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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
(Benefit)/ Provision for 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 |
Effective Income Tax Rate Reconciliation | 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) | 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 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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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 + Details
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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 + Details
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