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LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Schedule of major classifications of loans

Major classifications of loans (net of deferred loan fees of $830,945 at March 31, 2021 and $676,155 at December 31, 2020, respectively) are shown in the table below.:

 

    March 31, 2021     December 31, 2020  
Commercial   $ 42,201,186     $ 51,041,397  
Commercial real estate:                
Construction     10,373,102       14,813,726  
Other     156,377,427       146,187,886  
Consumer:                
Real estate     81,231,579       71,836,041  
Other     4,163,221       4,480,491  
Paycheck Protection Program     27,936,714       32,443,132  
      322,283,229       320,802,673  
Allowance for loan losses     (4,296,165 )     (4,185,694 )
Loans, net   $ 317,987,064     $ 316,616,979  
Schedule of credit risks by category and internally assigned grades

The following tables illustrate credit quality by class and internally assigned grades at March 31, 2021 and December 31, 2020. “Pass” includes loans internally graded as excellent, good and satisfactory.

 

March 31, 2021  
      Commercial     Commercial
Real Estate Construction		     Commercial
Real Estate
Other		     Consumer
Real Estate		     Consumer
Other		     Paycheck Protection Program     Total  
Pass     $ 37,770,275     $ 9,915,067     $ 136,296,189     $ 80,012,464     $ 3,762,913     $ 27,936,714     $ 295,693,622  
Watch       2,030,528       458,035       14,155,587       346,231       314,336       —       17,304,717  
OAEM       710,385       —       1,248,150       623,127       44,237       —       2,625,899  
Substandard       1,689,998       —       4,677,501       249,757       41,735       —       6,658,991  
Doubtful       —       —       —       —       —       —       —  
Loss       —       —       —       —       —       —       —  
Total     $ 42,201,186     $ 10,373,102     $ 156,377,427     $ 81,231,579     $ 4,163,221     $ 27,936,714     $ 322,283,229  

 

December 31, 2020  
      Commercial     Commercial
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  
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.

 

March 31, 2021
    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   $ 11,000     $ 19,681     $ —     $ 30,681     $ 42,170,505     $ 42,201,186     $ —  
Commercial Real Estate Construction     —       —       —       —       10,373,102       10,373,102       —  
Commercial Real Estate Other     900,000       —       921,580       1,821,580       154,555,847       156,377,427       —  
Consumer Real Estate     —       —       —       —       81,231,579       81,231,579       —  
Consumer Other     5,092       14,580       —       19,672       4,143,549       4,163,221       —  
Paycheck Protection Program     —       —       —       —       27,936,714       27,936,714       —  
Total   $ 916,092     $ 34,261     $ 921,580     $ 1,871,933     $ 320,411,296     $ 322,283,229     $ —  

 

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     $ —  
Schedule of non-accrual loans

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

 

      Loans Receivable on Non-Accrual  
      March 31, 2021       December 31, 2020  
Commercial   $ 178,975     $ 178,975  
Commercial Real Estate Construction     —       —  
Commercial Real Estate Other     921,580       923,828  
Consumer Real Estate     —       40,893  
Consumer Other     11,609       12,234  
Paycheck Protection Program     —       —  
Total   $ 1,112,164     $ 1,155,930  
Schedule of change in allowance and an allocation of the allowance by loan categery

The general component covers non-impaired loans and is based on historical loss experience adjusted for current economic factors. 

 

Three Months Ended March 31, 2021
    Commercial     Commercial Real Estate Construction     Commercial Real Estate Other     Consumer Real Estate     Consumer Other     Paycheck Protection Program     Total  
Allowance for Loan Losses:                                                        
Beginning balance   $ 1,029,310     $ 199,266     $ 1,909,121     $ 925,077     $ 122,920     $ —     $ 4,185,694  
Charge-offs     —       —       —       —       (8,152 )     (6,479 )     (14,631 )
Recoveries     —       —       —       —       4,812       290       5,102  
Provisions     (126,428 )     (54,721 )     168,648       127,083       (771 )     6,189       120,000  
Ending balance   $ 902,882     $ 144,545     $ 2,077,769     $ 1,052,160     $ 118,809     $ —     $ 4,296,165  

 

Three Months Ended March 31, 2020
    Commercial     Commercial Real Estate Construction     Commercial Real Estate Other     Consumer Real Estate     Consumer Other     Paycheck Protection Program     Total  
Allowance for Loan Losses:                                                        
Beginning balance   $ 1,429,917     $ 109,235     $ 1,270,445     $ 496,221     $ 697,940     $ —     $ 4,003,758  
Charge-offs     —       —       —       —       (39,592 )     —       (39,592 )
Recoveries     15,500       —       —       —       34,547       —       50,047  
Provisions     (29,150 )     13,834       (57,798 )     65,779       7,335       —       —  
Ending balance   $ 1,416,267     $ 123,069     $ 1,212,647     $ 562,000     $ 700,230     $ —     $ 4,014,213  
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 portfolio segment and reserving methodology, the allocation of the allowance for loan losses and the gross investment in loans, for the periods indicated.

