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Income Tax Expense | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income Tax Expense The components of income tax expense for the years ended December 31, 2024, 2023, and 2022, were as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current tax expense | $ | 7,382 |  |  | $ | 8,395 |  |  | $ | 7,752 |
Deferred tax expense (benefit) | 764 |  |  | (330) |  |  | 313 |
Income tax expense | $ | 8,146 |  |  | $ | 8,065 |  |  | $ | 8,065 |
The source and tax effect of items reconciling income tax expense to the amount computed by applying the federal income tax rates in effect to income before income tax expense for the years ended December 31, 2024, 2023, and 2022 are as follows:
| December 31,
| 2024 |  | 2023 |  | 2022
(dollars in thousands) | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Income before income tax expense | $ | 42,381 |  |  | 100.0 | % |  | $ | 42,944 |  |  | 100.0 | % |  | $ | 44,981 |  |  | 100.0 | %
U.S. federal income tax expense | 8,900 |  |  | 21.0 | % |  | 9,018 |  |  | 21.0 | % |  | 9,446 |  |  | 21.0 | %
Nontaxable income | (897) |  |  | (2.1 | %) |  | (1,073) |  |  | (2.5 | %) |  | (1,338) |  |  | (3.0 | %)
Nondeductible expenses | 81 |  |  | 0.2 | % |  | 67 |  |  | 0.2 | % |  | 50 |  |  | 0.1 | %
Other | 62 |  |  | 0.1 | % |  | 53 |  |  | 0.1 | % |  | (93) |  |  | (0.2 | %)
Income tax expense | $ | 8,146 |  |  | 19.2 | % |  | $ | 8,065 |  |  | 18.8 | % |  | $ | 8,065 |  |  | 17.9 | %
The Company records deferred income taxes on the tax effect of changes in temporary differences. Deferred tax assets (liabilities) are subject to a valuation allowance unless their realization is more likely than not. The deferred tax assets (liabilities) were comprised of the following as of December 31, 2024 and 2023:
| December 31,
(in thousands) | 2024 |  | 2023
Depreciation | $ | (3,377) |  |  | $ | (2,542) |
FHLB of Dallas stock dividends | (39) |  |  | (20) |
Equity security valuation | (6) |  |  | — |
Other | (338) |  |  | — |
Gross deferred tax liability | (3,760) |  |  | (2,562) |
Allowance for credit losses | 4,683 |  |  | 4,541 |
Allowance for operational losses | 55 |  |  | 54 |
Health insurance self fund | 340 |  |  | 221 |
Deferred compensation | 831 |  |  | 708 |
Unrealized loss on securities | 16,015 |  |  | 16,081 |
Equity security valuation | — |  |  | 35 |
Advance payments from vendors | 302 |  |  | 197 |
Accrued bonus | 512 |  |  | 502 |
Other | — |  |  | 72 |
Gross deferred tax asset | 22,738 |  |  | 22,411 |
Net deferred tax asset (liability) | $ | 18,978 |  |  | $ | 19,849 |

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