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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Net Deferred Tax Assets

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

Schedule Of Components Of Income Tax Expense

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

Schedule Of Income Tax Reconciliation

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

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-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.

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-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

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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.

+ References

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-SubTopic 10
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-Paragraph 12
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