ESOP

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

ESOP

Note 10: ESOP

Employees of the Bank may participate in the Bank’s Employee Stock Ownership Plan (“ESOP”). The ESOP borrowed funds from the Company to purchase 52,678 shares of stock at $10 per share. The Bank makes discretionary contributions to the ESOP and the ESOP uses funds it receives to repay the loan. When payments are made, ESOP shares are allocated to participants based on relative compensation. The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of stockholders’ equity.

Each December, the Bank makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. Expense recorded during the three months ended March 31, 2025 is $7,047.

Shares held by the ESOP as of March 31, 2025, were as follows:

	As of March 31, 2025
Shares committed for allocation		3,293
Unallocated		49,385
Total ESOP shares		52,678
Fair value of unearned shares at March 31, 2025	$	567,928