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Income Taxes (Tables)

12 Months Ended

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

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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