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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The consolidated provisions for income taxes for the years ended December 31, 2022 and 2021 were as follows:

		2022				2021
		(Dollars in Thousands)
Federal
Current		$	2,025			$	1,522
Deferred			(291	)			(527	)
Total federal			1,734				995
State
Current			490				154
Deferred			(76	)			126
Total state			414				280
Total		$	2,148			$	1,275

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 2022 and 2021 as described in the following table:

		2022				2021
		(Dollars in Thousands)
Income tax expense at federal statutory rate		$	1,892			$	1,202
Increase (decrease) resulting from:
Tax-exempt interest			(76	)			(88	)
Bank-owned life insurance			(62	)			(62	)
State income tax expense, net of federal income taxes			329				169
Other			65				54
Total		$	2,148			$	1,275

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, 2022 and 2021 are presented below:

		2022				2021
		(Dollars in Thousands)
Deferred tax assets:
Allowance for loan losses		$	2,333			$	2,065
Deferred compensation			895				947
Deferred commissions and fees			407				243
Unrealized loss on securities available-for-sale			2,715				—
Unrealized loss on cash flow hedges			—				144
Other			905				862
Total gross deferred tax assets			7,255				4,261
Deferred tax liabilities:
Premises and equipment			1,288				1,248
Core deposit intangible			91				158
Limited partnerships			94				87
Unrealized gain on securities available-for-sale			—				52
Unrealized gain on cash flow hedges			301				—
Other			341				266
Total gross deferred tax liabilities			2,115				1,811
Net deferred tax asset, included in other assets		$	5,140			$	2,450

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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