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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) attributable to income from operations consisted of the following:

 Schedule of Components of Income Tax Expense (Benefit)

		2021				2020				2019
(Dollars in thousands)		Years ended December 31,
		2021				2020				2019
Current:
Federal		$	3,039			$	4,582			$	1,805
State			967				708				(157	)
Total current			4,006				5,290				1,648
Deferred:
Federal			662				(442	)			(160	)
State			196				(8	)			22
Total deferred			858				(450	)			(138	)
Deferred tax valuation allowance			(50	)			(53	)			(57	)
Income tax expense		$	4,814			$	4,787			$	1,453

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the difference between actual income tax expense (benefit) and expected income tax expense attributable to income from operations at the statutory federal income tax rate were as follows:

Schedule of Effective Income Tax Rate Reconciliation

		2021				2020				2019
(Dollars in thousands)		Years ended December 31,
		2021				2020				2019
Computed “expected” tax expense		$	4,793			$	5,099			$	2,544
(Reduction) increase in income taxes resulting from:
Tax-exempt interest income, net			(645	)			(695	)			(748	)
Excess tax benefit from stock option exercise			(29	)			(26	)			-
Bank owned life insurance			(156	)			(137	)			(165	)
Reversal of unrecognized tax benefits, net			162				(229	)			(558	)
State income taxes, net of federal benefit			718				800				407
Investment tax credits			(19	)			(28	)			(15	)
Other, net			(10	)			3				(12	)
Income tax (benefit) expense		$	4,814			$	4,787			$	1,453

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the significant portions of the deferred tax assets and liabilities at the following dates were as follows:

Schedule of Deferred Tax Assets and Liabilities 

		2021				2020
(Dollars in thousands)		As of December 31,
		2021				2020
Deferred tax assets:
Loans, including allowance for loan losses		$	2,041			$	2,040
Net operating loss carry forwards			223				273
State taxes			534				614
Net deferred loan fees			125				432
Acquisition costs			141				161
Deferred compensation arrangements			64				66
Investments			70				54
Other, net			184				158
Total deferred tax assets			3,382				3,798
Less valuation allowance			(223	)			(273	)
Total deferred tax assets, net of valuation allowance			3,159				3,525
Deferred tax liabilities:
Unrealized gain on investment securities available-for-sale			1,259				3,065
Premises and equipment, net of depreciation			723				500
Mortgage servicing rights			879				777
Prepaid expenses			314				302
Intangible assets			387				278
FHLB stock dividends			8				12
Total deferred tax liabilities			3,570				4,934
Net deferred tax liability		$	(411	)		$	(1,409	)

Schedule of Unrecognized Tax Benefits

The Company has unrecognized tax benefits representing tax positions for which a liability has been established. A reconciliation of the beginning and ending amount of the liability relating to unrecognized tax benefits is as follows:

Schedule of Unrecognized Tax Benefits 

(Dollars in thousands)		Years ended December 31,
		2021				2020
Unrecognized tax benefits at beginning of year		$	2,138			$	1,416
Gross increases to current year tax positions			325				1,100
Gross decreases to prior year’s tax positions			(125	)			(26	)
Lapse of statute of limitations			(48	)			(352	)
Unrecognized tax benefits at end of year		$	2,290			$	2,138

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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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