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Income Taxes

12 Months Ended

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.

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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

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