Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Provision for Income Tax

Income tax expense consists of the following:

	2019		2018			2017
Current payable (benefit)
Federal	$	806	$	(181	)	$	258
State		89		36			(72	)
		895		(145	)		186
Deferred tax expense		459		973			3,885
Income tax expense	$	1,354	$	828		$	4,071

Differences between Income Taxes Calculated at Federal Statutory Rate and Income Tax Expense

The differences between income taxes calculated at the federal statutory rate and income tax expense were as follows:

	2019			2018			2017
Federal taxes based on statutory rate	$	1,524		$	1,575		$	2,643
State income taxes, net of federal benefit		145			133			(48	)
Tax-exempt investment interest		(309	)		(487	)		(1,074	)
Revaluation of net deferred tax assets as a result of the Tax Cuts and Jobs Act		—			—			2,559
Other, net		(6	)		(394	)		(9	)
Income tax expense	$	1,354		$	828		$	4,071

Net Deferred Tax Assets

At December 31, 2019 and December 31, 2018, net deferred tax assets consist of the following:

	2019		2018
Deferred tax assets
Allowance for loan losses	$	937	$	841
Deferred compensation liability		2,488		2,419
Net operating loss carryforward		1,000		—
Other real estate owned		819		435
Acquisition fair value adjustments		130		—
Unrealized loss on securities available-for-sale		262		4,978
Other		6		—
Total		5,642		8,673
Deferred tax liabilities
Premises and equipment		1,603		1,856
Core deposit intangible		184		—
Other		171		183
Total		1,958		2,039
Net deferred tax asset	$	3,684	$	6,634