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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following:

		Year Ended December 31,
		2018				2017				2016
		(In Thousands)
Current:
Federal		$	729			$	131			$	2,839
State		1,054				448				425
Current tax expense		1,783				579				3,264
Deferred:
Federal		(367		)		1,657				(1,000		)
State		(65		)		90				(108		)
Deferred tax (benefit) expense		(432		)		1,747				(1,108		)
Total income tax expense		$	1,351			$	2,326			$	2,156

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Corporation’s deferred tax assets and liabilities were as follows:

		December 31, 2018				December 31, 2017
		(In Thousands)
Deferred tax assets:
Allowance for loan and lease losses		$	5,424			$	4,795
SBA recourse reserve		785				729
Deferred compensation		1,045				482
State net operating loss carryforwards		571				615
Tax credit carryforwards		1,373				—
Non-accrual loan interest		1,472				942
Capital loss carryforwards		22				21
Unrealized losses on securities		579				423
Other		68				450
Total deferred tax assets before valuation allowance		11,339				8,457
Valuation allowance		—				—
Total deferred tax assets		11,339				8,457
Deferred tax liabilities:
Leasing and fixed asset activities		6,965				5,338
Loan servicing asset		358				471
Other		844				64
Total deferred tax liabilities		8,167				5,873
Net deferred tax asset		$	3,172			$	2,584

Schedule of Reconciliation of the Change in Net Deferred Tax Assets to Deferred Tax Expense

A reconciliation of the change in net deferred tax assets to deferred tax expense is as follows:

		December 31, 2018				December 31, 2017				December 31, 2016
		(In Thousands)
Change in net deferred tax assets		$	588			$	(1,468	)		$	1,419
Deferred taxes allocated to other comprehensive income		(156		)		(279		)		(311		)
Deferred income tax benefit (expense)		$	432			$	(1,747	)		$	1,108

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from that computed at the federal statutory corporate tax rate as follows:

		Year Ended December 31,
		2018				2017				2016
		(Dollars in Thousands)
Income before income tax expense		$	17,654			$	14,231			$	17,065
Tax expense at statutory federal rate of 21%, 35% and 35% applied to income before income tax expense, respectively		$	3,707			$	4,981			$	5,973
State income tax, net of federal effect		803				511				206
Tax-exempt security and loan income, net of TEFRA adjustments		(847		)		(1,045		)		(1,114		)
Bank-owned life insurance		(250		)		(438		)		(341		)
Tax credits, net		(2,157		)		(2,390		)		(2,696		)
Deferred tax revaluation adjustment		—				629				—
Other		95				78				128
Total income tax expense		$	1,351			$	2,326			$	2,156
Effective tax rate		7.65		%		16.34		%		12.63		%

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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