SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

Schedule Of Earnings Per Share Basic And Diluted [Abstract]

Summary of earnings per share basic and diluted

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2023 and 2022.

	For the three months ended March 31, 2023		For the three months ended March 31, 2022
Numerator
Net income	$	992,707	$	1,400,897
Denominator:
Weighted average shares outstanding - basic		13,013,492		13,858,884
Effect of stock options		42,041		19,420
Weighted average shares outstanding - diluted		13,055,533		13,878,304
Earnings per common share:
Basic	$	0.08	$	0.10
Diluted		0.08		0.10

Summary of Effect of Adoption of ASC 326 on Allowance for Credit Losses by Portfolio Segment

The effect of the adoption of ASC 326 on the allowance for credit losses by portfolio segment was:

	Pre Adoption			The effect of adoption			Post Adoption
Real estate:	(unaudited)
Residential First Mortgage	$	466,100,627		$	29,589,213		$	495,689,840
Commercial and Multi-Family Real Estate		162,338,669			(162,338,669	)		—
Commercial Real Estate		—			96,030,721			96,030,721
Multi-Family Real Estate		—			66,400,713			66,400,713
Construction		61,825,478			—			61,825,478
Commercial and Industrial		1,684,189			—			1,684,189
Consumer:
Home Equity and Other Consumer		29,654,973			(29,654,973	)		—
Consumer		—			98,770			98,770
Total loans		721,603,936			125,775			721,729,711
Allowance for credit losses		(2,578,174	)		(282,775	)		(2,860,949	)
Net loans	$	719,025,762		$	(157,000	)	$	718,868,762

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

	Pre Adoption		The effect of adoption			Post Adoption
Assets	(unaudited)
ACL on loans
Residential First Mortgage	$	1,602,534	$	211,669		$	1,814,203
Commercial and Multi-Family Real Estate		615,480		(615,480	)		—
Commercial Real Estate		—		522,977			522,977
Multi-Family Real Estate		—		259,769			259,769
Construction		258,500		1,500			260,000
Commercial and Industrial		3,960		40			4,000
Home Equity and Other Consumer		97,700		(97,700	)		—
Liabilities
ACL for unfunded commitments		—		152,000			152,000
Total	$	2,578,174	$	434,775		$	3,012,949