Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

(in thousands)	2023		2022
Current Tax expense:
Federal	$	4,002	$	5,504
State		1,303		2,034
	$	5,305	$	7,538
Deferred tax (benefit)/expense:
Federal	$	(774)	$	339
State		(115)		256
	$	(889)	$	595
Income tax expense for the year	$	4,416	$	8,133

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

	2023		2022
Federal statutory rate		21.0%		21.0%
Tax-exempt income on securities and loans		(0.8)		(0.8)
Tax-exempt BOLI income		(1.3)		(0.8)
State income tax, net of federal tax benefit		4.7		5.6
Tax credits		(0.8)		(0.4)
Other		(0.1)		(0.1)
		22.7%		24.5%

Components of Deferred Tax Assets and Liabilities

(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	4,855	$	3,880
Deferred fees		96		54
Deferred compensation		1,285		1,163
Federal and state tax loss carry forwards		2,776		2,873
Unrealized loss on investment securities		7,356		8,419
SERP		2,622		1,948
Lease liability		362		471
Low income housing		439		511
Other than temporary impairment on investment securities		464		520
Other real estate owned		83		120
Other		392		133
Total deferred tax assets		20,730		20,092
Valuation allowance		(2,776)		(2,873)
Total deferred tax assets less valuation allowance		17,954		17,219
Deferred tax liabilities:
Goodwill and other intangibles		(2,762)		(2,736)
Lease right-of-use asset		(282)		(418)
Pension		(2,958)		(2,121)
Depreciation		(403)		(921)
Derivative contract		(200)		(283)
Other		(216)		(135)
Total deferred tax liabilities		(6,821)		(6,614)
Net deferred tax assets	$	11,133	$	10,605