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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Note 13: Income Taxes The provision for income taxes includes these components:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2019 |  |  | 2018 |
Taxes currently payable |  | $ | 2,938 |  |  | $ | 2,482 |
Deferred provision |  |  | (279 | ) |  |  | 324 |
Income tax expense |  | $ | 2,659 |  |  | $ | 2,806 |
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2019 |  |  | 2018 |
Computed at the statutory rate (21%) |  | $ | 3,073 |  |  | $ | 3,033 |
Increase (decrease) resulting from |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (113 | ) |  |  | (118 | )
BOLI income |  |  | (71 | ) |  |  | (75 | )
Stock compensation |  |  | (45 | ) |  |  | (43 | )
Other |  |  | (185 | ) |  |  | 9 |
Actual tax expense |  | $ | 2,659 |  |  | $ | 2,806 |
The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2019 |  |  | 2018 |
Deferred tax assets |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,838 |  |  | $ | 1,715 |
Net deferred loan fees |  |  | 53 |  |  |  | 61 |
Unrealized losses on available-for-sale securities |  |  | - |  |  |  | 147 |
Other |  |  | 659 |  |  |  | 215 |
|  |  | 2,550 |  |  |  | 2,138 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (1,009 | ) |  |  | (950 | )
Mortgage servicing rights |  |  | (2,378 | ) |  |  | (2,464 | )
Unrealized gains on available-for-sale securities |  |  | (175 | ) |  |  | - |
Purchase accounting adjustments |  |  | (1,227 | ) |  |  | (1,162 | )
Prepaids |  |  | (447 | ) |  |  | (205 | )
FHLB stock dividends |  |  | (288 | ) |  |  | (288 | )
|  |  | (5,524 | ) |  |  | (5,069 | )
Net deferred tax liability |  | $ | (2,974 | ) |  | $ | (2,931 | )

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- References No definition available. + Details
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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