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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) | Income tax expense (benefit) for the years ended December 31, 2021 and 2020, consists of the following:
| Current |  | Deferred |  | Total
|  | (In thousands)
December 31, 2021 |  |  |  |  |  |  |  |
Federal |  | $ | 140 |  |  |  | $ | 5,810 |  |  |  | $ | 5,950 |
State |  | — |  |  |  | 3,668 |  |  |  | 3,668 |
|  | $ | 140 |  |  |  | $ | 9,478 |  |  |  | $ | 9,618 |
December 31, 2020 |  |  |  |  |  |  |  |
Federal |  | $ | (1,582) |  |  |  | $ | (3,570) |  |  |  | $ | (5,152) |
State |  | 161 |  |  |  | (2,875) |  |  |  | (2,714) |
|  | $ | (1,421) |  |  |  | $ | (6,445) |  |  |  | $ | (7,866) |
Schedule of effective income tax rate reconciliation | A reconciliation between the actual income tax expense and the expected federal income tax expense (computed by multiplying income before income tax expense times the applicable statutory federal income tax rate) for the years ended December 31, 2021 and 2020, is as follows:
|  | 2021 |  | 2020
|  | (In thousands)
Income (loss) before income tax (benefit) expense |  | $ | (26,724) |  |  | $ | (39,372) |
Applicable statutory federal income tax rate |  | 21.00 | % |  | 21.00 | %
Computed “expected” federal income tax (benefit) expense |  | $ | (5,612) |  |  | $ | (8,268) |
Increase (decrease) in federal income tax expense resulting from: |  |  |  |
State income taxes, net of federal benefit |  | (1,614) |  |  | (2,143) |
Valuation Allowance |  | 16,719 |  |  | — |
Tax-exempt income |  | (108) |  |  | (132) |
Impairment of Goodwill |  | — |  |  | 3,247 |
CARES Act – Carryback expense (benefit) |  | 247 |  |  | (568) |
Other |  | (14) |  |  | (2) |
Total |  | $ | 9,618 |  |  | $ | (7,866) |
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, are as follows:
|  | 2021 |  |  | 2020
Deferred tax assets: |  |  | (In Thousands)
Allowance for loan losses and REO |  |  | $ | 4,617 |  |  |  |  | $ | 5,136 |
Allowance for losses premises and equipment |  |  | — |  |  |  |  | 3,915 |
Net unrealized losses on derivatives |  |  | 69 |  |  |  |  | 1,559 |
Accrued postretirement benefits |  |  | 1,217 |  |  |  |  | 1,077 |
Accrued interest receivable |  |  | 179 |  |  |  |  | 108 |
Accrued bonus |  |  | 506 |  |  |  |  | 112 |
Finance Lease Liability |  |  | 7,504 |  |  |  |  | 7,178 |
Charitable contribution carryover |  |  | 2,709 |  |  |  |  | — |
Funded status of benefit plans |  |  | 342 |  |  |  |  | 490 |
Federal net operating loss carryforward |  |  | 6,648 |  |  |  |  | — |
State net operating loss carryforward |  |  | 2,392 |  |  |  |  | 553 |
Other |  |  | 37 |  |  |  |  | 49 |
Total gross deferred tax assets |  |  | 26,220 |  |  |  |  | 20,177 |
Valuation allowance |  |  | (16,868) |  |  |  |  | (72) |
Gross deferred tax assets after valuation allowance |  |  | 9,352 |  |  |  |  | 20,105 |
Deferred tax liabilities: |  |  |  |  |  |  |
Net unrealized gains on securities available for sale |  |  | 327 |  |  |  |  | 1,509 |
Deferred loan fees, net |  |  | 1,198 |  |  |  |  | 1,472 |
Premises and equipment |  |  | 489 |  |  |  |  | — |
Finance Lease ROU Asset |  |  | 7,156 |  |  |  |  | 6,993 |
Other |  |  | 182 |  |  |  |  | 114 |
Total gross deferred tax liabilities |  |  | 9,352 |  |  |  |  | 10,088 |
Net deferred tax asset |  |  | $ | — |  |  |  |  | $ | 10,017 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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