Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 4. The Company’s provision for income taxes is The actual income tax for the 21 % for for income taxes) as follows (in thousands): The Company’s deferred tax assets and deferred June 30, 2023 December 31, 2022 Deferred tax assets: Net operating loss $ 18,951 $ 21,720 Allowance for credit losses 4,834 4,432 Lease liability 3,272 3,648 Unrealized losses on available for sale securities 15,990 15,193 Depreciable property 181 158 Equity compensation 481 373 Accruals 290 723 Deferred tax assets: 43,999 46,247 Deferred tax liability: Deferred loan cost (205) (28) Lease right of use asset (3,272) (3,648) Deferred expenses (222) (175) Cash flow hedge (265) - Other, net (21) (36) Deferred tax liability (3,985) (3,887) Net deferred tax assets $ 40,014 $ 42,360 The 70.9 93.6 expiring in various amounts between earnings of the Company. In assessing the realizability of deferred tax assets, management considers portion or upon the generation of Management considers the scheduled reversal strategies in making this assessment. The major tax of Florida. With few exceptions, the Company is no longer subject to U.S. federal and state income tax examinations by tax authorities for years before 2019. For the three and six months ended June no t have any unrecognized tax benefits as a result of no recorded as a result of tax uncertainties. Six Months Ended June 30, 2023 2022 Current: Federal $ - $ - State - - Total - - Deferred: Federal 2,513 2,778 State 701 788 Total 3,214 3,566 Total $ 3,214 $ 3,566 Six Months Ended June 30, 2023 2022 Federal taxes at statutory rate $ 2,776 $ 2,880 State income taxes, net of federal tax benefit 574 596 Bank owned life insurance (136) (134) Other, net - 224 Total $ 3,214 $ 3,566 |