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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for each of the periods shown below consisted of the following:

						Year ended December 31,						Year ended December 31,
						2024						2023
Current tax provision
Federal						$	2,742					$	5,081
State						578						448
						3,320						5,529
Deferred tax provision (benefit)
Federal						496						(1,373)
State						(1,235)						(105)
						(739)						(1,478)
Change in valuation allowance						1,118						1,822
Total						$	3,699					$	5,873

Schedule of Provision for Income Taxes

The provision for income taxes differs from the amount of income tax determined by applying statutory federal income tax rates to pretax income as result of the following differences:

						Year ended December 31,												Year ended December 31,
						2024												2023
						Amount						Rate						Amount						Rate
Tax expense at statutory rate						$	3,665					21.0		%				$	3,976					21.0		%
State income taxes, net of federal						(519)						(3.0)		%				271						1.4		%
Tax credits						(210)						(1.2)		%				—						—		%
Bank owned life insurance						(162)						(0.9)		%				(146)						(0.8)		%
Tax exempt interest						(81)						(0.5)		%				(52)						(0.3)		%
Change in valuation allowance						1,118						6.4		%				1,822						9.6		%
Other						(112)						(0.6)		%				2						0.1		%
Total						$	3,699					21.2		%				$	5,873					31.0		%

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and December 31, 2023, respectively:

						Year ended December 31,						Year ended December 31,
						2024						2023
Deferred tax assets:
Allowance for credit losses						$	5,361					$	6,104
Deferred loan costs/fees						574						632
Restricted stock						231						184
Economic performance accruals						988						769
Other real estate owned						314						230
Loan discounts						218						304
Lease liability						276						426
Net operating loss						970						—
Net unrealized losses on securities available-for-sale						6,333						6,702
Other						199						22
Deferred tax assets						$	15,464					$	15,373
Deferred tax liabilities:
Office properties and equipment						(2,160)						(2,132)
Federal Home Loan Bank stock						(121)						(119)
Core deposit intangible						(788)						(852)
Net gain on equity securities						(715)						(762)
Prepaid expenses						(233)						(230)
Mortgage servicing rights						(940)						(977)
Leases; right of use asset						(209)						(373)
Deferred tax liabilities						$	(5,166)					$	(5,445)
Valuation allowance						(2,852)						(1,822)
Net deferred tax assets						$	7,446					$	8,106

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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
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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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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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