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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income tax expense

Income tax expense for the years ended December 31, 2020, 2019 and 2018 consists of the following:

INCOME TAXES

		Year ended December 31
(Dollars in thousands)		2020				2019				2018
Current
Federal		$	2,724			$	2,299			$	2,244
State			523				541				351
Total			3,247				2,840				2,595
Deferred
Federal			(751	)			18				99
State			(34	)			—				—
Total			(785	)			18				99
Income tax expense		$	2,496			$	2,858			$	2,694

Reconciliation from expected federal tax expense to effective income tax expense

Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows:

INCOME TAXES (Details 2)

		Year ended December 31
(Dollars in thousands)		2020				2019				2018
Expected federal income tax expense		$	2,645			$	2,904			$	2,924
State income tax net of federal benefit			386				427				277
Tax exempt interest			(316	)			(293	)			(353	)
Increase in cash surrender value life insurance			(153	)			(144	)			(152	)
Valuation allowance			32				52				68
Life Insurance Proceeds			(65	)			—				—
Excess tax benefit of stock compensation			(1	)			(56	)			(12	)
Other			(32	)			(32	)			(58	)
Income tax expense		$	2,496			$	2,858			$	2,694

deferred tax assets and deferred tax liabilities

The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities:

INCOME TAXES (Details 3)

		December 31,
(Dollars in thousands)		2020				2019
Assets:
Allowance for loan losses		$	2,235			$	1,426
Excess tax basis of deductible intangible assets			130				261
Excess tax basis of assets acquired			57				—
Net operating loss carry forward			757				794
Compensation expense deferred for tax purposes			1,125				1,054
Deferred loss on other-than-temporary-impairment charges			5				5
Tax credit carry-forwards			33				74
Other			645				397
Total deferred tax asset			4,987				4,011
Valuation reserve			857				825
Total deferred tax asset net of valuation reserve			4,130				3,186
Liabilities:
Tax depreciation in excess of book depreciation			514				303
Excess financial reporting basis of assets acquired			1,005				1,057
Unrealized gain on available-for-sale securities			3,149				811
Total deferred tax liabilities			4,668				2,171
Net deferred tax asset / (liability) recognized		$	(538	)		$	1,015

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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.

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-Section 50
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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.

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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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