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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expenses

Income tax expense for the years ended December 31, 2023, 2022 and 2021 consists of the following:

Schedule of Income Tax Expenses

		Year ended December 31
(Dollars in thousands)		2023				2022				2021
Current
Federal		$	2,937			$	3,429			$	3,653
State			627				735				749
Total Current			3,564				4,164				4,402
Deferred
Federal			(327	)			(323	)			(167	)
State			(40	)			(43	)			(53	)
Total Deferred			(367	)			(366	)			(220	)
Income tax expense		$	3,197			$	3,798			$	4,182

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows:  

Schedule of Effective Income Tax Rate Reconciliation 

		Year ended December 31
(Dollars in thousands)		2023				2022				2021
Expected federal income tax expense		$	3,159			$	3,866			$	4,126
State income tax net of federal benefit			464				547				550
Tax exempt interest			(275	)			(404	)			(396	)
Increase in cash surrender value life insurance			(176	)			(151	)			(146	)
Valuation allowance			93				27				32
Life Insurance Proceeds			(19	)			—				—
Excess tax benefit of stock compensation			—				(5	)			(11	)
Other			(49	)			(82	)			27
Total		$	3,197			$	3,798			$	4,182

Schedule of Deferred Tax Assets and 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:

Schedule of Deferred Tax Assets and Liabilities 

		December 31,
(Dollars in thousands)		2023				2022
Assets:
Allowance for credit losses		$	2,646			$	2,464
Unfunded Commitments			129				—
Excess tax basis of deductible intangible assets			38				60
Net operating loss carry forward			933				840
Excess tax basis of assets acquired			—				18
Unrealized losses on available-for-sale securities			4,406				5,169
Unrealized losses on held-to-maturity securities			2,939				3,291
Compensation expense deferred for tax purposes			1,448				1,348
Deferred loss on other-than-temporary-impairment charges			5				5
FASB 91 - Origination Income & Costs			473				405
Other Real Estate Owned			229				231
Other			145				299
Total deferred tax asset			13,391				14,130
Valuation reserve			1,009				916
Total deferred tax asset net of valuation reserve			12,382				13,214
Liabilities:
Tax depreciation in excess of book depreciation			445				619
Excess financial reporting basis of assets acquired			919				938
Unrealized gain on available-for-sale securities			—				—
Total deferred tax liabilities			1,364				1,557
Net deferred tax asset / (liability) recognized		$	11,018			$	11,657

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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.

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-Topic 740
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-Section 50
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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.

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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.

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