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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 tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are presented below (dollars in thousands):
| December 31
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Securities available for sale | $ | 2,192 |  |  | $ | 3,074 |
Allowance for credit losses on loans | 948 |  | 907
Deferred compensation | 571 |  | 331
Depreciation | 95 |  | 83
Allowance for credit losses on securities | 42 |  | 73
Loss on devalued bond | — |  |  | 95
Other | 16 |  | 16
| $ | 3,864 |  |  | $ | 4,579 |
Deferred Tax Liabilities |  |  |
Deferred loan costs | $ | (109) |  |  | $ | (98) |
Net deferred tax assets | $ | 3,755 |  |  | $ | 4,481 |
Deferred tax assets are reported as other assets on the consolidated balance sheets. The provision for income taxes charged to operations for the years ended December 31, 2024 and 2023, consists of the following (dollars in thousands):
| December 31,
| 2024 |  | 2023
Current tax expense | $ | 5,476 |  |  | $ | 2,174 |
Deferred tax benefit | (157) |  |  | (99) |
Net provision for income taxes | $ | 5,319 |  |  | $ | 2,075 |
The reasons for the difference between the Company’s reported income tax expense and the amount computed by multiplying the statutory rate are as follows (dollars in thousands):
| December 31,
| 2024 |  | 2023
Computed tax at applicable rate | $ | 5,516 |  |  | $ | 2,290 |
Tax-exempt income | (237) |  |  | (254) |
Other | 40 |  |  | 39 |
Net provision for income taxes | $ | 5,319 |  |  | $ | 2,075 |
The Company files an income tax return in the U.S. federal jurisdiction and is subject to the bank franchise tax in the Commonwealth of Virginia. With few exceptions, the Company is no longer subject to federal or state tax examinations for years prior to 2021.

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