Income Taxes (Deferred tax assets and deferred tax liabilities) (Details) - USD ($) |
12 Months Ended | |
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Dec. 31, 2020 |
Dec. 31, 2019 |
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Deferred Tax Assets: | ||
Deferred Compensation | $ 670,582 | $ 587,322 |
Provision for Loan Losses | 2,781,850 | 2,000,131 |
Other Real Estate Owned | 3,248 | 0 |
Net Fees Deferred for Financial Reporting | 74,743 | 76,262 |
Net Operating Losses | 410,419 | 356,759 |
Other | 105,993 | 126,492 |
Total Gross Deferred Tax Assets | 4,046,835 | 3,146,966 |
Less: Valuation Allowance | (410,419) | (356,759) |
Net Deferred Tax Assets | 3,636,416 | 2,790,207 |
Deferred Tax Liabilities: | ||
FHLB Stock Basis Over Tax Basis | 72,196 | 72,208 |
Depreciation | 1,040,831 | 585,520 |
Prepaid Expenses | 43,943 | 35,033 |
Unrealized Gain on Securities Available for Sale | 4,037,110 | 1,473,077 |
Total Gross Deferred Tax Liability | 5,194,080 | 2,165,838 |
Net Deferred Tax (Liability) Asset | (1,557,664) | $ 624,369 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 54,000 | |
Bad Debt Reserve for Tax Purposes of Qualified Lender | $ 2,100,000 |
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- Definition Deferred Tax Assets, Other Real Estate Owned No definition available.
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- Definition Deferred Tax Assets, Tax Deferred Expense, Financial Reporting Fees No definition available.
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- Definition Amount of bad debt reserves for tax purposes of qualified lenders excluded in calculating deferred taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before allocation of valuation allowance, of deferred tax asset attributable to deductible temporary differences, classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from the provision for loan losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from investments (excludes investments in subsidiaries and equity method investments). No definition available.
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- References No definition available.
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- Definition Amount of deferred tax liability attributable to taxable temporary differences classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of deferred tax liability attributable to taxable temporary differences from unrealized gains on trading securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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