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Income taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income taxes  
Schedule of current and deferred amounts of the provision for income taxes expense

(Dollars in thousands)

    

2024

    

2023

    

2022

 

Current tax provision

Federal

$

3,299

$

3,853

$

6,665

State

320

Total current tax provision

3,619

3,853

6,665

Deferred tax (benefit) provision

Federal

(3,449)

1,268

611

State

(200)

Total deferred tax (benefit) provision

 

(3,649)

1,268

611

Total income tax (benefit) expense

$

(30)

$

5,121

$

7,276

Schedule of the components of the net deferred tax asset

(Dollars in thousands)

    

2024

    

2023

 

Deferred tax assets:

Allowance for credit losses

$

9,217

$

4,789

Lease liability

2,774

2,397

Defined benefit plan

 

1,280

 

1,635

Deferred compensation

 

1,046

 

694

Investment securities available for sale

10,681

11,270

Purchase accounting

9,084

Built-in loss carryforward

7,331

Other

 

1,285

 

339

Total

 

42,698

 

21,124

Deferred tax liabilities:

Lease right-of-use assets

2,684

2,313

Premises and equipment, net

 

1,974

 

2,109

Purchase accounting

 

474

Deferred loan costs

467

92

Accrued compensation

 

803

 

1,912

Other

 

1,082

 

454

Total

 

7,010

 

7,354

Net deferred tax asset

$

35,688

$

13,770

Schedule of the 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

2024

2023

2022

(Dollars in thousands, except percents)

    

Amount

    

%

    

Amount

    

%

    

Amount

%

 

Provision for income tax at statutory rate

$

1,778

21.00

%

$

6,825

21.00

%

$

9,527

21.00

%

Increase (decrease) resulting from:

State tax, net of federal benefit

95

1.16

397

1.22

216

0.63

Tax exempt interest

 

(1,237)

(14.61)

 

(1,057)

(3.25)

 

(1,400)

(3.09)

Bank owned life insurance income

 

(360)

(4.25)

 

(221)

(0.68)

 

(205)

(0.45)

Residential housing program tax credits

 

(631)

(7.45)

(755)

(2.32)

(911)

(2.01)

Nondeductible transaction costs

206

2.43

 

179

0.55

 

Other, net

 

119

1.36

 

(247)

(0.76)

 

49

(0.04)

Total

$

(30)

(0.36)

%

$

5,121

15.76

%

$

7,276

16.04

%