INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
| Income Tax Disclosure [Abstract] |
|
| Schedule of components for income tax expense |
| (In thousands) |
|
2018 |
|
|
2017 |
|
| |
|
|
|
| Current tax expense (benefit): |
|
|
|
|
|
|
|
|
| Federal |
|
$ |
3,214 |
|
|
$ |
5,044 |
|
| State |
|
|
1,278 |
|
|
|
1,079 |
|
| Net operating loss carryforward |
|
|
(14 |
) |
|
|
(14 |
) |
| |
|
|
4,478 |
|
|
|
6,109 |
|
| Deferred tax expense (benefit): |
|
|
|
|
|
|
|
|
| Federal |
|
|
(926 |
) |
|
|
1,523 |
|
| State |
|
|
(315 |
) |
|
|
(214 |
) |
| |
|
|
(1,241 |
) |
|
|
1,309 |
|
| Income tax expense |
|
$ |
3,237 |
|
|
$ |
7,418 |
|
|
| Schedule of differences between the statutory federal income tax rate and the effective tax rates |
| |
|
2018 |
|
|
2017 |
|
| Federal income tax at statutory rate |
|
|
21.0 |
% |
|
|
34.0 |
% |
| Increase (decrease) in tax resulting from: |
|
|
|
|
|
|
|
|
| State tax, net of federal tax benefit |
|
|
5.7 |
|
|
|
4.6 |
|
| Tax exempt income and dividends received deduction |
|
|
(1.0 |
) |
|
|
(3.3 |
) |
| Change in enacted federal tax rate |
|
|
- |
|
|
|
13.4 |
|
| Other |
|
|
0.1 |
|
|
|
(0.3 |
) |
| Effective tax rate |
|
|
25.8 |
% |
|
|
48.4 |
% |
|
| Schedule of deferred tax assets and deferred tax liabilities |
| (In thousands) |
|
2018 |
|
|
2017 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Allowance for loan losses |
|
$ |
3,251 |
|
|
$ |
2,743 |
|
| Depreciation |
|
|
160 |
|
|
|
41 |
|
| Net operating loss carryforward |
|
|
16 |
|
|
|
25 |
|
| Employee benefit plans and share-based compensation plans |
|
|
2,498 |
|
|
|
1,979 |
|
| Deferred loan fees, net |
|
|
339 |
|
|
|
238 |
|
| Reserve for unfunded commitments |
|
|
31 |
|
|
|
39 |
|
| Net unrealized loss on securities |
|
|
107 |
|
|
|
- |
|
| Other |
|
|
109 |
|
|
|
140 |
|
| Gross deferred tax assets |
|
|
6,511 |
|
|
|
5,205 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Prepaid expenses |
|
|
(45 |
) |
|
|
(64 |
) |
| FHLB restructure fees |
|
|
(29 |
) |
|
|
(52 |
) |
| Net unrealized holding gain on securities |
|
|
- |
|
|
|
(169 |
) |
| Gross deferred tax liabilities |
|
|
(74 |
) |
|
|
(285 |
) |
| Net deferred tax asset |
|
$ |
6,437 |
|
|
$ |
4,920 |
|
|