XML 20 R11.htm IDEA: XBRL DOCUMENT v3.22.1
Loans and Allowance for Loan Losses
 3 Months Ended
Mar. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]  
Loans and Allowance for Loan Losses

NOTE 3 - LOANS AND ALLOWANCE FOR LOAN LOSSES

Major classifications of loans, by purpose code, at March 31, 2022 and December 31, 2021, are summarized as follows:

 

 

 

March 31, 2022

 

 

Percent

 

 

December 31, 2021

 

 

Percent

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

102,034,477

 

 

 

37.29

%

 

$

98,433,124

 

 

 

36.27

%

Home equity

 

 

11,467,709

 

 

 

4.19

%

 

 

11,510,661

 

 

 

4.24

%

Multi-family

 

 

19,950,041

 

 

 

7.29

%

 

 

19,937,187

 

 

 

7.35

%

Commercial

 

 

95,384,937

 

 

 

34.86

%

 

 

89,830,611

 

 

 

33.10

%

Construction and land development

 

 

29,958,414

 

 

 

10.95

%

 

 

34,401,702

 

 

 

12.68

%

Total real estate loans

 

 

258,795,578

 

 

 

 

 

 

254,113,285

 

 

 

 

Consumer loans

 

 

1,314,367

 

 

 

0.48

%

 

 

1,373,761

 

 

 

0.51

%

Commercial and industrial loans

 

 

13,490,067

 

 

 

4.94

%

 

 

15,900,097

 

 

 

5.85

%

Total loans

 

 

273,600,012

 

 

 

100.00

%

 

 

271,387,143

 

 

 

100.00

%

Less: Allowance for loan losses

 

 

4,211,089

 

 

 

 

 

 

4,183,599

 

 

 

 

Deferred loan fees

 

 

885,226

 

 

 

 

 

 

899,096

 

 

 

 

Loans, net

 

$

268,503,697

 

 

 

 

 

$

266,304,448

 

 

 

 

 

The Bank grants loans and extensions of credit to individuals and a variety of firms and corporations in its primary market areas surrounding Thomasville and Savannah, Georgia and Tallahassee and Jacksonville, Florida. Although the Bank has a diversified loan portfolio, a substantial portion of the loan portfolio is collateralized by improved and unimproved real estate and is dependent on the real estate market.

The Bank has divided the loan portfolio into seven portfolio segments, each with different risk characteristics and methodologies for assessing risk. The portfolio segments identified by the Bank are real estate - residential, real estate - home equity, real estate - multi-family, real estate - commercial, real estate - construction and land development, consumer loans and commercial and industrial loans.

Real Estate - Residential: The Bank originates residential real estate loans for the purchase or refinancing of a mortgage. These loans are primarily collateralized by owner-occupied properties and rental properties located primarily in the Bank’s market areas.

Real Estate - Home Equity: The Bank originates home equity real estate loans to provide home equity lines of credit and closed-end home equity loans. These loans are primarily collateralized by owner-occupied properties located primarily in the Bank’s market areas.

Real Estate - Multi-family: Multi-family loans consist of loans to finance real estate purchases, refinancings, expansions and improvements to multi-family properties. These loans may be secured by, but are not limited to, first liens on apartments, mobile home parks or other multi-family properties primarily located within the Bank’s market areas. The Bank’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower’s and borrower’s related entities’ financial condition, and a detailed analysis of the borrower’s underlying cash flows. Multi-family loans are larger than residential or home equity loans and involve greater credit risk. The repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions also affect the repayment ability to a greater extent than residential or home equity real estate loans.

Real Estate - Commercial: Commercial real estate loans consist of loans to finance real estate purchases, refinancings, expansions and improvements to commercial properties. These loans may be secured by first liens on office buildings, farms, retail and mixed-use properties, churches, warehouses and restaurants primarily located within the Bank’s market areas. The Bank’s underwriting analysis includes credit verification, independent appraisals, a review of the borrower’s and borrower’s related entities’ financial condition, and a detailed analysis of the borrower’s underlying cash flows. Commercial real estate loans are larger than residential loans and involve greater credit risk. The repayment of these loans largely depends on the results of operations and management of these properties. Adverse economic conditions also affect the repayment ability to a greater extent than residential real estate loans.

Real Estate - Construction and land development: These loans are made to borrowers to build commercial structures, a primary or secondary residence and, in some cases, to real estate investors to acquire and develop land. These loans are more difficult to evaluate since they are significantly more vulnerable to changes in economic conditions. In addition, these loans possess a higher degree of credit risk since they are made based on estimates of the future worth of a project and the estimated costs required for completion. The Bank limits its overall investment in this portfolio segment due both to management’s assessment of risk and certain percentage guidance set by the regulatory agencies.

Consumer: Consumer loans mainly consist of personal loans, revolving credit plans and other loans. The Bank’s consumer loans may be uncollateralized and rely on the borrower’s income for repayment.

Commercial and industrial: Commercial and industrial loans consist generally of business loans and lines of credit to companies in the Bank’s market area. Commercial and industrial loans are generally used for working capital purposes or for acquiring equipment, inventory or furniture. Such loans are usually collateralized by the financed assets, although a portion may be made on an unsecured basis and contain the guarantee of the business principals. The Bank’s underwriting analysis consists of a review of the financial statements of the borrower, the lending history of the borrower, the debt service capabilities of the borrower, the projected cash flows of the business, the value of the collateral, if any, and whether the loan is guaranteed by the principals of the borrower. Commercial and industrial loans are typically made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business, which makes them of higher risk than residential loans and the collateral securing loans may be difficult to appraise and may fluctuate in value based on the success of the business.

Commercial and industrial loans also include loans originated under the Paycheck Protection Program (“PPP”), before the program expired on May 31, 2021. These loans have an interest rate of 1.0% and a two-year or five-year loan term to maturity. The Small Business Administration (“SBA”) guarantees 100% of the PPP loans made to eligible borrowers, and loan proceeds may be partially or fully forgiven by the SBA if the funds are used for eligible expenses during the relevant forgiveness period and the borrower meets the employee retention criteria.

The Bank was paid a processing fee from the SBA on PPP loan originations ranging from 1% to 5%, based on the size of the loans. In the first quarter of 2022, the Bank did not record any PPP-related SBA fees, compared to $227,000 in PPP-related SBA fees in the first quarter of 2021. These fees are accreted into interest income over the estimated life of the applicable loans. If a PPP loan is forgiven or paid off before maturity, the remaining unearned fee is recognized into income at that time. For the three months ended March 31, 2022, and 2021, the Bank had recognized approximately $7,200 and $205,000 in PPP-related SBA fees, respectively. The majority of the remaining unearned fees are expected to be recognized as the PPP loans are forgiven or paid off. Deferred PPP-related SBA fees totaled $55,000 and $62,000 at March 31, 2022 and December 31, 2021, respectively.

Allowance for Loan Losses:

An analysis of the change in allowance for loan losses follows:

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Beginning balance

 

$

4,183,599

 

 

$

4,085,719

 

Charge-offs:

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

Residential

 

 

—

 

 

 

(11,123

)

Home equity

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

Construction and land development

 

 

—

 

 

 

—

 

Total real estate loans

 

 

—

 

 

 

(11,123

)

Consumer loans

 

 

(8,633

)

 

 

(15,842

)

Commercial and industrial loans

 

 

—

 

 

 

—

 

Total charge-offs

 

 

(8,633

)

 

 

(26,965

)

Recoveries:

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

Residential

 

 

17,931

 

 

 

6,139

 

Home equity

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

Construction and land development

 

 

—

 

 

 

11,345

 

Total real estate loans

 

 

17,931

 

 

 

17,484

 

Consumer loans

 

 

1,066

 

 

 

3,912

 

Commercial and industrial loans

 

 

17,126

 

 

 

7,250

 

Total recoveries

 

 

36,123

 

 

 

28,646

 

Net recoveries

 

 

27,490

 

 

 

1,681

 

Provision for allowance for loan losses

 

 

—

 

 

 

—

 

Ending balance

 

$

4,211,089

 

 

$

4,087,400

 

 

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 March 31, 2022 and December 31, 2021:

