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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provisions for income taxes for the years ended December 31, were as follows:
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |  |
Federal |  | $ | 6,607 |  |  | $ | 3,332 |  |  | $ | 10,899 |
State |  | 1,152 |  |  | 421 |  |  | 2,019 |
|  | $ | 7,759 |  |  | $ | 3,753 |  |  | $ | 12,918 |
Deferred: |  |  |  |  |  |
Federal |  | $ | (3,056) |  |  | $ | 5,159 |  |  | $ | (3,183) |
State |  | (575) |  |  | 970 |  |  | (203) |
|  | (3,631) |  |  | 6,129 |  |  | (3,386) |
Income tax expense |  | $ | 4,128 |  |  | $ | 9,882 |  |  | $ | 9,532 |
Reconciliation of Income Taxes at Federal Statutory Rates to Recorded Income Taxes | Following is a reconciliation of income taxes at federal statutory rates to recorded income taxes for the year ended December 31:
|  | 2022 |  | 2021 |  | 2020
(Dollars in thousands) |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income tax at federal statutory rate |  | $ | 3,889 |  |  | 21.0 | % |  | $ | 10,201 |  |  | 21.0 | % |  | $ | 9,858 |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes |  | 456 |  |  | 2.5 | % |  | 1,099 |  |  | 2.2 | % |  | 1,435 |  |  | 3.1 | %
Tax exempt earnings |  | (1,596) |  |  | (8.6) | % |  | (1,460) |  |  | (3.0) | % |  | (1,381) |  |  | (3.0) | %
Other |  | 1,379 |  |  | 7.4 | % |  | 42 |  |  | 0.1 | % |  | (380) |  |  | (0.8) | %
|  | $ | 4,128 |  |  | 22.3 | % |  | $ | 9,882 |  |  | 20.3 | % |  | $ | 9,532 |  |  | 20.3 | %
Deferred Income Tax Assets and (Liabilities) | Deferred income tax assets and liabilities were comprised of the following at December 31:
(Dollars in thousands) |  | 2022 |  | 2021
Gross deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 5,849 |  |  | $ | 4,393 |
Minimum pension liability |  | 991 |  |  | 1,245 |
Stock-based compensation |  | 1,097 |  |  | 1,140 |
SERP |  | 317 |  |  | 298 |
Unrealized loss on securities available-for-sale |  | 11,024 |  |  | — |
Lease liabilities |  | 3,611 |  |  | 4,370 |
Other |  | 364 |  |  | 249 |
Total gross deferred tax assets |  | 23,253 |  |  | 11,695 |
Gross deferred tax liabilities: |  |  |  |
Depreciation |  | (1,726) |  |  | (1,556) |
Pension |  | (1,062) |  |  | (1,077) |
Unrealized gain on securities available-for-sale |  | (80) |  |  | (45) |
Holding gain on equity securities |  | (3,969) |  |  | (4,358) |
Equity method investment |  | (2,220) |  |  | (4,086) |
Goodwill |  | (110) |  |  | (70) |
Right-of-use assets |  | (3,383) |  |  | (4,141) |
Other |  | (264) |  |  | (288) |
Total gross deferred tax liabilities |  | (12,814) |  |  | (15,621) |
Net deferred tax assets (liabilities) |  | $ | 10,439 |  |  | $ | (3,926) |

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