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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 – Income Taxes The provisions for income taxes for the years ended December 31, were as follows:
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 6,707 |  |  | $ | 6,607 |  |  | $ | 3,332 |
State |  | 1,315 |  |  | 1,152 |  |  | 421 |
|  | $ | 8,022 |  |  | $ | 7,759 |  |  | $ | 3,753 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 8 |  |  | $ | (3,056) |  |  | $ | 5,159 |
State |  | 89 |  |  | (575) |  |  | 970 |
|  | 97 |  |  | (3,631) |  |  | 6,129 |
Income tax expense |  | $ | 8,119 |  |  | $ | 4,128 |  |  | $ | 9,882 |
Following is a reconciliation of income taxes at federal statutory rates to recorded income taxes for the year ended December 31:
|  | 2023 |  | 2022 |  | 2021
(Dollars in thousands) |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income tax at federal statutory rate |  | $ | 8,217 |  |  | 21.0 | % |  | $ | 3,889 |  |  | 21.0 | % |  | $ | 10,201 |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes |  | 1,109 |  |  | 2.8 | % |  | 456 |  |  | 2.5 | % |  | 1,099 |  |  | 2.2 | %
Tax exempt earnings |  | (941) |  |  | (2.4) | % |  | (1,596) |  |  | (8.6) | % |  | (1,460) |  |  | (3.0) | %
Other |  | (266) |  |  | (0.6) | % |  | 1,379 |  |  | 7.4 | % |  | 42 |  |  | 0.1 | %
|  | $ | 8,119 |  |  | 20.8 | % |  | $ | 4,128 |  |  | 22.3 | % |  | $ | 9,882 |  |  | 20.3 | %
Deferred income tax assets and liabilities were comprised of the following at December 31:
(Dollars in thousands) |  | 2023 |  | 2022
Gross deferred tax assets: |  |  |  |
Allowance for credit losses |  | $ | 5,589 |  |  | $ | 5,849 |
Minimum pension liability |  | 955 |  |  | 991 |
Research and development |  | 2,035 |  |  | — |
Stock-based compensation |  | 976 |  |  | 1,097 |
SERP |  | 327 |  |  | 317 |
Unrealized loss on securities available-for-sale |  | 7,892 |  |  | 11,024 |
Lease liabilities |  | 3,402 |  |  | 3,611 |
Other |  | 828 |  |  | 364 |
Total gross deferred tax assets |  | 22,004 |  |  | 23,253 |
Gross deferred tax liabilities: |  |  |  |
Depreciation |  | (1,197) |  |  | (1,726) |
Pension |  | (1,091) |  |  | (1,062) |
Unrealized gain on securities available-for-sale |  | — |  |  | (80) |
Holding gain on equity securities |  | (3,976) |  |  | (3,969) |
Equity method investment |  | (2,136) |  |  | (2,220) |
Goodwill |  | (107) |  |  | (110) |
Right-of-use assets |  | (3,163) |  |  | (3,383) |
Other |  | (597) |  |  | (264) |
Total gross deferred tax liabilities |  | (12,267) |  |  | (12,814) |
Net deferred tax assets |  | $ | 9,737 |  |  | $ | 10,439 |
Net deferred income tax assets and net deferred income tax liabilities were included in other assets and other liabilities, respectively, based on the ending balance.

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