XML 36 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income taxes |
Income taxes | 16. Income taxes: The current and deferred amounts of the provision for income taxes expense for each of the years ended December 31, 2023, 2022 and 2021 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Current | ​ | $ | 3,853 | ​ | $ | 6,665 | ​ | $ | 9,548 | ​
Deferred | ​ | ​ | 1,268 | ​ | ​ | 611 | ​ | ​ | 450 | ​
Total income tax expense | ​ | $ | 5,121 | ​ | $ | 7,276 | ​ | $ | 9,998 | ​
​ The components of the net deferred tax asset at December 31, 2023 and 2022 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowance for loan losses | ​ | $ | 4,789 | ​ | $ | 5,916 | ​
Lease liability | ​ | ​ | 2,397 | ​ | ​ | 1,787 | ​
Defined benefit plan | ​ |  | 1,635 | ​ |  | 1,798 | ​
Deferred compensation | ​ |  | 694 | ​ |  | 860 | ​
Deferred loan fees and costs | ​ | ​ | ​ | ​ | ​ | 59 | ​
Investment securities available for sale | ​ | ​ | 11,270 | ​ | ​ | 14,266 | ​
Other | ​ |  | 339 | ​ |  | 196 | ​
Total | ​ |  | 21,124 | ​ |  | 24,882 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Lease right-of-use assets | ​ | ​ | 2,313 | ​ | ​ | 1,718 | ​
Premises and equipment, net | ​ |  | 2,109 | ​ |  | 1,692 | ​
Merger related accounting | ​ |  | 474 | ​ | ​ | 472 | ​
Deferred loan costs | ​ | ​ | 92 | ​ | ​ | ​ | ​
Accrued compensation | ​ |  | 1,912 | ​ |  | 1,872 | ​
Other | ​ |  | 454 | ​ |  | 389 | ​
Total | ​ |  | 7,354 | ​ |  | 6,143 | ​
Net deferred tax asset | ​ | $ | 13,770 | ​ | $ | 18,739 | ​
​ A reconciliation between the amount of the effective income tax expense and the income tax expense that would have been provided at the federal statutory rate of 21.0 percent for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | 2023 | ​ | ​ | ​ | 2022 | ​ | ​ | ​ | 2021 | ​
(Dollars in thousands, except percents) |  | Amount |  | % | ​ |  | Amount |  | % | ​ |  | Amount | ​ | % |
Provision for income tax at statutory rate | ​ | $ | 6,825 | ​ | 21.00 | % | ​ | $ | 9,527 | ​ | 21.00 | % | ​ | $ | 11,239 | ​ | 21.00 | %
State tax, net of federal benefit | ​ | ​ | 397 | ​ | 1.22 | ​ | ​ | ​ | 216 | ​ | 0.63 | ​ | ​ | ​ | 475 | ​ | 0.89 | ​
Tax exempt interest | ​ |  | (1,057) | ​ | (3.25) | ​ | ​ |  | (1,400) | ​ | (3.09) | ​ | ​ |  | (1,194) | ​ | (2.23) | ​
Bank owned life insurance income | ​ |  | (221) | ​ | (0.68) | ​ | ​ |  | (205) | ​ | (0.45) | ​ | ​ |  | (119) | ​ | (0.22) | ​
Residential housing program tax credits | ​ |  | (755) | ​ | (2.32) | ​ | ​ | ​ | (911) | ​ | (2.01) | ​ | ​ | ​ | (1,091) | ​ | (2.04) | ​
Nondeductible transaction costs | ​ | ​ | 179 | ​ | 0.55 | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​
Other, net | ​ |  | (247) | ​ | (0.76) | ​ | ​ |  | 49 | ​ | (0.04) | ​ | ​ |  | 688 | ​ | 1.29 | ​
Total | ​ | $ | 5,121 | ​ | 15.76 | % | ​ | $ | 7,276 | ​ | 16.04 | % | ​ | $ | 9,998 | ​ | 18.69 | %
​ The Company computes deferred income taxes under the asset and liability method. Deferred incomes taxes are recognized for tax consequences of “temporary differences” by applying enacted statutory tax rates to differences between the financial reporting and the tax basis of existing assets and liabilities. A deferred tax liability is recognized for all temporary differences that result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions subject to reduction of the asset by a valuation allowance. The Company follows FASB ASC Topic 740 “Income Taxes,” which prescribes a threshold for the financial statement recognition of income taxes and provides criteria for the measurement of tax positions taken or expected to be taken in a tax return. ASC 740 also includes guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition of income taxes. The Company did not recognize or accrue any interest or penalties related to income taxes during the years ended December 31, 2023, 2022 and 2021. The Company does not have an accrual for uncertain tax positions as of December 31, 2023, 2022 or 2021, as deductions take or benefits accrued are based on widely understood administrative practices and procedures and are based on clear and unambiguous tax law. Tax returns for all years 2020 and thereafter are subject to examination by tax authorities.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration