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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Taxes |
Schedule of income tax expense |
|  | 2017 |  | 2016 |
|  | (In thousands) |
Current |  |  |  |  |  |  |
Federal |  | $ | - |  | $ | - |
State |  |  | 12 |  |  | 11 |
Deferred |  |  |  |  |  |  |
Federal |  |  | 1,455 |  |  | 163 |
State |  |  | 396 |  |  | 128 |
Change in valuation allowance |  |  | - |  |  | (2,527 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 1,863 |  | $ | (2,225 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of difference in effective tax rates from federal statutory rate of 34% applied to income before income taxes |
|  | 2017 |  | 2016 |
|  | (In thousands) |
Federal statutory rate times financial statement net income |  | $ | 1,269 |  | $ | 427 |
Effect of: |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 268 |  |  | 91 |
Change in federal rate |  |  | 519 |  |  | - |
Earnings from bank owned life insurance |  |  | (22 | ) |  | (24 | )
Low income housing credits |  |  | (212 | ) |  | (212 | )
Change in valuation allowance |  |  | - |  |  | (2,527 | )
Other, net |  |  | 41 |  |  | 20 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 1,863 |  | $ | (2,225 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of deferred tax assets and liabilities |
|  | 2017 |  | 2016 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |
Allowance for loan losses |  | $ | - |  | $ | 84 |
Real estate owned |  |  | 5 |  |  | - |
Accrued liabilities |  |  | 173 |  |  | 218 |
State income taxes |  |  | 33 |  |  | 46 |
Deferred compensation |  |  | - |  |  | 494 |
Stock compensation |  |  | 182 |  |  | 156 |
Net operating loss carryforward |  |  | 4,367 |  |  | 5,886 |
Non-accrual loan interest |  |  | 4 |  |  | 9 |
Partnership investment |  |  | 101 |  |  | 175 |
General business credit |  |  | 1,458 |  |  | 1,282 |
Alternative minimum tax credit |  |  | 256 |  |  | 209 |
Other |  |  | 14 |  |  | 37 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax assets |  |  | 6,593 |  |  | 8,596 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: |  |  |  |  |  |  |
Allowance for loan losses |  |  | (276 | ) |  | - |
Deferred loan fees/costs |  |  | (817 | ) |  | (1,125 | )
Basis difference on fixed assets |  |  | (49 | ) |  | (57 | )
Net unrealized appreciation on available-for-sale securities |  |  | (36 | ) |  | (90 | )
FHLB stock dividends |  |  | (266 | ) |  | (371 | )
Mortgage servicing rights |  |  | (7 | ) |  | (13 | )
Prepaid expenses |  |  | (32 | ) |  | (33 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax liabilities |  |  | (1,483 | ) |  | (1,689 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets |  | $ | 5,110 |  | $ | 6,907 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of reconciliation of unrecognized tax benefits |
|  | 2017 |  | 2016 |
|  | (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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