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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Components of income tax expense (benefit)

(Dollars in thousands)
		2024				2023				2022
Current expense
Federal		$	3,081				4,289				4,153
State			464				541				560
			3,545				4,830				4,713
Deferred income tax expense (benefit)
Federal			693				(404	)			(482	)
State			338				(49	)			(59	)
			1,031				(453	)			(541	)
Total income tax		$	4,576				4,377				4,172

Schedule of effective income Tax rate reconciliation

(Dollars in thousands)
		2024				2023				2022
Tax expense at statutory rate		$	4,398				4,184				4,262
State income tax, net of federal income tax effect			635				395				395
Interest received related to tax positions			(260	)			-				-
Tax-exempt interest income			(114	)			(182	)			(445	)
Increase in cash surrender value of life insurance			(164	)			(91	)			(71	)
Tax credits			(10	)			(10	)			(11	)
Nondeductible interest and other expense			24				30				24
Other			67				51				18
Total		$	4,576				4,377				4,172

Schedule of deferred tax assets and liabilities

(Dollars in thousands)
		2024				2023
Deferred tax assets:
Allowance for credit losses		$	2,485				2,944
Accrued retirement expense			1,215				1,210
Restricted stock			238				249
Interest income on nonaccrual loans			4				5
Lease liability			926				1,110
Unrealized loss on available for sale securities			11,412				11,741
Total gross deferred tax assets			16,280				17,259
Deferred tax liabilities:
Deferred loan fees			160				186
Accumulated depreciation			375				375
Prepaid expenses			296				3
ROU Asset			899				1,087
Partnership income			250				112
Other			9				12
Total gross deferred tax liabilities			1,989				1,775
Net deferred tax asset		$	14,291				15,484

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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
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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
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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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-Topic 740
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-Name Accounting Standards Codification
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