Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of components of income tax expense

	2019		2018		2017
Current
Federal expense	$	3,905	$	2,761	$	1,955
State and city expense		1,206		799		387
Total current tax expense		5,111		3,560		2,342
Deferred
Federal (benefit) expense		153		(257)		444
State and city (benefit) expense		(269)		(113)		604
Total deferred tax (benefit) expense		(116)		(370)		1,048
Income tax expense	$	4,995	$	3,190	$	3,390

Schedule of reconciliation statutory federal income tax rate

	2019		2018		2017
Federal tax expense at statutory rate	$	4,019	$	2,504	$	2,462
State and local income taxes, net of federal income tax benefit		1,157		608		200
Incentive stock options		48		33		117
Stock-based compensation excess tax benefit		(23)		(60)		(85)
Change to deferred tax as a result of tax reform		—		—		683
Research and development tax credits		(129)		—		—
Other		(77)		105		13
Income tax expense	$	4,995	$	3,190	$	3,390

Schedule of deferred tax assets and deferred tax liabilities

	2019		2018
Deferred tax assets:
Net operating loss carry forwards	$	321	$	237
Pre-opening costs		44		70
Stock based compensation		754		505
Allowance for loan loss		1,931		1,509
Unrealized loss on securities available-for-sale		—		985
Total deferred tax assets		3,050		3,306
Deferred tax liabilities:
Fixed assets		(414)		(64)
Deferred rent		(52)		(48)
Unrealized gain on securities available-for-sale		(154)		—
Investment in partnership		(352)		—
Deferred loan fees		(29)		(122)
Total deferred tax liabilities		(1,001)		(234)
Deferred tax asset, net	$	2,049	$	3,072