Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Net Deferred Tax Assets

The components of the net deferred tax assets included in other assets at December 31, 2018 and 2017 are as follows:

(In thousands)	2018		2017
Deferred tax assets:
Allowance for loan losses	$	1,087	$	1,070
Securities available for sale	228		9
Impairment on securities	93		317
Interest on nonaccrual loans	143		166
Accrued vacation	73		75
SERP obligation	509		542
OREO	219		219
Accumulated depreciation	51		53
Restricted stock	92		58
Other	209		201
		2,704		2,710
Deferred tax liabilities:
Other	54		14
Net deferred tax assets	$	2,650	$	2,696

Current and Deferred Federal Income Taxes

Allocation of federal income taxes between current and deferred portions is as follows:

	Year Ended December 31,
(In thousands)	2018		2017		2016
Current tax expense	$	525	$	1,523	$	708
Deferred taxes		221		1,356		229
	$	746	$	2,879	$	937

Reconciliation of Statutory to Effective Tax Rates

The reasons for the difference between the statutory federal income tax rate and the effective tax rates for the years ended December 31, 2018, 2017 and 2016 are summarized as follows:

(In thousands)	2018			2017			2016
Computed “expected” tax expense (benefit)	$	1,445		$	1,828		$	1,568
Impact of the Tax Cuts and Jobs Act		-			1,687			-
Changes in income taxes resulting from:
Tax-exempt interest income		(149	)		(254	)		(242	)
Tax credits		(504	)		(422	)		(402	)
Other		(46	)		40			13
	$	746		$	2,879		$	937