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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of composition of income tax expense

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2020			2019			2018
Current:		​			​			​
Federal	​	$	4,268	​	$	3,830	​	$	1,175
State	​		—	​		—	​		(181)
Total current	​		4,268	​		3,830	​		994
Deferred:	​			​			​
Federal	​		(1,085)	​		(7)	​		674
State	​		—	​		—	​		—
Total deferred	​		(1,085)	​		(7)	​		674
Total income tax expense	​	$	3,183	​	$	3,823	​	$	1,668

Schedule of the applicable income tax expense for financial reporting purposes differs from the amount computed by applying the statutory Federal income tax rate

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2020				​	2019				​	2018
(in thousands)		Amount			%		Amount			%		Amount			%
Income before provision for income tax expense	​	$	17,476			​	$	19,937			​	$	12,382			​
Tax at statutory federal income tax rate	​	$	3,670		21.00	%	$	4,187		21.00	%	$	2,600		21.00	%
Tax Cuts and Jobs Act	​		—		—	​		—		—	​		(343)		(2.77)	​
State restructuring	​		—		—	​		—		—	​		(143)		(1.16)	​
Tax-exempt income, net	​		(487)		(2.79)	​		(408)		(2.04)	​		(432)		(3.49)	​
State income tax, net of federal tax benefit	​		—		—	​		—		—	​		—		—	​
Other, net	​		—		—	​		44		0.22	​		(14)		(0.11)	​
Provision for income tax expense	​	$	3,183		18.21	%	$	3,823		19.18	%	$	1,668		13.47	%

Schedule of components of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​	​	​
(in thousands)		2020			2019
Deferred tax assets:		​			​
Allowance for loan losses	​	$	2,927	​	$	2,564
Pension	​		1,233	​		1,747
Other real estate owned	​		550	​		621
Deferred loan fees	​	​	563	​	​	131
Lease liability	​	​	449	​	​	467
Intangible assets	​		22	​		103
Accrued / deferred compensation	​		530	​		399
Other	​		368	​		95
Total deferred tax assets	​	$	6,642	​	$	6,127
Deferred tax liabilities:	​			​
Premises and equipment	​	$	553	​	$	625
Mortgage servicing rights	​		514	​		521
Deferred loan costs	​	​	288	​	​	273
Right-of-use asset	​	​	443	​	​	465
Prepaid expenses	​		359	​		328
Securities	​	​	900	​	​	9
Other	​		8	​		10
Total deferred tax liabilities	​		3,065	​		2,231
Net deferred tax assets	​	$	3,577	​	$	3,896

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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.

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-Topic 740
-SubTopic 10
-Section 50
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- Definition

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

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-SubTopic 10
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