Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 13 – Income Taxes

The Company files a consolidated federal income tax return with its subsidiaries. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. If it is more likely than not that some portion or the entire deferred tax asset will not be realized, deferred tax assets will be reduced by a valuation allowance. It is the Company’s policy to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense.

	Three Months Ended June 30,					Six Months Ended June 30,
(dollars in thousands)	2024			2023		2024		2023
Current expense
Federal	$	996		$	623	$	1,514	$	1,430
State		481			310		719		669
Total current expense		1,477			933		2,233		2,099
Deferred expense		(157	)		381		112		406
Income tax expense	$	1,320		$	1,314	$	2,345	$	2,505