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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 13 – income taxes

 

The Company files a consolidated federal income tax return with its subsidiaries. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method which requires that deferred tax assets and liabilities be recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. If it is more likely than not that some portion or the entire deferred tax asset will not be realized, deferred tax assets will be reduced by a valuation allowance. It is the Company's policy to recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense.

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(dollars in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

Current expense

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

987

 

 

$

996

 

 

$

1,516

 

 

$

1,514

 

State

 

 

437

 

 

 

481

 

 

 

671

 

 

 

719

 

Total current expense

 

 

1,424

 

 

 

1,477

 

 

 

2,187

 

 

 

2,233

 

Deferred expense

 

 

(348

)

 

 

(157

)

 

 

(512

)

 

 

112

 

Income tax expense

 

$

1,076

 

 

$

1,320

 

 

$

1,675

 

 

$

2,345