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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Components of income tax expense | The provision for income taxes for the years ended December 31, 2018, 2017, and 2016 consisted of the following (in thousands):
|  | Federal |  | State |  | Total
2018 |  |  |  |  |  |
Current |  | $ | 3,995 |  |  | $ | 2,689 |  |  | $ | 6,684 |
Deferred |  | (140 | ) |  | 76 |  |  | (64 | )
Provision for income taxes |  | $ | 3,855 |  |  | $ | 2,765 |  |  | $ | 6,620 |
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 |
Components of deferred tax assets and liabilities | Deferred tax assets (liabilities) consisted of the following (in thousands):
|  | December 31,
|  | 2018 |  | 2017
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 2,380 |  |  | $ | 2,100 |
Deferred compensation |  | 4,347 |  |  | 4,415 |
Unrealized loss on available-for-sale investment securities |  | 1,850 |  |  | — |
Net operating loss carryovers |  | 2,407 |  |  | 2,549 |
Mark-to-market adjustment |  | 53 |  |  | 87 |
Other deferred tax assets |  | 445 |  |  | 386 |
Other-than-temporary impairment |  | 192 |  |  | 192 |
Loan and investment impairment |  | 1,450 |  |  | 1,793 |
Partnership income |  | 55 |  |  | 68 |
State taxes |  | 575 |  |  | 375 |
Total deferred tax assets |  | 13,754 |  |  | 11,965 |
Deferred tax liabilities: |  |  |  |  |  |
Finance leases |  | (173 | ) |  | (365 | )
Unrealized gain on available-for-sale investment securities |  | — |  |  | (1,186 | )
Core deposit intangible |  | (760 | ) |  | (895 | )
FHLB stock |  | (234 | ) |  | (234 | )
Loan origination costs |  | (891 | ) |  | (783 | )
Bank premises and equipment |  | (513 | ) |  | (478 | )
Total deferred tax liabilities |  | (2,571 | ) |  | (3,941 | )
Net deferred tax assets |  | $ | 11,183 |  |  | $ | 8,024 |
Reconciliation of effective tax rate | The significant items comprising these differences for the years ended December 31, 2018, 2017, and 2016 consisted of the following:
| 2018 |  | 2017 |  | 2016
Federal income tax, at statutory rate | 21.0 | % |  | 35.0 | % |  | 35.0 | %
State taxes, net of Federal tax benefit | 7.8 | % |  | 4.8 | % |  | 6.2 | %
Tax exempt investment security income, net | (2.7 | )% |  | (10.1 | )% |  | (10.3 | )%
Bank owned life insurance, net | (0.6 | )% |  | (0.8 | )% |  | (1.1 | )%
Compensation - Stock Compensation | (0.6 | )% |  | (2.8 | )% |  | — | %
Re-measurement resulting from Tax Act | — | % |  | 14.8 | % |  | — | %
Change in uncertain tax positions | (0.3 | )% |  | (0.9 | )% |  | 0.1 | %
Other | (0.9 | )% |  | 1.1 | % |  | 1.4 | %
Effective tax rate | 23.7 | % |  | 41.1 | % |  | 31.3 | %
Rollforward of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
| December 31,
| 2018 |  | 2017
Balance, beginning of year | $ | 83 |  |  | $ | 298 |
Additions based on tax positions related to prior years | — |  |  | — |
Reductions due to the statute of limitations for tax positions of prior years | (83 | ) |  | (215 | )
Balance, end of year | $ | — |  |  | $ | 83 |

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