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Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14: Income Taxes

 

The provision for income taxes includes these components:

 

   For The Year Ended
December 31,		 
($ in thousands)  2022   2021 
Taxes currently payable  $86   $2,144 
Deferred provision   2,709    2,302 
Income tax expense  $2,795   $4,446 

 

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:

 

   For The Year Ended
December 31,		 
($ in thousands)  2022   2021 
Computed at the statutory rate (21%)  $3,216   $4,772 
Increase (decrease) resulting from          
Tax exempt interest   (111)   (85)
BOLI income   (106)   (60)
Sec. 831(b) election   (199)   (183)
Other   (5)   2 
Actual tax expense  $2,795   $4,446 

 

The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:

 

   For The Year Ended
December 31,		 
($ in thousands)  2022   2021 
Deferred tax assets        
Allowance for loan losses  $2,902   $2,899 
Unrealized losses on available-for-sale securities   8,538    491 
Capitalized research and development costs   117    
-
 
Accrued bonus   142    281 
Net operating loss   5,410    
-
 
Other   854    703 
    17,963    4,374 
Deferred tax liabilities          
Depreciation   (1,117)   (1,242)
Mortgage servicing rights   (2,836)   (2,546)
Purchase accounting adjustments   (1,598)   (1,619)
Prepaids   (527)   (477)
Net deferred loan costs   (93)   (66)
Section 475 MTM   (8,538)   (491)
FHLB stock dividends   (271)   (288)
    (14,980)   (6,729)
Net deferred tax asset (liability)  $2,983   $(2,355)