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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Tax Expense


	December 31, 2019			December 31, 2018
Current federal	$	2,627		$	972
Deferred federal (1)		(187)			85
Total	$	2,440		$	1,057



⁽¹⁾ Includes tax benefit of operating loss carryforwards of $34 and $34 for the years ended December 31, 2019 and 2018, respectively.

Effective Tax Rates Differ From Federal Statutory Rate



	December 31, 2019			December 31, 2018
Federal Statutory rate times financial statement income	$	2,529		$	1,119
Effect of:
Stock compensation		(18)			(13)
Bank owned life insurance income		(30)			(29)
Low income housing tax credits		(59)			(30)
Other		18			10
	$	2,440		$	1,057
Effective tax rate		20%			20%



Deferred Tax Assets And Liabilities


	2019			2018
Deferred tax assets:
Allowance for loan and lease losses	$	1,170		$	1,085
Compensation related issues		433			273
Deferred loan fees		-			6
Nonaccrual interest		55			45
Net operating loss carry forward		432			467
Operating lease liabilities		412			-
Other		-			40
		2,502			1,916
Deferred tax liabilities:
FHLB stock dividend		226			226
Deferred loan costs		7			-
Depreciation		73			82
Operating lease right-of-use assets		374			-
Other		36			-
Prepaid expenses		65			48
		781			356
Net deferred tax asset	$	1,721		$	1,560



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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

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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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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.

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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.

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