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INCOME TAXES | 12 Months Ended
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Dec. 31, 2018
INCOME TAXES [Abstract] |
INCOME TAXES | ﻿ NOTE 16. INCOME TAXES The following table provides information on components of income tax expense for continuing operations for each of the two years ended December 31. ﻿
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  | 2018 |  | 2017
﻿Current tax expense: |  |  |  |  |  |
﻿Federal |  | $ | 4,110 |  | $ | 4,258
﻿State |  |  | 1,167 |  |  | -
﻿ |  |  | 5,277 |  |  | 4,258
﻿Deferred income tax (benefit) expense: |  |  |  |  |  |
﻿Federal |  |  | (120) |  |  | 2,903
﻿State |  |  | 223 |  |  | 1,573
﻿ |  |  | 103 |  |  | 4,476
﻿ |  |  |  |  |  |
﻿Total income tax expense |  | $ | 5,380 |  | $ | 8,734
The U.S. Tax Cuts and Jobs Act (“Tax Act”) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. Beginning in 2018, the Tax Act reduced the U.S. statutory tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxes income tax and the base erosion tax, respectively. In addition, in 2017 the Company was subject to a one-time transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax. ﻿ The following table provides a reconciliation of tax computed at the statutory federal tax rate to the actual tax expense for continuing operations for each of the two years ended December 31. ﻿
﻿ |  |  |  |  |  |
﻿ |  | 2018 |  | 2017
﻿Tax at federal statutory rate |  | 21.0 | % |  | 35.0 | %
﻿Tax effect of: |  |  |  |  |  |
﻿Tax-exempt income |  | (0.5) |  |  | (1.0) |
﻿Other non-deductible expenses |  | 0.2 |  |  | 0.1 |
﻿State income taxes, net of federal benefit |  | 5.2 |  |  | 5.1 |
﻿Tax impact from enacted change in tax rate |  | - |  |  | 7.6 |
﻿Other |  | (0.5) |  |  | 1.8 |
﻿Actual income tax expense rate |  | 25.4 | % |  | 48.6 | %
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of December 31. The Company recorded a provisional adjustment to our U.S. deferred income taxes as of December 31, 2017 to reflect the reduction in the U.S. statutory tax rate from 35% to 21% resulting from the Tax Act. ﻿
﻿ |  |  |  |  |  |
﻿(Dollars in thousands) |  | 2018 |  | 2017
﻿Deferred tax assets: |  |  |  |  |  |
﻿Allowance for credit losses |  | $ | 2,797 |  | $ | 2,625
﻿Reserve for off-balance sheet commitments |  |  | 81 |  |  | 81
﻿Net operating loss carry forward |  |  | - |  |  | 741
﻿Write-downs of other real estate owned |  |  | 273 |  |  | 212
﻿Nonaccrual loan interest |  |  | 260 |  |  | 95
﻿Unrealized losses on available-for-sale securities |  |  | 1,105 |  |  | 460
﻿Unrealized losses on available-for-sale securities |  |  |  |  |  |
﻿ transferred to held to maturity |  |  | 12 |  |  | 20
﻿Other |  |  | 524 |  |  | 635
﻿Total deferred tax assets |  |  | 5,052 |  |  | 4,869
﻿Deferred tax liabilities: |  |  |  |  |  |
﻿Depreciation |  |  | 238 |  |  | 408
﻿Acquisition on loans FMV adjustment |  |  | 60 |  |  | 84
﻿Purchase accounting adjustments |  |  | 247 |  |  | 1,994
﻿Deferred capital gain on branch sale |  |  | 200 |  |  | 207
﻿Other |  |  | 125 |  |  | 241
﻿Total deferred tax liabilities |  |  | 870 |  |  | 2,934
﻿Net deferred tax assets |  | $ | 4,182 |  | $ | 1,935
﻿

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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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