XML 41 R41.htm IDEA: XBRL DOCUMENT
v3.20.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to income from operations consisted of the following:
(Dollars in thousands) |  | Years ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,805 |  |  | $ | 396 |  |  | $ | (1,108 | )
State |  |  | (157 | ) |  |  | (197 | ) |  |  | (276 | )
Total current |  |  | 1,648 |  |  |  | 199 |  |  |  | (1,384 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (160 | ) |  | $ | 875 |  |  | $ | 768 |
State |  |  | 22 |  |  |  | 155 |  |  |  | 27 |
Total deferred |  |  | (138 | ) |  |  | 1,030 |  |  |  | 795 |
Deferred tax valuation allowance |  |  | (57 | ) |  |  | (146 | ) |  |  | 44 |
Deferred tax remeasurement |  |  | - |  |  |  | 85 |  |  |  | (352 | )
Income tax (benefit) expense |  | $ | 1,453 |  |  | $ | 1,168 |  |  | $ | (897 | )
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the difference between actual income tax expense (benefit) and expected income tax expense attributable to income from operations at the statutory federal income tax rate were as follows:
(Dollars in thousands) |  | Years ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Computed “expected” tax expense |  | $ | 2,544 |  |  | $ | 2,435 |  |  | $ | 1,180 |
(Reduction) increase in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income, net |  |  | (748 | ) |  |  | (850 | ) |  |  | (1,346 | )
Deferred tax remeasurement |  |  | - |  |  |  | 85 |  |  |  | (352 | )
REIT excise tax |  |  | - |  |  |  | - |  |  |  | 249 |
Excess tax benefit from stock option exercise |  |  | - |  |  |  | (119 | ) |  |  | (107 | )
Bank owned life insurance |  |  | (165 | ) |  |  | (140 | ) |  |  | (316 | )
Reversal of unrecognized tax benefits, net |  |  | (558 | ) |  |  | (512 | ) |  |  | (197 | )
State income taxes, net of federal benefit |  |  | 407 |  |  |  | 364 |  |  |  | 61 |
Investment tax credits |  |  | (15 | ) |  |  | (24 | ) |  |  | (7 | )
Other, net |  |  | (12 | ) |  |  | (71 | ) |  |  | (62 | )
|  | $ | 1,453 |  |  | $ | 1,168 |  |  | $ | (897 | )
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the significant portions of the deferred tax assets and liabilities at the following dates were as follows:
(Dollars in thousands) |  | As of December 31, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Loans, including allowance for loan losses |  | $ | 1,590 |  |  | $ | 1,489 |
Net operating loss carry forwards |  |  | 326 |  |  |  | 383 |
State taxes |  |  | 414 |  |  |  | 398 |
Acquisition costs |  |  | 182 |  |  |  | 202 |
Deferred compensation arrangements |  |  | 69 |  |  |  | 78 |
Unrealized loss on investment securities available-for-sale |  |  | - |  |  |  | 1,295 |
Investments |  |  | 45 |  |  |  | 33 |
Other, net |  |  | 50 |  |  |  | 26 |
Total deferred tax assets |  |  | 2,676 |  |  |  | 3,904 |
Less valuation allowance |  |  | (326 | ) |  |  | (383 | )
Total deferred tax assets, net of valuation allowance |  |  | 2,350 |  |  |  | 3,521 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gain on investment securities available-for-sale |  |  | 1,700 |  |  |  | - |
Premises and equipment, net of depreciation |  |  | 361 |  |  |  | 447 |
Mortgage servicing rights |  |  | 492 |  |  |  | 464 |
Prepaid expenses |  |  | 157 |  |  |  | 209 |
Intangible assets |  |  | 181 |  |  |  | 92 |
FHLB stock dividends |  |  | 6 |  |  |  | 56 |
Total deferred tax liabilities |  |  | 2,897 |  |  |  | 1,268 |
Net deferred tax (liability) asset |  | $ | (547 | ) |  | $ | 2,253 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of the liability relating to unrecognized tax benefits is as follows:
(Dollars in thousands) |  | Years ended December 31, |
|  | 2019 |  |  | 2018 |
Unrecognized tax benefits at beginning of year |  | $ | 1,472 |  |  | $ | 1,505 |
Gross increases to current year tax positions |  |  | 554 |  |  |  | 464 |
Gross decreases to prior year’s tax positions |  |  | (2 | ) |  |  | (2 | )
Lapse of statute of limitations |  |  | (608 | ) |  |  | (495 | )
Unrecognized tax benefits at end of year |  | $ | 1,416 |  |  | $ | 1,472 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=117331294&loc=d3e36027-109320 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration