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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Components of income tax expense (benefit)

(Dollars in thousands)
		2022				2021				2020
Current expense		$	4,713				4,023				3,049
Deferred income tax benefit			(541	)			(227	)			(560	)
Total income tax		$	4,172				3,796				2,489

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2022				2021				2020
Tax expense at statutory rate		$	4,262				3,975				2,908
State income tax, net of federal income tax effect			395				339				261
Tax-exempt interest income			(445	)			(497	)			(649	)
Increase in cash surrender value of life insurance			(71	)			(83	)			(80	)
Tax credits			(230	)			(234	)			(234	)
Nondeductible interest and other expense			24				30				46
Other			237				266				237
Total		$	4,172				3,796				2,489

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2022				2021
Deferred tax assets:
Allowance for loan losses		$	2,411				2,149
Accrued retirement expense			1,174				1,148
Restricted stock			245				209
Interest income on nonaccrual loans			1				2
Lease liability			1,191				1,075
Unrealized loss on available for sale securities			14,197				-
Total gross deferred tax assets			19,219				4,583
Deferred tax liabilities:
Deferred loan fees			209				263
Accumulated depreciation			438				563
Prepaid expenses			3				4
ROU Asset			1,175				1,060
Other			(93	)			(55	)
Unrealized gain on available for sale securities			-				29
Total gross deferred tax liabilities			1,732				1,864
Net deferred tax asset		$	17,487				2,719

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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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
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