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INCOME TAX EXPENSE (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAX EXPENSE  
Components of the income tax expense

 

 

2022

 

 

2021

 

Current expense

 

$571

 

 

$847

 

Deferred expense (benefit)

 

 

(91)

 

 

476

 

Total Income Tax Expense

 

$480

 

 

$1,323

 

Components of the deferred taxes

 

 

2022

 

 

2021

 

Deferred Tax Assets:

 

 

 

 

 

 

Allowance for loan losses

 

$1,667

 

 

$1,627

 

Split Dollar Life Insurance

 

 

3

 

 

 

3

 

Nonqualified deferred compensation

 

 

580

 

 

 

757

 

Low-income housing partnerships losses

 

 

375

 

 

 

326

 

Core deposit amortization

 

 

29

 

 

 

29

 

SBA fees

 

 

-

 

 

 

47

 

Lease Liability

 

 

170

 

 

 

172

 

Unfunded pension benefit obligation

 

 

-

 

 

 

875

 

VST income

 

 

-

 

 

 

2

 

Assets available for sale

 

 

-

 

 

 

32

 

Prepaid pension

 

 

45

 

 

 

-

 

Unvested restricted stock

 

 

19

 

 

 

-

 

Net unrealized loss on securities available for sale

 

 

10,753

 

 

 

479

 

Total Assets

 

$13,641

 

 

$4,349

 

 

 

 

2022

 

 

2021

 

Deferred Tax Liabilities:          

 

 

 

 

 

 

Unearned low-income housing credits

 

$34

 

 

$63

 

Depreciation

 

 

506

 

 

 

567

 

Prepaid pension

 

 

-

 

 

 

114

 

Unfunded pension benefit obligation

 

 

117

 

 

 

-

 

Goodwill tax amortization

 

 

583

 

 

 

576

 

Right of Use Asset

 

 

165

 

 

 

149

 

Total Liabilities

 

 

1,405

 

 

 

1,469

 

Net Deferred Tax Asset (included in Other Assets on Balance Sheet)

 

$12,236

 

 

$2,880

 

Differences in actual income tax expense and the amounts computed using the federal statutory tax rates

 

 

2022

 

 

2021

 

Tax expense at federal statutory rates

 

$1,848

 

 

$2,533

 

Increases (decreases) in taxes resulting from:

 

 

 

 

 

 

 

 

Tax-exempt income

 

 

(228)

 

 

(172)

LIH and historic credits

 

 

(868)

 

 

(913)

Other

 

 

(272)

 

 

(125)

Total Income Tax Expense

 

$480

 

 

$1,323