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INCOME TAXES (Tables)

12 Months Ended

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

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

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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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