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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense



(In thousands)		2019			2018
Current Tax expense:
Federal		$	1,547		$	675
State			836			751
		$	2,383		$	1,426
Deferred tax expense:
Federal		$	818		$	1,278
State			135			60
		$	953		$	1,338
Income tax expense for the year		$	3,336		$	2,764



Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate



		2019			2018
Federal statutory rate			21.0%			21.0%
Tax-exempt income on securities and loans			(1.4)			(1.6)
Tax-exempt BOLI income			(2.9)			(1.8)
State income tax, net of federal tax benefit			4.8			4.9
Tax credits			(1.5)			(2.1)
Other			0.3			0.2
			20.3%			20.6%



Components of Deferred Tax Assets and Liabilities



(In thousands)		2019			2018
Deferred tax assets:
Allowance for loan losses		$	3,357		$	2,994
Deferred loan fees			193			163
Deferred compensation			852			740
Federal and state tax loss carry forwards			2,617			2,537
Tax credit carry forwards			1,853			2,606
Unrealized loss on investment securities			1,336			2,193
Pension/SERP			2,412			1,811
Lease liability			840			—
Other than temporary impairment on investment securities			655			717
Other real estate owned			479			539
Other			194			(97)
Total deferred tax assets			14,788			14,203
Valuation allowance			(2,617)			(2,449)
Total deferred tax assets less valuation allowance			12,171			11,754
Deferred tax liabilities:
Amortization of goodwill			(2,315)			(2,537)
Lease right-of-use asset			(720)			—
Pension/SERP			—			—
Depreciation			(1,528)			(1,244)
Other			(167)			(129)
Total deferred tax liabilities			(4,730)			(3,910)
Net deferred tax assets		$	7,441		$	7,844



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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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Topic 740
-SubTopic 10
-Section 50
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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.

+ References

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