XML 68 R48.htm IDEA: XBRL DOCUMENT v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of principal components of income tax expense

Year Ended December 31, 

 

(Dollars in thousands)

    

2024

    

2023

    

2022

 

Current taxes

$

3,741

$

4,832

$

6,887

Deferred taxes

 

474

 

586

 

708

$

4,215

$

5,418

$

7,595

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

Year Ended December 31, 

 

2024

2023

2022

(Dollars in thousands)

Amount

Percent

Amount

Percent

Amount

Percent

 

Income tax at statutory rates

$

5,068

 

21.0

%  

$

6,124

 

21.0

%  

$

7,762

 

21.0

%

State income taxes, net of federal benefit

 

15

 

0.1

 

82

 

0.3

 

536

 

1.5

Tax-exempt interest income

 

(626)

 

(2.6)

 

(582)

 

(2.0)

 

(427)

 

(1.1)

Excess compensation

79

0.3

38

0.1

Income from bank-owned life insurance

(178)

(0.7)

(104)

(0.4)

(130)

(0.4)

Investments in qualified housing projects

(87)

(0.4)

(75)

(0.3)

(56)

(0.2)

Share based compensation

 

(111)

 

(0.5)

 

(114)

 

(0.4)

(37)

 

(0.1)

Other

 

55

 

0.2

 

49

 

0.2

 

(53)

 

(0.1)

$

4,215

 

17.4

%  

$

5,418

 

18.5

%  

$

7,595

 

20.6

%

Schedule of deferred tax assets and liabilities

    

December 31, 

 

(Dollars in thousands)

2024

2023

 

Deferred tax assets

Allowances for credit losses, reserve for unfunded commitments and OREO losses

$

10,238

$

10,123

Net unrealized loss on securities available for sale

6,298

6,646

Nonqualified deferred compensation plan

 

3,781

 

3,969

Lease liabilities

2,216

1,877

Fair value adjustments related to business combinations

 

251

 

377

Share-based compensation

 

736

 

857

Reserve for indemnification losses

 

313

 

433

Accrued expenses

521

562

Other

 

783

 

778

Deferred tax assets

 

25,137

 

25,622

Deferred tax liabilities

Goodwill and other intangible assets

 

(2,992)

 

(3,027)

Right of use assets

(2,034)

(1,728)

Depreciation

 

(1,213)

 

(1,175)

Defined benefit plan

 

(862)

 

(583)

Cash flow hedges

(317)

(378)

Deferred tax liabilities

 

(7,418)

 

(6,891)

Net deferred tax assets

$

17,719

$

18,731