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Income Taxes
 12 Months Ended
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
20242023
Deferred Tax Assets
Securities available for sale$2,192 $3,074 
Allowance for credit losses on loans948907
Deferred compensation571331
Depreciation9583
Allowance for credit losses on securities4273
Loss on devalued bond— 95
Other1616
$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,
20242023
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,
20242023
Computed tax at applicable rate$5,516 $2,290 
Tax-exempt income(237)(254)
Other40 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.