Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes follows (dollars in thousands):

	Year Ended December 31,
	2023		2022		2021
Federal:
Current	$	8,470	$	6,071	$	8,186
Deferred		(1,531)		233		135
Total federal		6,939		6,304		8,321
State:
Current		5,493		4,874		5,916
Deferred		(812)		78		(50)
Total state		4,681		4,952		5,866
Total tax provision	$	11,620	$	11,256	$	14,187

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax asset, included in other assets, are as follows (dollars in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Allowance for credit losses on loans	$	6,947	$	6,817
Deferred compensation		4,440		4,158
Accrued reserves		1,131		1,022
Non-accrual loans		76		241
Lease liability		6,488		2,147
Loan fair value adjustment		172		245
Net operating losses		1,178		1,370
State income tax deduction		1,176		1,005
Other		4,982		1,211
Unrealized losses on securities available-for-sale		15,101		23,746
Total deferred tax assets		41,691		41,962
Deferred tax liabilities:
Deferred loan costs		(1,304)		(1,070)
Right-of-use asset		(7,604)		(2,034)
TRUPS accretion		(735)		(788)
FMV equity securities		(620)		(706)
Prepaids		(791)		(639)
Other		(689)		(517)
Intangibles		(130)		(337)
Premises and equipment		(1,136)		(887)
Total deferred tax liabilities		(13,009)		(6,978)
Net deferred tax assets	$	28,682	$	34,984

The Company believes that the deferred tax assets will be fully realized, therefore no valuation allowance has been recorded.

Schedule of Effective Income Tax Rate Reconciliation

The Company believes that the deferred tax assets will be fully realized, therefore no valuation allowance has been recorded.