INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following:

	Years Ended December 31,
	2022		2021
Current	$	10,421	$	6,705
Deferred	(2,696)		(973)
Income tax expense	$	7,725	$	5,732

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the differences as of December 31, 2022 and 2021 is as follows:

	Years Ended December 31,
	2022		2021
Income tax expense at federal statutory rate	$	7,307	$	5,102
State income tax	1,268		879
Tax exempt income	(253)		(210)
Investment tax credit	(675)		—
Other	78		(39)
Income tax expense	$	7,725	$	5,732

Schedule of Deferred Tax Assets and Liabilities

The components of deferred income taxes are as follows:

	December 31,
	2022		2021
Deferred income tax assets:
Loan loss reserves	$	5,268	$	3,812
Pre-opening and organization expenses	—		15
Deferred compensation	1,269		1,055
Intangible assets created from asset purchase	28		34
Loans purchased at a premium	34		68
Restricted stock	248		40
Deferred origination fees	1,348		795
Net loss on fair market adjustments	130		—
Unrealized loss on securities available for sale	3,882		—
	12,207		5,819
Deferred income tax liabilities:
Loans purchased at a discount	96		136
Depreciation	239		325
Intangible assets created from stock purchase	321		393
Investment tax credit	142		—
Other	27		161
Unrealized gain on securities available for sale	—		743
	825		1,758
Net deferred income tax asset	$	11,382	$	4,061