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Deferred Taxes (Tables)

12 Months Ended

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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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
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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.

+ 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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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
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-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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