Income Taxes (Tables) |
12 Months Ended |
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Dec. 31, 2022 | |
Income Taxes | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year ended December 31 (Dollars in thousands) 2022 2021 Current income tax expense: Federal $ 1,461 833 State 356 295 Total current income tax expense 1,817 1,128 Deferred income tax benefit: Federal 556 220 State 130 58 Total deferred 686 278 Total income tax expense $ 2,503 1,406 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Percent of Percent of pre-tax pre-tax (Dollars in thousands) Amount earnings Amount earnings Earnings before income taxes $ 12,849 9,445 Income taxes at statutory rate 2,698 21.0 % 1,983 21.0 % Tax-exempt interest (523) (4.1) (514) (5.4) State income taxes, net of federal tax effect 346 2.7 352 3.7 New Markets Tax Credit (356) (2.8) (356) (3.8) Bank-owned life insurance 141 1.1 (85) (0.9) Other 197 1.6 26 — Total income tax expense $ 2,503 19.5 % 1,406 14.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31 (Dollars in thousands) 2022 2021 Deferred tax assets: Allowance for loan losses $ 1,448 1,240 Unrealized loss on securities 13,722 — Accrued bonus 228 192 Right of use liability 153 178 Other 70 77 Total deferred 15,621 1,687 Deferred tax liabilities: Premises and equipment 767 200 Unrealized gain on securities — 298 Originated mortgage servicing rights 289 329 Right of use asset 148 173 New Markets Tax Credit investment 179 89 Other 469 163 Total deferred 1,852 1,252 Net deferred tax asset $ 13,769 435 |
Schedule of Deferred Tax Asset Rollforward [Table Text Block] | Year ended December 31 (Dollars in thousands) 2022 2021 Net deferred tax asset (liability): Balance, beginning of year $ 435 (1,537) Deferred tax expense related to continuing operations (686) (278) Stockholders' equity, for accumulated 14,020 2,250 Balance, end of year $ 13,769 435 |