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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Taxes |
Schedule of income tax expense |
|  | 2016 |  | 2015 |
|  | (In thousands) |
Current |  |  |  |  |  |  |
Federal |  | $ | - |  | $ | - |
State |  |  | 11 |  |  | 20 |
Deferred |  |  |  |  |  |  |
Federal |  |  | 163 |  |  | 1,238 |
State |  |  | 128 |  |  | 505 |
Change in valuation allowance |  |  | (2,527 | ) |  | (6,337 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | (2,225 | ) | $ | (4,574 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of difference in effective tax rates from federal statutory rate of 34% applied to income before income taxes |
|  | 2016 |  | 2015 |
|  | (In thousands) |
Federal statutory rate times financial statement net income |  | $ | 427 |  | $ | 1,529 |
Effect of: |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 91 |  |  | 323 |
Earnings from bank owned life insurance |  |  | (24 | ) |  | (25 | )
Low income housing credits |  |  | (212 | ) |  | (212 | )
Change in valuation allowance |  |  | (2,527 | ) |  | (6,337 | )
Other, net |  |  | 20 |  |  | 148 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | (2,225 | ) | $ | (4,574 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of deferred tax assets and liabilities |
|  | 2016 |  | 2015 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 84 |  | $ | 311 |
Accrued liabilities |  |  | 218 |  |  | 222 |
State income taxes |  |  | 46 |  |  | 51 |
Deferred compensation |  |  | 494 |  |  | 475 |
Stock compensation |  |  | 156 |  |  | 110 |
Net operating loss carryforward |  |  | 5,886 |  |  | 6,141 |
Non-accrual loan interest |  |  | 9 |  |  | 14 |
Partnership investment |  |  | 175 |  |  | 125 |
General business credit |  |  | 1,282 |  |  | 1,091 |
Alternative minimum tax credit |  |  | 209 |  |  | 185 |
Other |  |  | 37 |  |  | 531 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets |  |  | 8,596 |  |  | 9,256 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Valuation allowance |  |  | - |  |  | (2,527 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: |  |  |  |  |  |  |
Deferred loan fees/costs |  |  | (1,125 | ) |  | (1,246 | )
Real estate owned |  |  | - |  |  | (15 | )
Basis difference on fixed assets |  |  | (57 | ) |  | (59 | )
Net unrealized appreciation on available-for-sale securities |  |  | (90 | ) |  | (164 | )
FHLB stock dividends |  |  | (371 | ) |  | (574 | )
Mortgage servicing rights |  |  | (13 | ) |  | (17 | )
Prepaid expenses |  |  | (33 | ) |  | (60 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax liabilities |  |  | (1,689 | ) |  | (2,135 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets |  | $ | 6,907 |  | $ | 4,594 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of reconciliation of unrecognized tax benefits |
|  | 2016 |  | 2015 |
|  | (In thousands) |
Balance at beginning of year |  | $ | 475 |  | $ | 475 |
Additions based on tax positions related to the current year |  |  | - |  |  | - |
Additions for tax positions of prior year |  |  | - |  |  | - |
Reductions for tax positions of prior years |  |  | - |  |  | - |
Settlements |  |  | - |  |  | - |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at end of year |  | $ | 475 |  | $ | 475 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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