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INCOME TAXES (Tables) | 3 Months Ended
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Mar. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense | The following table summarizes income tax expense for the three months ended March 31, 2020 and 2019:
|  |  |  |  | Three months ended March 31, |  |
|  |  |  |  | 2020 |  | 2019
Current expense |  |  |  |  | $ | 28 |  |  | $ | 21 |
Deferred expense |  |  |  |  | 1,011 |  |  | 211 |
Income tax expense |  |  |  |  | $ | 1,039 |  |  | $ | 232 |
Summary of Deferred Tax Assets and Liabilities | The following table summarizes deferred tax assets and liabilities at March 31, 2020 and December 31, 2019:
(Dollars in thousands) | March 31, 2020 |  | December 31, 2019
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 3,674 |  |  | $ | 3,418 |
Deferred compensation | 414 |  |  | 415 |
Retirement and salary continuation plans | 2,384 |  |  | 2,357 |
Share-based compensation | 574 |  |  | 631 |
Off-balance sheet reserves | 231 |  |  | 234 |
Nonaccrual loan interest | 720 |  |  | 697 |
Net unrealized losses on AFS securities | 3,749 |  |  | 127 |
Purchase accounting adjustments | 3,042 |  |  | 4,081 |
Bonus accrual | 167 |  |  | 493 |
Low-income housing credit carryforward | 115 |  |  | — |
Net operating loss carryovers | 1,759 |  |  | 1,872 |
Other | 629 |  |  | 672 |
Total deferred tax assets | 17,458 |  |  | 14,997 |
Deferred tax liabilities: |  |  |
Depreciation | 443 |  |  | 452 |
Mortgage servicing rights | 694 |  |  | 694 |
Purchase accounting adjustments | 1,471 |  |  | 1,599 |
Other | 275 |  |  | 275 |
Total deferred tax liabilities | 2,883 |  |  | 3,020 |
Net deferred tax asset, included in other assets | $ | 14,575 |  |  | $ | 11,977 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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