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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for income taxes for the years ended December 31, 2017, 2016, and 2015 consisted of the following (in thousands):

		Federal				State				Total
2017
Current		$	1,188			$	1,224			$	2,412
Deferred		3,328				518				3,846
Re-measurement resulting from Tax Act		3,535				—				3,535
Provision for income taxes		$	8,051			$	1,742			$	9,793
2016
Current		$	3,720			$	605			$	4,325
Deferred		1,100				1,492				2,592
Provision for income taxes		$	4,820			$	2,097			$	6,917
2015
Current		$	2,945			$	570			$	3,515
Deferred		(1,208		)		275				(933		)
Provision for income taxes		$	1,737			$	845			$	2,582

Components of deferred tax assets and liabilities

Deferred tax assets (liabilities) consisted of the following (in thousands):

		December 31,
		2017				2016
Deferred tax assets:
Allowance for credit losses		$	2,100			$	3,267
Deferred compensation		4,415				5,304
Unrealized loss on available-for-sale investment securities		—				375
Net operating loss carryovers		2,549				3,816
Mark-to-market adjustment		87				167
Other deferred		386				338
Other-than-temporary impairment		192				273
Loan and investment impairment		1,793				1,285
State Enterprise Zone credit carry-forward		—				209
Alternative minimum tax credit		—				2,438
Partnership income		68				114
State taxes		375				297
Total deferred tax assets		11,965				17,883
Deferred tax liabilities:
Finance leases		(365		)		(474		)
Unrealized gain on available-for-sale investment securities		(1,186		)		—
Core deposit intangible		(895		)		(582		)
FHLB stock		(234		)		(327		)
Loan origination costs		(783		)		(918		)
Bank premises and equipment		(478		)		(71		)
Total deferred tax liabilities		(3,941		)		(2,372		)
Net deferred tax assets		$	8,024			$	15,511

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2017, 2016, and 2015 consisted of the following:

	2017			2016			2015
Federal income tax, at statutory rate	35.0	%		35.0	%		34.0	%
State taxes, net of Federal tax benefit	4.8	%		6.2	%		4.1	%
Tax exempt investment security income, net	(10.1	)%		(10.3	)%		(15.9	)%
Bank owned life insurance, net	(0.8	)%		(1.1	)%		(2.5	)%
Compensation - Stock Compensation	(2.8	)%		—	%		—	%
Re-measurement resulting from Tax Act	14.8	%		—	%		—	%
Change in uncertain tax positions	(0.9	)%		0.1	%		0.8	%
Other	1.1	%		1.4	%		(1.4	)%
Effective tax rate	41.1	%		31.3	%		19.1	%

Rollforward of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	December 31,
	2017				2016
Balance, beginning of year	$	298			$	286
Additions based on tax positions related to prior years	—				44
Reductions for tax positions of prior years	(215		)		(32		)
Balance, end of year	$	83			$	298

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=96868398&loc=d3e36027-109320

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