Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Income tax expense was as follows:

(Dollars in thousands)	2022			2021
Current	$	3,358		$	2,698
Deferred		(135	)		(131	)
Total income tax provision	$	3,223		$	2,567

Income Tax Provision Attributable to Income from Operations

Effective tax rates were 19.5% and 19.2% for 2022 and 2021 and differ from the federal statutory rate of 21% applied to income before taxes due to the following:

(Dollars in thousands)	2022			2021
Expected provision using statutory federal income tax rate	$	3,473		$	2,815
Effect of bond and loan tax-exempt income		(113	)		(121	)
Bank owned life insurance income		(141	)		(130	)
Other		4			3
Total income tax provision	$	3,223		$	2,567

Tax Effects of Temporary Differences of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities on December 31 were as follows:

(Dollars in thousands)	2022			2021
Allowance for loan losses	$	1,534		$	1,698
Unrealized loss on securities		3,434			565
Other		35			50
Deferred tax assets		5,003			2,313
Premises and equipment		(598	)		(683	)
Federal Home Loan Bank stock dividends		(268	)		(376	)
Deferred loan fees		(288	)		(267	)
Prepaid expenses		(188	)		(157	)
Other		(602	)		(505	)
Deferred tax liabilities		(1,944	)		(1,988	)
Net deferred tax asset (liability)	$	3,059		$	325