Loans and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2021

Loans And Leases Receivable Disclosure [Abstract]

Summary of major classifications of loans, by purpose code

Major classifications of loans, by purpose code, at December 31, 2021 and 2020, are summarized as follows:

	December 31, 2021		Percent			December 31, 2020		Percent
Real estate loans:
Residential	$	98,433,124		36.27	%	$	105,837,324		39.56	%
Home equity		11,510,661		4.24	%		8,892,417		3.32	%
Multi-family		19,937,187		7.35	%		15,140,468		5.66	%
Commercial		89,830,611		33.10	%		72,717,869		27.18	%
Construction and land development		34,401,702		12.68	%		29,982,506		11.21	%
Total real estate loans		254,113,285					232,570,584
Consumer loans		1,373,761		0.51	%		5,372,529		2.01	%
Commercial and industrial loans		15,900,097		5.85	%		29,599,982		11.06	%
Total loans		271,387,143		100.00	%		267,543,095		100.00	%
Less: Allowance for loan losses		4,183,599					4,085,719
Deferred loan fees		899,096					1,101,409
Loans, net	$	266,304,448				$	262,355,967

Summary of allowance for loan losses

The following schedule presents a roll-forward of the allowance for loan losses as of December 31:

	Year Ended December 31,
	2021			2020
Beginning balance	$	4,085,719		$	3,064,777
Charge-offs:
Real estate loans:
Residential		(11,123	)		(2,951	)
Home equity		—			(1,377	)
Multi-family		—			—
Commercial		—			(62,896	)
Construction and land development		—			(629	)
Total real estate loans		(11,123	)		(67,853	)
Consumer loans		(48,022	)		—
Commercial and industrial loans		(78,219	)		(149	)
Total charge-offs		(137,364	)		(68,002	)
Recoveries:
Real estate loans:
Residential		33,794			123,368
Home equity		—			—
Multi-family		—			—
Commercial		19,651			—
Construction and land development		24,392			31,573
Total real estate loans		77,837			154,941
Consumer loans		6,595			7,910
Commercial and industrial loans		27,629			146,335
Total recoveries		112,061			309,186
Net (charge offs) recoveries		(25,303	)		241,184
Provision for allowance for loan losses		123,183			779,758
Ending balance	$	4,183,599		$	4,085,719

Summary of allowances for loan losses and recorded investments in loans individually and collectively evaluated for impairment

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2021 and 2020:

	Loans				Allowance for loan losses
	Individually evaluated for impairment		Collectively evaluated for impairment		Individually evaluated for impairment		Collectively evaluated for impairment
December 31, 2021 -
Real estate loans:
Residential	$	1,517,822	$	96,915,302	$	—	$	1,468,649
Home equity		—		11,510,661		—		174,579
Multi-family		—		19,937,187		—		288,455
Commercial		—		89,830,611		—		1,757,794
Construction and development		9,928		34,391,774		—		350,586
Total real estate loans		1,527,750		252,585,535		—		4,040,063
Consumer loans		—		1,373,761		—		1,798
Commercial and industrial loans		—		15,900,097		—		109,724
Unallocated		—		—		—		32,014
Total	$	1,527,750	$	269,859,393	$	—	$	4,183,599
December 31, 2020 -
Real estate loans:
Residential	$	1,480,633	$	104,356,691	$	—	$	1,444,921
Home equity		675		8,891,742		—		133,985
Multi-family		—		15,140,468		—		311,409
Commercial		1,339,199		71,378,670		—		1,531,037
Construction and development		11,637		29,970,869		—		387,127
Total real estate loans		2,832,144		229,738,440		—		3,808,479
Consumer loans		—		5,372,529		—		1,360
Commercial and industrial loans		—		29,599,982		—		101,497
Unallocated		—		—		—		174,383
Total	$	2,832,144	$	264,710,951	$	—	$	4,085,719

Summary of impaired loans with and without allowances for credit losses recorded investment unpaid principal amount

The following tables present impaired loans by class of loans as of December 31, 2021 and 2020:

	Recorded Investment		Principal Balance		Related Allowance
December 31, 2021 -
Impaired loans with related allowance:
Real estate loans:
Residential	$	—	$	—	$	—
Home equity		—		—		—
Multi-family		—		—		—
Commercial		—		—		—
Construction and land development		—		—		—
Total real estate loans		—		—		—
Consumer loans		—		—		—
Commercial and industrial loans
Total
Impaired loans without related allowance:
Real estate loans:
Residential	$	1,517,822	$	1,517,822	$	—
Home equity		—		—		—
Multi-family		—		—		—
Commercial		—		—		—
Construction and land development		9,928		9,928		—
Total real estate loans		1,527,750		1,527,750		—
Consumer loans		—		—		—
Commercial and industrial loans		—		—		—
Total	$	1,527,750	$	1,527,750	$	—

Impaired Loans (Continued):

	Recorded Investment		Principal Balance		Related Allowance
December 31, 2020 -
Impaired loans with related allowance:
Real estate loans:
Residential	$	—	$	—	$	—
Home equity		—		—		—
Multi-family		—		—		—
Commercial		—		—		—
Construction and land development		—		—		—
Total real estate loans		—		—		—
Consumer loans		—		—		—
Commercial and industrial loans		—		—		—
Total	$	—	$	—	$	—
Impaired loans without related allowance:
Real estate loans:
Residential	$	1,480,633	$	1,480,633	$	—
Home equity		675		675		—
Multi-family		—		—		—
Commercial		1,339,199		1,339,199		—
Construction and land development		11,637		11,637		—
Total real estate loans		2,832,144		2,832,144		—
Consumer loans		—		—		—
Commercial and industrial loans		—		—		—
Total	$	2,832,144	$	2,832,144	$	—

