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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Summary of components of income tax expense

		For the years ended December 31,
(dollars in thousands)		2018				2017		2016
Current income taxes:
Federal		$	5,536			7,139		6,429
State			990			573		548
Total current tax expense			6,526			7,712		6,977
Deferred income tax expense (benefit)			(125	)		2,904		356
Income tax expense		$	6,401			10,616		7,333

Summary of taxes computed using the statutory tax rate

		For the years ended December 31,
(dollars in thousands)			2018			2017			2016
Tax expense at statutory rate		$	6,025			8,281			7,129
Effect of state income taxes, net of federal benefit			782			372			356
Exempt income			(34	)		(146	)		(162	)
Effect of change in federal tax rate			-			2,441			-
Effect of stock-based compensation			(248	)		(2	)		160
Other			(124	)		(330	)		(150	)
Income tax expense		$	6,401			10,616			7,333

Summary of components of the deferred tax assets and liabilities

		December 31,
(dollars in thousands)			2018		2017
Deferred tax assets:
Allowance for loan losses		$	3,310		3,260
Unrealized loss on securities available for sale			244		121
Net deferred loan fees			592		480
Deferred compensation			1,280		1,124
Sale of real estate owned			128		104
Accrued expenses			-		16
Other			130		136
			5,684		5,241
Deferred tax liabilities:
Property and equipment			1,433		1,208
Hedging transactions			112		88
Prepaid expenses			107		99
Other			12		64
			1,664		1,459
Net deferred tax asset		$	4,020		3,782

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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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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