Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Summary of components of income tax expense

	2019		2018
Current
Federal	$	62	$	64
State		954		812
Total current		1,016		876
Deferred income tax (liabilities) benefits:
Federal		1,509		1,587
State		106		(104)
Total deferred		1,615		1,483
Income tax expense	$	2,631	$	2,359

Summary of reconciliation of tax computed at the Federal statutory income tax rate

	2019		2018
Tax at Federal statutory income tax rate	$	1,790	$	1,647
Tax effect of:
Tax exempt income		(146)		(89)
Other		149		242
State income taxes, net of Federal tax benefit		838		559
Income tax expense	$	2,631	$	2,359

Summary of income taxes included in the balance sheets

	2019		2018
Deferred income tax assets:
Allowance for credit losses and unfunded commitments	$	1,841	$	1,169
Net operating loss carryforward		275		1,949
Accumulated amortization on intangibles		28		36
Impairment loss on investment securities		—		27
Net losses on other real estate owned		1,132		1,146
Stock option expense		108		25
Discounts on acquired loans		1,539		354
Other real estate owned valuation		406		432
Other		181		21
		5,510		5,159
Valuation allowance		(275)		—
		5,235		5,159
Deferred tax liabilities:
Accumulated depreciation		72		170
Accumulated amortization on core deposit intangible		840		286
Deferred gain		134		136
Net depreciation on securities available for sale		249		(263)
Purchase discounts		36		—
Accumulated securities discount accretion		65		1
		1,396		330
Net deferred income tax asset	$	3,839	$	4,829