Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of income tax

Income taxes for the years ended December 31, 2018, 2017 and 2016 are summarized as follows:

	2018			2017			2016
	(Amounts In Thousands)
Current:
Federal	$	7,783		$	13,770		$	11,650
State	3,093			2,529			2,320
Deferred:
Federal	(1,560		)	3,426			435
State	(411		)	(188		)	(11		)
	$	8,905		$	19,537		$	14,394

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities at December 31, 2018 and 2017 were as follows:

	December 31,
	2018			2017
	(Amounts In Thousands)
Deferred income tax assets:
Allowance for loan losses	$	9,434		$	7,335
Deferred compensation	2,211			2,202
Unrealized losses on interest rate swaps	398			703
Accrued expenses	668			688
State net operating loss	795			836
Unrealized losses on investment securities	682			285
Gross deferred tax assets	$	14,188		$	12,049
Valuation allowance	(795		)	(836		)
Deferred tax asset, net of valuation allowance	$	13,393		$	11,213
Deferred income tax liabilities:
Property and equipment	1,728			1,652
Goodwill	407			407
Other	389			348
Gross deferred tax liabilities	$	2,524		$	2,407
Net deferred tax assets	$	10,869		$	8,806

Summary of change in deferred income tax

The net change in the deferred income taxes for the years ended December 31, 2018, 2017 and 2016 is reflected in the consolidated financial statements as follows:

	Year Ended December 31,
	2018		2017			2016
	(Amounts In Thousands)
Consolidated statements of income	$	1,971	$	(3,238	)	$	(424	)
Consolidated statements of stockholders' equity	92		(567		)	1,340
	$	2,063	$	(3,805	)	$	916

Schedule of effective income tax rate reconciliation

Income tax expense for the years ended December 31, 2018, 2017 and 2016 are less than the amounts computed by applying the maximum effective federal income tax rate to the income before income taxes because of the following items:

	2018					2017					2016
	Amount			% Of Pretax Income		Amount			% Of Pretax Income		Amount			% Of Pretax Income
	(Amounts In Thousands)
Expected tax expense	$	9,591		21.0	%	$	16,659		35.0	%	$	16,082		35.0	%
Tax-exempt interest	(1,122		)	(2.5	)	(1,771		)	(3.7	)	(1,715		)	(3.7	)
Interest expense limitation	87			0.2		103			0.2		96			0.2
State income taxes, net of federal income tax benefit	2,119			4.6		1,522			3.2		1,501			3.2
Income tax credits	(1,292		)	(2.8	)	(1,426		)	(3.0	)	(1,426		)	(3.1	)
Deferred tax asset revaluation	—			—		4,710			9.9		—			—
Other	(478		)	(1.0	)	(260		)	(0.6	)	(144		)	(0.3	)
	$	8,905		19.5	%	$	19,537		41.0	%	$	14,394		31.3	%