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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Tax Expense

	December 31, 2023			December 31, 2022			December 31, 2021
Current federal	$	3,592		$	4,213		$	3,592
Deferred federal (1)		456			215			773
Total	$	4,048		$	4,428		$	4,365

⁽¹⁾Includes tax benefit of operating loss carryforwards of $34, $34, and $34 for the years ended December 31, 2023, 2022 and 2021, respectively.

Effective Tax Rates Differ From Federal Statutory Rate

	December 31, 2023			December 31, 2022			December 31, 2021
Federal Statutory rate times financial statement income	$	4,407		$	4,744		$	4,792
Effect of:
Stock compensation		(7)			(50)			(50)
Bank owned life insurance income		(131)			(126)			(112)
Gain on redemption of life insurance policies		-			-			(80)
Tax credits, net of amortization		(194)			(111)			(154)
Other		(27)			(29)			(31)
	$	4,048		$	4,428		$	4,365
Effective tax rate		19%			20%			19%

Deferred Tax Assets And Liabilities

	2023			2022
Deferred tax assets:
Allowance for credit losses	$	3,819		$	3,458
Compensation related items		599			573
Deferred loan fees		-			-
Nonaccrual interest		13			9
Net operating loss carry forward		295			330
Operating lease liabilities		1,142			302
Unrealized mark-to-market loss		609			541
		6,477			5,213
Deferred tax liabilities:
FHLB stock dividend		226			226
Depreciation		469			268
Operating lease right-of-use assets		1,124			285
Deferred loan costs		9			34
Limited partnership interests		642			-
Prepaid expenses		65			70
		2,535			883
Net deferred tax asset	$	3,942		$	4,330

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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.

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-Topic 740
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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.

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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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