Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Employee Benefits And Share Based Compensation [Abstract]

Summary of the Components of the Net Periodic Post-Retirement Benefit Cost

The following is a summary of the components of the net periodic post-retirement benefit cost during 2021 and 2020:

	2021			2020
Interest cost	$	300,973		$	366,543
Expected return on assets		(710,539	)		(643,058	)
Amortization of unrecognized loss		219,288			142,053
Periodic post-retirement cost (benefit)	$	(190,278	)	$	(134,462	)

Schedule of Estimated Benefit Payments

The Bank expects to make contributions to the plan in 2022 totaling $0. The following table presents the estimated benefit payments for each of the next five years and in the aggregate for the five years thereafter as of December 31, 2021:

2022		585,550
2023		586,872
2024		590,481
2025		591,945
2026		590,784
2027-2031		2,846,764
	$	5,792,396

Reconciliation of the Accumulated Post-Retirement Benefit Obligation

The following is a reconciliation of the accumulated post-retirement benefit obligation as of December 31, 2021 and 2020:

	2021			2020
Projected benefit obligation at beginning of year	$	13,209,019		$	12,155,436
Interest cost		300,973			366,543
Actuarial gain		(766,993	)		1,261,873
Benefits paid		(583,244	)		(574,833	)
Projected benefit obligation at end of year	$	12,159,755		$	13,209,019

Summary of the Change in Plan Assets

The following is a summary of the change in plan assets during 2021 and 2020:

	2021			2020
Fair value of plan assets at beginning of year	$	9,168,583		$	8,257,698
Actual return on assets		1,068,427			1,062,482
Employer contributions		—			485,934
Administrative expenses		(65,873	)		(62,698	)
Benefits paid, net		(583,244	)		(574,833	)
Fair value of plan assets at end of year	$	9,587,893		$	9,168,583

Schedule of Fair Values of the Bank’s Pension Plan Assets

The fair values of the Bank’s pension plan assets at December 31, 2021 and 2020, by asset category, are as follows:

			Fair Value Measurements
	Assets Measured at Fair Value		Level 1		Level 2		Level 3
December 31, 2021:
Cash and cash equivalents	$	14,881	$	14,881	$	—	$	—
Debt securities mutual funds		3,059,854		3,059,854		—		—
Equity securities mutual funds		6,513,158		6,513,158		—		—
	$	9,587,893	$	9,587,893	$	—	$	—
December 31, 2020:
Cash and cash equivalents	$	23,438	$	23,438	$	—	$	—
Debt securities mutual funds		2,751,130		2,751,130		—		—
Equity securities mutual funds		6,394,015		6,394,015		—		—
	$	9,168,583	$	9,168,583	$	—	$	—

Summary of the Amount Recognized in Other Liabilities

The following is a summary of the amount recognized in other liabilities as of December 31, 2021 and 2020:

	2021			2020
Projected benefit obligation at end of year	$	12,159,755		$	13,209,019
Fair value of plan assets at end of year		(9,587,893	)		(9,168,583	)
	$	2,571,862		$	4,040,436

Schedule of Accumulated Other Comprehensive Loss, Net of Tax

Amounts recognized in accumulated other comprehensive loss, net of tax, as of December 31, 2021 and 2020 were:

	2021			2020
Net loss	$	(1,950,408	)	$	(3,228,704	)
Total accumulated other comprehensive loss	$	(1,950,408	)	$	(3,228,704	)

Schedule of Accumulated Post-Retirement Benefit Obligation and Other Comprehensive Income (loss)

Amounts recognized in the accumulated post-retirement benefit obligation and other comprehensive income (loss) for the years ended December 31, 2021 and 2020 were:

	2021			2020
Net loss	$	(1,059,008	)	$	905,147
Amortization of net unrecognized gain		(219,288	)		(142,053	)
Total accumulated other comprehensive loss	$	(1,278,296	)	$	763,094

Employee Stock Ownership Plan (ESOP) Disclosures

	2021
Shares held by the ESOP include the following:
Allocated		—
Committed to be allocated		19,593
Unallocated		372,275
Total		391,868