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Income Taxes (Tables)

12 Months Ended

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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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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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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Tabular disclosure of the change in unrecognized tax benefits.

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