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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Net Deferred Tax Assets

Net deferred tax assets consist of the following components as of year-end:

 

(Dollars in thousands)

 

2023

 

 

2022

 

Deferred tax assets:

 

 

 

 

 

 

Allowance for credit or loan losses

 

$

1,836

 

 

$

1,166

 

Acquisition accounting

 

 

1,974

 

 

 

3,362

 

Fixed assets

 

 

853

 

 

 

547

 

Investments in pass-throughs

 

 

182

 

 

 

221

 

Federal net operating loss carryforwards

 

 

-

 

 

 

224

 

Nonaccrual loan interest

 

 

39

 

 

 

22

 

Stock option/grant expense

 

 

101

 

 

 

86

 

Home equity closing costs

 

 

84

 

 

 

70

 

Deferred compensation expense

 

 

3

 

 

 

3

 

Deferred loan fees

 

 

528

 

 

 

159

 

Securities available for sale unrealized loss

 

 

10,940

 

 

 

12,925

 

         Total deferred tax assets

 

$

16,540

 

 

$

18,785

 

Deferred tax liabilities:

 

 

 

 

 

 

Goodwill and other intangible assets

 

 

967

 

 

 

1,245

 

Trust preferred

 

 

140

 

 

 

149

 

Right of use asset

 

 

51

 

 

 

76

 

         Total deferred tax liabilities

 

 

1,158

 

 

 

1,470

 

Net deferred tax assets

 

$

15,382

 

 

$

17,315

 

Schedule of Provision for Income Taxes

The provision for income taxes charged to operations for years ended December 31, 2023 and December 31, 2022 consists of the following:

 

(Dollars in thousands)

 

2023

 

 

2022

 

Current tax expense

 

$

3,537

 

 

$

5,246

 

Deferred tax expense (benefit)

 

 

473

 

 

 

(138

)

Provision for income taxes

 

$

4,010

 

 

$

5,108

 

Schedule of Effective Income Tax Rate Reconciliation, Amount

The Company’s income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years ended December 31, 2023 and December 31, 2022 due to the following:

 

(Dollars in thousands)

 

2023

 

 

2022

 

Federal statutory rate

 

21%

 

 

21%

 

Computed statutory tax expense

 

$

4,887

 

 

$

5,995

 

Increase (decrease) in tax resulting from:

 

 

 

 

 

 

Tax-exempt interest income

 

 

(145

)

 

 

(255

)

Tax-exempt income from BOLI

 

 

(370

)

 

 

(202

)

Stock option/stock grant expense

 

 

13

 

 

 

14

 

Investment in qualified housing projects

 

 

(405

)

 

 

(458

)

Other expenses

 

 

30

 

 

 

14

 

Provision for income taxes

 

$

4,010

 

 

$

5,108