Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2017, 2016, and 2015 consists of the following:

	For the Years Ended December 31,
	2017			2016			2015
Federal:
Current	$	1,062		$	642		$	91
Deferred		24			387			1,090
		1,086			1,029			1,181
State and local:
Current		402			237			122
Deferred		(1,670	)		(754	)		(722	)
		(1,268	)		(517	)		(600	)
Changes in valuation allowance		1,606			493			734
Provision (benefit) for income taxes	$	1,424		$	1,005		$	1,315

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 2017, 2016, and 2015 to income before income taxes as a result of the following:

	For the Years Ended December 31,
	2017			2016			2015
Income tax, at federal rate	$	(1,007	)	$	826		$	1,303
State and local tax, net of federal taxes		(1,340	)		(341	)		(395	)
Valuation allowance, net of the federal benefit		1,606			493			734
Expense (benefit) due to enactment of federal tax reform		2,113			—			—
Other		52			27			(327	)
	$	1,424		$	1,005		$	1,315

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 December 31, 2017 and 2016 are presented below:

	At December 31,
	2017		2016
Deferred tax assets:
Allowance for losses on loans	$	3,444	$	4,352
Pension obligations		2,402		3,134
Interest on nonaccrual loans		415		525
Unrealized loss on available-for-sale securities		72		86
Amortization of intangible assets		120		219
Deferred rent payable		194		212
Net Operating Losses		2,444		1,340
Charitable contribution carryforward		1,840		—
Other		162		20
Total gross deferred tax assets		11,093		9,888
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		3,134		4,313
Depreciation and amortization of premises and equipment		601		426
Deferred loan fees		317		303
Other		18		17
Total gross deferred tax liabilities		4,070		5,059
Valuation allowance		3,114		1,450
Net deferred tax assets	$	3,909	$	3,379

Schedule of Deferred Tax Expense (Benefit) Allocated Between Operations and Equity

The deferred tax expense (benefit) has been allocated between operations and equity as follows:

	For the Years Ended December 31,
	2017			2016		2015
Equity	$	746		$	260	$	320
Operations		(1,276	)		126		1,086
	$	(530	)	$	386	$	1,406