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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Income Taxes | NOTE 17 – Income Taxes The components of income tax expense were as follows:
|  | For the years ended December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,482 |  |  |  | 10,414 |  |  |  | 10,244 |
State |  |  | 1,273 |  |  |  | 2,088 |  |  |  | 841 |
Total current tax expense |  |  | 9,755 |  |  |  | 12,502 |  |  |  | 11,085 |
Deferred income tax expense (benefit) |  |  | (757 | ) |  |  | 1,590 |  |  |  | (5,594 | )
Income tax expense |  | $ | 8,998 |  |  |  | 14,092 |  |  |  | 5,491 |
The following is a summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate:
|  | For the years ended December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Tax expense at statutory rate |  | $ | 8,004 |  |  |  | 12,768 |  |  |  | 5,002 |
Effect of state income taxes, net of federal benefit |  |  | 1,006 |  |  |  | 1,649 |  |  |  | 664 |
Exempt income |  |  | (27 | ) |  |  | (43 | ) |  |  | (27 | )
Effect of stock-based compensation |  |  | 42 |  |  |  | (115 | ) |  |  | (30 | )
Other |  |  | (27 | ) |  |  | (167 | ) |  |  | (118 | )
Income tax expense |  | $ | 8,998 |  |  |  | 14,092 |  |  |  | 5,491 |
The components of the deferred tax assets and liabilities are as follows:
|  | December 31, |
(dollars in thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 8,114 |  |  |  | 6,386 |
Reserve for unfunded commitments |  |  | 584 |  |  |  | - |
Unrealized loss on securities available for sale |  |  | 3,565 |  |  |  | 197 |
Net deferred loan fees |  |  | 1,537 |  |  |  | 1,054 |
Deferred compensation |  |  | 1,762 |  |  |  | 1,930 |
Lease liabilities |  |  | 5,424 |  |  |  | 5,883 |
Other |  |  | 393 |  |  |  | 260 |
|  |  | 21,379 |  |  |  | 15,710 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | 3,561 |  |  |  | 1,419 |
Hedging transactions |  |  | 27 |  |  |  | 151 |
Prepaid expenses |  |  | 316 |  |  |  | 148 |
ROU assets |  |  | 4,953 |  |  |  | 5,595 |
|  |  | 8,857 |  |  |  | 7,313 |
Net deferred tax asset |  | $ | 12,522 |  |  |  | 8,397 |
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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