Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

The total tax expense consisted of the following for the years ended December 31, 2019 and 2018:



	Year Ended December 31,
	2019			2018
	(In thousands)
Current income tax expense:
Federal	$	1,202		$	1,000
State	656			518
	1,858			1,518
Deferred income tax expense (benefit):
Federal	(129		)	180
State	(62		)	113
	(191		)	293
	$	1,667		$	1,811

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax at a rate of 21%, to the income tax expense included in the statements of income for the year ended December 31, 2019 and 2018 is as follows:



	Year ended December 31,
	2019					2018
	Amount			% of Pretax Income		Amount			% of Pretax Income
Federal income tax at statutory rate	$	1,212		21.0	%	$	1,396		21.0	%
State tax, net of federal benefit	469			8.1		498			7.5
Bank Owned Life Insurance	(116		)	(2.0	)	(81		)	(1.2	)
ESOP and stock-based compensation	20			0.3		(11		)	(0.2	)
Other	82			1.5		9			0.2
	$	1,667		28.9	%	$	1,811		27.3	%

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax asset at December 31, 2019 and 2018 were as follows:



	At December 31,			At December 31,
	2019			2018
	(In thousands)
Deferred tax assets:
Allowances for losses on loans and commitments	$	1,633		$	1,610
Uncollected interest	225			48
Benefit plans	142			127
Restricted stock award	38			38
Deferred Rent	0			16
Accrued compensation	118			131
Deferred loan costs	151			0
Lease Liability	271			0
Other	55			55
	2,633			2,025
Deferred tax liabilities
Depreciation	(619		)	(427		)
Deferred loan costs	0			(125		)
Right of use asset	(254		)	0
Other	(172		)	(76		)
	(1,045		)	(628		)
Net deferred tax asset included in other assets	$	1,588		$	1,397