Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Change in Benefit Obligation, Change in Plan Assets, and Reconciliation of Funded Status

The following table sets forth the change in benefit obligation, change in plan assets, and a reconciliation of the funded status:

	December 31,
	2020			2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	2,422,818		$	2,511,109
Interest cost		89,136			103,829
Actuarial loss (gain)		31,234			(615	)
Benefits paid		(190,563	)		(191,505	)
Projected benefit obligation at end of year		2,352,625			2,422,818
Change in fair value of plan assets:
Fair value of plan assets at beginning of year		2,207,451			2,082,131
Actual return on plan assets		88,410			282,875
Employer contributions		91,861			33,950
Benefits paid		(190,563	)		(191,505	)
Fair value of plan assets at end of year		2,197,159			2,207,451
Funded status of plan included in other liabilities	$	(155,466	)	$	(215,367	)

Schedule of Weighted Average Assumptions Used to Determine Plan's Benefit Obligation

The weighted average assumptions used to determine the Plan’s benefit obligation are as follows:

	December 31,
	2020		2019
Discount rate		4.00%		4.00%
Salary increase rate		N/A		N/A

Schedule of Components of Net Periodic Plan Cost

The components of net periodic plan cost are as follows:

	Year Ended
	December 31,
	2020			2019
Components of net periodic plan cost (credit):
Interest cost	$	89,136		$	103,829
Expected return on assets		(168,391	)		(105,940	)
Amortization of unrecognized loss		57,472			67,402
Net periodic plan cost (credit) included in compensation and benefits expense		(21,783	)		65,291
Changes in benefit obligation recognized in other comprehensive income (loss):
Net loss (gain)		111,217			(177,551	)
Amortization of loss		(57,472	)		(67,402	)
Benefit obligation recognized in other comprehensive income (loss)		53,745			(244,953	)
Total recognized in net periodic plan cost and other comprehensive income (loss)	$	31,962		$	(179,662	)

Schedule of Weighted Average Assumptions Used to Determine Net Periodic Plan

The weighted average assumptions used to determine net periodic plan cost are as follows:

	Year Ended
	December 31,
	2020		2019
Discount rate		4.00%		4.50%
Expected rate of return on plan assets		8.00%		5.54%
Rate of compensation increase		N/A		N/A
Amortization period		22.48		22.67

Schedule of Benefit Payments Expected to be Paid

The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid:

Fiscal year ending
December 31,
2021		190,563
2022		191,307
2023		185,630
2024		179,742
2025		173,477
Years 2026-2030		774,101
	$	1,694,820

Schedule of Fair Values of Pension Plan Assets

The fair values of the Association’s pension plan assets at December 31, 2020, by asset category (see note 15 for the definition of levels) are as follows:

			Quoted Prices
			in Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and money market funds	$	807,635	$	807,635	$	-	$	-
Corporate bonds (a)		470,564		-		470,564		-
Equity securities (b)		918,960		918,960		-		-
Total	$	2,197,159	$	1,726,595	$	470,564	$	-

(a)	Includes seven corporate bonds due within five years rated BBB+ or better by the S&P.
(b)	Includes 34 companies spread over various market sectors.

The fair values of the pension plan assets at December 31, 2019 by asset category (see note 14 for the definition of levels) are as follows:

			Quoted Prices
			in Active
			Markets for		Significant		Significant
			Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Cash and money market funds	$	461,012	$	461,012	$	-	$	-
US Treasuries		397,977		397,977		-		-
Corporate bonds (a)		531,783		-		531,783		-
Equity securities (b)		816,679		816,679		-		-
Total	$	2,207,451	$	1,675,668	$	531,783	$	-

(a)	Includes eight corporate bonds due within ten years rated BBB+ or better by the S&P.
(b)	Includes 26 companies spread over various market sectors.

Schedule of ESOP Shares

The ESOP shares were as follows:

	December 31,
	2020		2019
Allocated shares		14,765		12,520
Shares committed to be released		2,362		2,245
Unearned shares		37,935		40,297
Total ESOP shares		55,062		55,062