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Income Taxes (Tables)

12 Months Ended

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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- References

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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

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
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