Summary of Impaired loans

The average net investment on impaired loans and interest income recognized and received on impaired loans are as follows:

	Year Ended December 31,
	2021
	Average Recorded Investment		Interest Income Recognized		Interest Income Received
Real estate loans:
Residential	$	1,560,984	$	92,374	$	92,705
Home equity		598		—		—
Multi-family		—		—		—
Commercial		831,676		—		—
Construction and land development		57,086		520		399
Total real estate loans		2,450,344		92,894		93,104
Consumer loans		—		—		—
Commercial and industrial loans		—		—		—
Total	$	2,450,344	$	92,894	$	93,104
	2020
	Average Recorded Investment		Interest Income Recognized		Interest Income Received
Real estate loans:
Residential	$	1,328,667	$	53,255	$	49,977
Home equity		2,391		194		194
Multi-family		—		—		—
Commercial		1,479,981		—		—
Construction and land development		254,687		697		697
Total real estate loans		3,065,726		54,146		50,868
Consumer loans		—		—
Commercial and industrial loans		—		—
Total	$	3,065,726	$	54,146	$	50,868

Summary of aging of the recorded investment in past due loans and nonaccrual loans

The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of December 31, 2021 and 2020, by class of loans:

	30-59 Days Past Due		60-89 Days Past Due		90 Days or Greater Past Due		Total Past Due		Current		Total		Non-accrual
December 31, 2021 -
Real estate loans:
Residential	$	1,330,647	$	75,169	$	—	$	1,405,816	$	97,027,308	$	98,433,124	$	354,295
Home equity		—		—		—		—		11,510,661		11,510,661		—
Multi-family		—		—		—		—		19,937,187		19,937,187		—
Commercial		—		—		—		—		89,830,611		89,830,611		—
Construction    and land    development		—		9,928		60,111		70,039		34,331,663		34,401,702		60,111
Total real    estate loans		1,330,647		85,097		60,111		1,475,855		252,637,430		254,113,285		414,406
Consumer loans		—		—		—		—		1,373,761		1,373,761		—
Commercial and    industrial loans		—		—		—		—		15,900,097		15,900,097
	$	1,330,647	$	85,097	$	60,111	$	1,475,855	$	269,911,288	$	271,387,143	$	414,406
December 31, 2020 -
Real estate loans:
Residential	$	40,583	$	84,167	$	196,826	$	321,576	$	105,515,748	$	105,837,324	$	623,998
Home equity		—		—		—		—		8,892,417		8,892,417		—
Multi-family		—		—		—		—		15,140,468		15,140,468		—
Commercial		—		—		1,339,199		1,339,199		71,378,670		72,717,869		1,339,199
Construction    and land    development		—		—		—		—		29,982,506		29,982,506		—
Total real    estate loans		40,583		84,167		1,536,025		1,660,775		230,909,809		232,570,584		1,963,197
Consumer loans		—		—		—		—		5,372,529		5,372,529		—
Commercial and    industrial loans		151,136		—		—		151,136		29,448,846		29,599,982		—
	$	191,719	$	84,167	$	1,536,025	$	1,811,911	$	265,731,184	$	267,543,095	$	1,963,197

Summary of loans not meeting the criteria are analyzed individually are considered to be pass rated loans, based on the most recent analysis performed, the risk category of loans by class of loans

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be Pass rated loans. As of December 31, 2021 and 2020, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

Credit Exposure Based on Risk Ratings:

	Pass		Special Mention		Substandard		Doubtful		Loss		Total
December 31, 2021 -
Real estate loans:
Residential	$	95,421,741	$	1,764,789	$	1,246,594	$	—	$	—	$	98,433,124
Home equity		11,510,661		—		—		—		—		11,510,661
Multi-family		19,937,187		—		—		—		—		19,937,187
Commercial		78,797,687		8,075,262		2,957,662		—		—		89,830,611
Construction and land    development		31,347,154		2,920,406		134,142		—		—		34,401,702
Total real estate loans		237,014,430		12,760,457		4,338,398		—		—		254,113,285
Consumer loans		1,373,761		—		—		—		—		1,373,761
Commercial and industrial loans		15,900,097		—				—				15,900,097
	$	254,288,288	$	12,760,457	$	4,338,398	$	—	$	—	$	271,387,143
December 31, 2020 -
Real estate loans:
Residential	$	102,229,498	$	1,243,538	$	2,364,288	$	—	$	—	$	105,837,324
Home equity		8,891,742		—		675		—		—		8,892,417
Multi-family		14,831,774		308,694		—		—		—		15,140,468
Commercial		67,305,357		4,073,313		1,339,199		—		—		72,717,869
Construction and land    development		25,390,597		2,950,389		1,641,520		—		—		29,982,506
Total real estate loans		218,648,968		8,575,934		5,345,682		—		—		232,570,584
Consumer loans		5,372,529		—		—		—		—		5,372,529
Commercial and industrial loans		27,643,564		466,020		1,490,398		—		—		29,599,982
	$	251,665,061	$	9,041,954	$	6,836,080	$	—	$	—	$	267,543,095