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Income Taxes

12 Months Ended

Dec. 31, 2022

Income Taxes

Income Taxes

Note 9:   Income Taxes

The provision for income taxes includes these components:

​

​	​	​	​	​	​	​
​		2022			2021
​	​	(In thousands)
Taxes currently payable	​	$	537	​	$	1,118
Deferred income taxes	​		342	​		112
Income tax expense	​	$	879	​	$	1,230
​	​	​	​	​	​	​

​

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:

​

​	​	​	​	​	​	​
​		2022			2021
​	​	(In thousands)
Computed at the statutory rate (21%)	​	$	2,003	​	$	2,243
(Decrease) increase resulting from	​		​	​		​
Tax exempt interest	​		(935)	​		(822)
Earnings on bank-owned life insurance - net	​		(149)	​		(168)
Low income housing credit	​		(49)	​		(52)
Other	​		9	​		29
Actual tax expense	​	$	879	​	$	1,230

​

The tax effects of temporary differences related to deferred taxes shown on the balance sheets were:

​

​	​	​	​	​	​	​
​		2022			2021
​	​	(In thousands)
Deferred tax assets	​	​	​	​	​	​
Allowance for loan losses	​	$	431	​	$	771
Stock based compensation	​		310	​		253
Deferred compensation, and other accruals	​		507	​		472
Employee benefit expense	​		—	​		—
Non-accrual loan interest	​		1	​		33
Unrealized loss on securities available for sale	​	​	2,307	​	​	—
Other	​		10	​		7
Total deferred tax assets	​		3,566	​		1,536
​	​			​
Deferred tax liabilities	​			​
Depreciation	​		(414)	​	​	(407)
Deferred loan costs, net	​		(11)	​	​	(34)
FHLB stock dividends	​		(182)	​	​	(304)
Unrealized gains on securities available for sale	​		—	​	​	(2,298)
Prepaid expenses	​		(68)	​	​	(49)
Intangibles	​		(78)	​	​	(97)
Employee benefit expense	​		(390)	​	​	(28)
​	​	​	​	​	​	​
Total deferred tax liabilities	​		(1,143)	​	​	(3,217)
Net deferred tax asset (liability)	​	$	2,423	​	$	(1,681)

​

X

- References

No definition available.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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