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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income Tax Expense

	December 31, 2024			December 31, 2023			December 31, 2022
Current federal	$	3,122		$	3,592		$	4,213
Deferred federal (1)		(365)			456			215
Total	$	2,757		$	4,048		$	4,428

⁽¹⁾Includes tax benefit of operating loss carryforwards of $34, $34, and $34 for the years ended December 31, 2024, 2023 and 2022, respectively.

Effective Tax Rates Differ From Federal Statutory Rate

	December 31, 2024			December 31, 2023			December 31, 2022
Federal Statutory rate times financial statement income	$	3,390		$	4,407		$	4,744
Effect of:
Stock compensation		(17)			(7)			(50)
Bank owned life insurance income		(179)			(131)			(126)
Tax credits, net of amortization		(398)			(194)			(111)
Other		(39)			(27)			(29)
	$	2,757		$	4,048		$	4,428
Effective tax rate		17%			19%			20%

Deferred Tax Assets And Liabilities

	2024			2023
Deferred tax assets:
Allowance for credit losses	$	4,084		$	3,819
Compensation related items		620			599
Deferred loan fees		167			-
Nonaccrual interest		43			13
Net operating loss carry forward		261			295
Operating lease liabilities		1,329			1,142
Unrealized mark-to-market loss		479			609
		6,983			6,477
Deferred tax liabilities:
FHLB stock dividend		226			226
Depreciation		547			469
Operating lease right-of-use assets		1,299			1,124
Deferred loan costs		-			9
Limited partnership interests		663			642
Prepaid expenses		71			65
		2,806			2,535
Net deferred tax asset	$	4,177		$	3,942

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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
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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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