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Income Taxes (FY) (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes [Abstract] |
Income Tax (Benefit) Expense | Income tax (benefit) expense was as follows:
|  | 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 |
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:
|  | 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 |
Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following:
|  | 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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