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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense in the consolidated statements of income for the years ended December 31, 2017 and 2016, includes the following (in thousands):
|  | 2017 |  | 2016
Current tax expense |  |  |  |  |  |
Federal |  | $ | 1,962 |  |  | $ | 2,503 |
State |  | 428 |  |  | 531 |
Deferred tax expense (benefit) related to: |  |  |  |  |  |
Provision for loan losses |  | (355 | ) |  | (320 | )
Depreciation |  | 374 |  |  | 203 |
Fair value adjustments |  | 1,611 |  |  | 356 |
Nonaccrual interest |  | (26 | ) |  | (26 | )
Foreclosed real estate |  | 55 |  |  | 117 |
Core deposit intangible |  | (123 | ) |  | (117 | )
Other |  | 63 |  |  | 115 |
Change in tax rate |  | 2,440 |  |  | — |
Total income tax expense |  | $ | 6,429 |  |  | $ | 3,362 |
The income tax expense is different from the expected tax expense computed by multiplying income before income tax expense by the statutory income tax rates. The reasons for this difference are as follows (in thousands):
|  | 2017 |  | 2016
Federal income tax expense computed at the statutory rate |  | $ | 3,891 |  |  | $ | 3,115 |
State income taxes, net of federal tax benefit |  | 491 |  |  | 393 |
Nondeductible acquisition expenses |  | 364 |  |  | — |
Change in tax rate |  | 2,440 |  |  | — |
Other |  | (757 | ) |  | (146 | )
Total income tax expense |  | $ | 6,429 |  |  | $ | 3,362 |
The components of the net deferred tax asset as of December 31, 2017 and 2016, were as follows (in thousands):
|  | 2017 |  | 2016
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,561 |  |  | $ | 1,932 |
Fair value adjustments |  | 4,829 |  |  | 3,744 |
Foreclosed real estate |  | 301 |  |  | 539 |
Deferred compensation |  | 849 |  |  | 415 |
State net operating loss carryforward |  | — |  |  | — |
Other |  | 849 |  |  | 561 |
Total deferred tax assets |  | 8,389 |  |  | 7,191 |
Deferred tax liabilities: |  |  |  |  |  |
Accumulated depreciation |  | 1,194 |  |  | 1,903 |
Core deposit intangible |  | 1,945 |  |  | 946 |
Other |  | 223 |  |  | 639 |
Total deferred tax liabilities |  | 3,362 |  |  | 3,488 |
Net deferred tax asset |  | $ | 5,027 |  |  | $ | 3,703 |
The income tax returns of the Company for 2016, 2015, and 2014 are subject to examination by the federal and state taxing authorities, generally for three years after they were filed.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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