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Income Taxes (Table)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense in the consolidated statements of income for the years ended December 31, 2018 and 2017, includes the following (in thousands): 

		2018				2017
Current tax expense
Federal		$	661			$	1,962
State		141				428
Deferred tax expense (benefit) related to:
Federal		1,992				1,441
State		439				158
Change in tax rate		—				2,440
Total income tax expense		$	3,233			$	6,429

Schedule of Effective Income Tax Rate Reconciliation

The income tax expense is different from the expected tax expense computed by multiplying income before income tax expense by the statutory income tax rate of 21 percent in 2018 and 34 percent in 2017. The reasons for this difference are as follows (in thousands): 

		2018				2017
Federal income tax expense computed at the statutory rate		$	4,481			$	3,891
State income taxes, net of federal tax benefit		551				491
Nondeductible acquisition expenses		138				364
Tax benefit from stock options		(1,786		)		—
Change in tax rate		—				2,440
Other		(151		)		(757		)
Total income tax expense		$	3,233			$	6,429

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax asset as of December 31, 2018 and 2017, were as follows (in thousands): 

		2018				2017
Deferred tax assets:
Allowance for loan losses		$	2,172			$	1,561
Fair value adjustments		6,086				4,829
Unrealized losses on investment securities		659				424
Unrealized losses on hedges		280				—
Foreclosed real estate		271				301
Deferred compensation		833				849
Federal net operating loss carryforward		350				—
Other		440				849
Total deferred tax assets		11,091				8,813
Deferred tax liabilities:
Accumulated depreciation		1,875				1,194
Core deposit intangible		3,332				1,945
Other		286				223
Total deferred tax liabilities		5,493				3,362
Net deferred tax asset		$	5,598			$	5,451

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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
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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
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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