck
Protection
Program		   Total
Pass     $ 48,098,936     $ 12,005,834     $ 137,641,011     $ 56,034,247     $ 4,966,615     $ —       $ 258,746,643  
Watch       2,303,568       485,244       3,758,220       2,096,445       315,375       —         8,958,852  
OAEM       460,551       —         649,039       522,600       44,232       —         1,676,422  
Substandard       1,985,400       —         1,773,720       879,753       51,770       —         4,690,643  
Doubtful       —         —         —         —         —         —         —    
Loss       —         —         —         —         —         —         —    
  Total     $ 52,848,455     $ 12,491,078     $ 143,821,990     $ 59,533,045     $ 5,377,992     $ —       $ 274,072,560
Schedule of aging analysis of the recorded investment in loans segregated by class

The following tables include an aging analysis of the recorded investment in loans segregated by class.

 

      December 31, 2020
    30-59 Days Past Due     60-89 Days Past Due     Greater than 90 Days     Total Past Due     Current     Total Loans Receivable     Recorded Investment ≥
90 Days and Accruing		  
Commercial   $ 144,999     $ 27,855     $ —     $ 172,854     $ 50,868,543     $ 51,041,397     $ —  
Commercial Real Estate Construction     —       —       —       —       14,813,726       14,813,726       —  
Commercial Real Estate Other     61,597       —       923,828       985,425       145,202,461       146,187,886       —  
Consumer Real Estate     —       —       40,893       40,893       71,795,148       71,836,041       —  
Consumer Other     —       —       —       —       4,480,491       4,480,491       —  
Paycheck Protection Program     —       —       —       —       32,443,132       32,443,132          
Total   $ 206,596     $ 27,855     $ 964,721     $ 1,199,172     $ 319,603,501     $ 320,802,673     $ —  

  

    December 31, 2019  
    30-59 Days
Past Due		     60-89 Days
Past Due		     Greater than
90 Days		     Total
Past Due		     Current     Total
Loans
Receivable		     Recorded
Investment ≥
90 Days and
Accruing		  
Commercial   $ 39,329     $ —     $ 178,975     $ 218,304     $ 52,630,151     $ 52,848,455     $ —  
Commercial Real Estate Construction     —       —       —       —       12,491,078       12,491,078       —  
Commercial Real Estate Other     620,837       300,240       582,419       1,503,496       142,318,494       143,821,990       —  
Consumer Real Estate     —       2,965       629,999       632,964       58,900,081       59,533,045       —  
Consumer Other     32,842       —       —       32,842       5,345,150       5,377,992       —  
Paycheck Protection Program     —       —       —       —       —       —       —  
Total   $ 693,008     $ 303,205     $ 1,391,393     $ 2,387,606     $  271,684,954     $  274,072,560     $ —
Schedule of non-accrual loans

The following table summarizes the balances of non-accrual loans.

 

    Loans Receivable on
Non-Accrual 		  
    December 31,
2020		     December 31,
2019		  
                 
Commercial   $ 178,975     $ 178,975  
Commercial Real Estate Construction     —       —  
Commercial Real Estate Other     923,828       857,327  
Consumer Real Estate     40,893       629,999  
Consumer Other     12,234       —  
Paycheck Protection Program     —       —  
Total   $ 1,155,930     $ 1,666,301
Schedule of change in allowance and an allocation of the allowance by loan category

The following tables set forth the changes in the allowance and an allocation of the allowance by class at December 31, 2020, 2019, and 2018. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors.

