Income Taxes (Tables) |
12 Months Ended |
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Dec. 31, 2022 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense | 2022 2021 Current: Federal $ - $ - State - $ - Total - $ - Deferred: Federal 5,462 $ 5,314 State 1,482 $ 1,286 Total 6,944 $ 6,600 Total $ 6,944 $ 6,600 |
Statutory Tax Expense | 2022 2021 Federal taxes at statutory rate $ 5,688 $ 5,812 State income taxes, net of federal tax benefit 1,177 $ 969 Bank owned life insurance (269) $ (186) Other, net 348 $ 5 Total $ 6,944 $ 6,600 |
Provision for Income Taxes | 2022 2021 Deferred tax assets: Net operating loss $ 21,720 $ 28,819 Allowance for credit losses 4,432 3,816 Lease liability 3,648 3,595 Unrealized loss on available for sale securities 15,193 817 Deferred loan fees - 400 Depreciable property 158 361 Stock option compensation 373 241 Accruals 723 600 Other, net - 2 Deferred tax asset $ 46,247 $ 38,651 Deferred tax liability: Deferred loan cost (28) - Lease right of use asset (3,648) (3,595) Deferred expenses (175) (127) Other, net (36) - Deferred tax liability $ (3,887) $ (3,722) Net deferred tax asset $ 42,360 $ 34,929 |