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8. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

(Dollars in thousands)
		2018				2017				2016
Current expense		$	2,546				1,827				1,464
Deferred income tax expense			78				2,120				1,097
Total income tax		$	2,624				3,947				2,561

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2018				2017				2016
Tax expense at statutory rate (21% in 2018)		$	3,361				4,833				3,991
State income tax, net of federal income tax effect			358				307				339
Tax-exempt interest income			(990	)			(1,594	)			(1,681	)
Increase in cash surrender value of life insurance			(81	)			(136	)			(138	)
Nondeductible interest and other expense			23				46				78
Impact of TCJA			—				588				—
Other			(47	)			(97	)			(28	)
Total		$	2,624				3,947				2,561

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2018				2017
Deferred tax assets:
Allowance for loan losses		$	1,481				1,463
Accrued retirement expense			1,119				1,073
Federal credit carryforward			—				88
Restricted stock			262				243
Accrued bonuses			211				171
Interest income on nonaccrual loans			1				5
Other than temporary impairment			—				9
Total gross deferred tax assets			3,074				3,052
Deferred tax liabilities:
Deferred loan fees			379				365
Accumulated depreciation			610				498
Prepaid expenses			10				14
Other			5				28
Unrealized gain on available for sale securities			294				1,072
Total gross deferred tax liabilities			1,298				1,977
Net deferred tax asset		$	1,776				1,075

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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
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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