Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

	Years ended December 31,
	2021			2020
Current tax expense (benefit):
Federal	$	—		$	86
State		—			—
Total current tax expense (benefit)		—			86
Deferred tax expense:
Federal		(49	)		589
State		(15	)		127
Valuation allowance		—			934
Total deferred tax expense		(64	)		1,650
Provision (credit) for income taxes	$	(64	)	$	1,736

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,
	2021						2020
	Amount			% of Pretax Income			Amount			% of Pretax Income
Reconciliation of statutory to effective rates:
Federal income taxes at statutory rate	$	5			21.00	%	$	641			21.00	%
Adjustments for:
Increase in cash value of life insurance		(85	)		(357.00	%)		(84	)		(2.75	%)
Change in valuation allowance		—			0.00	%		934			30.60	%
Other, net		16			67.20	%		245			8.03	%
Total income tax expense (benefit)	$	(64	)		(268.80	%)	$	1,736			56.88	%

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,
	2021			2020
Deferred tax assets:
Allowance for loan losses	$	780		$	735
Deferred compensation		1,070			859
Accrued employee benefits		102			122
NOL and charitable contribution carryforwards		3,442			3,492
Premises and equipment		40			6
ESOP release of shares		32			17
Other		82			57
Total deferred tax assets	$	5,548		$	5,288
Deferred tax liabilities:
Loan fees	$	179		$	48
Unrealized gain on available for sale securities		52			420
Mortgage servicing rights		556			491
FHLB stock dividends		26			26
Total deferred tax liabilities	$	813		$	985
Net deferred tax asset/liability		4,735			4,303
Valuation allowance		(934	)		(934	)
Net deferred tax asset	$	3,801		$	3,369