INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Components Of Income Tax Expense

(Dollars in thousands)	2019		2018
Current:
Federal	$	5,197	$	2,112
State		2,461		1,393
		7,658		3,505
Deferred:
Federal		187		(51)
State		(749)		(395)
		(562)		(446)
	$	7,096	$	3,059

Schedule Of Effective Income Tax Rate Reconciliation

(Dollars in thousands)	2019				2018
Federal income tax at statutory rate	$	6,224	21	%	$	2,726	21	%
Tax exempt interest		(223)	(1)			(371)	(3)
State income tax, net of federal income tax effect		1,352	5			788	6
Bank owned life insurance		(195)	(1)			(160)	(1)
M&A expenses		—	—			171	1
Other		(62)	—			(95)	—
	$	7,096	24	%	$	3,059	24	%

Components Of Net Deferred Tax Asset

(Dollars in thousands)	2019		2018
Deferred tax assets:
Allowance for loan losses	$	2,654	$	2,069
Deferred compensation		500		462
Deferred fees		—		—
Foreclosed real estate		38		99
Restricted stock		300		258
Depreciation		303		—
Prepaid expenses		13		—
Purchase accounting		772		—
Unrealized loss on securities available for sale		—		401
Unrealized loss on interest rate swaps		1,007		—
Other		1,280		759
Total deferred tax assets		6,867		4,048
Deferred tax liabilities:
Depreciation		—		(26)
Prepaid expenses		—		(66)
Purchase accounting		—		(51)
Unrealized gain on retirement benefit plan		(3)		(3)
Unrealized gain on securities, available for sale		(328)		—
Unrealized gain on interest rate swaps		—		(358)
Total deferred tax asset (liabilities)		(331)		(504)
Net deferred tax asset, included in other assets	$	6,536	$	3,544