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Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes All income before taxes was earned in the United States. The provision for income taxes charged to operations for the years ended December 31, 2025 and 2024, consists of the following components (dollars in thousands):
| December 31,
| 2025 |  | 2024
Current federal expense | $ | 5,128 |  |  | $ | 5,463 |
Current state and local expense | 45 |  |  | 13
Deferred federal expense (benefit) | 6 |  | (157) |
Net provision for income taxes | $ | 5,179 |  |  | $ | 5,319 |
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,
| 2025 |  | 2024
| Amount | Percent |  | Amount | Percent
Income tax expense at federal statutory rate | $ | 5,337 |  | 21.00 | % |  | $ | 5,516 |  | 21.00 | %
Other, net | (157) |  | (0.62) | % |  | (197) |  | (0.75) | %
Total income tax expense | $ | 5,179 |  | 20.38 |  |  | $ | 5,319 |  | 20.25 | %
Other items influencing income tax expense encompass permanent differences, which include, but are not limited to, interest income from tax-exempt bonds, non-deductible interest expenses in accordance with the Tax Equity and Fiscal Responsibility Act (TEFRA), dues associated with lobbying activities, as well as expenditures related to meals and entertainment. The Company files an income tax return in the U.S. federal jurisdiction and the State of Florida, and is subject to the bank franchise tax in the Commonwealth of Virginia and state franchise taxes in the State of Delaware. With few exceptions, the Company is no longer subject to federal or state tax examinations for years prior to 2022. The Company paid income taxes to the following jurisdictions during the years ended December 31, 2025 and 2024 (dollars in thousands):
| December 31,
| 2025 |  | 2024
Federal tax | $ | 4,710 |  |  | $ | 6,404 |
Florida tax | 45 |  | 7
Total taxes paid | $ | 4,755 |  |  | $ | 6,411 |
There were no income tax refunds received during the years ended December 31, 2025 and 2024. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 are presented below (dollars in thousands):
| December 31,
| 2025 |  | 2024
Deferred Tax Assets |  |  |
Securities available for sale | $ | 933 |  |  | $ | 2,192 |
Allowance for credit losses on loans | 860 |  | 948
Deferred compensation | 688 |  | 571
Depreciation | 79 |  | 95
Allowance for credit losses on securities | 27 |  | 42
Other | 12 |  | 16
| $ | 2,599 |  |  | $ | 3,864 |
Deferred Tax Liabilities |  |  |
Net deferred loan costs | $ | (109) |  |  | $ | (109) |
Net deferred tax assets | $ | 2,490 |  |  | $ | 3,755 |
Net deferred tax assets are reported as other assets on the consolidated balance sheets.

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