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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Net Deferred Tax Assets

Net deferred tax assets consisted of the following components at December 31, 2017 and 2016 (in thousands):

	2017				2016
Deferred Tax Assets
Allowance for loan losses	$	1,118			$	1,809
Securities available for sale	281				447
Accrued pension	—				689
Accrued health insurance	11				—
Core deposit intangible	317				371
Unvested stock-based compensation	9				19
Limited partnership investments	5				17
Loan origination fees, net	63				48
	$	1,804			$	3,400
Deferred Tax Liabilities
Depreciation	$	562			$	708
Discount accretion	—				2
Overfunded pension liability	27				—
	$	589			$	710
Net deferred tax assets	$	1,215			$	2,690

Income Tax Expense

The income tax expense for the years ended December 31, 2017 and 2016 consisted of the following (in thousands):

	2017				2016
Current tax expense	$	2,443			$	1,925
Deferred tax expense (1)	1,283				428
	$	3,726			$	2,353

(1) The deferred tax expense for the year ended December 31, 2017 includes $752 thousand of income taxes related to the re-measurement of net deferred tax assets.

Income Tax Expense Differs from the Amount of Income Tax Determined by Applying the U.S. Federal Income Tax Rate to Pretax Income

The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2017 and 2016, due to the following (in thousands):

	2017				2016
Computed tax expense at statutory federal rate	$	3,459			$	2,808
Increase in income taxes resulting from re-measurement of net deferred tax assets	752				—
Decrease in income taxes resulting from:
Tax-exempt interest and dividend income	(241		)		(254		)
Income from bank owned life insurance	(244		)		(179		)
Other	—				(22		)
	$	3,726			$	2,353

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- References

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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://www.xbrl.org/2003/role/presentationRef
-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

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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://www.xbrl.org/2003/role/presentationRef
-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

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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