Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years indicated are as follows:



	Year Ended December 31,
	2019		2018
	(In thousands)
Current	$	2,453	$	3,973
Deferred	109		(280		)
Total income tax expense	$	2,562	$	3,693

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the tax provision based on the statutory corporate rate of 21% for the year ended December 31, 2019, and 2018, on pretax income is as follows:



	Year Ended December 31,
	2019			2018
	(In thousands)
Income tax expense at statutory rate	$	2,715		$	3,904
Income tax effect of:
Tax exempt interest, net	(25		)	(53		)
BOLI income, net	(203		)	(150		)
Other, net	75			(8		)
Total income tax expense	$	2,562		$	3,693

Schedule of Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities, included in the accompanying consolidated balance sheets, consisted of the following at the dates indicated:



	December 31,
	2019		2018
	(In thousands)
Deferred tax assets:
ALLL	$	2,775	$	2,801
Reserve for unfunded commitments	90		96
Deferred compensation	272		293
Net unrealized loss on investments available-for-sale	146		640
Employee benefit plans	487		527
OREO market value adjustments	10		4
Accrued expenses	93		111
Core deposit intangible	30		18
Expenses to facilitate branch acquisition	24		26
Split dollar life insurance	67		51
Deferred lease	—		18
Lease liability	479		—
Total deferred tax assets	$	4,473	$	4,585
Deferred tax liabilities:
FHLB stock dividends	16		110
Loan origination fees and costs	940		903
Gain on fair value of cash flow hedge	89		349
Fixed assets	1,387		1,271
Goodwill	29		17
Right of use asset	464		—
Other, net	47		91
Total deferred tax liabilities	$	2,972	$	2,741
Deferred tax assets, net	$	1,501	$	1,844