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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income Taxes | Note 14: 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 |
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 |
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 |
As of December 31, 2023 the Company had $13.1 million in net operating losses. No valuation allowance is recorded as these are expected to be fully utilized and have no expiration.

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