Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Year ended December 31

(Dollars in thousands)

2020

2019

Current income tax expense:

Federal

$

1,459

1,939

State

476

584

Total current income tax expense

1,935

2,523

Deferred income tax benefit:

Federal

(262)

(136)

State

(68)

(17)

Total deferred income tax benefit

(330)

(153)

Total income tax expense 

$

1,605

2,370

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

2020

2019

Percent of

Percent of

pre-tax

pre-tax

(Dollars in thousands)

Amount

earnings

Amount

earnings

Earnings before income taxes

$

9,059

12,111

Income taxes at statutory rate

1,902

21.0

%

2,543

21.0

%

Tax-exempt interest

(489)

(5.4)

(508)

(4.1)

State income taxes, net of 

federal tax effect

345

3.8

440

3.6

Bank-owned life insurance

(152)

(1.7)

(92)

(0.8)

Other

(1)

—

(13)

(0.1)

Total income tax expense 

$

1,605

17.7

%

2,370

19.6

%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

December 31

(Dollars in thousands)

2020

2019

Deferred tax assets:

Allowance for loan losses

$

1,411

1,102

Accrued bonus 

183

296

Right of use liability

204

198

Other

91

88

Total deferred tax assets

1,889

1,684

Deferred tax liabilities:

Premises and equipment

199

315

Unrealized gain on securities

2,548

690

Originated mortgage servicing rights

334

326

Right of use asset

198

197

Other

147

165

Total deferred tax liabilities

3,426

1,693

Net deferred tax liability

$

(1,537)

(9)

Schedule of Deferred Tax Asset Rollforward [Table Text Block]

Year ended December 31

(Dollars in thousands)

2020

2019

Net deferred tax (liability) asset:

Balance, beginning of year

$

(9)

1,790

Deferred tax benefit (expense) related to continuing operations

330

153

Stockholders' equity, for accumulated other comprehensive (income) loss

(1,858)

(1,952)

Balance, end of year

$

(1,537)

(9)