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Income Taxes (Tables)

12 Months Ended

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
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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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