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9. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

(Dollars in thousands)
		2020				2019				2018
Current expense		$	3,049				2,972				2,546
Deferred income tax expense			(560	)			164				78
Total income tax		$	2,489				3,136				2,624

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2020				2019				2018
Tax expense at statutory rate		$	2,908				3,613				3,361
State income tax, net of federal income tax effect			261				351				358
Tax-exempt interest income			(649	)			(802	)			(990	)
Increase in cash surrender value of life insurance			(80	)			(81	)			(81	)
Nondeductible interest and other expense			46				40				23
Other			3				15				(47	)
Total		$	2,489				3,136				2,624

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2020				2019
Deferred tax assets:
Allowance for loan losses		$	2,276				1,535
Accrued retirement expense			1,190				1,150
Restricted stock			190				217
Accrued bonuses			-				265
Interest income on nonaccrual loans			1				2
Lease liability			798				838
Total gross deferred tax assets			4,455				4,007
Deferred tax liabilities:
Deferred loan fees			284				343
Accumulated depreciation			873				873
Prepaid expenses			5				7
ROU Asset			787				832
Other			41				47
Unrealized gain on available for sale securities			1,611				1,087
Total gross deferred tax liabilities			3,601				3,189
Net deferred tax asset		$	854				818

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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

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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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