v3.22.0.1

Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income tax expense were as follows:
|  | For the Years Ended December 31, |  |
(in thousands) |  | 2021 |  | 2020 |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,990 |  |  | $ | 9,489 |  |  |  |  |  |  |
State |  | 2,835 |  |  | 2,995 |  |  |  |  |  |  |
Total current expense |  | 15,825 |  |  | 12,484 |  |  |  |  |  |  |
Deferred tax benefit |  | (1,927) |  |  | (3,170) |  |  |  |  |  |  |
Total income tax expense |  | $ | 13,898 |  |  | $ | 9,314 |  |  |  |  |  |  |
The components of the net deferred tax asset at December 31, 2021 and 2020 were:
(in thousands) |  | 2021 |  | 2020 |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Allowance for loan and credit losses |  | $ | 6,674 |  |  | $ | 6,666 |  |  |  |  |  |  |
Reserve for recourse on mortgage loans sold |  | 364 |  |  | 308 |  |  |  |  |  |  |
Deferred loan fees - PPP |  | 1,076 |  |  | — |  |  |  |  |  |  |
Stock-based compensation |  | 320 |  |  | 276 |  |  |  |  |  |  |
Long-term incentive program |  | 507 |  |  | 302 |  |  |  |  |  |  |
Unrealized loss on investment securities available for sale |  | 428 |  |  | — |  |  |  |  |  |  |
Net operating loss carryforward |  | 67 |  |  | 123 |  |  |  |  |  |  |
Other |  | 532 |  |  | 144 |  |  |  |  |  |  |
|  | 9,968 |  |  | 7,819 |  |  |  |  |  |  |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |
Unrealized gains on investment securities available for sale |  | — |  |  | 620 |  |  |  |  |  |  |
Accumulated depreciation |  | 107 |  |  | 190 |  |  |  |  |  |  |
Other |  | 1 |  |  | 68 |  |  |  |  |  |  |
|  | 108 |  |  | 878 |  |  |  |  |  |  |
Net deferred tax asset before valuation allowance |  | 9,860 |  |  | 6,941 |  |  |  |  |  |  |
Less: Valuation allowance |  | 67 |  |  | 123 |  |  |  |  |  |  |
Net deferred tax asset |  | $ | 9,793 |  |  | $ | 6,818 |  |  |  |  |  |  |
Note 13 - Income Taxes (continued) The differences between the federal income tax rate and the effective tax rate for the Company are reconciled as follows:
|  | 2021 |  | 2020 |  |  |  |  |  |
Statutory federal income tax rate |  | 21.00 | % |  | 21.00 | % |  |  |  |  |  |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 3.97 |  |  | 5.40 |  |  |  |  |  |  |
Nondeductible expenses |  | 0.44 |  |  | 0.49 |  |  |  |  |  |  |
Tax exempt income |  | (0.20) |  |  | (0.01) |  |  |  |  |  |  |
Other |  | 0.59 |  |  | (0.37) |  |  |  |  |  |  |
Effective Tax Rate |  | 25.80 | % |  | 26.51 | % |  |  |  |  |  |
Deferred tax assets represent the future tax benefit of deductible differences and, if it is more likely than not that a tax asset will not be realized, a valuation allowance is required to reduce the net deferred tax assets to net realizable value. As of December 31, 2021, management has determined that it is more likely than not that the majority of the deferred tax asset from continuing operations will be realized. At December 31, 2021 and 2020, a valuation allowance of $67 thousand and $123 thousand was recognized, respectively, for a State of Maryland net operating loss carryforward that may not be realizable. The Company does not have material uncertain tax positions and did not recognize any adjustments for unrecognized tax benefits. The Company remains subject to examination of income tax returns for the years ending after December 31, 2017.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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