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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Difference Between Provision for Income Taxes and Amounts Computed by Applying Statutory Federal Income Tax Rate to Income Before Income Taxes

The following table presents the differences between the provision for income taxes at the federal statutory rate and the amounts computed as reported for the periods stated.

 

 

 

For the years ended December 31,

 

(Dollars in thousands)

 

2022

 

 

2021

 

 

2020

 

Income tax at federal statutory rate

 

$

7,612

 

 

 

21.0

%

 

$

14,317

 

 

 

21.0

%

 

$

4,725

 

 

 

21.0

%

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     State income taxes, net of federal tax effect

 

 

625

 

 

 

1.7

%

 

 

1,499

 

 

 

2.2

%

 

 

34

 

 

 

0.2

%

     Tax-exempt interest income

 

 

(121

)

 

 

(0.3

%)

 

 

(105

)

 

 

(0.2

%)

 

 

(20

)

 

 

(0.1

%)

     Income from life insurance

 

 

(283

)

 

 

(0.8

%)

 

 

(196

)

 

 

(0.3

%)

 

 

(82

)

 

 

(0.4

%)

     Merger-related expenses

 

 

—

 

 

 

—

 

 

 

250

 

 

 

0.4

%

 

 

174

 

 

 

0.8

%

     Other permanent differences

 

 

500

 

 

 

1.4

%

 

 

(64

)

 

 

(0.1

%)

 

 

(31

)

 

 

(0.1

%)

     Provision for income taxes

 

$

8,333

 

 

 

23.0

%

 

$

15,701

 

 

 

23.0

%

 

$

4,800

 

 

 

21.4

%

Schedule of Significant Components of Provision for Income Taxes

The following table presents the significant components of the provision for income taxes as of the dates stated.

 

 

 

For the years ended December 31,

 

(Dollars in thousands)

 

2022

 

 

2021

 

 

2020

 

Current tax provision

 

 

 

 

 

 

 

 

 

     Federal

 

$

4,762

 

 

$

12,832

 

 

$

6,437

 

     State

 

 

546

 

 

 

946

 

 

 

43

 

          Total current tax provision

 

 

5,308

 

 

 

13,778

 

 

 

6,480

 

Deferred tax provision (benefit)

 

 

 

 

 

 

 

 

 

     Federal

 

 

3,046

 

 

 

971

 

 

 

(1,680

)

     State

 

 

(21

)

 

 

952

 

 

 

—

 

          Total deferred tax provision (benefit)

 

 

3,025

 

 

 

1,923

 

 

 

(1,680

)

Provision for income taxes

 

$

8,333

 

 

$

15,701

 

 

$

4,800

 

Schedule of Significant Components of Deferred Taxes The following table presents significant components of deferred tax assets and liabilities as of the dates stated.

 

 

 

December 31,

 

(Dollars in thousands)

 

2022

 

 

2021

 

Deferred tax assets relating to:

 

 

 

 

 

 

     Allowance for loan losses

 

$

5,126

 

 

$

2,470

 

     Compensation differences

 

 

1,340

 

 

 

1,221

 

     Reserve for loan sale buy backs

 

 

640

 

 

 

227

 

     Acquisition accounting adjustments

 

 

1,522

 

 

 

3,463

 

     Loan origination costs

 

 

160

 

 

 

67

 

     Pass-through entities

 

 

114

 

 

 

487

 

     Unrealized losses on securities available for sale

 

 

13,149

 

 

 

1,092

 

     Other

 

 

555

 

 

 

872

 

          Total deferred tax assets

 

 

22,606

 

 

 

9,899

 

Deferred tax liabilities relating to:

 

 

 

 

 

 

     Premises and equipment, net

 

 

(2,191

)

 

 

(2,885

)

     Core deposit and customer-based intangible assets

 

 

(1,179

)

 

 

(1,549

)

     Mortgage servicing rights

 

 

(6,478

)

 

 

(3,711

)

     Unrealized gains on other investments

 

 

(3,491

)

 

 

(1,536

)

     Other

 

 

(85

)

 

 

(68

)

          Total deferred tax liabilities

 

 

(13,424

)

 

 

(9,749

)

Deferred tax asset, net

 

$

9,182

 

 

$

150