v3.19.1

Income Taxes (Tables)

12 Months Ended

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
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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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-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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