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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of income tax (benefit) expense |
|  | 2019 |  | 2018
|  | (In thousands)
Current |  |  |  |  |  |
Federal |  | $ | (66) |  | $ | (110)
State |  |  | 5 |  |  | 12
Deferred |  |  |  |  |  |
Federal |  |  | (225) |  |  | 68
State |  |  | (59) |  |  | 86
Change in valuation allowance |  |  | — |  |  | —
Total |  | $ | (345) |  | $ | 56
Schedule of difference in effective tax rates from federal statutory rate of 21% applied to income before income taxes |
|  | 2019 |  | 2018
|  | (In thousands)
Federal statutory rate times financial statement net (loss) income |  | $ | (115) |  | $ | 183
Effect of: |  |  |  |  |  |
State taxes, net of federal benefit |  |  | (45) |  |  | 77
Change in federal rate |  |  | — |  |  | —
Earnings from bank owned life insurance |  |  | (11) |  |  | (16)
Low income housing credits |  |  | (198) |  |  | (212)
Change in valuation allowance |  |  | — |  |  | —
Other, net |  |  | 24 |  |  | 24
Total |  | $ | (345) |  | $ | 56
Schedule of deferred tax assets and liabilities |
|  | 2019 |  | 2018
|  | (In thousands)
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 897 |  | $ | 799
Real estate owned |  |  | — |  |  | 65
Accrued liabilities |  |  | 137 |  |  | 150
State income taxes |  |  | 36 |  |  | 34
Stock compensation |  |  | 202 |  |  | 165
Net operating loss carryforward |  |  | 3,614 |  |  | 3,887
Non-accrual loan interest |  |  | 1 |  |  | 3
Partnership investment |  |  | 173 |  |  | 140
General business credit |  |  | 1,859 |  |  | 1,661
Alternative minimum tax credit |  |  | 94 |  |  | 151
Unrealized appreciation AFS |  |  | — |  |  | 50
Other |  |  | 34 |  |  | 28
Total deferred tax assets |  |  | 7,047 |  |  | 7,133
Deferred tax liabilities: |  |  |  |  |  |
Section 481 Adjustments to bad debts |  |  | (660) |  |  | (980)
Deferred loan fees/costs |  |  | (797) |  |  | (775)
Basis difference on fixed assets |  |  | (15) |  |  | (35)
Net unrealized appreciation on available-for-sale securities |  |  | (59) |  |  | —
FHLB stock dividends |  |  | (266) |  |  | (266)
Mortgage servicing rights |  |  | (3) |  |  | (5)
Prepaid expenses |  |  | (27) |  |  | (27)
Total deferred tax liabilities |  |  | (1,827) |  |  | (2,088)
Net deferred tax assets |  | $ | 5,220 |  | $ | 5,045

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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319 + Details
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