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Income Taxes (Tables)

12 Months Ended

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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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
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-SubTopic 10
-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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