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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for income taxes for the years ended December 31, 2019, 2018, and 2017 consisted of the following (in thousands):

		Federal				State				Total
2019
Current		$	5,747			$	3,351			$	9,098
Deferred		(387		)		(202		)		(589		)
Provision for income taxes		$	5,360			$	3,149			$	8,509
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

Components of deferred tax assets and liabilities

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

		December 31,
		2019				2018
Deferred tax assets:
Allowance for credit losses		$	2,638			$	2,380
Deferred compensation		4,490				4,347
Unrealized loss on available-for-sale investment securities		—				1,850
Net operating loss carryovers		2,266				2,407
Mark-to-market adjustment		58				53
Other deferred tax assets		374				445
Other-than-temporary impairment		192				192
Loan and investment impairment		1,158				1,450
Operating lease liabilities		3,080				—
Partnership income		200				55
State taxes		692				575
Total deferred tax assets		15,148				13,754
Deferred tax liabilities:
Operating lease right-of-use assets		(2,878		)		—
Finance leases		(175		)		(173		)
Unrealized gain on available-for-sale investment securities		(1,182		)		—
Core deposit intangible		(555		)		(760		)
FHLB stock		(234		)		(234		)
Loan origination costs		(925		)		(891		)
Bank premises and equipment		(459		)		(513		)
Total deferred tax liabilities		(6,408		)		(2,571		)
Net deferred tax assets		$	8,740			$	11,183

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2019, 2018, and 2017 consisted of the following:

	2019			2018			2017
Federal income tax, at statutory rate	21.0	%		21.0	%		35.0	%
State taxes, net of Federal tax benefit	8.3	%		7.8	%		4.8	%
Tax exempt investment security income, net	(0.9	)%		(2.7	)%		(10.1	)%
Bank owned life insurance, net	(0.4	)%		(0.6	)%		(0.8	)%
Compensation - Stock Compensation	(0.2	)%		(0.6	)%		(2.8	)%
Re-measurement resulting from Tax Act	—	%		—	%		14.8	%
Change in uncertain tax positions	—	%		(0.3	)%		(0.9	)%
Other	0.6	%		(0.9	)%		1.1	%
Effective tax rate	28.4	%		23.7	%		41.1	%

Rollforward of unrecognized tax benefits

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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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