Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the three months and six months ended June 30, 2017 and 2016 consists of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(Unaudited)						(Unaudited)
Federal:
Current	$	624		$	(66	)	$	881		$	(482	)
Deferred		23			99			132			1,197
		647			33			1,013			715
State and local:
Current		56			60			102			(261	)
Deferred		(181	)		80			(380	)		(294	)
		(125	)		140			(278	)		(555	)
Changes in valuation allowance		119			(56	)		251			447
Provision for income taxes	$	641		$	117		$	986		$	607

Schedule of Reconciliation of Differences Between Federal Income Tax Rate and Total Income Tax Expense

Total income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 34% for the three months and six months ended June 30, 2017 and 2016 to income before income taxes as a result of the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2017			2016			2017			2016
	(Unaudited)						(Unaudited)
Income tax, at federal rate	$	600		$	72		$	909		$	514
State and local tax, net of federal taxes		(91	)		(20	)		(174	)		(354	)
Valuation allowance, net of the federal benefit		132			65			251			447
Other		—			—			—			—
	$	641		$	117		$	986		$	607

Schedule of Significant Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at June 30, 2017 and December 31, 2016 are presented below:

	At June 30,		At December 31,
	2017		2016
	(Unaudited)
Deferred tax assets:
Allowance for losses on loans	$	4,544	$	4,352
Accrued expenses		—		—
Interest on nonaccrual loans		352		525
Unrealized loss on available-for-sale securities		78		86
Amortization of intangible assets		207		219
Deferred rent payable		228		212
Net operating losses		1,591		1,340
Other		11		20
Total gross deferred tax assets		7,011		6,754
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		1,164		1,179
Depreciation and amortization of premises and equipment		398		426
Deferred loan fees		353		303
Other		17		17
Total gross deferred tax liabilities		1,932		1,925
Valuation allowance		1,701		1,450
Net deferred tax assets	$	3,378	$	3,379