v3.19.1

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense are as follows:
Income Tax Expense |  |
|  | For the Years Ended December 31,
(in thousands) |  | 2018 |  | 2017
Current |  |  |  |
Federal |  | $ | 3,696 |  |  | $ | 4,612 |
State |  | 1,427 |  |  | 1,231 |
Total Current Expense |  | 5,123 |  |  | 5,843 |
Deferred tax benefit |  | (141 | ) |  | (239 | )
Change in corporate income tax rate |  | — |  |  | 1,386 |
Total Income Tax Expense |  | $ | 4,982 |  |  | $ | 6,990 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset are:
Net Deferred Tax Asset |  |  |  |
(in thousands) |  | 2018 |  | 2017
Deferred tax assets |  |  |  |
Allowance for loan and credit losses |  | 3,384 |  |  | 3,003 |
Reserve for recourse on mortgage loans sold |  | 138 |  |  | 125 |
Nonaccrual interest |  | 63 |  |  | 268 |
Foreclosed real estate write-downs |  | 3 |  |  | 8 |
Stock-based compensation |  | 239 |  |  | 188 |
Long-term incentive program (LTIP) |  | 189 |  |  | 77 |
Core deposit intangible |  | 24 |  |  | 26 |
Unrealized loss on investment securities available for sale |  | 227 |  |  | 97 |
Net operating loss carryforward |  | 244 |  |  | 212 |
|  | 4,511 |  |  | 4,004 |
Deferred tax liabilities |  |  |  |
Unrealized gain on cash flow hedging derivative |  | 2 |  |  | 2 |
Unrealized gain on loans held for sale |  | 51 |  |  | 9 |
Accumulated depreciation |  | 516 |  |  | 399 |
Deferred casualty gain |  | 1 |  |  | 1 |
Other |  | 43 |  |  | — |
|  | 613 |  |  | 411 |
Net deferred tax asset before valuation allowance |  | 3,898 |  |  | 3,593 |
Less: Valuation allowance |  | 244 |  |  | 212 |
Net deferred tax asset |  | 3,654 |  |  | 3,381 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the federal income tax rate and the effective tax rate for the Company are reconciled as follows:
Reconciliation of Federal Tax Rate to the Effective Rate |  |
|  | 2018 |  | 2017
Statutory federal income tax rate |  | 21.00 | % |  | 34.00 | %
Increase (decrease) resulting from |  |  |  |
State income taxes, net of federal income tax benefit |  | 6.35 |  |  | 5.37 |
Nondeductible expenses |  | 0.42 |  |  | 0.84 |
Tax exempt income |  | (0.04 | ) |  | (0.22 | )
Change in corporate income tax rate |  | — |  |  | 9.83 |
Other |  | 0.34 |  |  | (0.24 | )
Effective Tax Rate |  | 28.07 | % |  | 49.58 | %

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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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- Definition 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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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