Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income taxes are summarized as follows:

	Year Ended
	December 31,
	2020			2019
Current tax expense:
Federal	$	-		$	-
State		6,110			3,041
		6,110			3,041
Deferred tax expense (benefit):
Federal		(69,557	)		(106,043	)
State		(34,600	)		(23,591	)
		(104,157	)		(129,634	)
Change in State valuation allowance, net		27,334			18,635
	$	(70,713	)	$	(107,958	)

Schedule of Reconciliation of Effective Income Tax Rate from Statutory Federal Rate

The following is a reconciliation of expected income taxes (benefit), computed at the applicable federal statutory rate of 21% for the years ended December 31, 2020 and 2019 to the actual income tax expense (benefit):

	Year Ended
	December 31,
	2020			2019
Federal income tax expense (benefit)	$	(64,331	)	$	(93,684	)
State income tax expense (benefit)		(22,507	)		(16,235	)
Income from life insurance		(9,757	)		(12,968	)
Tax-exempt interest		(2,284	)		(2,671	)
Other		832			(1,035	)
Valuation allowance		27,334			18,635
Actual income tax (benefit)	$	(70,713	)	$	(107,958	)

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

	December 31,
	2020			2019
Deferred tax assets:
Depreciation	$	129,884		$	124,214
Benefit plan liabilities		73,553			76,915
Allowance for loan losses		144,775			153,415
Charitable contribution carryover		994			3,276
Net operating loss carryover		783,037			681,145
Unfunded pension liability		333,455			322,173
Net deferred loan costs/fees		1,458			-
Other		15,737			-
		1,482,893			1,361,138
Valuation allowance		(242,991	)		(215,657	)
Total deferred tax assets		1,239,902			1,145,481
Deferred tax liabilities:
Discounts on investments		-			468
Prepaid benefit plans		424,546			392,413
Net deferred loan costs/fees		-			25,349
Unrealized gain on securities available for sale		130,048			13,131
Total deferred tax liabilities		554,594			431,361
Net deferred tax assets	$	685,308		$	714,120