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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | NOTE 13 - INCOME TAXES Management of the Company considers the likelihood of changes by taxing authorities in its filed income tax returns and discloses potential significant changes that management believes are more likely than not to occur upon examination by tax authorities. Management has not identified any uncertain tax positions in previously filed income tax returns that require disclosure in the accompanying consolidated financial statements. The Company is subject to U.S. federal income taxes. The consolidated provision for income taxes was as follows as of December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current federal tax expense |  | $ | 7,309 |  |  | $ | 6,784 |  |  | $ | 9,991 |
Deferred federal tax expense (benefit) |  |  | 164 |  |  |  | 346 |  |  |  | (1,157 | )
Total |  | $ | 7,473 |  |  | $ | 7,130 |  |  | $ | 8,834 |
The provision for federal income taxes differs from that computed by applying federal statutory rates to income before federal income tax expense, as indicated in the following analysis as of December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory income tax at 21% |  | $ | 8,182 |  |  | $ | 7,799 |  |  | $ | 10,344 |
Tax exempt interest income |  |  | (846 | ) |  |  | (944 | ) |  |  | (1,076 | )
Earnings of bank owned life insurance |  |  | (213 | ) |  |  | (198 | ) |  |  | (177 | )
Nondeductible expenses |  |  | 655 |  |  |  | 669 |  |  |  | 277 |
Other |  |  | (305 | ) |  |  | (196 | ) |  |  | (534 | )
Total |  | $ | 7,473 |  |  | $ | 7,130 |  |  | $ | 8,834 |
The following table summarizes the components of our deferred tax assets and liabilities as of December 31, 2024 and 2023. Our net deferred tax assets are included in other assets in the accompanying consolidated balance sheets.
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 5,941 |  |  | $ | 6,493 |
Deferred compensation |  |  | 1,399 |  |  |  | 1,271 |
Net unrealized loss on available for sale securities |  |  | 3,993 |  |  |  | 4,029 |
Bonus accrual |  |  | 416 |  |  |  | 385 |
Deferred loan fees, net |  |  | 59 |  |  |  | 163 |
Accretion of acquisition allowance |  |  | 23 |  |  |  | 37 |
Other real estate owned |  |  | — |  |  |  | — |
Other |  |  | 177 |  |  |  | 297 |
Total deferred tax assets |  |  | 12,008 |  |  |  | 12,675 |
Deferred tax liabilities: |  |  |  |  |  |
Premises and equipment |  |  | (892 | ) |  |  | (1,187 | )
Prepaid expenses |  |  | (396 | ) |  |  | (375 | )
Intangibles |  |  | (166 | ) |  |  | (196 | )
Other |  |  | (15 | ) |  |  | (178 | )
Total deferred tax liabilities |  |  | (1,469 | ) |  |  | (1,936 | )
Net deferred tax asset |  | $ | 10,539 |  |  | $ | 10,739 |
The Company is no longer subject to U.S. federal income tax examinations for years before 2021.

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