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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2023 and 2022.

 

 

 

For the three months ended June 30, 2023

 

 

For the three months ended June 30, 2022

 

 

For the six months ended June 30, 2023

 

 

For the six months ended June 30, 2022

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

  Net income

 

$

856,641

 

 

$

1,642,007

 

 

$

1,849,348

 

 

$

3,042,904

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

13,079,302

 

 

 

13,662,222

 

 

 

13,137,522

 

 

 

13,760,002

 

Effect of stock options

 

 

1,856

 

 

 

39,452

 

 

 

24,534

 

 

 

40,166

 

Weighted average shares outstanding - diluted

 

 

13,081,158

 

 

 

13,701,674

 

 

 

13,162,056

 

 

 

13,800,168

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.07

 

 

$

0.12

 

 

$

0.14

 

 

$

0.22

 

Diluted

 

 

0.07

 

 

 

0.12

 

 

 

0.14

 

 

 

0.22

 
Summary of Effect of Adoption of ASC 326 on Loan Portfolio Segments and ACL by Portfolio Segment

The effect of the adoption of ASC 326 on the loan portfolio segments and the ACL 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

 

 

 

 

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