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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of principal components of income tax expense

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)		2023			2022			2021
Current taxes	​	$	4,832	​	$	6,887	​	$	9,049	​
Deferred taxes	​		586	​		708	​		(90)	​
​	​	$	5,418	​	$	7,595	​	$	8,959	​

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	​	2023			​	​	2022			​	​	2021			​
(Dollars in thousands)	​	Amount		​	Percent	​	Amount		​	Percent	​	Amount		​	Percent
Income tax at statutory rates	​	$	6,124		21.0	%	$	7,762		21.0	%	$	7,997		21.0	%
State income taxes	​		82		0.3	​		536		1.5	​		1,340		3.5	​
Tax-exempt interest income	​		(582)		(2.0)	​		(427)		(1.1)	​		(396)		(1.0)	​
Excess compensation	​	​	38	​	0.1	​	​	—	​	—	​	​	571	​	1.5	​
Income from bank-owned life insurance	​	​	(104)	​	(0.4)	​	​	(130)	​	(0.4)	​	​	(110)	​	(0.3)	​
Investments in qualified housing projects	​	​	(75)	​	(0.3)	​	​	(56)	​	(0.2)	​	​	(48)	​	(0.1)	​
Share based compensation	​		(114)		(0.4)	​		(37)		(0.1)	​	​	(83)		(0.2)	​
Contribution of real property	​	​	—	​	—	​	​	—	​	—	​	​	(107)	​	(0.3)	​
Other	​		49		0.2	​		(53)		(0.1)	​		(205)		(0.5)	​
​	​	$	5,418		18.5	%	$	7,595		20.6	%	$	8,959		23.6	%

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​	​
​		December 31,
(Dollars in thousands)	​	2023		​	2022
Deferred tax assets	​	​	​	​	​	​	​
Allowances for credit losses and reserve for unfunded commitments	​	$	10,123	​	$	10,108	​
Net unrealized loss on securities available for sale	​	​	6,646	​	​	9,353	​
Nonqualified deferred compensation plan	​		3,969	​		4,128	​
Lease liabilities	​	​	1,877	​	​	1,967	​
Fair value adjustments related to business combinations	​		377	​		711	​
Share-based compensation	​		857	​		897	​
Reserve for indemnification losses	​		433	​		586	​
Accrued expenses	​	​	562	​	​	396	​
Other	​		778	​		845	​
Deferred tax assets	​		25,622	​		28,991	​
Deferred tax liabilities	​	​	​	​	​	​	​
Goodwill and other intangible assets	​		(3,027)	​		(3,068)	​
Right of use assets	​	​	(1,728)	​	​	(1,830)	​
Depreciation	​		(1,175)	​		(917)	​
Defined benefit plan	​		(583)	​		(649)	​
Cash flow hedges	​	​	(378)	​	​	(513)	​
Deferred tax liabilities	​		(6,891)	​		(6,977)	​
Net deferred tax assets	​	$	18,731	​	$	22,014	​

​

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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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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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