Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of income tax expense

	2021		2020
(dollars in thousands)
Current income tax expense:
Federal	$	211	$	89
State		84		157
Total current tax expense		295		246
Deferred income tax expense:
Federal		198		217
State		84		28
Total deferred tax expense		282		245
Total Income tax expense	$	577	$	491

Schedule of reconciliation of income tax expense

	2021		2020
(dollars in thousands)
Income tax expense at federal statutory rate	$	650	$	453
(Decrease) increase resulting from:
Tax-exempt income		(181)		(75)
Bank owned life insurance		(33)		(33)
State income taxes, net of Federal income tax benefit		133		146
Other		8		—
Total income tax expense	$	577	$	491

Schedule of components of the net deferred income tax benefits

	2021		2020
(dollars in thousands)
Deferred income tax benefits:
Accrued deferred compensation	$	84	$	78
Allowance for credit losses		376		143
Accumulated depreciation		(22)		(16)
Other real estate owned		—		36
Reserve for unfunded commitments		102		9
Accounting standard 310-20		(144)		(117)
Right of use asset		(132)		(171)
Lease liability		132		171
Accumulated securities premium accretion		228		214
Net unrealized depreciation on investment securities available for sale		211		(466)
Net unrealized loss on Swaps		121		261
Net deferred income tax benefits	$	956	$	142