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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule Of Net Deferred Tax Assets

The net deferred tax asset at December 31, 2021 and 2020 consisted of the following components:

		December 31,
		2021				2020
		(in thousands)
Deferred tax assets:
Allowance for loan losses		$	1,845			$	1,490
Share-based compensation			136				95
Accrued postretirement benefits			21				21
Home equity origination costs			67				50
Nonaccrual interest			65				76
Lease liabilities			1,110				864
Credit carryforward			973				—
Securities available for sale			46				—
Other			27				29
		$	4,290			$	2,625
Deferred tax liabilities:
Property and equipment		$	659			$	713
Right-of-use assets			1,079				843
Securities available for sale			—				867
		$	1,738			$	2,423
Net deferred tax asset		$	2,552			$	202

Schedule Of Components Of Income Tax Expense

Income tax expense for the years ended December 31, 2021 and 2020 consisted of the following components:

		December 31,
		2021				2020
		(in thousands)
Current tax expense		$	3,203			$	2,607
Deferred tax (benefit)			(1,437	)			(471	)
		$	1,766			$	2,136

Schedule Of Income Tax Reconciliation

The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2021 and 2020.

		December 31,
		2021				2020
		(in thousands)
Statutory federal corporate tax amount		$	2,685			$	2,795
Tax-exempt interest (income)			(135	)			(193	)
Officer insurance (income)			(102	)			(57	)
Net tax credits			(686	)			(439	)
Other, net			4				30
		$	1,766			$	2,136

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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

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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