Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of components of income tax expense

	2022		2021
(dollars in thousands)
Current income tax expense:
Federal	$	302	$	211
State		148		84
Total current tax expense		450		295
Deferred income tax expense:
Federal		(147)		198
State		(63)		84
Total deferred tax expense		(210)		282
Total Income tax expense	$	240	$	577

Schedule of reconciliation of income tax expense

	2022		2021
(dollars in thousands)
Income tax expense at federal statutory rate	$	417	$	650
(Decrease) increase resulting from:
Tax-exempt income		(212)		(181)
Bank owned life insurance		(33)		(33)
State income taxes, net of Federal income tax benefit		68		133
Other		—		8
Total income tax expense	$	240	$	577

Schedule of components of the net deferred income tax benefits

	2022		2021
(dollars in thousands)
Deferred income tax benefits:
Accrued deferred compensation	$	87	$	84
Allowance for credit losses		386		376
Accumulated depreciation		(18)		(22)
Accrued Liabilities		144		—
Reserve for unfunded commitments		131		102
Accounting standard 310-20		(145)		(144)
Right of use asset		(101)		(132)
Lease liability		101		132
Accumulated securities premium accretion		248		228
Net unrealized depreciation on investment securities available for sale		8,069		211
Net unrealized loss on Swaps		—		121
Net deferred income tax benefits	$	8,902	$	956