Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The Company files income tax returns in the U.S. federal jurisdiction and franchise tax returns in Ohio. Income tax benefit for the dates indicated include the following components (in thousands):

	Year ended December 31,
	2015		2014
Current	$	10	$	-
Deferred		119		384
Valuation allowance		(10,784)		(384)
Total	$	(10,655)	$	-

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate to income before income taxes was as follows (in thousands):

	Year ended December 31,
	2015		2014
Federal income taxes compared at the expected statutory rate	$	370	$	127
Increase (decrease) in taxes resulting from:
Nontaxable dividend and interest income		(91)		(82)
Increase in cash surrender value of life insurance - net		(250)		(248)
Valuation allowance		(10,784)		(384)
Other		100		587
Income tax benefit per financial statements	$	(10,655)	$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets and liabilities were comprised of the following at the dates indicated (in thousands):

	Year ended December 31,
	2015		2014
Deferred tax assets:
Allowance for loan losses	$	1,473	$	1,440
Depreciation		-		103
Deferred compensation		300		316
Alternative minimum tax carry forward		155		145
Expenses on foreclosed property		14		10
NOL carry forward		9,020		8,910
Other		98		284
Subtotal		11,060		11,208
Deferred tax liabilities:
FHLB stock dividends		(307)		(389)
Unrealized gains on available-for-sale securities		(225)		(337)
Depreciation		(55)		-
Other		(33)		(35)
Subtotal		(620)		(761)
Net deferred tax asset		10,440		10,447
Less: valuation allowance		-		(10,784)
Total	$	10,440	$	(337)