LOANS (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Summary of Loans Receivable and Related Reclassifications (Detail)

Loans and these related reclassifications, are summarized as follows at June 30, 2023 and December 31, 2022:

				Pre Adoption						Post Adoption
	June 30, 2023			December 31, 2022			The effect of adoption			December 31, 2022
Real estate:	(unaudited)
Residential First Mortgage	$	488,571,980		$	495,689,840		$	29,589,213		$	466,100,627
Commercial and Multi-Family Real Estate		—			—			(162,338,669	)		162,338,669
Commercial Real Estate		100,761,175			96,030,721			96,030,721			—
Multi-Family Real Estate		67,007,772			66,400,713			66,400,713			—
Construction		48,678,332			61,825,478			—			61,825,478
Commercial and Industrial		3,692,425			1,684,189			—			1,684,189
Consumer:
Home Equity and Other Consumer		—			—			(29,654,973	)		29,654,973
Consumer		20,350			98,770			98,770			—
Total loans		708,732,034			721,729,711			125,775			721,603,936
Allowance for credit losses		(2,785,949	)		(2,860,949	)		(282,775	)		(2,578,174	)
Net loans	$	705,946,085		$	718,868,762		$	(157,000	)	$	719,025,762

Summary of activity in the allowance for credit losses by portfolio segment

	Residential First Mortgage			Commercial Real Estate			Multi- Family Real Estate			Construction			Commercial and Industrial			Consumer		Total
Three months  June 30, 2023
Allowance for credit losses:
Beginning balance	$	1,914,947		$	423,002		$	278,000		$	241,000		$	4,000		$	—	$	2,860,949
Provision for (recovery) of credit losses		(103,400	)		116,000			(13,000	)		(82,000	)		7,400			—		(75,000	)
Loans charged off		—			—						—			—			—		—
Recoveries		—			—						—			—			—		—
Total ending allowance balance	$	1,811,547		$	539,002		$	265,000		$	159,000		$	11,400		$	—	$	2,785,949
	Residential First Mortgage			Commercial and Multi- Family Real Estate			Construction			Commercial and Industrial			Home Equity & Other			Total
June 30, 2022
Allowance for loan losses:
Beginning balance	$	1,092,474		$	768,600		$	195,000		$	9,400		$	87,700		$	2,153,174
Provision for (recovery) of loan losses		159,450			(88,600	)		37,000			(2,400	)		(5,450	)		100,000
Loans charged off		—			—			—			—			—			—
Recoveries		—			—			—			—			—			—
Total ending allowance balance	$	1,251,924		$	680,000		$	232,000		$	7,000		$	82,250		$	2,253,174

	Residential First Mortgage		Commercial Real Estate			Multi- Family Real Estate		Construction			Commercial and Industrial			Home Equity & Other			Total
Six months June 30, 2023
Allowance for credit losses:
Beginning balance	$	1,602,534	$	381,180		$	234,300	$	258,500		$	3,960		$	97,700		$	2,578,174
Impact of ASC 326 adoption		113,969		141,797			25,469		1,500			40			—			282,775
Provision for (recovery) of credit losses		95,044		16,025			5,231		(101,000	)		7,400			(97,700	)		(75,000	)
Loans charged off		—		—			—		—			—			—			—
Recoveries		—		—			—		—			—			—			—
Total ending allowance balance	$	1,811,547	$	539,002		$	265,000	$	159,000		$	11,400		$	—		$	2,785,949
	Residential First Mortgage		Commercial and Multi- Family Real Estate			Construction		Commercial and Industrial			Home Equity & Other			Total
June 30, 2022
Allowance for loan losses:
Beginning balance	$	1,092,474	$	768,600		$	195,000	$	9,400		$	87,700		$	2,153,174
Provision for (recovery) of loan losses		159,450		(88,600	)		37,000		(2,400	)		(5,450	)		100,000
Loans charged off		—		—			—		—			—			—
Recoveries		—		—			—		—			—			—
Total ending allowance balance	$	1,251,924	$	680,000		$	232,000	$	7,000		$	82,250		$	2,253,174

Summary of allowance for loan losses and the recorded investment in loans by portfolio segments

The following table presents the balance in the allowance for loan losses and the recorded investment in loans by portfolio segments and based on impairment method as of December 31, 2022:

	Residential First Mortgage		Commercial and Multi- Family Real Estate		Construction		Commercial and Industrial		Home Equity & Other consumer		Total
December 31, 2022
Allowance for loan losses:
Ending allowance balance    attributable to loans:
Individually evaluated for    impairment	$	33,000	$	—	$	—	$	—	$	—	$	33,000
Collectively evaluated for    impairment		1,569,534		615,480		258,500		3,960		97,700		2,545,174
Total ending allowance balance	$	1,602,534	$	615,480	$	258,500	$	3,960	$	97,700	$	2,578,174
Loans:
Loans individually evaluated    for impairment	$	819,590	$	—	$	—	$	—	$	37,069	$	856,659
Loans collectively evaluated    for impairment		462,439,940		160,990,186		61,825,478		1,684,189		29,586,787		716,526,580
Loans acquired with deteriorated    credit quality		2,841,097		1,348,483		—		—		31,117		4,220,697
Total ending loan balance	$	466,100,627	$	162,338,669	$	61,825,478	$	1,684,189	$	29,654,973	$	721,603,936

Summary of impaired loans

Impaired loans as of December 31, 2022 were as follows:

	Loans With no related allowance recorded		Loans with an allowance recorded		Average of individually Impaired loans		Amount of allowance for loan losses allocated
Residential First Mortgage	$	1,199,278	$	171,616	$	1,300,615	$	33,000
Commercial and Multi-Family Real Estate		488,222		—		488,196		—
Construction		—		—		—		—
Commercial and Industrial		—		—		—		—
Home Equity and Other Consumer		37,069		—		26,298		—
	$	1,724,569	$	171,616	$	1,815,109	$	33,000

Summary of collateral - dependent loans individually evaluated with the ACL by collateral type

Collateral - dependent loans individually evaluated with the ACL by collateral type were as follows at June 30, 2023:

Portfolio segment	Real estate		Other
Residential First Mortgage	$	—	$	—
Commercial Real Estate		—		—
Multi-Family Real Estate		—		—
Construction		10,937,811		—
Commercial and Industrial		—		—
Other Consumer		—		—
	$	10,937,811	$	—

Summary of recorded investment in nonaccrual and past due

The following table presents the recorded investment in nonaccrual and loans past due 90 days or more and still on accrual, by class of loans as of December 31, 2022:

	Nonaccrual		Loans Past Due 90 Days or More Still Accruing
December 31, 2022
Residential First Mortgage	$	819,590	$	—
Home Equity and Other Consumer		37,069		—
Total	$	856,659	$	—

	Nonaccrual loans beginning of period		Nonaccrual loans end of period		Nonaccrual with no Allowance for Credit Loss		Loans Past Due 90 Days or More Still Accruing		Interest recognized on nonaccrual loans
June 30, 2023
Residential First Mortgage	$	819,590	$	1,989,985	$	1,989,985	$	—	$	—
Commercial Real Estate				490,267		490,267
Construction		—		10,937,811		10,937,811		—		—
Consumer		37,069		—		—		—		—
Total	$	856,659	$	13,418,063	$	13,418,063	$	—	$	—

Summary of aging of loans receivable by portfolio segment

The following table presents the aging of the recorded investment in past due loans as of June 30, 2023 and December 31, 2022, by class of loans:

	30-59 Days Past Due		60-89 Days Past Due		Greater than 89 Days Past Due		Total Past Due		Loans Not Past Due		Total
June 30, 2023
Residential First Mortgage	$	—	$	348,719	$	1,144,015	$	1,492,734	$	487,079,246	$	488,571,980
Commercial Real Estate		—		—		454,076		454,076		100,307,099		100,761,175
Multi-Family Real Estate		—		—		—		—		67,007,772		67,007,772
Construction		—		—		10,893,713		10,893,713		37,784,619		48,678,332
Commercial and Industrial		—		—		—		—		3,692,425		3,692,425
Consumer		—		—		—		—		20,350		20,350
Total	$	—	$	348,719	$	12,491,804	$	12,840,523	$	695,891,511	$	708,732,034
	30-59 Days Past Due		60-89 Days Past Due		Greater than 89 Days Past Due		Total Past Due		Loans Not Past Due		PCI loans		Total
December 31, 2022
Residential First Mortgage	$	—	$	360,849	$	279,515	$	640,364	$	462,619,166	$	2,841,097	$	466,100,627
Commercial and Multi-Family Real Estate		—		—		—		—		160,990,186		1,348,483		162,338,669
Construction		—		—		—		—		61,825,478		—		61,825,478
Commercial and Industrial		—		—		—		—		1,684,189		—		1,684,189
Home Equity and Other Consumer		92,977		—		19,122		112,099		29,511,757		31,117		29,654,973
Total	$	92,977	$	360,849	$	298,637	$	752,463	$	716,630,776	$	4,220,697	$	721,603,936

Summary of loans receivable by credit quality risk

Based on the most recent analysis performed, the risk category of loans by class is as follows:

	Term Loans by Origination Year
June 30, 2023	2023		2022		2021		2020		2019		Prior		Revolving Loans		Totals
Residential First Mortgage
Pass		3,317,011		114,501,078		39,198,904		29,640,007		27,527,661		124,366,155		148,031,179	$	486,581,995
Special Mention		—		—		—		191,903		171,147		764,034		107,543		1,234,627
Substandard		—		—		—		—		—		466,371		288,987		755,358
Doubtful		—		—		—		—		—		—		—		—
Total		3,317,011		114,501,078		39,198,904		29,831,910		27,698,808		125,596,560		148,427,709		488,571,980
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Commercial Real Estate
Pass		—		3,100,157		—		6,533,577		5,571,836		12,357,058		72,708,280		100,270,908
Special Mention		—		—		—		—		—		—		490,267		490,267
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		3,100,157		—		6,533,577		5,571,836		12,357,058		73,198,547		100,761,175
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Multi-Family Real Estate
Pass		—		2,411,454		—		1,189,211		—		2,070,445		61,336,662		67,007,772
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		2,411,454		—		1,189,211		—		2,070,445		61,336,662		67,007,772
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Construction
Pass		—		—		—		—		—		—		37,740,521		37,740,521
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		10,937,811		10,937,811
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		48,678,332		48,678,332
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Commercial and Industrial
Pass		—		—		234,391		677,544		204,808		—		2,575,682		3,692,425
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		234,391		677,544		204,808		—		2,575,682		3,692,425
Gross charge-offs by vintage		—		—		—		—		—		—		—		—
Consumer
Pass		—		—		—		—		—		—		20,350		20,350
Special Mention		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—
Total		—		—		—		—		—		—		20,350		20,350
Total loans	$	3,317,011	$	120,012,689	$	39,433,295	$	38,232,242	$	33,475,452	$	140,024,063	$	334,237,282	$	708,732,034

	Pass		Special Mention		Substandard		Totals
December 31, 2022
Residential First Mortgage	$	465,089,495	$	555,965	$	455,167	$	466,100,627
Commercial and Multi-Family Real Estate		162,338,669		—		—		162,338,669
Construction		61,825,478		—		—		61,825,478
Commercial and Industrial		1,684,189		—		—		1,684,189
Home Equity and Other Consumer		29,617,904		19,122		17,947		29,654,973
Total	$	720,555,735	$	575,087	$	473,114	$	721,603,936