XML 86 R40.htm IDEA: XBRL DOCUMENT v3.20.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summarized Income Tax (Benefit) Expense

The Company files federal income tax returns on a calendar year basis. Income tax expense for the years indicated is summarized as follows:

(dollars in thousands)						2019						2018						2017
Current						$	6,123					$	5,747					$	7,260
Deferred						137						2,137						2,512
NMTC						(400)						(400)						—
Impact of Tax Cuts and Jobs Act						—						(789)						2,721
Total income tax expense						$	5,860					$	6,695					$	12,493

Summarized Deferred Tax Asset

The components of the Company’s net deferred tax asset, which is included in accrued interest receivable and other assets in the accompanying Statement of Financial Condition as of December 31 of the years indicated are as follows:

(dollars in thousands)						2019						2018
Deferred tax assets:
Provision for loan losses						$	3,752					$	3,433
Discount on purchased loans						1,842						2,916
Salary continuation plan						678						656
Mortgage servicing rights						95						115
Deferred compensation						52						107
Stock-based compensation						264						340
Unrealized loss on securities available for sale						—						586
Other						101						102
Deferred tax assets						$	6,784					$	8,255
Deferred tax liabilities:
FHLB stock dividends						$	(108)					$	(162)
Accumulated depreciation						(2,974)						(3,298)
Intangible assets						(858)						(1,135)
Premium on investment securities acquired						—						(88)
Unrealized gain on securities available for sale						(184)						—
NMTC						(48)						(24)
Other						(96)						(161)
Deferred tax liabilities						(4,268)						(4,868)
Net deferred tax asset						$	2,516					$	3,387

Provision for Federal Income Taxes

For the years ended December 31, 2019, 2018 and 2017, the Company’s provision for federal income taxes differed from the amount computed by applying the federal income tax statutory rates of 21%, 21% and 35%, respectively, on income from operations as indicated in the following analysis:

(dollars in thousands)						2019						2018						2017
Federal tax based on statutory rate						$	7,089					$	8,023					$	10,242
State tax based on statutory rate						34						82						54
(Decrease) increase resulting from:
NMTC						(400)						(400)						—
Effect of tax-exempt income						(128)						(171)						(234)
Changes in the cash surrender value of bank owned life insurance						(435)						(138)						(173)
Nondeductible merger-related expenses						—						—						129
Nondeductible share based compensation expense						177						191						374
Exercise of stock options						(599)						(131)						(656)
DTA adjustment – impact of Tax Act						—						(789)						2,721
Other						122						28						36
Income tax expense						$	5,860					$	6,695					$	12,493
Effective tax rate						17.3		%				17.5		%				42.6		%

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 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
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