Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(10) Income Taxes

The components of income tax expense for the years ended December 31, 2022 and 2021 are as follows (in thousands):

	2022			2021
Current	$	8,650		$	8,595
Deferred		(702	)		(1,432	)
Total income tax expense	$	7,948		$	7,163

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income before taxes for the years ended December 31, 2022 and 2021 is as follows (in thousands):

	2022			2021
Net income before taxes	$	35,877		$	32,199
Statutory federal tax rate		21	%		21	%
Tax on income at statutory federal tax rate		7,534			6,762
Increase (decrease) resulting from:
Federal income tax benefit of state income taxes		(268	)		(313	)
Tax exempt income on loans		(194	)		(153	)
Tax exempt income on investments		(378	)		(451	)
Tax exempt income from bank-owned life insurance		(259	)		(241	)
Nondeductible expenses		176			148
Federal tax credits		(708	)		(533	)
State income tax		1,270			1,475
Other		775			469
Total	$	7,948		$	7,163

The following summarizes the components of deferred taxes at December 31, 2022 and 2021 (in thousands).

	2022			2021
Deferred tax assets:
Loans and allowance for loan losses	$	6,144		$	5,325
Accrued expenses		710			827
Deferred compensation		812			781
Unrealized losses on investment securities available-    for-sale		23,995			410
Other		1,716			1,477
Total deferred tax assets		33,377			8,820
Deferred tax liabilities:
Core deposit intangible		(531	)		(750	)
Depreciation		(2,306	)		(1,817	)
Total deferred tax liabilities		(2,837	)		(2,567	)
Net deferred income tax assets	$	30,540		$	6,253