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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The consolidated provisions for income taxes for the years ended December 31, 2020 and 2019 were as follows:
|  | 2020 |  |  | 2019 |
|  | (Dollars in Thousands) |
Federal |  |  |  |  |  |  |  |
Current |  | $ | 29 |  |  | $ | (54 | )
Deferred |  |  | 626 |  |  |  | 1,100 |
Total federal |  |  | 655 |  |  |  | 1,046 |
State |  |  |  |  |  |  |  |
Current |  |  | 76 |  |  |  | 166 |
Deferred |  |  | 94 |  |  |  | 34 |
Total state |  |  | 170 |  |  |  | 200 |
Total |  | $ | 825 |  |  | $ | 1,246 |
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 2020 and 2019 as described in the following table:
|  | 2020 |  |  | 2019 |
|  | (Dollars in Thousands) |
Income tax expense at federal statutory rate |  | $ | 742 |  |  | $ | 1,220 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (87 | ) |  |  | (95 | )
Bank-owned life insurance |  |  | (63 | ) |  |  | (65 | )
State income tax expense, net of federal income taxes |  |  | 132 |  |  |  | 229 |
Other |  |  | 101 |  |  |  | (43 | )
Total |  | $ | 825 |  |  | $ | 1,246 |
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, 2020 and 2019 are presented below:
|  | 2020 |  |  | 2019 |
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 1,749 |  |  | $ | 1,354 |
Deferred compensation |  |  | 973 |  |  |  | 1,040 |
Deferred commissions and fees |  |  | 260 |  |  |  | 337 |
Impairment of other real estate owned |  |  | 9 |  |  |  | 52 |
Federal net operating loss carryforwards |  |  | — |  |  |  | 655 |
State net operating loss carryforwards |  |  | 192 |  |  |  | 270 |
Federal alternative minimum tax and general business credits carryforwards |  |  | 42 |  |  |  | 107 |
Unrealized loss on securities available-for-sale |  |  | — |  |  |  | 71 |
Unrealized loss on cash flow hedges |  |  | 443 |  |  |  | 1 |
Other |  |  | 658 |  |  |  | 630 |
Total gross deferred tax assets |  |  | 4,326 |  |  |  | 4,517 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Premises and equipment |  |  | 1,311 |  |  |  | 1,205 |
Core deposit intangible |  |  | 245 |  |  |  | 347 |
Limited partnerships |  |  | 138 |  |  |  | 135 |
Unrealized gain on securities available-for-sale |  |  | 426 |  |  |  | — |
Other |  |  | 231 |  |  |  | 79 |
Total gross deferred tax liabilities |  |  | 2,351 |  |  |  | 1,766 |
Net deferred tax asset, included in other assets |  | $ | 1,975 |  |  | $ | 2,751 |

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