Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2018, 2017, and 2016 consists of the following:

	For the Years Ended December 31,
	2018			2017			2016
Federal:
Current	$	972		$	1,062		$	642
Deferred		37			24			387
		1,009			1,086			1,029
State and local:
Current		333			402			237
Deferred		(1,011	)		(1,670	)		(754	)
		(678	)		(1,268	)		(517	)
Changes in valuation allowance		790			1,606			493
Provision (benefit) for income taxes	$	1,121		$	1,424		$	1,005

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 21% for 2018, and 34% for 2017 and 2016 to income before income taxes as a result of the following:

	For the Years Ended December 31,
	2018			2017			2016
Income tax, at federal rate	$	799		$	(1,007	)	$	826
State and local tax, net of federal taxes		(536	)		(1,340	)		(341	)
Valuation allowance, net of the federal benefit		790			1,606			493
Expense (benefit) due to enactment of federal tax reform		—			2,113			—
Other		68			52			27
	$	1,121		$	1,424		$	1,005

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, 2018 and 2017 are presented below:

	At December 31,
	2018		2017
Deferred tax assets:
Allowance for losses on loans	$	3,939	$	3,444
Pension obligations		2,102		2,402
Interest on nonaccrual loans		74		415
Unrealized loss on available-for-sale securities		91		72
Amortization of intangible assets		102		120
Deferred rent payable		153		194
Net operating losses		3,111		2,444
Charitable contribution carryforward		1,694		1,840
Other		235		162
Total gross deferred tax assets		11,501		11,093
Deferred tax liabilities:
Cumulative contribution in excess of net periodic benefit costs, net		3,120		3,134
Depreciation and amortization of premises and equipment		222		601
Deferred loan fees		438		317
Other		6		18
Total gross deferred tax liabilities		3,786		4,070
Valuation allowance		3,904		3,114
Net deferred tax assets	$	3,811	$	3,909

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,
	2018			2017			2016
Equity	$	282		$	746		$	260
Operations		(184	)		(1,276	)		126
	$	98		$	(530	)	$	386