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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The income tax expense in the consolidated statements of income for the years ended December 31, 2024 and 2023 are as follows:
(dollars in thousands) | 2024 |  | 2023
Current federal expense | $ | 4,808 |  |  | $ | 5,837 |
Deferred federal expense | 759 |  |  | (430) |
Federal income tax expense | 5,567 |  |  | 5,407 |
Current state expense | 136 |  |  | 115 |
Deferred state expense | (4) |  |  | (56) |
State income tax expense | 132 |  |  | 59 |
Provision for income taxes | $ | 5,699 |  |  | $ | 5,466 |
The Company's income tax expense differs from amounts computed by applying the federal statutory rates to income before income taxes. A reconciliation of the differences for the years ended December 31, 2024 and 2023 is as follows:
(dollars in thousands) | 2024 |  | 2023
Tax at federal income tax rate | $ | 6,209 |  |  | $ | 5,715 |
Change resulting from: |  |  |
State taxes | 104 |  |  | 47 |
Tax-exempt interest | (128) |  |  | (238) |
Income in cash value of bank owned life insurance | (362) |  |  | (293) |
Tax-exempt insurance premiums | (218) |  |  | (192) |
Other | 94 |  |  | 427 |
Provision for income taxes | $ | 5,699 |  |  | $ | 5,466 |
The components of deferred income taxes for the years ended December 31, 2024 and 2023 are as follows:
(dollars in thousands) | 2024 |  | 2023
Deferred Tax Assets |  |  |
Allowance for credit losses | $ | 4,751 |  |  | $ | 4,675 |
Lease liability | 330 |  |  | 465 |
Net operating loss carryforwards | 1,276 |  |  | 2,223 |
Tax credit carryforwards | 688 |  |  | 469 |
Deferred compensation | 233 |  |  | 278 |
Unrealized loss on securities available for sale | 16,443 |  |  | 18,903 |
Restricted stock | 178 |  |  | 251 |
Investment in partnerships | 39 |  |  | 186 |
Unrealized loss on hedging investments | — |  |  | 111 |
Nonaccrual interest | 694 |  |  | 521 |
Allowance for unfunded commitments | 203 |  |  | 350 |
Other | 103 |  |  | 113 |
Gross deferred tax assets | 24,938 |  |  | 28,545 |
Deferred Tax Liabilities |  |  |
Premises and equipment | 659 |  |  | 559 |
Right of use lease asset | 307 |  |  | 402 |
Purchase accounting adjustments | 1,773 |  |  | 1,831 |
Core deposit intangible | 120 |  |  | 348 |
Unrealized gain on hedging investments | 188 |  |  | — |
Gross deferred tax liabilities | 3,047 |  |  | 3,140 |
Net deferred tax assets | $ | 21,891 |  |  | $ | 25,405 |

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