v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 14 – Income Taxes

 

The Company files a consolidated federal income tax return with its subsidiaries. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. If it is more likely than not that some portion or the entire deferred tax asset will not be realized, deferred tax assets will be reduced by a valuation allowance. It is the Company's policy to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense.

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(dollars in thousands)

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

Current expense

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

1,059

 

 

$

987

 

 

$

1,657

 

 

$

1,516

 

State

 

 

359

 

 

 

437

 

 

 

550

 

 

 

671

 

Total current expense

 

 

1,418

 

 

 

1,424

 

 

 

2,207

 

 

 

2,187

 

Deferred expense

 

 

(149

)

 

 

(348

)

 

 

23

 

 

 

(512

)

Income tax expense

 

$

1,269

 

 

$

1,076

 

 

$

2,230

 

 

$

1,675