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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The consolidated provision for income taxes were as follows as of December 31:

	2018				2017				2016
Current federal tax expense	$	5,288			$	5,803			$	6,045
Deferred federal tax (benefit)	(683		)		740				(1,330		)
Revaluation of net deferred tax assets due to change in U.S. federal statutory income tax rate	(6		)		1,695				—
Total	$	4,599			$	8,238			$	4,715

Schedule of Effective Income Tax Rate Reconciliation

The provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense, as indicated in the following analysis as of December 31:

	2018				2017				2016
Federal statutory income tax at 21% for 2018 and 35% for 2017 and 2016	$	5,291			$	7,937			$	5,893
Tax exempt interest income	(968		)		(1,560		)		(1,428		)
Revaluation of net deferred tax assets due to change in U.S. federal statutory income tax rate	(6		)		1,695				—
Earnings of bank owned life insurance	(113		)		(161		)		(128		)
Nondeductible expenses	566				577				223
Other	(171		)		(250		)		155
Total	$	4,599			$	8,238			$	4,715

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets (liabilities), in the accompanying consolidated balance sheets consisted of the following as of December 31:

	2018				2017
Deferred tax assets:
Allowance for loan losses	$	3,077			$	2,758
Deferred compensation	770				508
Unrealized loss on available for sale securities	1,464				730
Bonus accrual	328				—
Accretion of acquisition allowance	327				—
Other real estate owned	65				2
Other	484				556
Total deferred tax assets	6,515				4,554
Deferred tax liabilities:
Premises and equipment	(2,334		)		(1,432		)
Prepaid expenses	(179		)		(179		)
Deferred loan costs, net	(118		)		(230		)
Intangibles	(590		)		(116		)
Other	(85		)		(54		)
Total deferred tax liabilities	(3,306		)		(2,011		)
Net deferred tax asset	$	3,209			$	2,543

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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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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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