Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Schedule of Provision for Income Tax Expense

		Years Ended December 31,
		2017		2016		2015
		(Dollars in thousands)
Current:
Federal		$	960	$	989	$	526
State			6		8		(67)
Total Current			966		997		459
Deferred:
Federal
	Federal - expected		(43)		(222)		63
	Federal - Deferred tax asset remeasurement(1)		262		-		-
State			-		-		194
Total Deferred			219		(222)		257
Total Income Tax Expense		$	1,185	$	775	$	716

⁽¹⁾ Represents a charge to write-down deferred tax assets due to the enactment of the Tax Act.

Schedule of Reconciliation of Statutory Federal Income Tax

	Years Ended December 31,
	2017		2016		2015
Federal income tax at statutory rate	34.0	%	34.0	%	34.0	%
State benefit, net of federal expense	(2.2)		(0.8)		(1.9)
Tax-exempt interest income	(12.3)		(14.7)		(17.1)
Deferred tax valuation allowance	2.3		1.0		4.0
Deferred tax remeasurement due to Tax Act	5.8		-		-
Life insurance income	(2.7)		(2.2)		(2.3)
Other	1.1		0.8		1.0
Total Income Tax Expense	26.0	%	18.1	%	17.7	%

Schedule of Deferred Tax Assets and Liabilities

	December 31,
	2017		2016
	(Dollars in thousands)
Deferred tax assets:
Deferred compensation	$	1,062	$	1,510
Allowance for loan losses		838		1,087
Net Operating Loss ("NOL")		223		105
Alternative Minimum Tax ("AMT") credit		180		324
Impairment of equity investments		128		189
Accrued expenses		103		147
Stock options granted		5		2
Other		5		42
Total Deferred Tax Assets		2,544		3,406
Deferred tax liabilities:
Deferred loan origination costs		(801)		(1,138)
Depreciation		(296)		(502)
Unrealized gains on securities available for sale		(251)		(712)
Prepaid expenses		(92)		(141)
Total Deferred Tax Liabilities		(1,440)		(2,493)
Deferred tax valuation allowance		(502)		(396)
Net Deferred Tax Asset	$	602	$	517

Reconciliation of Income Tax Provision

Income tax expense (34% federal tax rate)	$	923
Income tax expense due to net deferred tax asset remeasurement resulting from enactment of Tax Act		262
Total Income Tax Expense	$	1,185