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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Components for Income Tax Expense

(In thousands)		2020			2019
Current tax expense (benefit):
Federal		$	4,906		$	3,477
State			1,928			1,392
Net operating loss carryforward			(7)			(9)
			6,827			4,860
Deferred tax benefit:
Federal			(1,525)			(724)
State			(677)			(325)
			(2,202)			(1,049)
Income tax expense		$	4,625		$	3,811

Summary of Differences Between the Statutory Federal Income Tax Rate and Effective Tax Rates

		2020			2019
Federal income tax at statutory rate		21.0	%		21.0	%
Increase (decrease) in tax resulting from:
State tax, net of federal tax benefit		6.0			5.8
Tax exempt income and dividends received deduction		(0.4)			(0.6)
Other		1.2			(0.1)
Effective tax rate		27.8	%		26.1	%

Summary of Deferred Tax Assets and Deferred Tax Liabilities

(In thousands)		2020			2019
Deferred tax assets:
Allowance for loan losses		$	5,132		$	3,837
Depreciation			—			71
Net operating loss carryforward			—			7
Employee benefit plans and share-based compensation plans			2,849			2,707
Deferred loan fees, net			1,174			613
Write down of other assets and receivables			111			—
Reserve for unfunded commitments			37			31
Net unrealized loss on securities			—			—
Other			344			164
Gross deferred tax assets			9,647			7,430
Deferred tax liabilities:
Depreciation			(5)			—
Prepaid expenses			(60)			(43)
FHLB restructure fees			—			(8)
Net unrealized holding gain on securities			(342)			(137)
Gross deferred tax liabilities			(407)			(188)
Net deferred tax asset		$	9,240		$	7,242

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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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-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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