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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Components of the Provision for Federal Income Taxes



	Years Ended December 31,
	2019			2018
	(In Thousands)
Current	$	1,620		$	2,529
Deferred		988			24
	$	2,608		$	2,553



Schedule of Effective Income Tax Rate Reconciliation



	Percentage of Income
	before Income Taxes
	Years Ended December 31,
	2019			2018
Tax at statutory rates	21.0	%		21.0	%
Tax exempt interest income, net of interest expense disallowance	(4.4)			(4.9)
Earnings and proceeds on life insurance	(1.0)			(1.1)
Other	(0.1)			0.8

	15.5	%		15.8	%



Schedule of Deferred Tax Assets and Liabilties



	2019			2018
	(In Thousands)
Deferred tax assets:
Allowance for loan losses	$	1,787		$	1,775
Deferred compensation		797			766
Core deposit intangible		141			278
Prepaid expenses		55			90
Pension liability		360			363
Foreclosed real estate valuation allowance		17			20
AMT tax credit carryforward		-			260
Net operating loss carryforward		968			1,173
Net unrealized loss on securities		-			1,477
Other		122			95
Total Deferred Tax Assets		4,247			6,297



Deferred tax liabilities:
Premises and equipment		598			223
Deferred loan fees		220			186
Net unrealized gain on pension liability		221			143
Purchase price adjustment		327			321
Net unrealized gain on securities		94			-
Total Deferred Tax Liabilities		1,460			873

Net Deferred Tax Asset	$	2,787		$	5,424



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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
-Paragraph 2
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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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