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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 – Income Taxes The provisions for income taxes for the years ended December 31, were as follows:
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 3,438 |  |  | $ | 6,707 |  |  | $ | 6,607 |
State |  | 465 |  |  | 1,315 |  |  | 1,152 |
|  | $ | 3,903 |  |  | $ | 8,022 |  |  | $ | 7,759 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 1,873 |  |  | $ | 8 |  |  | $ | (3,056) |
State |  | 323 |  |  | 89 |  |  | (575) |
|  | 2,196 |  |  | 97 |  |  | (3,631) |
Income taxes |  | $ | 6,099 |  |  | $ | 8,119 |  |  | $ | 4,128 |
Following is a reconciliation of income taxes at federal statutory rates to recorded income taxes for the year ended December 31:
|  | 2024 |  | 2023 |  | 2022
(Dollars in thousands) |  | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income tax at federal statutory rate |  | $ | 5,532 |  |  | 21.0 | % |  | $ | 8,217 |  |  | 21.0 | % |  | $ | 3,889 |  |  | 21.0 | %
Tax effect of: |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes |  | 623 |  |  | 2.4 | % |  | 1,109 |  |  | 2.8 | % |  | 456 |  |  | 2.5 | %
Tax exempt earnings |  | (808) |  |  | (3.1) | % |  | (941) |  |  | (2.4) | % |  | (1,596) |  |  | (8.6) | %
Other |  | 752 |  |  | 2.9 | % |  | (266) |  |  | (0.6) | % |  | 1,379 |  |  | 7.4 | %
|  | $ | 6,099 |  |  | 23.2 | % |  | $ | 8,119 |  |  | 20.8 | % |  | $ | 4,128 |  |  | 22.3 | %
Deferred income tax assets and liabilities were comprised of the following at December 31:
(Dollars in thousands) |  | 2024 |  | 2023
Gross deferred tax assets: |  |  |  |
Allowance for credit losses |  | $ | 5,118 |  |  | $ | 5,589 |
Minimum pension liability |  | 734 |  |  | 955 |
Research and development |  | 1,126 |  |  | 2,035 |
Stock-based compensation |  | 903 |  |  | 976 |
Supplemental executive retirement plan |  | 401 |  |  | 327 |
Unrealized loss on securities available-for-sale |  | 7,958 |  |  | 7,892 |
Lease liabilities |  | 6,772 |  |  | 3,402 |
Depreciation |  | 329 |  |  | — |
Other |  | 660 |  |  | 828 |
Total gross deferred tax assets |  | 24,001 |  |  | 22,004 |
Gross deferred tax liabilities: |  |  |  |
Pension |  | (1,086) |  |  | (1,091) |
Holding gain on equity securities |  | (4,247) |  |  | (3,976) |
Equity method investment |  | (2,061) |  |  | (2,136) |
Goodwill |  | (88) |  |  | (107) |
Right-of-use assets |  | (6,479) |  |  | (3,163) |
Depreciation |  | — |  |  | (1,197) |
Other |  | (2,697) |  |  | (597) |
Total gross deferred tax liabilities |  | (16,658) |  |  | (12,267) |
Net deferred tax assets |  | $ | 7,343 |  |  | $ | 9,737 |
Net deferred income tax assets are included in accrued interest and other assets. We have no unrecognized tax benefits, nor pending examination issues related to tax positions taken in preparation of our income tax returns. With limited exceptions, the we are no longer subject to examination by the Internal Revenue Service for years prior to 2021.

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