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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes |
Note 10: | Income Taxes
The (benefit)/provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following (dollars in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | 12,411 |  |  | $ | 8,490 |  |  | $ | 9,480 |
Deferred |  |  | (49 | ) |  |  | (921 | ) |  |  | (1,309 | )
Total federal tax provision |  | $ | 12,362 |  |  | $ | 7,569 |  |  | $ | 8,171 |
State: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 2,275 |  |  | $ | 1,540 |  |  | $ | 1,562 |
Deferred |  |  | 19 |  |  |  | (161 | ) |  |  | (101 | )
FIN48 |  |  | - |  |  |  | - |  |  |  | (13 | )
Total state tax provision |  | $ | 2,294 |  |  | $ | 1,379 |  |  | $ | 1,448 |
Total income tax provision |  | $ | 14,656 |  |  | $ | 8,948 |  |  | $ | 9,619 |
The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 differs from the federal rate of 21% due to the following:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Statutory U.S. Federal Income Tax |  | $ | 12,675 |  |  | $ | 7,789 |  |  | $ | 8,244 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State Taxes |  |  | 1,694 |  |  |  | 1,069 |  |  |  | 1,154 |
FIN 48 Activity |  |  | - |  |  |  | - |  |  |  | (13 | )
Other |  |  | 287 |  |  |  | 90 |  |  |  | 234 |
Provision for income taxes |  | $ | 14,656 |  |  | $ | 8,948 |  |  | $ | 9,619 |
Deferred tax assets (liabilities) included in other assets in the accompanying consolidated balance sheet consist of the following:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 4,364 |  |  | $ | 4,666 |
Non-accrual Loans |  |  | 716 |  |  |  | 317 |
Deferred Compensation |  |  | 496 |  |  |  | 347 |
Deferred Revenue |  |  | 206 |  |  |  | 291 |
Discounts and premiums on assets acquired |  |  | 15 |  |  |  | 15 |
Net unrealized loss on securities available for sale |  |  | 1,281 |  |  |  | 1,651 |
Lease liabilities |  |  | 443 |  |  |  | 471 |
Other |  |  | 313 |  |  |  | 330 |
Total deferred tax assets |  | $ | 7,834 |  |  | $ | 8,088 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  | $ | (899 | ) |  | $ | (940 | )
Intangible assets |  |  | (341 | ) |  |  | (355 | )
Prepaid Expenses |  |  | (122 | ) |  |  | (124 | )
Right of Use Asset |  |  | (413 | ) |  |  | (464 | )
Net unrealized gains on securities available for sale |  |  | - |  |  |  | - |
Other |  |  | (363 | ) |  |  | (318 | )
Total deferred tax liabilities |  | $ | (2,138 | ) |  | $ | (2,201 | )
Net deferred tax assets |  | $ | 5,696 |  |  | $ | 5,887 |
In assessing the Company’s ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize all benefits related to these deductible differences as of December 31, 2024. The Company does not have any net operating loss or tax credit carryforwards as of December 31, 2024. The Company is not presently under examination by the Internal Revenue Service or any state tax authority. The Company establishes reserves for uncertain tax positions that reflect management’s best estimate of deductions and credits that may not be sustained on a more-likely-than-not basis. Recognized income tax positions are measured at the largest amount that is considered greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. There were no uncertain tax positions as of December 31, 2024 and 2023, and there were no interest or penalties related to uncertain tax positions reflected in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022.

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