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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)

The consolidated provisions for income taxes for the years ended December 31, 2021 and 2020 were as follows:

		2021				2020
		(Dollars in Thousands)
Federal
Current		$	1,522			$	29
Deferred			(527	)			626
Total federal			995				655
State
Current			154				76
Deferred			126				94
Total state			280				170
Total		$	1,275			$	825

Schedule of Effective Income Tax Rate Reconciliation

The consolidated tax expense differed from the amount computed by applying the Company’s federal statutory income tax rate of 21.0% in 2021 and 2020 as described in the following table:

		2021				2020
		(Dollars in Thousands)
Income tax expense at federal statutory rate		$	1,202			$	742
Increase (decrease) resulting from:
Tax-exempt interest			(88	)			(87	)
Bank-owned life insurance			(62	)			(63	)
State income tax expense, net of federal income taxes			169				132
Other			54				101
Total		$	1,275			$	825

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2021 and 2020 are presented below:

		2021				2020
		(Dollars in Thousands)
Deferred tax assets:
Allowance for loan losses		$	2,065			$	1,749
Deferred compensation			947				973
Deferred commissions and fees			243				260
State net operating loss carryforwards			—				192
Federal alternative minimum tax and general business    credits carryforwards			—				42
Unrealized loss on cash flow hedges			144				443
Other			862				667
Total gross deferred tax assets			4,261				4,326
Deferred tax liabilities:
Premises and equipment			1,248				1,311
Core deposit intangible			158				245
Limited partnerships			87				138
Unrealized gain on securities available-for-sale			52				426
Other			266				231
Total gross deferred tax liabilities			1,811				2,351
Net deferred tax asset, included in other assets		$	2,450			$	1,975

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- 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
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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.

+ 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
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- 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
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