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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of principal components of income tax expense |
|  | Year Ended December 31, |
(Dollars in thousands) |  | 2019 |  | 2018 |  | 2017 |
Current taxes |  | $ | 4,728 |  | $ | 3,889 |  | $ | 1,989 |
Deferred taxes |  |  | 354 |  |  | 632 |  |  | 9,405 |
|  | $ | 5,082 |  | $ | 4,521 |  | $ | 11,394 |
Schedule of reconciliation of effective income tax rate to income tax provision |
|  | Year Ended December 31, |
|  |  | 2019 |  |  | 2018 |  |  | 2017 |
(Dollars in thousands) |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent |
Income tax at statutory rates |  | $ | 5,026 |  | 21.0 | % | $ | 4,734 |  | 21.0 | % | $ | 6,288 |  | 35.0 | %
State income taxes |  |  | 695 |  | 2.9 |  |  | 575 |  | 2.6 |  |  | 348 |  | 1.9 |
Tax-exempt interest income |  |  | (476) |  | (2.0) |  |  | (592) |  | (2.6) |  |  | (1,162) |  | (6.5) |
Carrying cost of tax-exempt assets |  |  | 23 |  | 0.1 |  |  | 18 |  | 0.1 |  |  | 32 |  | 0.2 |
Share based compensation |  |  | (126) |  | (0.5) |  |  | (103) |  | (0.5) |  |  | (284) |  | (1.6) |
Income from bank-owned life insurance |  |  | (149) |  | (0.6) |  |  | (89) |  | (0.4) |  |  | (151) |  | (0.8) |
Investments in qualified housing projects |  |  | (93) |  | (0.4) |  |  | (85) |  | (0.4) |  |  | (135) |  | (0.8) |
Merger related expenses |  |  | 96 |  | 0.4 |  |  | — |  | — |  |  | — |  | — |
Remeasurement of net deferred tax assets |  |  | — |  | — |  |  | — |  | — |  |  | 6,643 |  | 37.0 |
Other |  |  | 86 |  | 0.3 |  |  | 63 |  | 0.3 |  |  | (185) |  | (1.0) |
|  | $ | 5,082 |  | 21.2 | % | $ | 4,521 |  | 20.1 | % | $ | 11,394 |  | 63.4 | %
Schedule of deferred tax assets and liabilities |
|  | December 31, |
(Dollars in thousands) |  | 2019 |  | 2018 |
Deferred tax asset |  |  |  |  |  |  |
Allowances for loan losses and OREO losses |  | $ | 8,227 |  | $ | 8,567 |
Nonqualified defined contribution plan |  |  | 3,247 |  |  | 2,925 |
Fair value adjustments related to business combinations |  |  | 1,053 |  |  | 1,643 |
Share-based compensation |  |  | 863 |  |  | 825 |
Lease liabilities |  |  | 667 |  |  | — |
Reserve for indemnification losses |  |  | 645 |  |  | 663 |
Interest on nonaccrual loans |  |  | 226 |  |  | 346 |
Cash flow hedges |  |  | 24 |  |  | — |
Net unrealized loss on securities available for sale |  |  | — |  |  | 365 |
Other |  |  | 1,559 |  |  | 1,415 |
Deferred tax asset |  |  | 16,511 |  |  | 16,749 |
Deferred tax liability |  |  |  |  |  |  |
Goodwill and other intangible assets |  |  | (2,818) |  |  | (2,838) |
Depreciation |  |  | (972) |  |  | (1,024) |
Right of use assets |  |  | (664) |  |  | — |
Defined benefit plan |  |  | (423) |  |  | (620) |
Net unrealized gain on securities available for sale |  |  | (415) |  |  | — |
Cash flow hedges |  |  | — |  |  | (74) |
Deferred tax liability |  |  | (5,292) |  |  | (4,556) |
Net deferred tax asset |  | $ | 11,219 |  | $ | 12,193 |

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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