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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
(Benefit)/ Provision for Income Taxes | The (benefit)/provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following (dollars in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 12,411 |  |  | $ | 8,490 |  |  | $ | 9,480 |
Deferred |  |  | (49 | ) |  |  | (921 | ) |  |  | (1,309 | )
Total federal tax provision |  | $ | 12,362 |  |  | $ | 7,569 |  |  | $ | 8,171 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 2,275 |  |  | $ | 1,540 |  |  | $ | 1,562 |
Deferred |  |  | 19 |  |  |  | (161 | ) |  |  | (101 | )
FIN48 |  |  | - |  |  |  | - |  |  |  | (13 | )
Total state tax provision |  | $ | 2,294 |  |  | $ | 1,379 |  |  | $ | 1,448 |
Total income tax provision |  | $ | 14,656 |  |  | $ | 8,948 |  |  | $ | 9,619 |
Effective Income Tax Rate Reconciliation | The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 differs from the federal rate of 21% due to the following:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Statutory U.S. Federal Income Tax |  | $ | 12,675 |  |  | $ | 7,789 |  |  | $ | 8,244 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State Taxes |  |  | 1,694 |  |  |  | 1,069 |  |  |  | 1,154 |
FIN 48 Activity |  |  | - |  |  |  | - |  |  |  | (13 | )
Other |  |  | 287 |  |  |  | 90 |  |  |  | 234 |
Provision for income taxes |  | $ | 14,656 |  |  | $ | 8,948 |  |  | $ | 9,619 |
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, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 4,364 |  |  | $ | 4,666 |
Non-accrual Loans |  |  | 716 |  |  |  | 317 |
Deferred Compensation |  |  | 496 |  |  |  | 347 |
Deferred Revenue |  |  | 206 |  |  |  | 291 |
Discounts and premiums on assets acquired |  |  | 15 |  |  |  | 15 |
Net unrealized loss on securities available for sale |  |  | 1,281 |  |  |  | 1,651 |
Lease liabilities |  |  | 443 |  |  |  | 471 |
Other |  |  | 313 |  |  |  | 330 |
Total deferred tax assets |  | $ | 7,834 |  |  | $ | 8,088 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (899 | ) |  | $ | (940 | )
Intangible assets |  |  | (341 | ) |  |  | (355 | )
Prepaid Expenses |  |  | (122 | ) |  |  | (124 | )
Right of Use Asset |  |  | (413 | ) |  |  | (464 | )
Net unrealized gains on securities available for sale |  |  | - |  |  |  | - |
Other |  |  | (363 | ) |  |  | (318 | )
Total deferred tax liabilities |  | $ | (2,138 | ) |  | $ | (2,201 | )
Net deferred tax assets |  | $ | 5,696 |  |  | $ | 5,887 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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