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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for 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

Schedule of Reconciliation of Income Taxes at Federal Statutory Rates to Recorded Income Taxes

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		%

Schedule of Deferred Income Tax Assets and (Liabilities)

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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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