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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | 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 |
Schedule of Components of Income Tax Expense (Benefit) | 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 |
Schedule of Effective Income Tax Rate Reconciliation | 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 |

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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