Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes included in the accompanying consolidated financial statements consists of the following components:

	Years ended December 31,
	2020		2019
Current tax expense (benefit):
Federal	$	86	$	(26	)
State		—		(3	)
Total current tax expense (benefit)		86		(29	)
Deferred tax expense:
Federal		589		19
State		127		1
Valuation allowance		934
Total deferred tax expense		1,650		20
Provision (credit) for income taxes	$	1,736	$	(9	)

Schedule of Effective Income Tax Rate Reconciliation

A summary of the sources of differences between income taxes at the federal statutory rate and the provision (credit) for income taxes follows:

	Years ended December 31,
	2020						2019
	Amount			% of Pretax Income			Amount			% of Pretax Income
Reconciliation of statutory to effective rates:
Federal income taxes at statutory rate	$	641			21.00	%	$	92			21.00	%
Adjustments for:
State income taxes, net of federal income tax benefit		—			0.00	%		—			0.00	%
Increase in cash value of life insurance		(84	)		-2.75	%		(117	)		-26.70	%
Change in valuation allowance		934			30.60	%		—			0.00	%
Other, net		245			8.03	%		16			3.65	%
Total income tax expense (benefit)	$	1,736			56.88	%	$	(9	)		-2.05	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax asset in the accompanying balance sheet includes the following amounts of deferred tax assets and liabilities:

	As of December 31,
	2020			2019
Deferred tax assets:
Allowance for loan losses	$	735		$	542
Deferred compensation		859			692
Accrued employee benefits		122			136
Carryforwards		3,492			4,743
Premises and equipment		6			11
ESOP release of shares		17			—
Other		57			14
Total deferred tax assets	$	5,288		$	6,138
Deferred tax liabilities:
Loan fees	$	48		$	82
Unrealized gain on available for sale securities		420			39
Mortgage servicing rights		491			589
FHLB stock dividends		26			28
Total deferred tax liabilities	$	985		$	738
Net deferred tax asset/liability		4,303			5,400
Valuation allowance		(934	)		—
Net deferred tax asset	$	3,369		$	5,400