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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of income tax expense | The provision for income taxes for the years ended December 31, 2023, 2022, and 2021 consisted of the following (in thousands):
|  | Federal |  | State |  | Total
2023 |  |  |  |  |  |
Current |  | $ | 4,692 |  |  | $ | 3,502 |  |  | $ | 8,194 |
Deferred |  | 176 |  |  | (66) |  |  | 110 |
Provision for income taxes |  | $ | 4,868 |  |  | $ | 3,436 |  |  | $ | 8,304 |
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 |
Components of deferred tax assets and liabilities | Deferred tax assets (liabilities) consisted of the following (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Allowance for credit losses |  | $ | 4,643 |  |  | $ | 3,207 |
Deferred compensation |  | 4,152 |  |  | 4,204 |
Unrealized loss on available-for-sale investment securities |  | 27,716 |  |  | 34,093 |
Net operating loss carryovers |  | 1,754 |  |  | 1,907 |
Mark-to-market adjustment |  | 301 |  |  | 497 |
Other deferred tax assets |  | 302 |  |  | 84 |
Other-than-temporary impairment |  | 30 |  |  | 30 |
Loan and investment impairment |  | 280 |  |  | 376 |
Operating lease liabilities |  | 2,696 |  |  | 3,385 |
Partnership income |  | 74 |  |  | 52 |
State taxes |  | 718 |  |  | 777 |
Bank premises and equipment |  | 229 |  |  | (385) |
Total deferred tax assets |  | 42,895 |  |  | 48,227 |
Deferred tax liabilities: |  |  |  |
Operating lease right-of-use assets |  | (2,457) |  |  | (3,142) |
Finance leases |  | (625) |  |  | (668) |
Unrealized gain on available-for-sale investment securities |  | — |  |  | — |
Core deposit intangible |  | — |  |  | (20) |
FHLB stock |  | (191) |  |  | (191) |
Loan origination costs |  | (1,166) |  |  | (829) |
Total deferred tax liabilities |  | (4,439) |  |  | (4,850) |
Net deferred tax assets |  | $ | 38,456 |  |  | $ | 43,377 |
Reconciliation of effective tax rate | The significant items comprising these differences for the years ended December 31, 2023, 2022, and 2021 consisted of the following:
| 2023 |  | 2022 |  | 2021
Federal income tax, at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of Federal tax benefit | 8.0 | % |  | 8.1 | % |  | 8.2 | %
Tax exempt investment security income, net | (3.5) | % |  | (3.7) | % |  | (3.1) | %
Bank owned life insurance, net | (0.6) | % |  | (0.8) | % |  | (0.5) | %
Compensation - stock compensation | — | % |  | (0.2) | % |  | (0.2) | %
Low income housing tax credits | (0.6) | % |  | (0.3) | % |  | (0.3) | %
Other | 0.2 | % |  | 0.1 | % |  | 0.2 | %
Effective tax rate | 24.5 | % |  | 24.2 | % |  | 25.3 | %

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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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