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Income Tax Expense (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of 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 |
Schedule of Effective Income Tax Rate Reconciliation | 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 | %
Schedule of Deferred Tax Assets (Liabilities) | 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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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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