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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 15 – Income Taxes The components of income tax expense were as follows:
Schedule of components of income tax expense |  |  |  |  |  |  |  |  |  |  |  |
|  | For the years ended December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,992 |  |  |  | 3,769 |  |  |  | 8,482 |
State |  |  | 623 |  |  |  | 460 |  |  |  | 1,273 |
Total current tax expense |  |  | 5,615 |  |  |  | 4,229 |  |  |  | 9,755 |
Deferred income benefit |  |  | (1,233 | ) |  |  | (228 | ) |  |  | (757 | )
Income tax expense |  | $ | 4,382 |  |  |  | 4,001 |  |  |  | 8,998 |
The following is a summary of the items that caused recorded income taxes to differ from taxes computed using the statutory tax rate:
Schedule of taxes computed using the statutory tax rate |  |  |  |  |  |  |  |  |  |  |  |
|  | For the years ended December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Tax expense at statutory rate |  | $ | 4,182 |  |  |  | 3,660 |  |  |  | 8,004 |
Effect of state income taxes, net of federal benefit |  |  | 195 |  |  |  | 364 |  |  |  | 1,006 |
Exempt income |  |  | 13 |  |  |  | 7 |  |  |  | (27 | )
Effect of stock-based compensation |  |  | 128 |  |  |  | 133 |  |  |  | 42 |
Other |  |  | (136 | ) |  |  | (163 | ) |  |  | (27 | )
Income tax expense |  | $ | 4,382 |  |  |  | 4,001 |  |  |  | 8,998 |
The components of the deferred tax assets and liabilities are as follows:
Schedule of components of the deferred tax assets and liabilities |  |  |  |  |  |  |  |
|  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for credit losses |  | $ | 8,636 |  |  |  | 8,543 |
Reserve for unfunded commitments |  |  | 315 |  |  |  | 384 |
Unrealized loss on securities available for sale |  |  | 3,050 |  |  |  | 3,015 |
Net deferred loan fees |  |  | 1,343 |  |  |  | 1,475 |
Deferred compensation |  |  | 1,557 |  |  |  | 1,458 |
Accrued bonuses |  |  | 687 |  |  |  | - |
Lease liabilities |  |  | 4,999 |  |  |  | 5,175 |
Other |  |  | 608 |  |  |  | 479 |
Total deferred tax assets |  |  | 21,195 |  |  |  | 20,529 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | 2,892 |  |  |  | 3,334 |
Hedging transactions |  |  | 79 |  |  |  | 74 |
Prepaid expenses |  |  | 302 |  |  |  | 255 |
ROU assets |  |  | 4,435 |  |  |  | 4,656 |
Other |  |  | 20 |  |  |  | 10 |
Total deferred tax assets |  |  | 7,728 |  |  |  | 8,329 |
Net deferred tax asset |  | $ | 13,467 |  |  |  | 12,200 |
The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions.

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