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Deferred Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant items comprising the Company’s net deferred tax assets (liabilities) are as follows:
|  | December 31,
(In thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Credit losses not currently deductible |  | $ | 5,127 |  |  | $ | 4,985 |
Deferred compensation |  | 1,692 |  |  | 1,757 |
Depreciation |  | 278 |  |  | 92 |
Accrued reserves |  | 248 |  |  | — |
Write-down on other real estate owned |  | 291 |  |  | 291 |
Unrealized gain on retirement obligation |  | 63 |  |  | 56 |
Deferred loss ASC 825 – fair value option |  | 354 |  |  | 159 |
Unrealized loss on available for sale securities |  | 6,613 |  |  | 6,835 |
Interest on nonaccrual loans |  | 1,733 |  |  | 1,513 |
Lease liability |  | 1,006 |  |  | 458 |
Other |  | 751 |  |  | 848 |
Total deferred tax assets |  | 18,156 |  |  | 16,994 |
Deferred tax liabilities: |  |  |  |
State tax |  | (636) |  |  | (596) |
FHLB dividend |  | (46) |  |  | (46) |
Loss on limited partnership investments |  | (841) |  |  | (650) |
Fair value adjustments for purchase accounting |  | (93) |  |  | (93) |
Unrealized loss on TRUPs |  | (471) |  |  | (579) |
Deferred loan costs |  | (567) |  |  | (414) |
Prepaid expenses |  | (106) |  |  | (135) |
Right-of-use asset |  | (977) |  |  | (426) |
Total deferred tax liabilities |  | (3,737) |  |  | (2,939) |
Net deferred tax assets |  | $ | 14,419 |  |  | $ | 14,055 |
Schedule of Income Taxes | Income tax expense for the years ended December 31, consist of the following:
(In thousands) |  | Federal |  | State |  | Total
2024 |  |  |  |  |  |
Current |  | $ | 3,769 |  |  | $ | 2,240 |  |  | $ | 6,009 |
Deferred |  | (295) |  |  | (177) |  |  | (472) |
|  | $ | 3,474 |  |  | $ | 2,063 |  |  | $ | 5,537 |
2023 |  |  |  |  |  |
Current |  | $ | 5,103 |  |  | $ | 2,874 |  |  | $ | 7,977 |
Deferred |  | (238) |  |  | (59) |  |  | (297) |
|  | $ | 4,865 |  |  | $ | 2,815 |  |  | $ | 7,680 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:
|  | Year Ended December 31, |  |
|  | 2024 |  | 2023 |  |
Statutory federal income tax rate |  | 21.0 | % |  | 21.0 | % |  |
State franchise tax, net of federal income tax benefit |  | 8.0 |  |  | 8.1 |  |  |
Other |  | (1.7) |  |  | (1.1) |  |  |
Effective income tax rate |  | 27.3 | % |  | 28.0 | % |  |

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