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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 9. Income Taxes The Company files income tax returns with the United States of America, the Commonwealth of Virginia and West Virginia. With few exceptions, the Company is no longer subject to federal, state, or local income tax examinations for years prior to 2020. The net deferred tax asset at December 31, 2023 and 2022 consisted of the following components:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,043 |  |  | $ | 2,342 |
Reserve for unfunded commitments |  |  | 101 |  |  |  | 14 |
Share-based compensation |  |  | 327 |  |  |  | 222 |
Accrued postretirement benefits |  |  | 18 |  |  |  | 21 |
Home equity origination costs |  |  | 85 |  |  |  | 81 |
Accrued incentive benefit |  |  | 89 |  |  |  | — |
Nonaccrual interest |  |  | 75 |  |  |  | 48 |
Lease liabilities |  |  | 977 |  |  |  | 1,045 |
Credit carryforward |  |  | 1,689 |  |  |  | 648 |
Securities available for sale |  |  | 4,790 |  |  |  | 5,440 |
Other |  |  | 25 |  |  |  | 26 |
|  | $ | 11,219 |  |  | $ | 9,887 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  | $ | 853 |  |  | $ | 710 |
Right-of-use assets |  |  | 921 |  |  |  | 1,001 |
Loan servicing rights |  |  | 32 |  |  |  | 144 |
|  | $ | 1,806 |  |  | $ | 1,855 |
Net deferred tax asset |  | $ | 9,413 |  |  | $ | 8,032 |
The Company has not recorded a valuation allowance for deferred tax assets because management believes that it is more likely than not that they will be ultimately realized. Income tax expense for the years ended December 31, 2023 and 2022 consisted of the following components:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Current tax expense |  | $ | 2,785 |  |  | $ | 3,236 |
Deferred tax (benefit) |  |  | (1,509 | ) |  |  | (86 | )
|  | $ | 1,276 |  |  | $ | 3,150 |
The following table reconciles income tax expense to the statutory federal corporate income tax amount, which was calculated by applying the federal corporate income tax rate to pre-tax income for the years ended December 31, 2023 and 2022.
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Statutory federal corporate tax amount |  | $ | 2,232 |  |  | $ | 3,711 |
Tax-exempt interest (income) |  |  | (76 | ) |  |  | (81 | )
Officer insurance (income) |  |  | (134 | ) |  |  | (131 | )
Net tax credits |  |  | (756 | ) |  |  | (353 | )
Other, net |  |  | 10 |  |  |  | 4 |
|  | $ | 1,276 |  |  | $ | 3,150 |
The effective tax rates were 12.00% and 17.83% for years ended December 31, 2023 and 2022, respectively. The effective tax rates were impacted by tax credits on qualified affordable housing project investments as discussed in Note 25 to the Consolidated Financial Statements as well as qualified rehabilitation credits.

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