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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Taxes |
Schedule of composition of income tax expense |
(in thousands) |  | 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,830 |  | $ | 1,175 |  | $ | 2,761
State |  |  | — |  |  | (181) |  |  | 385
Total current |  |  | 3,830 |  |  | 994 |  |  | 3,146
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (7) |  |  | 674 |  |  | 3,189
State |  |  | — |  |  | — |  |  | 1,567
Total deferred |  |  | (7) |  |  | 674 |  |  | 4,756
Total income tax expense |  | $ | 3,823 |  | $ | 1,668 |  | $ | 7,902
Schedule of the applicable income tax expense for financial reporting purposes differs from the amount computed by applying the statutory Federal income tax rate |
|  | 2019 |  | 2018 |  | 2017 |
(in thousands) |  | Amount |  | % |  | Amount |  | % |  | Amount |  | % |
Income before provision for income tax expense |  | $ | 19,937 |  |  |  | $ | 12,382 |  |  |  | $ | 11,316 |  |  |
Tax at statutory federal income tax rate |  | $ | 4,187 |  | 21.00 | % | $ | 2,600 |  | 21.00 | % | $ | 3,847 |  | 34.00 | %
Tax Cuts and Jobs Act |  |  | — |  | — |  |  | (343) |  | (2.77) |  |  | 3,139 |  | 27.74 |
State restructuring |  |  | — |  | — |  |  | (143) |  | (1.16) |  |  | 966 |  | 8.54 |
Tax-exempt income, net |  |  | (408) |  | (2.04) |  |  | (432) |  | (3.49) |  |  | (394) |  | (3.48) |
State income tax, net of federal tax benefit |  |  | — |  | — |  |  | — |  | — |  |  | 323 |  | 2.85 |
Other, net |  |  | 44 |  | 0.22 |  |  | (14) |  | (0.11) |  |  | 21 |  | 0.18 |
Provision for income tax expense |  | $ | 3,823 |  | 19.18 | % | $ | 1,668 |  | 13.47 | % | $ | 7,902 |  | 69.83 | %
Schedule of components of deferred tax assets and deferred tax liabilities |
(in thousands) |  | 2019 |  | 2018
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,564 |  | $ | 2,285
Pension |  |  | 1,747 |  |  | 1,516
Securities |  |  | — |  |  | 915
Other real estate owned |  |  | 621 |  |  | 630
Deferred loan fees |  |  | 131 |  |  | —
Lease Liability |  |  | 467 |  |  | —
Intangible assets |  |  | 103 |  |  | 343
Accrued / deferred compensation |  |  | 399 |  |  | 327
Other |  |  | 95 |  |  | 188
Total deferred tax assets |  | $ | 6,127 |  | $ | 6,204
Deferred tax liabilities: |  |  |  |  |  |
Premises and equipment |  | $ | 625 |  | $ | 483
Mortgage servicing rights |  |  | 521 |  |  | 616
Deferred loan costs |  |  | 273 |  |  | 261
Right-of-Use Asset |  |  | 465 |  |  | —
Prepaid expenses |  |  | 328 |  |  | 321
Securities |  |  | 9 |  |  | —
Other |  |  | 10 |  |  | 10
Total deferred tax liabilities |  |  | 2,231 |  |  | 1,691
Net deferred tax assets |  | $ | 3,896 |  | $ | 4,513

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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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- Definition 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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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