Income Taxes (FY) (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Tax (Benefit) Expense

Income tax (benefit) expense was as follows:

	2019			2018
	(In thousands)
Current
Federal	$	(66	)	$	(110	)
State		5			12
Deferred
Federal		(225	)		68
State		(59	)		86
Change in valuation allowance		-			-
Total	$	(345	)	$	56

Effective Income Tax Rate Reconciliation

Effective tax rates differ from the federal statutory rate of 21% applied to income before income taxes due to the following:

	2019			2018
	(In thousands)
Federal statutory rate times financial statement net (loss) income	$	(115	)	$	183
Effect of:
State taxes, net of federal benefit		(45	)		77
Change in federal rate		-			-
Earnings from bank owned life insurance		(11	)		(16	)
Low income housing credits		(198	)		(212	)
Change in valuation allowance		-			-
Other, net		24			24
Total	$	(345	)	$	56

Deferred Tax Assets and Liabilities

Year-end deferred tax assets and liabilities were due to the following:

	2019			2018
	(In thousands)
Deferred tax assets:
Allowance for loan losses	$	897		$	799
Real estate owned		-			65
Accrued liabilities		137			150
State income taxes		36			34
Stock compensation		202			165
Net operating loss carryforward		3,614			3,887
Non-accrual loan interest		1			3
Partnership investment		173			140
General business credit		1,859			1,661
Alternative minimum tax credit		94			151
Unrealized appreciation AFS		-			50
Other		34			28
Total deferred tax assets		7,047			7,133
Deferred tax liabilities:
Section 481 Adjustments to bad debts		(660	)		(980	)
Deferred loan fees/costs		(797	)		(775	)
Basis difference on fixed assets		(15	)		(35	)
Net unrealized appreciation on available-for-sale securities		(59	)		-
FHLB stock dividends		(266	)		(266	)
Mortgage servicing rights		(3	)		(5
Prepaid expenses		(27	)		(27	)
Total deferred tax liabilities		(1,827	)		(2,088	)
Net deferred tax assets	$	5,220		$	5,045