XML 121 R43.htm IDEA: XBRL DOCUMENT v3.20.1

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration