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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2023						2022
Current tax provision
Federal						$	5,081					$	3,565
State						448						1,749
						5,529						5,314
Deferred tax provision (benefit)
Federal						(1,373)						355
State						(105)						151
						(1,478)						506
Valuation allowance						1,822						—
Total						$	5,873					$	5,820

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,
						2023												2022
						Amount						Rate						Amount						Rate
Tax expense at statutory rate						$	3,976					21.0		%				$	4,952					21.0		%
State income taxes, net of federal						271						1.4		%				1,501						6.4		%
Tax credits						—						—		%				(514)						(2.2)		%
Bank owned life insurance						(146)						(0.8)		%				(135)						(0.6)		%
Tax exempt interest						(52)						(0.3)		%				(59)						(0.3)		%
Valuation allowance						1,822						9.6		%				—						—		%
Other						2						0.1		%				75						0.4		%
Total						$	5,873					31.0		%				$	5,820					24.7		%

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, 2023 and December 31, 2022, respectively:

						Year ended December 31,						Year ended December 31,
						2023						2022
Deferred tax assets:
Allowance for credit losses						$	6,104					$	4,934
Deferred loan costs/fees						632						591
Restricted stock						184						243
Economic performance accruals						769						871
Other real estate owned						230						188
Loan discounts						304						375
Lease liability						426						535
Net unrealized losses on securities available for sale						6,702						6,697
Other						22						44
Deferred tax assets						$	15,373					$	14,478
Deferred tax liabilities:
Office properties and equipment						(2,132)						(2,286)
Federal Home Loan Bank stock						(119)						(129)
Core deposit intangible						(852)						(1,019)
Net gain on equity securities						(762)						(710)
Prepaid expenses						(230)						(250)
Mortgage servicing rights						(977)						(1,172)
Leases; right of use asset						(373)						(467)
Deferred tax liabilities						$	(5,445)					$	(6,033)
Valuation allowance						(1,822)						—
Net deferred tax assets						$	8,106					$	8,445

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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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-Topic 740
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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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