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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Assets    
Cash and due from banks $ 2,348,157 $ 2,620,309
Interest-bearing demand deposits in banks 31,622,109 4,107,880
Federal funds sold 3,765,000 4,361,000
Cash and cash equivalents 37,735,266 11,089,189
Interest-bearing time deposits   200,000
Available-for-sale securities 6,733,213 630,361
Loans held for sale 3,114,081 1,282,000
Loans, net of allowance for loan losses of $1,407,545 and $1,405,072, respectively 179,332,026 170,365,031
Premises and equipment, net 3,354,447 3,407,185
Federal Home Loan Bank stock 2,657,400 2,583,100
Foreclosed assets held for sale   102,098
Interest receivable 624,333 569,659
Mortgage servicing rights 1,213,815 1,252,740
Federal Home Loan Bank lender risk account receivable 1,713,240 1,703,276
Bank-owned life insurance 4,086,645 3,997,242
Prepaid stock subscription expenses 584,310  
Other assets 652,785 512,180
Total assets 241,801,561 197,694,061
Deposits    
Demand 28,658,432 29,308,448
Savings 37,514,343 32,534,398
Certificates of deposit 77,237,932 80,548,910
Total deposits 143,410,707 142,391,756
Federal Home Loan Bank advances 47,172,066 28,580,438
Advances from borrowers for taxes and insurance 1,806,638 1,799,419
Stock subscription proceeds in escrow 23,407,011  
Interest payable 91,636 53,945
Directors deferred compensation 559,295 571,186
Other liabilities 1,273,043 1,155,894
Total liabilities 217,720,396 174,552,638
Commitments and Contingent Liabilities
Temporary Equity    
ESOP Shares subject to mandatory redemption 244,327 180,563
Stockholders' Equity    
Preferred stock - authorized 1,000,000 shares, $0.01 par value, none issued 0 0
Common stock - authorized 9,000,000 shares, $0.01 par value, 1,817,865 and 1,816,329 issued and outstanding at December 31, 2019 and December 31, 2018, respectively 29,607 29,593
Additional paid-in capital 7,529,850 7,458,745
Unearned ESOP shares (449,313) (494,245)
Retained earnings - substantially restricted 17,017,683 16,219,209
Accumulated other comprehensive loss (290,989) (252,442)
Total stockholders' equity 23,836,838 22,960,860
Total liabilities, temporary equity, and stockholders' equity $ 241,801,561 $ 197,694,061