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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Components of Provision for Income Taxes

The provision for income taxes consists of the following components:

		2024				2023
Current tax expense		$	3,557			$	3,312
Deferred tax (benefit) expense			(1,180	)			(745	)
Total income tax expense		$	2,377			$	2,567

Deferred Tax Assets and Liabilities

The source of deferred tax assets and deferred tax liabilities at December 31:

		2024				2023
Items giving rise to deferred tax assets:
Other reserves		$	130			$	152
Allowance for credit losses			2,240				1,916
Unrealized loss on securities available for sale			2,966				3,233
Deferred compensation			2,295				2,176
Deferred loan fees/costs			172				169
Accrued bonus			325				249
Purchase accounting adjustments			62				11
Net operating loss			32				49
Lease liability			293				332
Nonaccrual interest income			109				113
Other			58				43
Items giving rise to deferred tax liabilities:
Mortgage servicing rights			(79	)			(88	)
FHLB stock dividends			(434	)			(442	)
Prepaid expenses			(33	)			(35	)
Depreciation and amortization			(344	)			(841	)
Right-of-use asset			(293	)			(332	)
Other			(281	)			(399	)
Net deferred tax asset		$	7,218			$	6,306

Reconciliation of Income Tax Provision

The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate of 21% to income before taxes is as follows:

		2024				2023
Statutory tax (21%)		$	2,809			$	3,192
Effect of nontaxable interest, net			(422	)			(468	)
Effect of nontaxable insurance premiums			—				(205	)
Income from bank owned life insurance, net			(186	)			(136	)
Effect of state income tax, net of federal benefit			119				170
Tax credits			(31	)			(25	)
Other			88				39
Total income taxes (1)		$	2,377			$	2,567

(1) Effective income tax rate was 17.8% for 2024 and 16.9% for 2023

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

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
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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