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9. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

		2019				2018				2017
Current expense		$	2,960				2,546				1,827
Deferred income tax expense			176				78				2,120
Total income tax		$	3,136				2,624				3,947

Schedule of effective income Tax rate reconciliation

		2019				2018				2017
Tax expense at statutory rate (21% in 2018 and 2019)		$	3,613				3,361				4,833
State income tax, net of federal income tax effect			327				358				307
Tax-exempt interest income			(802	)			(990	)			(1,594	)
Increase in cash surrender value of life insurance			(81	)			(81	)			(136	)
Nondeductible interest and other expense			40				23				46
Impact of TCJA			—				—				588
Other			39				(47	)			(97	)
Total		$	3,136				2,624				3,947

Schedule of deferred tax assets and liabilities

		2019				2018
Deferred tax assets:
Allowance for loan losses		$	1,535				1,481
Accrued retirement expense			1,150				1,119
Restricted stock			217				262
Accrued bonuses			266				211
Interest income on nonaccrual loans			2				1
Total gross deferred tax assets			3,170				3,074
Deferred tax liabilities:
Deferred loan fees			343				379
Accumulated depreciation			873				610
Prepaid expenses			7				10
Other			53				5
Unrealized gain on available for sale securities			1,087				294
Total gross deferred tax liabilities			2,363				1,298
Net deferred tax asset		$	807				1,776

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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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- 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

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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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