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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Schedule of Components of the Provision for Federal Income Taxes



	Years Ended December 31,
	2018			2017
	(In Thousands)
Current	$	2,529		$	3,822
Change in corporate tax rate		-			3,060
Deferred		24			(331)
	$	2,553		$	6,551



Schedule of Effective Income Tax Rate Reconciliation



	Percentage of Income
	before Income Taxes
	Years Ended December 31,
	2018			2017
Tax at statutory rates	21.0	%		35.0	%
Tax exempt interest income, net of interest expense disallowance	(4.9)			(9.6)
Incentive stock options	0.2			0.2
Earnings and proceeds on life insurance	(1.1)			(2.7)
Change in corporate tax rate	-			20.8
Other	0.6			0.7

	15.8	%		44.4	%



Schedule of Deferred Tax Assets and Liabilties



	2018			2017
	(In Thousands)
Deferred tax assets:
Allowance for loan losses	$	1,775		$	1,603
Deferred compensation		766			775
Core deposit intangible		278			232
Prepaid expenses		90			125
Pension liability		263			384
Foreclosed real estate valuation allowance		20			7
AMT tax credit carryforward		260			260
Net operating loss carryforward		1,173			1,249
Net unrealized loss on securities		1,477			808
Other		95			92
Total Deferred Tax Assets		6,197			5,535



Deferred tax liabilities:
Premises and equipment		223			210
Deferred loan fees		186			142
Net unrealized gain on pension liability		43			99
Purchase price adjustment		321			303

Total Deferred Tax Liabilities		773			754

Net Deferred Tax Asset	$	5,424		$	4,781



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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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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
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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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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