XML 58 R44.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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)
|  | 2023 |  |  | 2022 |  |  | 2021 |
(Dollars in thousands) |  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,711 |  |  | $ | 559 |  |  | $ | 3,039 |
State |  |  | (161 | ) |  |  | (317 | ) |  |  | 967 |
Total current |  |  | 1,550 |  |  |  | 242 |  |  |  | 4,006 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 295 |  |  |  | 994 |  |  |  | 662 |
State |  |  | 56 |  |  |  | 238 |  |  |  | 196 |
Total deferred |  |  | 351 |  |  |  | 1,232 |  |  |  | 858 |
Deferred tax valuation allowance |  |  | 53 |  |  |  | (42 | ) |  |  | (50 | )
Income tax expense |  | $ | 1,954 |  |  | $ | 1,432 |  |  | $ | 4,814 |
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
|  | 2023 |  |  | 2022 |  |  | 2021 |
(Dollars in thousands) |  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Computed “expected” tax expense |  | $ | 2,980 |  |  | $ | 2,375 |  |  | $ | 4,793 |
(Reduction) increase in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest income, net |  |  | (592 | ) |  |  | (633 | ) |  |  | (645 | )
Excess tax expense (benefit) from stock option exercise |  |  | 2 |  |  |  | (4 | ) |  |  | (29 | )
Bank owned life insurance |  |  | (208 | ) |  |  | (180 | ) |  |  | (156 | )
Reversal of unrecognized tax benefits, net |  |  | (517 | ) |  |  | (465 | ) |  |  | 162 |
State income taxes, net of federal benefit |  |  | 476 |  |  |  | 369 |  |  |  | 718 |
Investment tax credits |  |  | (47 | ) |  |  | (23 | ) |  |  | (19 | )
Other, net |  |  | (140 | ) |  |  | (7 | ) |  |  | (10 | )
Income tax (benefit) expense |  | $ | 1,954 |  |  | $ | 1,432 |  |  | $ | 4,814 |
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
|  | 2023 |  |  | 2022 |
(Dollars in thousands) |  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Unrealized loss on investment securities available-for-sale |  | $ | 5,371 |  |  | $ | 8,132 |
Loans, including allowance for credit losses |  |  | 2,949 |  |  |  | 2,879 |
State taxes |  |  | 536 |  |  |  | 562 |
Other, net |  |  | 244 |  |  |  | 210 |
Investments |  |  | - |  |  |  | 184 |
Net operating loss carry forwards |  |  | 332 |  |  |  | 181 |
Acquisition costs |  |  | 99 |  |  |  | 120 |
Net deferred loan fees |  |  | 144 |  |  |  | 78 |
Valuation allowance on other real estate |  |  | 75 |  |  |  | 74 |
Deferred compensation arrangements |  |  | 62 |  |  |  | 62 |
Total deferred tax assets |  |  | 9,812 |  |  |  | 12,482 |
Less valuation allowance |  |  | (234 | ) |  |  | (181 | )
Total deferred tax assets, net of valuation allowance |  |  | 9,578 |  |  |  | 12,301 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | 1,277 |  |  |  | 1,324 |
Mortgage servicing rights |  |  | 681 |  |  |  | 801 |
Prepaid expenses |  |  | 586 |  |  |  | 554 |
Premises and equipment, net of depreciation |  |  | 618 |  |  |  | 241 |
Investments |  |  | 158 |  |  |  | - |
FHLB stock dividends |  |  | 59 |  |  |  | 17 |
Unrealized gain on investment securities available-for-sale |  |  | - |  |  |  | - |
Total deferred tax liabilities |  |  | 3,379 |  |  |  | 2,937 |
Net deferred tax asset |  | $ | 6,199 |  |  | $ | 9,364 |
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, |
|  | 2023 |  |  | 2022 |
Unrecognized tax benefits at beginning of year |  | $ | 2,157 |  |  | $ | 2,290 |
Gross increases to current year tax positions |  |  | 472 |  |  |  | 390 |
Gross decreases to prior year’s tax positions |  |  | (61 | ) |  |  | (61 | )
Lapse of statute of limitations |  |  | (528 | ) |  |  | (462 | )
Unrecognized tax benefits at end of year |  | $ | 2,040 |  |  | $ | 2,157 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration