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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for income taxes for the years ended December 31, 2020, 2019, and 2018 consisted of the following (in thousands):

						Federal						State						Total
2020
Current						$	4,915					$	3,050					$	7,965
Deferred						(656)						(395)						(1,051)
Provision for income taxes						$	4,259					$	2,655					$	6,914
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

Components of deferred tax assets and liabilities

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

						December 31,
						2020						2019
Deferred tax assets:
Allowance for credit losses						$	3,818					$	2,638
Deferred compensation						4,729						4,490
Net operating loss carryovers						2,148						2,266
Mark-to-market adjustment						21						58
Other deferred tax assets						303						374
Other-than-temporary impairment						192						192
Loan and investment impairment						851						1,158
Operating lease liabilities						2,625						3,080
Partnership income						105						200
State taxes						674						692
Total deferred tax assets						15,466						15,148
Deferred tax liabilities:
Operating lease right-of-use assets						(2,423)						(2,878)
Finance leases						(275)						(175)
Unrealized gain on available-for-sale investment securities						(6,235)						(1,182)
Core deposit intangible						(350)						(555)
FHLB stock						(191)						(234)
Loan origination costs						(849)						(925)
Bank premises and equipment						(405)						(459)
Total deferred tax liabilities						(10,728)						(6,408)
Net deferred tax assets						$	4,738					$	8,740

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2020, 2019, and 2018 consisted of the following:

			2020						2019						2018
Federal income tax, at statutory rate			21.0		%				21.0		%				21.0		%
State taxes, net of Federal tax benefit			7.7		%				8.3		%				7.8		%
Tax exempt investment security income, net			(1.5)		%				(0.9)		%				(2.7)		%
Bank owned life insurance, net			(1.2)		%				(0.4)		%				(0.6)		%
Compensation - Stock Compensation			(0.2)		%				(0.2)		%				(0.6)		%
Change in uncertain tax positions			—		%				—		%				(0.3)		%
Other			(0.4)		%				0.6		%				(0.9)		%
Effective tax rate			25.4		%				28.4		%				23.7		%

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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