INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for each of the periods shown below consisted of the following:

	Year ended December 31,		Year ended December 31,
	2020		2019
Current tax provision
Federal	$	5,000	$	2,535
State	2,081		1,081
	7,081		3,616
Deferred tax provision (benefit)
Federal	(1,866)		(305)
Bank owned life insurance - Tax Act clarification	(660)		(300)
State	—		(197)
	(2,526)		(802)
Total	$	4,555	$	2,814

Schedule of Provision for Income Taxes

The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences:

	Year ended December 31,				Year ended December 31,
	2020				2019
	Amount		Rate		Amount		Rate
Tax expense at statutory rate	$	3,629	21.0	%	$	2,577	21.0	%
State income taxes, net of federal	1,123		6.5	%	813		6.6	%
Bank owned life insurance - Tax Act clarification	—		—	%	(300)		(2.4)	%
Bank owned life insurance	(130)		(0.8)	%	(116)		(0.9)	%
Tax exempt interest	(61)		(0.3)	%	(153)		(1.3)	%
Other	(6)		—	%	(7)		(0.1)	%
Total	$	4,555	26.4	%	$	2,814	22.9	%

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and December 31, 2019, respectively:

	Year ended December 31,		Year ended December 31,
	2020		2019
Deferred tax assets:
Allowance for loan losses	$	4,567	$	2,694
Deferred loan costs/fees	1,117		209
Director/officer compensation plans	116		83
Net unrealized loss on securities available for sale	—		179
Economic performance accruals	694		504
Other real estate	89		31
Deferred revenue	64		87
Loan Discounts	1,218		2,391
FHLB Advances	55		107
Lease Liability	758		768
Other	70		58
Deferred tax assets	$	8,748	$	7,111
Deferred tax liabilities:
Office properties and equipment	(1,551)		(1,574)
Federal Home Loan Bank stock	(129)		(129)
Core Deposit Intangible	(1,615)		(1,937)
Net gain on equity securities	(442)		(456)
Prepaid expenses	(204)		(137)
Mortgage servicing rights	(893)		(1,177)
Leases; right of use asset	(730)		(753)
Other acquired intangibles	—		(111)
Net unrealized gains on securities available for sale	(565)		—
Deferred tax liabilities	$	(6,129)	$	(6,274)
Net deferred tax assets	$	2,619	$	837