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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax (Benefit) | The composition of income tax (benefit) for the years ended December 31, 2023, 2022, and 2021 was as follows:
(in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 793 |  |  | $ | 4,591 |  |  | $ | 5,351 |
State | 67 |  |  | (134) |  |  | 630 |
Total current | 860 |  |  | 4,457 |  |  | 5,981 |
Deferred: |  |  |  |  |
Federal | (1,384) |  |  | (119) |  |  | (284) |
State | — |  |  | — |  |  | — |
Total deferred | (1,384) |  |  | (119) |  |  | (284) |
Total income tax (benefit) | $ | (524) |  |  | $ | 4,338 |  |  | $ | 5,697 |
Schedule of Applicable Income Tax Expense (Benefit) | Applicable income tax expense (benefit) for financial reporting purposes differs from the amount computed by applying the statutory federal income tax rate for the reasons noted in the table for the years ended December 31, 2023, 2022, and 2021 are as follows:
| 2023 |  | 2022 |  | 2021
(in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | %
Income before provision for income tax (benefit) | $ | 432 |  |  |  |  | $ | 25,089 |  |  |  |  | $ | 28,214 |  |  |
Tax at statutory federal income tax rate | $ | 91 |  |  | 21.00 | % |  | $ | 5,269 |  |  | 21.00 | % |  | $ | 5,925 |  |  | 21.00 | %
Tax-exempt income, net | (509) |  |  | (117.88) |  |  | (821) |  |  | (3.27) |  |  | (733) |  |  | (2.60) |
State income tax (benefit), net of federal tax benefit | 53 |  |  | 12.25 |  |  | (106) |  |  | (0.42) |  |  | 498 |  |  | 1.76 |
Other, net | (159) |  |  | (36.86) |  |  | (4) |  |  | (0.02) |  |  | 7 |  |  | 0.03 |
Provision for income tax expense (benefit) | $ | (524) |  |  | (121.49) | % |  | $ | 4,338 |  |  | 17.29 | % |  | $ | 5,697 |  |  | 20.19 | %
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The components of deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 were as follows:
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 4,669 |  |  | $ | 3,267 |
Securities | 5,653 |  |  | 9,714 |
Liability for Unfunded Commitments | 199 |  |  | — |
Other real estate owned | 1,250 |  |  | 559 |
Deferred loan fees | 437 |  |  | 462 |
Lease liability | 255 |  |  | 322 |
Accrued / deferred compensation | 835 |  |  | 668 |
Other | 393 |  |  | 438 |
Total deferred tax assets | $ | 13,691 |  |  | $ | 15,430 |
Deferred tax liabilities: |  |  |
Premises and equipment | $ | 319 |  |  | $ | 427 |
Mortgage servicing rights | 365 |  |  | 609 |
Deferred loan costs | 444 |  |  | 422 |
Pension | 1,180 |  |  | 378 |
Right-of-use asset | 246 |  |  | 313 |
Prepaid expenses | 187 |  |  | 456 |
Other | 38 |  |  | 9 |
Total deferred tax liabilities | 2,779 |  |  | 2,614 |
Net deferred tax assets | $ | 10,912 |  |  | $ | 12,816 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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