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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31, 2020 and 2019 are as follows: (in thousands)

		Year Ended December 31, 2020				Year Ended December 31, 2019
Current		$	865			$	(174	)
Rate reduction adjustment			—				—
Deferred			(73	)		145
		$	792			$	(29	)

Schedule of Difference Between Income Tax Expense (Benefit) and Amount Computed by Applying Statutory Federal Income Taxes Rate to Income Before Taxes

The difference between income tax expense (benefit) and the amount computed by applying the statutory federal income tax rate to income before taxes for the years ended December 31, 2020 and 2019 is as follows (in thousands):

		Year Ended December 31, 2020				Year Ended December 31, 2019
Statutory Federal tax rate			21	%			21	%
Pretax income at statutory rate		$	815			$	68
State income tax, net of federal benefit			(95	)			19
Cash surrender value of life insurance			(83	)			(44	)
Permanent adjustments			26				(12	)
Other			129				(60	)
Actual tax expense 20% and 23%, respectively		$	792			$	(29	)

Schedule of Net Deferred Taxes

The following summarizes the sources and expected tax consequences of future deductions or income for income tax purposes which comprised the net deferred taxes at December 31, 2020 and 2019: (in thousands)

		Year Ended December 31, 2020				Year Ended December 31, 2019
Deferred income tax assets:
Allowance for loan losses		$	1,625			$	1,015
Deferred compensation		873				814
Net operating losses			1,683				—
State tax credits		358				296
Fair value adjustments			673				—
Other		199				38
Total deferred income tax assets			5,411				2,163
Deferred income tax liabilities:
Core deposit intangible			440				—
Premises and equipment		533				226
Unrealized gain on investment securities available-for-sale		52				3
Other		154				82
Total deferred income tax liabilities			1,179			311
Net deferred income tax asset		$	4,232			$	1,852

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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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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

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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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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