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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) for each of the periods shown below consisted of the following:
|  | Year ended December 31, |  | Year ended December 31, |  |
|  | 2022 |  | 2021 |  |
Current tax provision |  |  |  |  |  |
Federal |  | $ | 3,565 |  |  | $ | 4,761 |  |  |
State |  | 1,749 |  |  | 2,002 |  |  |
|  | 5,314 |  |  | 6,763 |  |  |
Deferred tax provision (benefit) |  |  |  |  |  |
Federal |  | 355 |  |  | 585 |  |  |
State |  | 151 |  |  | 345 |  |  |
|  | 506 |  |  | 930 |  |  |
Total |  | $ | 5,820 |  |  | $ | 7,693 |  |  |
Schedule of Provision for Income Taxes | The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences:
|  | Year ended December 31, |  | Year ended December 31, |  |  |
|  | 2022 |  | 2021 |
|  | Amount |  | Rate |  | Amount |  | Rate |  |  |
Tax expense at statutory rate |  | $ | 4,952 |  |  | 21.0 | % |  | $ | 6,082 |  |  | 21.0 | % |  |  |
State income taxes, net of federal |  | 1,501 |  |  | 6.4 | % |  | 1,854 |  |  | 6.4 | % |  |  |
Tax credits |  | (514) |  |  | (2.2) | % |  | — |  |  | — | % |  |  |
Bank owned life insurance |  | (135) |  |  | (0.6) | % |  | (132) |  |  | (0.4) | % |  |  |
Tax exempt interest |  | (59) |  |  | (0.3) | % |  | (52) |  |  | (0.2) | % |  |  |
Other |  | 75 |  |  | 0.4 | % |  | (59) |  |  | (0.2) | % |  |  |
Total |  | $ | 5,820 |  |  | 24.7 | % |  | $ | 7,693 |  |  | 26.6 | % |  |  |
Schedule of Deferred Tax Assets and Liabilities | The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and December 31, 2021, respectively:
|  | Year ended December 31, |  | Year ended December 31,
|  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Allowance for loan losses |  | $ | 4,934 |  |  | $ | 4,587 |
Deferred loan costs/fees |  | 591 |  |  | 558 |
Restricted stock |  | 243 |  |  | 189 |
Economic performance accruals |  | 871 |  |  | 981 |
Loan discounts |  | 375 |  |  | 854 |
Lease liability |  | 535 |  |  | 613 |
Net unrealized losses on securities available for sale |  | 6,697 |  |  | — |
Other |  | 44 |  |  | 71 |
Deferred tax assets |  | $ | 14,290 |  |  | $ | 7,853 |
Deferred tax liabilities: |  |  |  |
Office properties and equipment |  | (2,098) |  |  | (1,595) |
Federal Home Loan Bank stock |  | (129) |  |  | (129) |
Core deposit intangible |  | (1,019) |  |  | (1,298) |
Net gain on equity securities |  | (710) |  |  | (641) |
Prepaid expenses |  | (250) |  |  | (198) |
Mortgage servicing rights |  | (1,172) |  |  | (1,144) |
Leases; right of use asset |  | (467) |  |  | (594) |
Net unrealized gains on securities available for sale |  | — |  |  | (61) |
Deferred tax liabilities |  | $ | (5,845) |  |  | $ | (5,660) |
Net deferred tax assets |  | $ | 8,445 |  |  | $ | 2,193 |

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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