 

    March 31, 2021  
    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   $ 338,237     $ —     $ —     $ —     $ 41,735     $ —     $ 379,972  
Collectively evaluated for impairment     564,645       144,545       2,077,769       1,052,160       77,074       —       3,916,193  
Total Allowance for Loan Losses   $ 902,882     $ 144,545     $ 2,077,769     $ 1,052,160     $ 118,809     $ —     $ 4,296,165  
Loans Receivable                                                        
Individually evaluated for impairment   $ 1,978,615     $ —     $ 5,479,899     $ 249,758     $ 41,735     $ —     $ 7,750,007  
Collectively evaluated for impairment     40,222,571       10,373,102       150,897,528       80,981,821       4,121,486       27,936,714       314,533,222  
Total Loans Receivable   $ 42,201,186     $ 10,373,102     $ 156,377,427     $ 81,231,579     $ 4,163,221     $ 27,936,714     $ 322,283,229  

 

    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  
Schedule of loans individually evaluated for impairment and the corresponding allowance for loan losses

As of March 31, 2021 and December 31, 2020, loans individually evaluated and considered impaired are presented in the following table.

 

    Impaired Loans as of  
    March 31, 2021     December 31, 2020  
      Unpaid Principal Balance       Recorded Investment       Related Allowance       Unpaid Principal Balance       Recorded Investment       Related Allowance  
With no related allowance recorded:                                                
Commercial   $ 1,511,021     $ 1,511,021     $ —     $ 1,721,818     $ 1,721,818     $ —  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     5,479,899       5,479,899       —       4,831,757       4,831,757       —  
Consumer Real Estate     249,758       249,758       —       249,850       249,850       —  
Consumer Other     —       —       —       —       —       —  
Paycheck Protection Program     —       —       —       —       —       —  
Total     7,240,678       7,240,678       —       6,803,425       6,803,425       —  
                                                 
With an allowance recorded:                                                
Commercial     467,594       467,594       338,237       576,302       576,302       357,657  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     —       —       —       343,084       343,084       36,747  
Consumer Real Estate     —       —       —       40,893       40,893       9,111  
Consumer Other     41,735       41,735       41,735       41,896       41,896       41,896  
Paycheck Protection Program     —       —       —       —       —       —  
Total     509,329       509,329       379,972       1,002,175       1,002,175       445,411  
                                                 
                                                 
Commercial     1,978,615       1,978,615       338,237       2,298,120       2,298,120       357,657  
Commercial Real Estate Construction     —       —       —       —       —       —  
Commercial Real Estate Other     5,479,899       5,479,899       —       5,174,841       5,174,841       36,747  
Consumer Real Estate     249,758       249,758       —       290,743       290,743       9,111  
Consumer Other     41,735       41,735       41,735       41,896       41,896       41,896  
Paycheck Protection Program     —       —       —       —       —       —  
Total   $ 7,750,007     $ 7,750,007     $ 379,972     $ 7,805,600     $ 7,805,600     $ 445,411  
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.

 

    Three Months Ended March 31,  
    2021     2020  
    Average Recorded Investment     Interest Income Recognized     Average Recorded Investment     Interest Income Recognized  
With no related allowance recorded:                                
Commercial   $ 1,563,106     $ 25,815     $ 1,345,166     $ 20,499  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     5,482,702       49,760       2,093,392       16,136  
Consumer Real Estate     249,833       3,491       879,753       3,580  
Consumer Other     —       —       —       —  
Paycheck Protection Program     —       —       —       —  
      7,295,641       79,066       4,318,311       40,215  
                                 
With an allowance recorded:                                
Commercial     472,422       7,519       707,965       7,147  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     —       —       246,884       —  
Consumer Real Estate     —       —       —       —  
Consumer Other     41,848       672       49,758       783  
Paycheck Protection Program     —       —       —       —  
      514,270       8,191       1,004,607       7,930  
Total                                
Commercial     2,035,528       33,334       2,053,131       27,646  
Commercial Real Estate Construction     —       —       —       —  
Commercial Real Estate Other     5,482,702       49,760       2,340,276       16,136  
Consumer Real Estate     249,833       3,491       879,753       3,580  
Consumer Other     41,848       672       49,758       783  
Paycheck Protection Program     —       —       —       —  
    $ 7,809,911     $ 87,257     $ 5,322,918     $ 48,145