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Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31 are as follows:

		(In Thousands)
		2018				2017				2016
Current:
Federal		$	2,755			$	5,162			$	4,601
Deferred:
Federal			472				29				55
Federal - impact of enacted changes in tax law			-				(8	)			-
		$	3,227			$	5,183			$	4,656

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:

		(In Thousands)
		2018				2017				2016
Income tax at statutory rates		$	3,758			$	6,045			$	5,521
Decrease resulting from:
Tax exempt interest			(220	)			(413	)			(468	)
Adjustment of deferred taxes for enacted changes    in tax law			-				(8	)			-
Section 831 deduction			(236	)			(318	)			(351	)
Change in other			(75	)			(123	)			(46	)
		$	3,227			$	5,183			$	4,656

Components of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at December 31 are comprised of the following:

		(In Thousands)
		2018				2017
Deferred Tax Assets:
Allowance for loan losses		$	1,444			$	1,464
Other			505				399
Net unrealized loss on available-for-sale securities			802				581
Total deferred tax assets			2,751				2,444
Deferred Tax Liabilities:
Accreted discounts on bonds			29				55
FHLB stock dividends			462				462
Mortgage servicing rights			508				490
Other			1,751				1,185
Total deferred tax liabilities			2,750				2,192
Net Deferred Tax Asset		$	1			$	252

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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 deferred tax liabilities not recognized because of the exceptions to comprehensive recognition of deferred taxes, including a description of the temporary differences, events that would cause the temporary differences to become taxable, the cumulative amounts of the temporary differences and the amounts not recognized as deferred tax liabilities or a statement that the determination of the deferred tax liabilities is not practicable.

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