XML 45 R35.htm IDEA: XBRL DOCUMENT
v3.22.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes consists of the following:
(In thousands) |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 4,860 |  |  | $ | 3,248 |
State |  |  | 159 |  |  |  | 30 |
Total current |  |  | 5,019 |  |  |  | 3,278 |
Deferred federal |  |  | (216 | ) |  |  | (281 | )
Income tax expense |  | $ | 4,803 |  |  | $ | 2,997 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | 2021 |  |  | 2020 |
U.S. statutory rate |  |  | 21.0 | % |  |  | 21.0 | %
Non-deductible stock compensation and various other |  |  | 1.0 |  |  |  | 0.5 |
Effective tax rate |  |  | 22.0 | % |  |  | 21.5 | %
(In thousands) |  | 2021 |  |  | 2020 |
Income tax expense computed at the statutory rate |  | $ | 4,552 |  |  | $ | 2,917 |
State income tax |  |  | 159 |  |  |  | 30 |
Other |  |  | 92 |  |  |  | 50 |
Income tax expense, as reported |  | $ | 4,803 |  |  | $ | 2,997 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are as follows:
(In thousands) |  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 872 |  |  | $ | 618 |
Non-accrual loan interest |  |  | 232 |  |  |  | 70 |
Servicing asset valuation allowance |  |  | 13 |  |  |  | 13 |
Accrued liabilities |  |  | 193 |  |  |  | 68 |
Stock compensation |  |  | 102 |  |  |  | 73 |
Paycheck protection program deferred loan fees |  |  | 37 |  |  |  | 343 |
Available for sale securities discount accretion |  |  | 5 |  |  |  | 10 |
Net unrealized loss on securities available for sale |  |  | 87 |  |  |  | - |
Total deferred tax assets |  |  | 1,541 |  |  |  | 1,195 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Net deferred loan costs |  |  | (471 | ) |  |  | (371 | )
Depreciation and amortization |  |  | (233 | ) |  |  | (314 | )
Held-to-maturity securities premium |  |  | (45 | ) |  |  | (57 | )
Loan discount |  |  | (125 | ) |  |  | (93 | )
Intangible assets |  |  | (262 | ) |  |  | (258 | )
Net unrealized gain on securities available for sale |  |  | - |  |  |  | (19 | )
Total deferred tax liabilities |  |  | (1,136 | ) |  |  | (1,112 | )
Net deferred tax asset |  | $ | 405 |  |  | $ | 83 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration