Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

(Benefit)/ Provision for Income Taxes

The (benefit)/provision for income taxes for the year ended December 31, 2018 consists of the following (dollars in thousands):

	For the Year Ended December 31, 2018
Federal:
Current	$	1,563
Deferred		(1,036	)
Total federal tax provision	$	527
State:
Current	$	303
Deferred		(33	)
Total state tax provision	$	270
Total income tax provision	$	797

Provision for Income Taxes

The provision for income taxes for the year ended December 31, 2018 differs from the statutory federal rate of 21% due to the following:

	For the Year Ended December 31,
	2018
Statutory U.S. Federal Income Tax	$	5,417
Increase (decrease) resulting from:
State Taxes		213
Benefit of S corporation status		(3,933	)
Conversion as of September 24, 2018 to C corporation		(863	)
Other		(37	)
Provision for income taxes	$	797

Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) included in other assets in the accompanying consolidated balance sheet consist of the following (dollars in thousands):

	For the Year Ended December 31, 2018
Deferred tax assets:
Allowance for loan losses	$	1,942
Deferred compensation		38
Other		80
Total deferred tax assets	$	2,060
Deferred tax liabilities:
Property and equipment	$	(268	)
Intangible assets		(220	)
Prepaid expenses		(177	)
Method change IRC 481(a)		(254	)
Other		(72	)
Total deferred tax liabilities	$	(991	)
Net deferred tax assets	$	1,069

Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):

	For the Year Ended December 31, 2018
Balance at beginning of year	$	-
Additions for positions taken in prior years		15
Reductions for positions taken in prior years		(2	)
Balance at end of year	$	13