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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Income Tax (Benefit) Expense | Income tax (benefit) expense was as follows:
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Current |  |  |  |  |  |
Federal |  | $ | (59 | ) |  | $ | (66 | )
State |  |  | 144 |  |  |  | 5 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | 7 |  |  |  | (225 | )
State |  |  | (499 | ) |  |  | (59 | )
Total |  | $ | (407 | ) |  | $ | (345 | )
Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate of 21% applied to income before income taxes due to the following:
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Federal statutory rate times financial statement net (loss) income |  | $ | (220 | ) |  | $ | (115 | )
Effect of: |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | (7 | ) |  |  | (45 | )
Earnings from bank owned life insurance |  |  | (10 | ) |  |  | (11 | )
Merger-related expense |  |  | 200 |  |  |  | - |
Low income housing credits |  |  | (117 | ) |  |  | (198 | )
Tax benefit from tax positions taken in prior years |  |  | (273 | ) |  |  | - |
Other, net |  |  | 20 |  |  |  | 24 |
Total |  | $ | (407 | ) |  | $ | (345 | )
Deferred Tax Assets and Liabilities | Year‑end deferred tax assets and liabilities were due to the following:
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 909 |  |  | $ | 897 |
Accrued liabilities |  |  | 139 |  |  |  | 137 |
State income taxes |  |  | 58 |  |  |  | 36 |
Stock compensation |  |  | 310 |  |  |  | 202 |
Net operating loss carryforward |  |  | 3,437 |  |  |  | 3,614 |
Non‑accrual loan interest |  |  | 1 |  |  |  | 1 |
Partnership investment |  |  | 188 |  |  |  | 173 |
General business credit |  |  | 1,969 |  |  |  | 1,859 |
Alternative minimum tax credit |  |  | 34 |  |  |  | 94 |
Other |  |  | 40 |  |  |  | 34 |
Total deferred tax assets |  |  | 7,085 |  |  |  | 7,047 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Section 481 Adjustments to bad debts |  |  | (334 | ) |  |  | (660 | )
Deferred loan fees/costs |  |  | (651 | ) |  |  | (797 | )
Basis difference on fixed assets |  |  | (18 | ) |  |  | (15 | )
Net unrealized appreciation on available‑for‑sale securities |  |  | (138 | ) |  |  | (59 | )
FHLB stock dividends |  |  | (266 | ) |  |  | (266 | )
Mortgage servicing rights |  |  | (1 | ) |  |  | (3 | )
Prepaid expenses |  |  | (44 | ) |  |  | (27 | )
Total deferred tax liabilities |  |  | (1,452 | ) |  |  | (1,827 | )
Net deferred tax assets |  | $ | 5,633 |  |  | $ | 5,220 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Balance at beginning of year |  | $ | 475 |  |  | $ | 475 |
Additions for tax positions of current year |  |  | - |  |  |  | - |
Additions for tax positions of prior year |  |  | - |  |  |  | - |
Reductions for tax positions of prior years |  |  | (475 | ) |  | ‑ |
Balance at end of year |  | $ | - |  |  | $ | 475 |

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