 

 

 

Loans

 

 

Allowance for loan losses

 

 

 

Individually
evaluated
for impairment

 

 

Collectively
evaluated
for impairment

 

 

Individually
evaluated
for impairment

 

 

Collectively
evaluated
for impairment

 

March 31, 2022 -

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,365,448

 

 

$

100,669,029

 

 

$

—

 

 

$

1,526,841

 

Home equity

 

 

—

 

 

 

11,467,709

 

 

 

—

 

 

 

173,236

 

Multi-family

 

 

—

 

 

 

19,950,041

 

 

 

—

 

 

 

280,408

 

Commercial

 

 

—

 

 

 

95,384,937

 

 

 

—

 

 

 

1,805,018

 

Construction and development

 

 

9,151

 

 

 

29,949,263

 

 

 

—

 

 

 

267,982

 

Total real estate loans

 

 

1,374,599

 

 

 

257,420,979

 

 

 

—

 

 

 

4,053,485

 

Consumer loans

 

 

—

 

 

 

1,314,367

 

 

 

—

 

 

 

1,374

 

Commercial and industrial loans

 

 

—

 

 

 

13,490,067

 

 

 

—

 

 

 

124,213

 

Unallocated

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32,017

 

Total

 

$

1,374,599

 

 

$

272,225,413

 

 

$

—

 

 

$

4,211,089

 

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

 

 

Impaired Loans:

The following tables present impaired loans by class of loans as of March 31, 2022 and December 31, 2021:

 

 

 

Recorded
Investment

 

 

Principal
Balance

 

 

Related
Allowance

 

March 31, 2022 -

 

 

 

 

 

 

 

 

 

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

 

$

1,365,448

 

 

$

1,365,448

 

 

$

—

 

Home equity

 

 

—

 

 

 

—

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

Construction and land development

 

 

9,151

 

 

 

9,151

 

 

 

—

 

Total real estate loans

 

 

1,374,599

 

 

 

1,374,599

 

 

 

—

 

Consumer loans

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,374,599

 

 

$

1,374,599

 

 

$

—

 

 

 

 

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

 

 

$

—

 

 

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

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

 

 

Average
Recorded
Investment

 

 

Interest
Income
Recognized

 

 

Interest
Income
Received

 

 

Average
Recorded
Investment

 

 

Interest
Income
Recognized

 

 

Interest
Income
Received

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,441,635

 

 

$

19,299

 

 

$

19,562

 

 

$

1,553,631

 

 

$

23,892

 

 

$

23,892

 

Home equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,196

 

 

 

 

 

 

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,409,590

 

 

 

—

 

 

 

—

 

Construction and land development

 

 

9,540

 

 

 

114

 

 

 

159

 

 

 

127,344

 

 

 

 

 

 

 

Total real estate loans

 

 

1,451,175

 

 

 

19,413

 

 

 

19,721

 

 

 

3,091,761

 

 

 

23,892

 

 

 

23,892

 

Consumer loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Commercial and industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

1,451,175

 

 

$

19,413

 

 

$

19,721

 

 

$

3,091,761

 

 

$

23,892

 

 

$

23,892

 

 

Past Due and Nonaccrual Loans:

The following tables present the aging of the recorded investment in past due loans and nonaccrual loans as of March 31, 2022 and December 31, 2021, 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

 

March 31, 2022 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

1,087,573

 

 

$

—

 

 

$

—

 

 

$

1,087,573

 

 

$

100,946,904

 

 

$

102,034,477

 

 

$

245,613

 

Home equity

 

 

37,120

 

 

 

—

 

 

 

—

 

 

 

37,120

 

 

 

11,430,589

 

 

 

11,467,709

 

 

 

—

 

Multi-family

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,950,041

 

 

 

19,950,041

 

 

 

—

 

Commercial

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

95,384,937

 

 

 

95,384,937

 

 

 

—

 

Construction
   and land
   development

 

 

9,151

 

 

 

59,574

 

 

 

—

 

 

 

68,725

 

 

 

29,889,689

 

 

 

29,958,414

 

 

 

59,574

 

Total real
   estate loans

 

 

