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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax | Income taxes were as follows for the years ended December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current - federal |  | $ | 6,498 |  |  | $ | 8,256 |  |  | $ | 6,973 |
Current - state |  |  | 246 |  |  |  | 68 |  |  |  | 152 |
Deferred |  |  | (1,853 | ) |  |  | (675 | ) |  |  | 483 |
Income taxes |  | $ | 4,891 |  |  | $ | 7,649 |  |  | $ | 7,608 |
Effective Tax Rates Differed from Statutory Federal Income Tax Rate | Effective tax rates differed from the statutory federal income tax rate of 21% in 2024, 2023 and 2022 due to the following:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income taxes computed at the statutory federal tax rate |  | $ | 7,681 |  |  | $ | 10,629 |  |  | $ | 9,878 |
Add (subtract) tax effect of: |  |  |  |  |  |  |  |  |
Tax-exempt interest income, net |  |  | (1,975 | ) |  |  | (1,938 | ) |  |  | (1,666 | )
Low income housing investments |  |  | (555 | ) |  |  | (620 | ) |  |  | (679 | )
Cash surrender value of BOLI |  |  | (471 | ) |  |  | (233 | ) |  |  | (207 | )
Other |  |  | 211 |  |  |  | (189 | ) |  |  | 282 |
Income tax expense |  | $ | 4,891 |  |  | $ | 7,649 |  |  | $ | 7,608 |
Summary of Deferred Tax Assets and Liabilities | Year-end deferred tax assets and liabilities were due to the following:
|  | 2024 |  |  | 2023 |
Deferred tax assets |  |  |  |  |  |
Allowance for credit losses |  | $ | 8,554 |  |  | $ | 7,711 |
Unrealized loss on securities available for sale |  |  | 13,104 |  |  |  | 11,633 |
Unrealized loss on minimum pension liability |  |  | 1,198 |  |  |  | 1,198 |
Deferred compensation |  |  | 1,241 |  |  |  | 1,155 |
Unfunded commitment liability |  |  | 733 |  |  |  | 819 |
Deferred loan fees, net |  |  | 583 |  |  |  | 576 |
Purchase accounting adjustments |  |  | 524 |  |  |  | 135 |
Accrued compensation |  |  | 674 |  |  |  | 368 |
Lease liability |  |  | 231 |  |  |  | 343 |
Other |  |  | 74 |  |  |  | 287 |
Deferred tax asset |  |  | 26,916 |  |  |  | 24,225 |
Deferred tax liabilities |  |  |  |  |  |
Fixed assets depreciation |  |  | (1,968 | ) |  |  | (2,198 | )
Prepaid pension |  |  | (1,602 | ) |  |  | (1,343 | )
Loan servicing rights |  |  | (624 | ) |  |  | (634 | )
Discount accretion on securities |  |  | (244 | ) |  |  | (502 | )
FHLB stock dividends |  |  | (126 | ) |  |  | (223 | )
Right of use asset |  |  | (231 | ) |  |  | (343 | )
Prepaids |  |  | (297 | ) |  |  | (314 | )
Other |  |  | (143 | ) |  |  | (311 | )
Deferred tax liability |  |  | (5,235 | ) |  |  | (5,868 | )
Net deferred tax asset |  | $ | 21,681 |  |  | $ | 18,357 |

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