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9. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

9. Income Taxes

Components of income tax expense (benefit)

(Dollars in thousands)
		2021				2020				2019
Current expense		$	4,079				3,049				2,972
Deferred income tax expense			(283	)			(560	)			164
Total income tax		$	3,796				2,489				3,136

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2021				2020				2019
Tax expense at statutory rate		$	3,975				2,908				3,613
State income tax, net of federal income tax effect			339				261				351
Tax-exempt interest income			(497	)			(649	)			(802	)
Increase in cash surrender value of life insurance			(83	)			(80	)			(81	)
Tax credits			(234	)			(234	)			-
Nondeductible interest and other expense			30				46				40
Other			266				237				15
Total		$	3,796				2,489				3,136

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2021				2020
Deferred tax assets:
Allowance for loan losses		$	2,149				2,276
Accrued retirement expense			1,148				1,190
Restricted stock			209				190
Interest income on nonaccrual loans			2				1
Lease liability			1,075				798
Total gross deferred tax assets			4,583				4,455
Deferred tax liabilities:
Deferred loan fees			263				284
Accumulated depreciation			563				873
Prepaid expenses			4				5
ROU Asset			1,060				787
Other			(55	)			41
Unrealized gain on available for sale securities			29				1,611
Total gross deferred tax liabilities			1,864				3,601
Net deferred tax asset		$	2,719				854

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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