Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company’s effective tax rate was 25.1% for the three months ended March 31, 2023, as compared to 25.0% for the three months ended March 31, 2022, respectively.

Net deferred tax assets totaled $14.6 million and $18.0 million at March 31, 2023 and December 31, 2022, respectively. The Company did not record a valuation allowance for deferred tax assets at March 31, 2023 or December 31, 2022.

The components of income tax expense were as follows:

	Three Months Ended March 31,
	2023		2022
	(dollars in thousands)
Current income tax expense
Federal	$	1,034	$	1,095
State		466		389
Total current income tax expense		1,500		1,484
Deferred income tax expense (benefit)
Federal		1,875		2,025
State		784		935
Total deferred income tax expense (benefit)		2,659		2,960
Total income tax expense	$	4,159	$	4,444