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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense in the consolidated statements of income for the years ended December 31, 2022 and 2021 are as follows:
(dollars in thousands) | 2022 |  | 2021
Current federal expense | $ | 2,855 |  |  | $ | 5,316 |
Deferred federal expense | 782 |  |  | (661) |
Federal income tax expense | 3,637 |  |  | 4,655 |
Current state expense | (474) |  |  | 663 |
Deferred state expense | 147 |  |  | (823) |
State income tax expense | (327) |  |  | (160) |
Provision for income taxes | $ | 3,310 |  |  | $ | 4,495 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the differences for the years ended December 31, 2022 and 2021 is as follows:
(dollars in thousands) | 2022 |  | 2021
Tax at federal income tax rate | $ | 4,799 |  |  | $ | 4,862 |
Change resulting from: |  |  |
State taxes | (258) |  |  | (126) |
Tax-exempt interest | (541) |  |  | (404) |
Income in cash value of bank owned life insurance | (329) |  |  | (219) |
Tax-exempt insurance premiums | (248) |  |  | — |
Nondeductible merger expenses | — |  |  | 222 |
Other | (113) |  |  | 160 |
Provision for income taxes | $ | 3,310 |  |  | $ | 4,495 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income taxes for the years ended December 31, 2022 and 2021 are as follows:
(dollars in thousands) | 2022 |  | 2021
Deferred Tax Assets |  |  |
Allowance for loan losses | $ | 4,108 |  |  | $ | 3,290 |
Lease liability | 483 |  |  | 169 |
Net operating loss carryforwards | 3,160 |  |  | 272 |
Tax credit carryforwards | 501 |  |  | — |
Deferred compensation | 282 |  |  | 297 |
Unrealized loss on securities available for sale | 22,703 |  |  | 2,170 |
Restricted stock | 308 |  |  | 166 |
Investment in partnerships | 195 |  |  | 232 |
Other | 50 |  |  | 19 |
Gross deferred tax assets | 31,790 |  |  | 6,615 |
Deferred Tax Liabilities |  |  |
Premises and equipment | 707 |  |  | 267 |
Right of use lease asset | 467 |  |  | 164 |
Purchase accounting adjustments | 1,779 |  |  | 1,322 |
Core deposit intangible | 638 |  |  | 1,218 |
Gross deferred tax liabilities | 3,591 |  |  | 2,971 |
Net deferred tax assets | $ | 28,199 |  |  | $ | 3,644 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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