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INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

NOTE 9. INCOME TAXES

Income tax expense (benefit) for the years ended December 31, 2021 and 2020 are summarized as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)		2021			2020
Federal:		​			​
Current	​	$	332	​	$	(587)
Deferred	​		155	​		113
Total income tax expense (benefit)	​	$	487	​	$	(474)

​

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent in 2021 and 2020 to income before income taxes as a result of the following:

​

​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)		2021			2020
Expected income tax expense (benefit) at federal tax rate	​	$	507	​	$	(247)
Bank-owned life insurance income	​		(19)	​		(15)
Tax free investment securities income	​		(8)	​		(10)
Benefit from NOL carryback	​		-	​		(196)
Nondeductible stock-based compensation expense	​	​	4	​	​	-
Other	​		3	​		(6)
Total income tax expense (benefit)	​	$	487	​	$	(474)

​

Deferred taxes are recorded based upon differences between the financial statement and tax basis of assets and liabilities. The net deferred tax assets and liabilities in the accompanying statements of financial condition include the following components:

​

​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)		2021			2020
Deferred tax assets:		​			​
Allowance for loan losses	​	$	77	​	$	235
Net unrealized losses on available-for-sale securities	​		181	​		—
Foreclosed assets	​		44	​		33
Other	​		95	​		58
Deferred tax assets	​		397	​		326
Deferred tax liabilities:	​			​
Net unrealized gains on available-for-sale securities	​		—	​		(29)
FHLB stock	​		(119)	​		(118)
FHLB debt modification discount	​		(206)	​		(244)
Premises and equipment, net	​		(401)	​		(357)
Deferred tax liabilities:	​		(726)	​		(748)
Net deferred tax asset (liability)	​	$	(329)	​	$	(422)

​

Retained earnings at December 31, 2021 and 2020 include approximately $1.9 million accumulated prior to January 1, 1987, for which no deferred federal income tax liability has been recognized. This amount represents an allocation of income to bad-debt deductions for tax purposes only. Reduction of amounts so allocated for purposes other than tax bad-debt losses or adjustments arising from carryback of net operating losses would create income for tax purposes only, which would be subject to the then-current corporate income tax rate.

X

- References

No definition available.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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-Section S99
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-Publisher FASB
-Name Accounting Standards Codification
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