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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 15 – Income Taxes The components of income tax expense were as follows:
Schedule of components of income tax expense |  |  |  |  |  |  |  |  |  |  |  |
|  | For the years ended December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,769 |  |  |  | 8,482 |  |  |  | 10,414 |
State |  |  | 460 |  |  |  | 1,273 |  |  |  | 2,088 |
Total current tax expense |  |  | 4,229 |  |  |  | 9,755 |  |  |  | 12,502 |
Deferred income tax expense (benefit) |  |  | (228 | ) |  |  | (757 | ) |  |  | 1,590 |
Income tax expense |  | $ | 4,001 |  |  |  | 8,998 |  |  |  | 14,092 |
The following is a summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate:
Schedule of taxes computed using the statutory tax rate |  |  |  |  |  |  |  |  |  |  |  |
|  | For the years ended December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Tax expense at statutory rate |  | $ | 3,660 |  |  |  | 8,004 |  |  |  | 12,768 |
Effect of state income taxes, net of federal benefit |  |  | 364 |  |  |  | 1,006 |  |  |  | 1,649 |
Exempt income |  |  | 7 |  |  |  | (27 | ) |  |  | (43 | )
Effect of stock-based compensation |  |  | 133 |  |  |  | 42 |  |  |  | (115 | )
Other |  |  | (163 | ) |  |  | (27 | ) |  |  | (167 | )
Income tax expense |  | $ | 4,001 |  |  |  | 8,998 |  |  |  | 14,092 |
The components of the deferred tax assets and liabilities are as follows:
Schedule of components of the deferred tax assets and liabilities |  |  |  |  |  |  |  |
|  | December 31, |
(dollars in thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 8,543 |  |  |  | 8,114 |
Reserve for unfunded commitments |  |  | 384 |  |  |  | 584 |
Unrealized loss on securities available for sale |  |  | 3,015 |  |  |  | 3,565 |
Net deferred loan fees |  |  | 1,475 |  |  |  | 1,537 |
Deferred compensation |  |  | 1,458 |  |  |  | 1,762 |
Lease liabilities |  |  | 5,175 |  |  |  | 5,424 |
Other |  |  | 479 |  |  |  | 393 |
|  |  | 20,529 |  |  |  | 21,379 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | 3,334 |  |  |  | 3,561 |
Hedging transactions |  |  | 74 |  |  |  | 27 |
Prepaid expenses |  |  | 255 |  |  |  | 316 |
ROU assets |  |  | 4,656 |  |  |  | 4,953 |
Other |  |  | 10 |  |  |  | - |
|  |  | 8,329 |  |  |  | 8,857 |
Net deferred tax asset |  | $ | 12,200 |  |  |  | 12,522 |
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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