INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for each of the periods shown below consisted of the following:

	Year ended December 31,		Year ended December 31,
	2021		2020
Current tax provision
Federal	$	4,761	$	5,000
State	2,002		2,081
	6,763		7,081
Deferred tax provision (benefit)
Federal	585		(1,866)
Bank owned life insurance - Tax Act clarification	—		(660)
State	345		—
	930		(2,526)
Total	$	7,693	$	4,555

Schedule of Provision for Income Taxes

The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences:

	Year ended December 31,				Year ended December 31,
	2021				2020
	Amount		Rate		Amount		Rate
Tax expense at statutory rate	$	6,082	21.0	%	$	3,629	21.0	%
State income taxes, net of federal	1,854		6.4	%	1,123		6.5	%
Bank owned life insurance	(132)		(0.4)	%	(130)		(0.8)	%
Tax exempt interest	(52)		(0.2)	%	(61)		(0.3)	%
Other	(59)		(0.2)	%	(6)		—	%
Total	$	7,693	26.6	%	$	4,555	26.4	%

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and December 31, 2020, respectively:

	Year ended December 31,		Year ended December 31,
	2021		2020
Deferred tax assets:
Allowance for loan losses	$	4,587	$	4,567
Deferred loan costs/fees	558		1,117
Restricted stock	189		116
Economic performance accruals	981		694
Other real estate	—		89
Deferred revenue	41		64
Loan discounts	854		1,218
FHLB advances	5		55
Lease liability	613		758
Other	25		70
Deferred tax assets	$	7,853	$	8,748
Deferred tax liabilities:
Office properties and equipment	(1,595)		(1,551)
Federal Home Loan Bank stock	(129)		(129)
Core deposit intangible	(1,298)		(1,615)
Net gain on equity securities	(641)		(442)
Prepaid expenses	(198)		(204)
Mortgage servicing rights	(1,144)		(893)
Leases; right of use asset	(594)		(730)
Net unrealized gains on securities available for sale	(61)		(565)
Deferred tax liabilities	$	(5,660)	$	(6,129)
Net deferred tax assets	$	2,193	$	2,619