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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 14 - INCOME TAXES 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 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 |
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 |
At December 31, 20 24, the Company had no net operat ing losses subject to Section 382 limitations. As of December 31, 2023, the Company had $30 in net operating losses subject to Section 382 limitations. No valuation allowance was established at December 31, 2024 and 2023, due to the Company’s ability to carryforward net operating losses to taxes paid in future years and certain tax strategies, coupled with the anticipated future income as evidenced by the Company’s earning potential. There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company’s federal tax returns for taxable years through 2019 h ave been closed for purposes of examination by the Internal Revenue Service.

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