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Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Taxes  
Income Taxes

Note 6— Income Taxes

The Company files income tax returns in the U.S. federal jurisdiction, the Commonwealth of Virginia, the District of Columbia, the State of Maryland, the State of North Carolina and the State of West Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2018.

The following table summarizes the Company’s provision for income taxes charged to operations for the three months ended March 31, 2022 and March 31, 2021, respectively.

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​

​

​

​

​

​

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(Dollars in thousands)

    

March 31, 2022

    

March 31, 2021

Current tax expense

​

$

1,290

​

$

2,249

Deferred tax expense (benefit)

​

 

580

​

 

(835)

Total Income Tax Expense

​

$

1,870

​

$

1,414

​

The following table presents the factors driving the difference between the amount of income tax determined by applying the statutory federal income tax rate to income before income taxes and the amount of income tax expense reflected in the Consolidated Statements of Income for the three months ended March 31, 2022 and March 31, 2021, respectively.

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​

​

​

​

​

​

​

(Dollars in thousands)

    

March 31, 2022

    

March 31, 2021

Computed “expected” tax expense

​

$

2,004

​

$

1,362

Increase (decrease) in income taxes resulting from:

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​

 

  

Bank-owned life insurance

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(20)

​

 

(20)

Tax-exempt interest income

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(36)

​

 

(31)

State income taxes, net of federal benefit

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122

​

 

91

Excess tax benefit on share-based compensation

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(214)

​

 

(6)

Other, net

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14

​

 

18

Total

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$

1,870

​

$

1,414

​