 

    December 31, 2020
   Commercial   Commerical Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Paycheck Protection Program   Total 
Allowance for Loan Losses                                   
Beginning Balance  $1,429,917   $109,235   $1,270,445   $496,221   $697,940   $—   $4,003,758 
Charge-offs   (171,646)   —    —    —    (116,001)   (2,650)   (290,297)
Recoveries   88,811    —    99,801    —    43,599    22    232,233 
Provisions   (317,772)   90,031    538,875    428,856    (502,618)   2,628    240,000 
Ending Balance  $1,029,310   $199,266   $1,909,121   $925,077   $122,920   $—   $4,185,694 

  

   December 31, 2019
   Commercial 

Commercial

Real Estate
Construction

  Commercial
Real Estate
Other		  Consumer
Real Estate		  Consumer
Other		  Paycheck Protection Program  Total
Allowance for Loan Losses                                   
Beginning Balance  $1,665,413   $63,876   $1,292,346   $386,585   $806,111   $—   $4,214,331 
Charge-offs   (398,685)   —      —      —      (8,342)  —    (407,027)
Recoveries   12,200    —      —      —      4,254   —    16,454 
Provisions   150,989    45,359    (21,901)   109,636    (104,083)  —    180,000 
Ending Balance  $1,429,917   $109,235   $1,270,445   $496,221   $697,940   $—   $4,003,758 

 

   December 31, 2018
   Commercial  Commercial
Real Estate
Construction		  Commercial
Real Estate
Other		  Consumer
Real Estate		  Consumer
Other		  Paycheck Protection Program  Total
Allowance for Loan Losses                                   
Beginning Balance  $1,403,588   $23,638   $1,549,755   $796,918   $101,499   $—   $3,875,398 
Charge-offs   (31,250)   —      —      —      (84,637)   —    (115,887)
Recoveries   14,000    —      56,827    45,412    13,581   —    129,820 
Provisions   279,075    40,238    (314,236)   (455,745)   775,668   —    325,000 
Ending Balance  $1,665,413   $63,876   $1,292,346   $386,585   $806,111   $—   $4,214,331 
Schedule of allocation of the allowance for loan losses and the gross investment in loans by class and reserving methodology

The following tables present, by class and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans.

 

   December 31, 2020 
   Commercial   Commercial Real Estate Construction   Commercial Real Estate Other   Consumer Real Estate   Consumer Other   Paycheck Protection Program   Total 
Allowance for Loan Losses                                   
Individually evaluated for impairment  $357,657   $—   $36,747   $9,111   $41,896   $—   $445,411 
Collectively evaluated for impairment   671,653    199,266    1,872,374    915,966    81,024    —    3,740,283 
Total Allowance for Loan Losses   1,029,310    199,266    1,909,121    925,077    122,920    —    4,185,694 
Loans Receivable                                   
Individually evaluated for impairment   2,298,120    —    5,174,841    290,743    41,896    —    7,805,600 
Collectively evaluated for impairment   48,743,277    14,813,726    141,013,045    71,545,298    4,438,595    32,443,132    312,997,073 
Total Loans Receivable  $51,041,397   $14,813,726   $146,187,886   $71,836,041   $4,480,491   $32,443,132   $320,802,673 

 

  

 

December 31, 2019

   Commercial  Commercial
Real Estate
Construction		  Commercial
Real Estate
Other		  Consumer
Real Estate		  Consumer
Other		  Paycheck Protection Program  Total
Allowance for Loan Losses                                   
Individually evaluated for impairment  $683,278   $—   $1,782   $—   $90   $—   $685,150 
Collectively evaluated for impairment   746,639    109,235    1,268,663    496,221    697,850   —    3,318,608 
Total Allowance for Loan Losses   1,429,917    109,235    1,270,445    496,221    697,940   —    4,003,758 
Loans Receivable                           —      
Individually evaluated for impairment   2,065,732    —    1,679,872    879,753    51,770   —    4,677,127 
Collectively evaluated for impairment   50,782,723    12,491,078    142,142,118    58,653,292    5,326,222   —    269,395,433 
Total Loans Receivable  $52,848,455   $12,491,078   $143,821,990   $59,533,045   $5,377,992   $—   $274,072,560 
Schedule of loans individually evaluated for impairment and the corresponding allowance for loan losses

As of December 31, 2020 and 2019, loans individually evaluated for impairment and the corresponding allowance for loan losses are presented in the following table.

