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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes includes these components:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2023 |  |  | 2022 |
Taxes currently payable |  | $ | 744 |  |  | $ | 86 |
Deferred provision |  |  | 1,878 |  |  |  | 2,709 |
Income tax expense |  | $ | 2,622 |  |  | $ | 2,795 |
Schedule of Reconciliation of Income Tax Expense at the Statutory Rate | A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2023 |  |  | 2022 |
Computed at the statutory rate (21%) |  | $ | 3,091 |  |  | $ | 3,216 |
Increase (decrease) resulting from |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (117 | ) |  |  | (111 | )
BOLI income |  |  | (187 | ) |  |  | (106 | )
Sec. 831(b) election |  |  | (198 | ) |  |  | (199 | )
Other |  |  | 33 |  |  |  | (5 | )
Actual tax expense |  | $ | 2,622 |  |  | $ | 2,795 |
Schedule of Tax Effects of Temporary Differences Related to Deferred Taxes | The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:
|  | For The Year Ended December 31, |
($ in thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,315 |  |  | $ | 2,902 |
Unrealized losses on available-for-sale securities |  |  | 7,929 |  |  |  | 8,538 |
Capitalized research and development costs |  |  | 90 |  |  |  | 117 |
Accrued bonus |  |  | 124 |  |  |  | 142 |
Net operating loss |  |  | 2,758 |  |  |  | 5,410 |
Other |  |  | 819 |  |  |  | 854 |
|  |  | 15,035 |  |  |  | 17,963 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (983 | ) |  |  | (1,117 | )
Mortgage servicing rights |  |  | (2,920 | ) |  |  | (2,836 | )
Purchase accounting adjustments |  |  | (1,488 | ) |  |  | (1,598 | )
Prepaids |  |  | (475 | ) |  |  | (527 | )
Net deferred loan costs |  |  | (93 | ) |  |  | (93 | )
Section 475 MTM |  |  | (7,929 | ) |  |  | (8,538 | )
FHLB stock dividends |  |  | (122 | ) |  |  | (271 | )
|  |  | (14,010 | ) |  |  | (14,980 | )
Net deferred tax asset |  | $ | 1,025 |  |  | $ | 2,983 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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