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Income Taxes
 12 Months Ended
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)202320222021
Current:
     Federal$6,707 $6,607 $3,332 
     State1,315 1,152 421 
 $8,022 $7,759 $3,753 
Deferred:   
     Federal$8 $(3,056)$5,159 
     State89 (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:
202320222021
(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 taxes1,109 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)20232022
Gross deferred tax assets:
Allowance for credit losses$5,589 $5,849 
Minimum pension liability955 991 
Research and development2,035 — 
Stock-based compensation976 1,097 
SERP327 317 
Unrealized loss on securities available-for-sale7,892 11,024 
Lease liabilities3,402 3,611 
Other828 364 
     Total gross deferred tax assets22,004 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.