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Income Taxes
 12 Months Ended
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)202420232022
Current:
     Federal$3,438 $6,707 $6,607 
     State465 1,315 1,152 
 $3,903 $8,022 $7,759 
Deferred:   
     Federal$1,873 $8 $(3,056)
     State323 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:
202420232022
(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 taxes623 2.4 %1,109 2.8 %456 2.5 %
     Tax exempt earnings(808)(3.1)%(941)(2.4)%(1,596)(8.6)%
     Other752 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)20242023
Gross deferred tax assets:
Allowance for credit losses$5,118 $5,589 
Minimum pension liability734 955 
Research and development1,126 2,035 
Stock-based compensation903 976 
Supplemental executive retirement plan401 327 
Unrealized loss on securities available-for-sale7,958 7,892 
Lease liabilities6,772 3,402 
Depreciation329 — 
Other660 828 
     Total gross deferred tax assets24,001 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.