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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of reconciliation of income tax expense | Information as of December 31 and for the year follows:
(Dollars in thousands) |  |  |  |  |  |  |  |  |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Provision for Income Taxes |  |  |  |  |  |  |  |  |  |  |  |
Current federal income tax expense |  | $ | 984 |  |  | $ | 946 |  |  | $ | 2,325 |
Deferred federal income tax expense/(benefit) |  |  | 310 |  |  |  | 209 |  |  |  | 62 |
Income tax expense |  | $ | 1,294 |  |  | $ | 1,155 |  |  | $ | 2,387 |
Reconciliation of Income Tax Provision to Statutory Rate |  |  |  |  |  |  |  |  |  |  |  |
Income tax computed at statutory federal rate of 21% in 2019 and 2018 and 34% in 2017 |  | $ | 1,778 |  |  | $ | 1,783 |  |  | $ | 2,909 |
Tax exempt interest income |  |  | (320 | ) |  |  | (309 | ) |  |  | (486 | )
Tax exempt earnings on bank-owned life insurance |  |  | (162 | ) |  |  | (81 | ) |  |  | (135 | )
Tax credits |  |  | (218 | ) |  |  | (154 | ) |  |  | (85 | )
Deferred tax adjustment related to reduction in U.S. federal statutory income income tax rate |  |  | — |  |  |  | — |  |  |  | 206 |
Nondeductible merger expenses |  |  | 164 |  |  |  | — |  |  |  | — |
Other items |  |  | 52 |  |  |  | (84 | ) |  |  | (22 | )
Income tax expense |  | $ | 1,294 |  |  | $ | 1,155 |  |  | $ | 2,387 |
Effective income tax rate |  |  | 15 | % |  |  | 14 | % |  |  | 28 | %
Schedule of deferred tax assets and liabilities |
(Dollars in thousands) |  |  |  |
Components of Deferred Tax Assets and Liabilities |  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |  |  |
Purchase accounting adjustments from merger with County |  | $ | 1,129 |  |  | $ | — |
Allowance for loan losses |  |  | 585 |  |  |  | 981 |
Alternative minimum tax credit carryforward |  |  | 301 |  |  |  | — |
Unrealized losses on securities available for sale |  |  | — |  |  |  | 233 |
Deferred compensation |  |  | 169 |  |  |  | 102 |
Other |  |  | 198 |  |  |  | 160 |
Total deferred tax assets |  |  | 2,382 |  |  |  | 1,476 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Purchase accounting adjustments from merger with County |  |  | 1,285 |  |  |  | — |
Depreciation |  |  | 778 |  |  |  | 797 |
Loan servicing rights |  |  | 447 |  |  |  | 220 |
Unrealized gains on securities available for sale |  |  | 360 |  |  |  | — |
Other |  |  | 235 |  |  |  | 88 |
Total deferred tax liabilities |  |  | 3,105 |  |  |  | 1,105 |
Net deferred tax (liability) asset |  | $ | (723 | ) |  | $ | 371 |

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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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