1,133,844

 

 

 

59,574

 

 

 

—

 

 

 

1,193,418

 

 

 

257,602,160

 

 

 

258,795,578

 

 

 

305,187

 

Consumer loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,314,367

 

 

 

1,314,367

 

 

 

—

 

Commercial and
   industrial loans

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,490,067

 

 

 

13,490,067

 

 

 

—

 

 

 

$

1,133,844

 

 

$

59,574

 

 

$

—

 

 

$

1,193,418

 

 

$

272,406,594

 

 

$

273,600,012

 

 

$

305,187

 

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

 

 

As of March 31, 2022 and December 31, 2021, there were no loans greater than 90 days past due and still accruing.

Troubled Debt Restructurings:

The Bank did not modify any loans in the three months ended March 31, 2022 and 2021 in a manner that would be considered troubled debt restructurings. There were no specific allowances allocated to troubled debt restructurings as of March 31, 2022 or 2021. The Bank did not commit to lend any additional amounts to customers with outstanding loans that are classified as troubled restructurings. Certain troubled debt restructurings are accruing loans in which interest is earned when payments are made. Management continues to evaluate these accruing troubled debt restructurings for impairment on a quarterly basis. During the three months ended March 31, 2022 and 2021, no restructured loans defaulted subsequent to modification.

COVID-19 Related Loan Modifications:

In 2020, the Bank implemented a customer payment deferral program to assist borrowers that may be experiencing financial hardship due to COVID-19 related challenges, whereby short-term deferrals of payments (generally three to six months) were provided. As of March 31, 2022 and December 31, 2021, all loans that were granted COVID-19 related payment deferrals had resumed making payments under the terms of the original loan agreements. Consistent with industry regulatory guidance, borrowers that were otherwise current on loan payments that were granted COVID-19 related financial hardship payment deferrals between March 1, 2020 and January 1, 2022 continued to be reported as current loans throughout the agreed upon deferral period and were not classified as troubled debt restructurings.

Credit Quality:

The Bank categorized loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continuous basis. The Bank uses the following definitions for its risk ratings:

Special Mention. Evidence of financial deterioration exists, or file documentation is inadequate or not available to determine the borrower’s financial status or ability to repay. The loan possesses potential weakness which may, if not reversed or corrected, weaken the credit or inadequately protect the Bank’s position.

Substandard. A well-defined weakness or weaknesses exists that jeopardizes the liquidation of the debt. The loan is characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected.

Doubtful. All of the weaknesses of a substandard loan exist, with the added characteristic that the weaknesses jeopardize the collection and/or liquidation of the debt. Loss exposure, while evident, is not clearly determinable. Special workout negotiations and/or litigation should be initiated.

Loss. Considered uncollectible in full and of such little value that its continuance as a bankable asset is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be achieved in the future.

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 March 31, 2022 and December 31, 2021, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows:

 

 

 

Pass

 

 

Special
Mention

 

 

Substandard

 

 

Doubtful

 

 

Loss

 

 

Total

 

March 31, 2022 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

$

100,473,930

 

 

$

223,024

 

 

$

1,337,523

 

 

$

—

 

 

$

—

 

 

$

102,034,477

 

Home equity

 

 

11,467,709

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,467,709

 

Multi-family

 

 

19,950,041

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,950,041

 

Commercial

 

 

87,894,860

 

 

 

4,634,029

 

 

 

2,856,048

 

 

 

—

 

 

 

—

 

 

 

95,384,937

 

Construction and land
   development

 

 

26,937,502

 

 

 

2,889,650

 

 

 

131,262

 

 

 

—

 

 

 

—

 

 

 

29,958,414

 

Total real estate loans

 

 

246,724,042

 

 

 

7,746,703

 

 

 

4,324,833

 

 

 

—

 

 

 

—

 

 

 

258,795,578

 

Consumer loans

 

 

1,314,367

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,314,367

 

Commercial and industrial loans

 

 

13,490,067

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

13,490,067

 

 

 

$

261,528,476

 

 

$

7,746,703

 

 

$

4,324,833

 

 

$

—

 

 

$

—

 

 

$

273,600,012

 

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