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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense consists of the following:

						For the Year Ended December 31,
						2020						2019
						(In Thousands)
Current:
Federal						$	1,948					$	1,483
State						1,386						1,988
Current tax expense						3,334						3,471
Deferred:
Federal						(1,678)						(1,979)
State						(329)						(317)
Deferred tax benefit						(2,007)						(2,296)
Total income tax expense						$	1,327					$	1,175

Schedule of Deferred Tax Assets and Liabilities

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

						December 31, 2020						December 31, 2019
						(In Thousands)
Deferred tax assets:
Allowance for loan and lease losses						$	7,276					$	5,104
SBA recourse reserve						302						352
Deferred compensation						1,457						1,335
State net operating loss carryforwards						482						526
Tax credit carryforwards						1,831						2,881
Non-accrual loan interest						820						864
Capital loss carryforwards						21						22
Unrealized losses on securities						319						464
Other						356						531
Total deferred tax assets before valuation allowance						12,864						12,079
Valuation allowance						—						—
Total deferred tax assets						12,864						12,079
Deferred tax liabilities:
Leasing and fixed asset activities						4,363						5,841
Loan servicing asset						358						337
Other						926						548
Total deferred tax liabilities						5,647						6,726
Net deferred tax asset						$	7,217					$	5,353

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, 2020						December 31, 2019
						(In Thousands)
Change in net deferred tax assets						$	1,864					$	2,181
Deferred taxes allocated to other comprehensive income						143						115
Deferred income tax benefit						$	2,007					$	2,296

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,
						2020						2019
						(Dollars in Thousands)
Income before income tax expense						$	18,305					$	24,499
Tax expense at statutory federal rate of 21% applied to income before income tax expense						$	3,844					$	5,145
State income tax, net of federal effect						837						1,321
Tax-exempt security and loan income, net of TEFRA adjustments						(648)						(635)
Bank-owned life insurance						(294)						(252)
Tax credits, net						(2,535)						(4,503)
Other						123						99
Total income tax expense						$	1,327					$	1,175
Effective tax rate						7.25		%				4.80		%

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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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