XML 54 R43.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of principal components of income tax expense

Year Ended December 31, 

 

(Dollars in thousands)

    

2022

    

2021

    

2020

 

Current taxes

$

6,887

$

9,049

$

7,612

Deferred taxes

 

708

 

(90)

 

(817)

$

7,595

$

8,959

$

6,795

Schedule of reconciliation of effective income tax rate to income tax provision

Year Ended December 31, 

 

2022

2021

2020

(Dollars in thousands)

Amount

Percent

Amount

Percent

Amount

Percent

 

Income tax at statutory rates

$

7,762

 

21.0

%  

$

7,997

 

21.0

%  

$

6,136

21.0

%

State income taxes

 

536

 

1.5

 

1,340

 

3.5

 

1,449

5.0

Tax-exempt interest income

 

(427)

 

(1.1)

 

(396)

 

(1.0)

 

(493)

(1.7)

Excess compensation

571

1.5

328

1.1

Change in tax law

(326)

(1.1)

Income from bank-owned life insurance

(130)

(0.4)

(110)

(0.3)

(107)

(0.4)

Investments in qualified housing projects

(56)

(0.2)

(48)

(0.1)

(82)

(0.3)

Share based compensation

 

(37)

 

(0.1)

 

(83)

 

(0.2)

(77)

(0.3)

Contribution of real property

(107)

(0.3)

Merger related expenses

29

0.1

Other

 

(53)

 

(0.1)

 

(205)

 

(0.5)

 

(62)

(0.2)

$

7,595

 

20.6

%  

$

8,959

 

23.6

%  

$

6,795

 

23.2

%

Schedule of deferred tax assets and liabilities

    

December 31, 

 

(Dollars in thousands)

2022

2021

 

Deferred tax assets

Allowances for loan losses

$

10,108

$

9,960

Nonqualified defined contribution plan

 

4,128

 

3,948

Lease liabilities

1,967

2,057

Fair value adjustments related to business combinations

 

711

 

1,119

Share-based compensation

 

897

 

752

Reserve for indemnification losses

 

586

 

821

Accrued expenses

396

352

Cash flow hedges

 

 

158

Net unrealized loss on securities available for sale

9,353

Other

 

845

 

1,275

Deferred tax assets

 

28,991

 

20,442

Deferred tax liabilities

Goodwill and other intangible assets

 

(3,068)

 

(3,114)

Right of use assets

(1,830)

(1,938)

Depreciation

 

(917)

 

(989)

Net unrealized gain on securities available for sale

 

 

(116)

Defined benefit plan

 

(649)

 

(677)

Cash flow hedges

(513)

Deferred tax liabilities

 

(6,977)

 

(6,834)

Net deferred tax assets

$

22,014

$

13,608