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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule Of Net Deferred Tax Assets

The net deferred tax asset at December 31, 2020 and 2019 consisted of the following components:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Allowance for loan losses

 

$

1,490

 

 

$

1,044

 

Share-based compensation

 

 

100

 

 

 

91

 

Accrued postretirement benefits

 

 

21

 

 

 

23

 

Home equity origination costs

 

 

50

 

 

 

52

 

Nonaccrual interest

 

 

76

 

 

 

51

 

Lease liabilities

 

 

864

 

 

 

773

 

Other

 

 

24

 

 

 

23

 

 

 

$

2,625

 

 

$

2,057

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment

 

$

713

 

 

$

705

 

Right-of-use assets

 

 

843

 

 

 

759

 

Securities available for sale

 

 

867

 

 

 

383

 

 

 

$

2,423

 

 

$

1,847

 

Net deferred tax asset

 

$

202

 

 

$

210

 

Schedule Of Components Of Income Tax Expense

Income tax expense for the years ended December 31, 2020 and 2019 consisted of the following components:

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Current tax expense

 

$

2,607

 

 

$

1,294

 

Deferred tax (benefit) expense

 

 

(471

)

 

 

516

 

 

 

$

2,136

 

 

$

1,810

 

Schedule Of Income Tax Reconciliation

The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2020 and 2019.

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(in thousands)

 

Statutory federal corporate tax amount

 

$

2,795

 

 

$

2,429

 

Tax-exempt interest (income)

 

 

(193

)

 

 

(260

)

Officer insurance (income) loss

 

 

(57

)

 

 

15

 

Net tax credits

 

 

(439

)

 

 

(379

)

Other, net

 

 

30

 

 

 

5

 

 

 

$

2,136

 

 

$

1,810