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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Components of income tax expense (benefit)

(Dollars in thousands)
		2023				2022				2021
Current expense		$	4,830				4,713				4,023
Deferred income tax benefit			(453	)			(541	)			(227	)
Total income tax		$	4,377				4,172				3,796

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2023				2022				2021
Tax expense at statutory rate		$	4,184				4,262				3,975
State income tax, net of federal income tax effect			395				395				339
Tax-exempt interest income			(182	)			(445	)			(497	)
Increase in cash surrender value of life insurance			(91	)			(71	)			(83	)
Tax credits			(246	)			(230	)			(234	)
Nondeductible interest and other expense			30				24				30
Other			287				237				266
Total		$	4,377				4,172				3,796

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2023				2022
Deferred tax assets:
Allowance for credit losses		$	2,944				2,411
Accrued retirement expense			1,210				1,174
Restricted stock			249				245
Interest income on nonaccrual loans			5				1
Lease liability			1,110				1,191
Unrealized loss on available for sale securities			11,741				14,197
Total gross deferred tax assets			17,259				19,219
Deferred tax liabilities:
Deferred loan fees			186				209
Accumulated depreciation			375				438
Prepaid expenses			3				3
ROU Asset			1,087				1,175
Other			124				(93	)
Total gross deferred tax liabilities			1,775				1,732
Net deferred tax asset		$	15,484				17,487

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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

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

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