Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019	2018
Current taxes:
Federal	$              (26)	$            (397)
State	(3)	-
Total current taxes	(29)	(397)
Deferred taxes:
Federal	19	263
State	1	(43)
Total deferred taxes	20	220
Credit for income taxes	$                (9)	$            (177)

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,
	2019	2018
Deferred tax assets:
Allowance for loan losses	$                542	$                884
Deferred compensation	692	658
Accrued employee benefits	136	229
Loss carryforwards	4,743	4,080
Unrealized (gain) loss on available for sale securities	(39)	586
Premises and equipment	11	262
Other	14	91
Total deferred tax assets	6,099	6,790
Deferred tax liabilities:
Loan fees	$                  82	$                136
Premises and equipment	-	-
Mortgage servicing rights	589	570
FHLB stock dividends	28	38
Total deferred tax liabilities	699	744
Net deferred tax asset	5,400	6,046

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,
	2019		2018
	Amount	% of Pretax Income	Amount	% of Pretax Income
Reconciliation of statutory to effective rates:
Federal income taxes at statutory rate	$             92	21.00%	$           (41)	21.00%
Adjustments for:
State income taxes, net of federal income tax benefit	-	0.00%	(34)	17.34%
Increase in cash value of life insurance	(117)	-26.70%	(142)	72.73%
Change in valuation allowance	-	0.00%	-	0.00%
Other	16	3.65%	40	-20.41%
Provision (credit) for income taxes	$            ( 9)	-2.05%	$         (177)	90.66%