Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of deferred tax assets and liabilities

(Dollars in thousands)	December 31, 2022		December 31, 2021
Deferred Tax Assets:
Allowance for loan losses	$	4,581	$	4,387
Lease liabilities		1,101		1,135
Share-based compensation expense		91		208
Unrealized losses on debt securities		7,628		106
Other		416		398
Total Deferred Tax Assets	$	13,817	$	6,234
Deferred Tax Liabilities :
Right-of-use assets		1,045		1,076
Depreciation		49		104
Net deferred loan costs		920		200
Other		62		41
Total Deferred Tax Liabilities	$	2,076	$	1,421
Net Deferred Tax Assets	$	11,741	$	4,813

Schedule of provision for income taxes

(Dollars in thousands)	December 31, 2022		December 31, 2021
Current tax expense	$	7,666	$	7,477
Deferred tax expense (benefit)		594		(678)
Total Income Tax Expense	$	8,260	$	6,799

Schedule of income tax rate reconciliation

(Dollars in thousands)	December 31, 2022		December 31, 2021
Computed “expected” tax expense	$	8,413	$	6,775
Increase (decrease) in income taxes resulting from:
Bank-owned life insurance		(114)		(86)
Tax-exempt interest income		(158)		(161)
State income taxes, net of federal benefit		516		444
Excess tax benefit on share-based compensation		(427)		(125)
Other, net		30		(48)
Total	$	8,260	$	6,799