Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense for the years ended December 31, 2023 and 2022 are as follows (in thousands):

	2023			2022
Current	$	8,744		$	8,650
Deferred		(1,896	)		(702	)
Total income tax expense	$	6,848		$	7,948

Schedule of Difference Between Income Tax Expense and Amount Computed by Statutory Federal Income Tax Rate to Income Before Taxes

The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to income before taxes for the years ended December 31, 2023 and 2022 is as follows (in thousands):

	2023			2022
Net income before taxes	$	33,587		$	35,877
Statutory federal tax rate		21	%		21	%
Tax on income at statutory federal tax rate		7,053			7,534
Increase (decrease) resulting from:
Federal income tax benefit of state income taxes		(225	)		(268	)
Tax exempt income on loans		(243	)		(194	)
Tax exempt income on investments		(326	)		(378	)
Tax exempt income from bank-owned life insurance		(272	)		(259	)
Nondeductible expenses		408			176
Federal tax credits		(2,569	)		(708	)
State income tax		1,065			1,270
Other		2,197			775
Total	$	6,848		$	7,948

Summary of Components of Deferred Taxes

The following summarizes the components of deferred taxes at December 31, 2023 and 2022 (in thousands).

	2023			2022
Deferred tax assets:
Loans and allowance for credit losses	$	7,290		$	6,144
Accrued expenses		768			710
Deferred compensation		874			812
Unrealized losses on investment securities available-    for-sale		21,460			23,995
Other		2,344			1,716
Total deferred tax assets		32,736			33,377
Deferred tax liabilities:
Core deposit intangible		(362	)		(531	)
Depreciation		(2,473	)		(2,306	)
Total deferred tax liabilities		(2,835	)		(2,837	)
Net deferred income tax assets	$	29,901		$	30,540