 

    Impaired and Restructured Loans As of  
    December 31, 2020     December 31, 2019  
      Unpaid
Principal
Balance		       Recorded Investment       Related
Allowance		       Unpaid
Principal
Balance		       Recorded Investment       Related
Allowance		  
With no related allowance recorded:                                                
Commercial   $ 1,721,818     $ 1,721,818     $ —     $ 1,355,875     $ 1,355,875     $ —  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     4,831,757       4,831,757       —       1,432,988       1,432,988       —  
Consumer Real Estate     249,850       249,850       —       879,753       879,753       —  
Consumer Other     —       —       —       —       —       —  
Paycheck Protection Program     —       —       —       —       —       —  
Total     6,803,425       6,803,425       —       3,668,616       3,668,616       —  
                                                 
With an allowance recorded:                                                
Commercial     576,302       576,302       357,657       709,857       709,857       683,278  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     343,084       343,084       36,747       346,685       246,884       1,782  
Consumer Real Estate     40,893       40,893       9,111       —       —       —  
Consumer Other     41,896       41,896       41,896       51,770       51,770       90  
Paycheck Protection Program     —       —       —       —       —       —  
Total     1,002,175       1,002,175       445,411       1,108,312       1,008,511       685,150  
                                                 
Total                                                
Commercial     2,298,120       2,298,120       357,657       2,065,732       2,065,732       683,278  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     5,174,841       5,174,841       36,747       1,779,673       1,679,872       1,782  
Consumer Real Estate     290,743       290,743       9,111       879,753       879,753       —  
Consumer Other     41,896       41,896       41,896       51,770       51,770       90  
Paycheck Protection Program     —       —       —       —       —       —  
Total   $ 7,805,600     $ 7,805,600     $ 445,411     $ 4,776,928     $ 4,677,127     $ 685,150
Schedule of average impaired loans and interest income recognized on those impaired loans by class

The following table presents average impaired loans and interest income recognized on those impaired loans, by class segment, for the periods indicated.

 

    For the year ended December 31,  
    2020     2019     2018  
    Average
Recorded
Investment		     Interest
Income
Recognized		     Average
Recorded
Investment		     Interest
Income
Recognized		     Average
Recorded
Investment		     Interest
Income
Recognized		  
With no related allowance recorded:                                                
Commercial   $ 1,866,590     $ 102,636     $ 1,483,982     $ 94,779     $ 133,413     $ 8,637  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     4,849,474       218,372       1,533,720       76,183       982,078       40,174  
Consumer Real Estate     249,813       11,580       879,753       30,400       879,753       51,520  
Consumer Other     —       —       —       —       —       —  
Paycheck Protection Program     —       —       —       —       —       —  
Total     6,965,877       332,588       3,897,455       201,362       1,995,244       100,331  
                                                 
With an allowance recorded:                                                
Commercial     578,399       37,663       725,353       44,299       1,915,139       100,395  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     337,304       —       246,884       —       416,569       10,999  
Consumer Real Estate     36,483       (116 )     —       —       —       —  
Consumer Other     42,089       2,743       59,240       3,487       26,314       1,382  
Paycheck Protection Program     —       —       —       —       —       —  
Total     994,275       40,290       1,031,477       47,786       2,358,022       112,776  
                                                 
Total                                                
Commercial     2,444,989       140,299       2,209,335       139,078       2,048,552       109,032  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     5,186,778       218,372       1,780,604       76,183       1,398,647       51,173  
Consumer Real Estate     286,296       11,464       879,753       30,400       879,753       51,520  
Consumer Other     42,089       2,743       59,240       3,487       26,314       1,382  
Paycheck Protection Program     —       —       —       —       —       —  
    $ 7,960,152     $ 372,878     $ 4,928,932     $ 249,148     $ 4,353,266     $ 213,107