Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Allocation of federal and state income taxes between current and deferred portions is as follows:

	Years Ended December 31,
	2020		2019
Current
Federal	$	6,412	$	4,234
State	839		2,179
	7,251		6,413
Deferred
Federal	(2,018)		(547)
State	(739)		(201)
	(2,757)		(748)
Income tax expense	$	4,494	$	5,665

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows:

	2020				2019
	Amount		Percent of Pre-Tax Income		Amount		Percent of Pre-Tax Income
Expected income tax expense at federal tax rate	$	4,332	21.00	%	$	4,397	21.00	%
State taxes net of federal benefit	1,071		5.19	%	1,745		8.33	%
Nondeductible expenses	85		0.41	%	103		0.49	%
Nontaxable income	(396)		(1.91	%)	(277)		(1.31	%)
Income tax apportionment adjustment	(743)		(3.60)	%	—		—	%
Other	145		0.70	%	(303)		(1.45	%)
	$	4,494	21.79	%	$	5,665	27.06	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets in the accompanying balance sheets include the following components:

	2020		2019
Deferred tax assets
Allowance for loan losses	$	5,018	$	3,011
Deferred compensation	3,218		3,239
Lease liability	2,090		2,338
OREO valuation allowance & expenses	718		457
Depreciation	158		50
Deferred fees	283		—
Other	287		189
	11,772		9,284
Deferred tax liabilities
Fair value adjustments for acquired assets and liabilities	111		115
FHLB stock dividends	102		109
Unrealized gain on investment securities	1,627		585
Right of use asset	2,023		2,307
	3,863		3,116
	$	7,909	$	6,168