XML 40 R23.htm IDEA: XBRL DOCUMENT v3.24.0.1
Income Taxes
 12 Months Ended
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.