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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The income tax expense in the consolidated statements of income for the years ended December 31, 2021 and 2020 are as follows:
(dollars in thousands) | 2021 |  | 2020
Current federal expense | $ | 5,316 |  |  | $ | 3,965 |
Deferred federal expense | (661) |  |  | (1,150) |
Federal income tax expense | 4,655 |  |  | 2,815 |
Current state expense | 663 |  |  | — |
Deferred state expense | (823) |  |  | — |
State income tax expense | $ | (160) |  |  | $ | — |
Provision for income taxes | $ | 4,495 |  |  | $ | 2,815 |
The Company's income tax expense differs from amounts computed by applying the federal statutory rates to income before income taxes. A reconciliation of the differences for the years ended December 31, 2021 and 2020 is as follows:
(dollars in thousands) | 2021 |  | 2020
Tax at federal income tax rate | $ | 4,862 |  |  | $ | 3,072 |
Change resulting from: |  |  |
State taxes | (126) |  |  | — |
Tax-exempt interest | (404) |  |  | (253) |
Income in cash value of bank owned life insurance | (219) |  |  | (156) |
Nondeductible merger expenses | 222 |  |  | — |
Other | 160 |  |  | 152 |
Provision for income taxes | $ | 4,495 |  |  | $ | 2,815 |
The components of deferred income taxes for the years ended December 31, 2021 and 2020 are as follows:
(dollars in thousands) | 2021 |  | 2020
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 3,290 |  |  | $ | 1,958 |
Lease liability | 169 |  |  | 109 |
Net operating loss carryforwards | 272 |  |  | 272 |
Other real estate | — |  |  | 48 |
Deferred compensation | 297 |  |  | 147 |
Unrealized loss on securities available for sale | 2,170 |  |  | — |
Restricted stock | 166 |  |  | 10 |
Purchase accounting adjustments | — |  |  | 202 |
Investment in partnerships | 232 |  |  | 191 |
Other | 19 |  |  | 87 |
Gross deferred tax assets | 6,615 |  |  | 3,024 |
Deferred Tax Liabilities |  |  |
Premises and equipment | 267 |  |  | 604 |
Right of use lease asset | 164 |  |  | 107 |
Unrealized gain on securities available for sale | — |  |  | 1,803 |
Purchase accounting adjustments | 1,322 |  |  | — |
Core deposit intangible | 1,218 |  |  | 376 |
Gross deferred tax liabilities | 2,971 |  |  | 2,890 |
Net deferred tax assets | $ | 3,644 |  |  | $ | 134 |

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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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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