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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

(Dollars in thousands)
		2023				2022				2021
Provision for Income Taxes
Current federal income tax expense		$	4,330			$	4,033			$	3,532
Deferred federal income tax expense/(benefit)			(24	)			(15	)			924
Income tax expense		$	4,306			$	4,018			$	4,456
Reconciliation of Income Tax Provision to Statutory Rate
Income tax computed at statutory federal rate of 21%		$	5,369			$	5,808			$	5,565
Tax exempt interest income			(1,206	)			(1,323	)			(1,190	)
Tax exempt earnings on bank-owned life insurance			(230	)			(276	)			(170	)
Tax credits			(282	)			(289	)			(284	)
Disallowed interest expense			752				179				74
Other items			(97	)			(81	)			461
Income tax expense		$	4,306			$	4,018			$	4,456
Effective income tax rate			17	%			15	%			17	%

Schedule of Deferred Tax Assets and Liabilities

(Dollars in thousands)
Components of Deferred Tax Assets and Liabilities		2023				2022
Deferred tax assets:
Purchase accounting adjustments from mergers with County and Community Shores		$	529			$	945
Allowance for credit losses			3,294				1,600
Unrealized losses on securities available for sale			15,279				19,745
Net operating loss carryforward			466				505
Unfunded commitment reserve			454				-
Compensation			347				299
Other			761				716
Total deferred tax assets			21,130				23,810
Deferred tax liabilities:
Purchase accounting adjustments from mergers with County and Community Shores			622				844
Loan servicing rights			805				908
Depreciation			534				605
Interest rate derivative contracts			1,568				660
Deferred loan fees and costs, net			75				15
Other			363				404
Total deferred tax liabilities			3,967				3,436
Net deferred tax asset (liability)		$	17,163			$	20,374

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- References

No definition available.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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