Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The effective tax rate was 26.5% and 23.9% for the three and six months ended June 30, 2019, respectively, as compared to 23.7%  and 22.8% for the three and six months ended June 30, 2018, respectively.

Net deferred tax assets totaled $7.3 million at June 30, 2019 and $8.7 million at December 31, 2018. The Company recorded no valuation allowance for deferred tax assets at June 30, 2019 or December 31, 2018.

The components of income tax expense were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019		2018
	(dollars in thousands)
Current
Federal	$	1,305		$	1,642		$	1,676	$	2,235
State		552			679			719		932
Total current expense		1,857			2,321			2,395		3,167
Deferred
Federal		(217	)		(286	)		601		238
State		(100	)		(134	)		284		112
Total deferred		(317	)		(420	)		885		350
Total income tax expense	$	1,540		$	1,901		$	3,280	$	3,517