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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of income tax expense

​

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

Schedule of reconciliation of income tax expense (benefit)

​

​	​	​	​	​	​	​
​	​	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)

Schedule of deferred tax asset and liabilities

​

​	​	​	​	​	​	​
​	​	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)

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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=121826272&loc=d3e32639-109319

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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=121826272&loc=d3e32537-109319

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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
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