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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The consolidated provisions for income taxes for the years ended December 31, 2019 and 2018 were as follows:
|  | 2019 |  |  | 2018 |
|  | (Dollars in Thousands) |
Federal |  |  |  |  |  |  |  |
Current |  | $ | (54 | ) |  | $ | (157 | )
Deferred |  |  | 1,100 |  |  |  | 859 |
Total federal |  |  | 1,046 |  |  |  | 702 |
State |  |  |  |  |  |  |  |
Current |  |  | 166 |  |  |  | 59 |
Deferred |  |  | 34 |  |  |  | 140 |
Total state |  |  | 200 |  |  |  | 199 |
Total |  | $ | 1,246 |  |  | $ | 901 |
Schedule of Effective Income Tax Rate Reconciliation | The consolidated tax expense differed from the amount computed by applying the Company’s federal statutory income tax rate of 21.0% in 2019 and 2018 as described in the following table:
|  | 2019 |  |  | 2018 |
|  | (Dollars in Thousands) |
Income tax expense at federal statutory rate |  | $ | 1,220 |  |  | $ | 712 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (95 | ) |  |  | (119 | )
Bank-owned life insurance |  |  | (65 | ) |  |  | (66 | )
State income tax expense, net of federal income taxes |  |  | 229 |  |  |  | 137 |
Other |  |  | (43 | ) |  |  | 237 |
Total |  | $ | 1,246 |  |  | $ | 901 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2019 and 2018 are presented below:
|  | 2019 |  |  | 2018 |
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,354 |  |  | $ | 1,228 |
Deferred compensation |  |  | 1,040 |  |  |  | 1,064 |
Deferred commissions and fees |  |  | 337 |  |  |  | 308 |
Impairment of other real estate owned |  |  | 52 |  |  |  | 99 |
Federal net operating loss carryforwards |  |  | 655 |  |  |  | 1,549 |
State net operating loss carryforwards |  |  | 270 |  |  |  | 280 |
Federal alternative minimum tax and general business credits carryforwards |  |  | 107 |  |  |  | 167 |
Unrealized loss on securities available-for-sale |  |  | 71 |  |  |  | 797 |
Unrealized loss on cash flow hedges |  |  | 1 |  |  |  | — |
Other |  |  | 630 |  |  |  | 621 |
Total gross deferred tax assets |  |  | 4,517 |  |  |  | 6,113 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Premises and equipment |  |  | 1,205 |  |  |  | 888 |
Core deposit intangible |  |  | 347 |  |  |  | 463 |
Limited partnerships |  |  | 135 |  |  |  | 122 |
Other |  |  | 79 |  |  |  | 31 |
Total gross deferred tax liabilities |  |  | 1,766 |  |  |  | 1,504 |
Net deferred tax asset, included in other assets |  | $ | 2,751 |  |  | $ | 4,609 |

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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 + Details
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- 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
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