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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income tax expense | Income tax expense for the years ended December 31, 2021, 2020 and 2019 consists of the following:
INCOME TAXES |
|  | Year ended December 31 |
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,653 |  |  | $ | 2,724 |  |  | $ | 2,299 |
State |  |  | 749 |  |  |  | 523 |  |  |  | 541 |
|  |  | 4,402 |  |  |  | 3,247 |  |  |  | 2,840 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (167 | ) |  |  | (751 | ) |  |  | 18 |
State |  |  | (53 | ) |  |  | (34 | ) |  |  | — |
|  |  | (220 | ) |  |  | (785 | ) |  |  | 18 |
Income tax expense |  | $ | 4,182 |  |  | $ | 2,496 |  |  | $ | 2,858 |
Reconciliation from expected federal tax expense to effective income tax expense | Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows:
INCOME TAXES (Details 2) |
|  | Year ended December 31 |
(Dollars in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Expected federal income tax expense |  | $ | 4,126 |  |  | $ | 2,645 |  |  | $ | 2,904 |
State income tax net of federal benefit |  |  | 550 |  |  |  | 386 |  |  |  | 427 |
Tax exempt interest |  |  | (396 | ) |  |  | (316 | ) |  |  | (293 | )
Increase in cash surrender value life insurance |  |  | (146 | ) |  |  | (153 | ) |  |  | (144 | )
Valuation allowance |  |  | 32 |  |  |  | 32 |  |  |  | 52 |
Life Insurance Proceeds |  |  | — |  |  |  | (65 | ) |  |  | — |
Excess tax benefit of stock compensation |  |  | (11 | ) |  |  | (1 | ) |  |  | (56 | )
Other |  |  | 27 |  |  |  | (32 | ) |  |  | (32 | )
Income tax expense |  | $ | 4,182 |  |  | $ | 2,496 |  |  | $ | 2,858 |
summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities: | The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities:
INCOME TAXES (Details 3) |
|  | December 31, |
(Dollars in thousands) |  | 2021 |  |  | 2020 |
Assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,415 |  |  | $ | 2,235 |
Excess tax basis of deductible intangible assets |  |  | 98 |  |  |  | 130 |
Excess tax basis of assets acquired |  |  | 28 |  |  |  | 57 |
Net operating loss carry forward |  |  | 792 |  |  |  | 757 |
Compensation expense deferred for tax purposes |  |  | 1,221 |  |  |  | 1,125 |
Deferred loss on other-than-temporary-impairment charges |  |  | 5 |  |  |  | 5 |
FASB 91 - Origination Income & Costs |  |  | 296 |  |  |  | 253 |
Tax credit carry-forwards |  |  | 33 |  |  |  | 33 |
Other Real Estate Owned |  |  | 230 |  |  |  | 229 |
Other |  |  | 183 |  |  |  | 163 |
Total deferred tax asset |  |  | 5,301 |  |  |  | 4,987 |
Valuation reserve |  |  | 889 |  |  |  | 857 |
Total deferred tax asset net of valuation reserve |  |  | 4,412 |  |  |  | 4,130 |
Liabilities: |  |  |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | 612 |  |  |  | 514 |
Excess financial reporting basis of assets acquired |  |  | 969 |  |  |  | 1,005 |
Unrealized gain on available-for-sale securities |  |  | 1,021 |  |  |  | 3,149 |
Total deferred tax liabilities |  |  | 2,602 |  |  |  | 4,668 |
Net deferred tax asset / (liability) recognized |  | $ | 1,810 |  |  | $ | (538 | )

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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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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