Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of components of income tax expense

	2020		2019
(dollars in thousands)
Current income tax expense:
Federal	$	89	$	—
State		157		119
Total current tax expense		246		119
Deferred income tax expense:
Federal		217		291
State		28		42
Total deferred tax expense		245		333
Total Income tax expense	$	491	$	452

Schedule of reconciliation of income tax expense

	2020		2019
(dollars in thousands)
Income tax expense at federal statutory rate	$	453	$	431
(Decrease) increase resulting from:
Tax-exempt income		(75)		(72)
Bank owned life insurance		(33)		(34)
State income taxes, net of Federal income tax benefit		146		127
Other		—		—
Total income tax expense	$	491	$	452

Schedule of components of the net deferred income tax benefits

	2020		2019
(dollars in thousands)
Deferred income tax benefits:
Accrued deferred compensation	$	78	$	87
Allowance for credit losses		143		243
Net operating loss carryforward credits		—		153
Accumulated depreciation		(16)		(13)
Other real estate owned		36		—
Reserve for unfunded commitments		9		10
Accounting standard 310-20		(117)		(103)
Right of use asset		(171)		(205)
Lease liability		171		205
Accumulated securities premium accretion		214		215
Net unrealized depreciation on investment securities available for sale		(466)		—
Net unrealized loss on Swaps		261		80
Net deferred income tax benefits	$	142	$	672