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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income Taxes |
Note 10: | Income Taxes
The (benefit)/provision for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following (dollars in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 8,490 |  |  | $ | 9,480 |  |  | $ | 6,204 |
Deferred |  |  | (921 | ) |  |  | (1,309 | ) |  |  | 90 |
Total federal tax provision |  | $ | 7,569 |  |  | $ | 8,171 |  |  | $ | 6,294 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,540 |  |  | $ | 1,562 |  |  | $ | 1,440 |
Deferred |  |  | (161 | ) |  |  | (101 | ) |  |  | 21 |
FIN48 |  |  | - |  |  |  | (13 | ) |  |  | - |
Total state tax provision |  | $ | 1,379 |  |  | $ | 1,448 |  |  | $ | 1,461 |
Total income tax provision |  | $ | 8,948 |  |  | $ | 9,619 |  |  | $ | 7,755 |
The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 differs from the federal rate of 21% due to the following:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory U.S. Federal Income Tax |  | $ | 7,789 |  |  | $ | 8,244 |  |  | $ | 6,492 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State Taxes |  |  | 1,069 |  |  |  | 1,154 |  |  |  | 1,214 |
Permanent Differences |  |  | 57 |  |  |  | 240 |  |  |  | 121 |
Return to provision and deferred true ups |  |  | 13 |  |  |  | (7 | ) |  |  | - |
FIN 48 Activity |  |  | - |  |  |  | (13 | ) |  |  | - |
Other |  |  | 20 |  |  |  | 1 |  |  |  | (72 | )
Provision for income taxes |  | $ | 8,948 |  |  | $ | 9,619 |  |  | $ | 7,755 |
Deferred tax assets (liabilities) included in other assets in the accompanying consolidated balance sheet consist of the following:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 4,666 |  |  | $ | 3,345 |
Non-accrual Loans |  |  | 317 |  |  |  | 204 |
Deferred Compensation |  |  | 347 |  |  |  | 218 |
Deferred Revenue |  |  | 291 |  |  |  | 302 |
Discounts and premiums on assets acquired |  |  | 15 |  |  |  | 191 |
Net unrealized loss on securities available for sale |  |  | 1,651 |  |  |  | 2,639 |
Accrued expenses |  |  | - |  |  |  | 204 |
Lease liabilities |  |  | 471 |  |  |  | 492 |
Other |  |  | 330 |  |  |  | - |
Total deferred tax assets |  | $ | 8,088 |  |  | $ | 7,595 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (940 | ) |  | $ | (1,066 | )
Intangible assets |  |  | (355 | ) |  |  | (402 | )
Prepaid Expenses |  |  | (124 | ) |  |  | (149 | )
Right of Use Asset |  |  | (464 | ) |  |  | (500 | )
Other |  |  | (318 | ) |  |  | (15 | )
Total deferred tax liabilities |  | $ | (2,201 | ) |  | $ | (2,132 | )
Net deferred tax assets |  | $ | 5,887 |  |  | $ | 5,463 |
In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize all benefits related to these deductible differences as of December 31, 2023. The Company does not have any net operating loss or tax credit carryforwards as of December 31, 2023. The Company is not presently under examination by the Internal Revenue Service or any state tax authority. The Company establishes reserves for uncertain tax positions that reflect management’s best estimate of deductions and credits that may not be sustained on a more-likely-than-not basis. Recognized income tax positions are measured at the largest amount that is considered greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. There were no uncertain tax positions as of December 31, 2023 and 2022, and there were no interest or penalties related to uncertain tax positions reflected in the consolidated statements of income for the years ended December 31, 2023, 2022, and 2021.

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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 -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
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