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Income Taxes (Tables)

12 Months Ended

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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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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-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
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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.

+ References

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-SubTopic 10
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