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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expenses

Income tax expense for the years ended December 31, 2024, 2023 and 2022 consists of the following:

 Schedule of Income Tax Expenses

		Year ended December 31
(Dollars in thousands)		2024				2023				2022
Current
Federal		$	3,576			$	2,937			$	3,429
State			219				627				735
Total Current			3,795				3,564				4,164
Deferred
Federal			71				(327	)			(323	)
State			(51	)			(40	)			(43	)
Total Deferred			20				(367	)			(366	)
Income tax expense		$	3,815			$	3,197			$	3,798

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation from expected federal tax expense to effective income tax expense for the periods indicated are as follows:  

 Schedule of Effective Income Tax Rate Reconciliation

		Year ended December 31
(Dollars in thousands)		2024				2023				2022
Expected federal income tax expense		$	3,732			$	3,159			$	3,866
State income tax net of federal benefit			133				464				547
Tax exempt interest			(195	)			(275	)			(404	)
Increase in cash surrender value life insurance			(168	)			(176	)			(151	)
Valuation allowance			64				93				27
Life Insurance Proceeds			—				(19	)			—
Excess tax benefit of stock compensation			30				—				(5	)
Tax credits			105				—				—
Other			114				(49	)			(82	)
Total		$	3,815			$	3,197			$	3,798

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities:

 Schedule of Deferred Tax Assets and Liabilities

		December 31,
(Dollars in thousands)		2024				2023
Assets:
Allowance for credit losses		$	2,813			$	2,646
Unfunded Commitments			103				129
Excess tax basis of deductible intangible assets			26				38
Net operating loss carry forward			997				933
Unrealized losses on available-for-sale securities			4,191				4,406
Unrealized losses on held-to-maturity securities			2,577				2,939
Compensation expense deferred for tax purposes			1,528				1,448
Deferred loss on other-than-temporary-impairment charges			5				5
FASB 91 - Origination Income & Costs			439				473
Other Real Estate Owned			228				229
Other			118				145
Total deferred tax asset			13,025				13,391
Valuation reserve			(1,073	)			(1,009	)
Total deferred tax asset net of valuation reserve			11,952				12,382
Liabilities:
Tax depreciation in excess of book depreciation			668				445
Excess financial reporting basis of assets acquired			863				919
Total deferred tax liabilities			1,531				1,364
Net deferred tax asset recognized		$	10,421			$	11,018

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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
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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
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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