XML 50 R35.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Summary of Components of Income Tax Expense | The components of income tax expense for the years ended December 31, 2021 and 2020 are as follows: (in thousands)
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2020 |
Current |  | $ | 2,565 |  |  | $ | 865 |
Deferred |  |  | (227 | ) |  |  | (73 | )
|  | $ | 2,338 |  |  | $ | 792 |
Schedule of Difference Between Income Tax Expense and Amount Computed by Applying Statutory Federal Income Taxes Rate to Income Before Taxes | The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income before taxes for the years ended December 31, 2021 and 2020 is as follows (in thousands):
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2020 |
Statutory Federal tax rate |  |  | 21 | % |  |  | 21 | %
Pretax income at statutory rate |  | $ | 2,082 |  |  | $ | 815 |
State income tax, net of federal benefit |  |  | 265 |  |  |  | (95 | )
Cash surrender value of life insurance |  |  | (117 | ) |  |  | (83 | )
Permanent adjustments |  |  | 41 |  |  |  | 26 |
Other |  |  | 67 |  |  |  | 129 |
Actual tax expense 24% and 20%, respectively |  | $ | 2,338 |  |  | $ | 792 |
Schedule of Net Deferred Taxes | The following summarizes the sources and expected tax consequences of future deductions or income for income tax purposes which comprised the net deferred taxes at December 31, 2021 and 2020: (in thousands)
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2020 |
Deferred income tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,195 |  |  | $ | 1,625 |
Deferred compensation |  | 775 |  |  | 873 |
Net operating losses |  |  | 1,849 |  |  |  | 1,683 |
Unrealized loss on investment securities available-for-sale |  |  | 122 |  |  |  | — |
State tax credits |  |  | — |  |  | 358 |
Fair value adjustments |  |  | 522 |  |  |  | 673 |
Other |  | 182 |  |  | 199 |
Total deferred income tax assets |  |  | 5,645 |  |  |  | 5,411 |
Deferred income tax liabilities: |  |  |  |  |  |
Core deposit intangible |  |  | 391 |  |  |  | 440 |
Premises and equipment |  | 498 |  |  | 533 |
Unrealized gain on investment securities available-for-sale |  |  | — |  |  | 52 |
Other |  | 123 |  |  | 154 |
Total deferred income tax liabilities |  |  | 1,012 |  |  |  | 1,179 |
Net deferred income tax asset |  | $ | 4,633 |  |  | $ | 4,232 |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration