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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Schedule of components of income tax expense | Income tax benefit consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Current: |  |  |  |  |  |  |
Federal |  | $ | (320 | ) | $ | — |
State |  |  | — |  |  | — |
Total Current |  |  | (320 | ) |  | — |
Deferred: |  |  |  |  |  |  |
Federal |  |  | (153 | ) |  | 530 |
State |  |  | (26 | ) |  | 91 |
Change in Valuation Allowance |  |  | 179 |  |  | (621 | )
Total Deferred |  |  | — |  |  | — |
Total |  | $ | (320 | ) | $ | — |
Schedule of effective income tax rate reconciliation | The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands):
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
|  | Amount |  | % of Pretax Earnings |  | Amount |  | % of Pretax Loss |
Income taxes (benefit) at statutory rate |  | $ | (164 | ) |  | 34% |  | $ | 546 |  |  | 34.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of Federal tax benefit |  |  | (17 | ) |  | 3.5% |  |  | 75 |  |  | 3.8 | %
Other permanent differences |  |  | 2 |  |  | (0.4% | ) |  |  |  |  |  |
Change in valuation allowance |  |  | 179 |  |  | (37.1% | ) |  | (621 | ) |  | (37.8 | )%
Uncertain tax position |  |  | (320 | ) |  | 66.3% |  |  | — |  |  | — |
|  | $ | (320 | ) |  | 66.3% |  | $ | — |  |  | — | %
Schedule of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands).
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 4,005 |  | $ | 3,917 |
Premises and equipment |  |  | 52 |  |  | 66 |
Impaired securities |  |  | — |  |  | 29 |
Foreclosed property expenses |  |  | 849 |  |  | 764 |
Nonaccrual loan interest |  |  | 399 |  |  | 345 |
Unrealized loss on available for sale securities |  |  | 87 |  |  | — |
Other |  |  | 82 |  |  | 79 |
Gross deferred tax assets |  |  | 5,474 |  |  | 5,200 |
Less: Valuation allowance |  |  | 5,240 |  |  | 5,061 |
Net deferred tax assets |  |  | 234 |  |  | 139 |
Deferred tax liabilities: |  |  |  |  |  |  |
Allowance for loan losses |  |  | (114 | ) |  | (114 | )
Unrealized gain on available for sale securities |  |  | — |  |  | (50 | )
Loan costs |  |  | (37 | ) |  | (25 | )
Total deferred tax liabilities |  |  | (151 | ) |  | (189 | )
Net deferred tax asset (liability) |  | $ | 83 |  | $ | (50 | )
Schedule of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  | 2014 |
Balance, beginning of year |  | $ | 320 |  | $ | 320 |
Additions for tax positions related to current year |  |  | — |  |  | — |
Additions for tax positions of prior years |  |  | — |  |  | — |
Settlement due to exam closure |  |  | (320 | ) |  | — |
Balance, end of year |  | $ | — |  | $ | 320 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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