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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of income tax expense

The provision for income taxes for the years ended December 31, 2022, 2021, and 2020 consisted of the following (in thousands):

						Federal						State						Total
2022
Current						$	4,827					$	3,445					$	8,272
Deferred						80						144						224
Provision for income taxes						$	4,907					$	3,589					$	8,496
2021
Current						$	4,687					$	3,464					$	8,151
Deferred						1,002						463						1,465
Provision for income taxes						$	5,689					$	3,927					$	9,616
2020
Current						$	4,915					$	3,050					$	7,965
Deferred						(656)						(395)						(1,051)
Provision for income taxes						$	4,259					$	2,655					$	6,914

Components of deferred tax assets and liabilities

Deferred tax assets (liabilities) consisted of the following (in thousands):

						December 31,
						2022						2021
Deferred tax assets:
Allowance for credit losses						$	3,207					$	2,838
Deferred compensation						4,204						4,588
Unrealized loss on available-for-sale investment securities						34,093						—
Net operating loss carryovers						1,907						2,048
Mark-to-market adjustment						497						74
Other deferred tax assets						84						101
Other-than-temporary impairment						30						192
Loan and investment impairment						376						530
Operating lease liabilities						3,385						2,354
Partnership income						52						111
State taxes						777						736
Total deferred tax assets						48,612						13,572
Deferred tax liabilities:
Operating lease right-of-use assets						(3,142)						(2,160)
Finance leases						(668)						(749)
Unrealized gain on available-for-sale investment securities						—						(3,203)
Core deposit intangible						(20)						(154)
FHLB stock						(191)						(191)
Loan origination costs						(829)						(450)
Bank premises and equipment						(385)						(360)
Total deferred tax liabilities						(5,235)						(7,267)
Net deferred tax assets						$	43,377					$	6,305

Reconciliation of effective tax rate

The significant items comprising these differences for the years ended December 31, 2022, 2021, and 2020 consisted of the following:

			2022						2021						2020
Federal income tax, at statutory rate			21.0		%				21.0		%				21.0		%
State taxes, net of Federal tax benefit			8.1		%				8.2		%				7.7		%
Tax exempt investment security income, net			(4.0)		%				(3.1)		%				(1.5)		%
Bank owned life insurance, net			(0.8)		%				(0.5)		%				(1.2)		%
Compensation - Stock Compensation			(0.2)		%				(0.1)		%				(0.2)		%
Other			0.1		%				(0.2)		%				(0.4)		%
Effective tax rate			24.2		%				25.3		%				25.4		%

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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