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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Note 21. Income Taxes A reconciliation between the amount of total income taxes and the amount computed by multiplying income by the applicable federal income tax rates is as follows:
|  | 2019 |  |  | 2018
Income taxes computed at the applicable federal income tax rate | $ | 1,088 |  | $ | 1,201
Tax exempt municipal income |  | (74) |  |  | (89)
Income from life insurance |  | (196) |  |  | (42)
Nondeductible merger expenses |  | 188 |  |  | —
Nondeductible core deposit intangible amortization |  | — |  |  | 65
Other, net |  | (33) |  |  | 12
Income Tax Expense | $ | 973 |  | $ | 1,147
The current and deferred components of income tax expense are as follows:
|  | 2019 |  |  | 2018
Current tax expense | $ | 1,058 |  | $ | (1,156)
Deferred tax benefit |  | (85) |  |  | (9)
Income Tax Expense | $ | 973 |  | $ | 1,147
Deferred tax assets have been provided for temporary differences related to the allowance for loan losses, recognition of loan fee income, adjustments related to the acquisition of VCB, and deferred compensation agreements. Deferred tax liabilities have been provided for temporary differences related to depreciation, unrealized securities gains, prepaid expenses, and adjustments related to the acquisition of VCB. The net deferred tax asset was made up of the following:
|  | 2019 |  |  | 2018
Deferred tax assets | $ | 1,637 |  | $ | 939
Deferred tax liabilities |  | (2,389) |  |  | (434)
Net Deferred Tax (Liability) Asset | $ | (752) |  | $ | 505
This amount has been included as part of other liabilities on the balance sheet as of December 31, 2019 and other assets on the balance sheet as of December 31, 2018. The federal and Virginia income tax returns of the Company for 2016 to 2019 are subject to examination by the Internal Revenue Service and the Virginia Department of Taxation.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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