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Income Taxes | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |
Taxes currently payable |  | $ | 369 |  |  | $ | 744 |
Deferred provision |  |  | 2,017 |  |  |  | 1,878 |
Income tax expense |  | $ | 2,386 |  |  | $ | 2,622 |
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) |  | 2024 |  |  | 2023 |
Computed at the statutory rate (21%) |  | $ | 2,910 |  |  | $ | 3,091 |
Increase (decrease) resulting from |  |  |  |  |  |  |  |
Tax exempt interest |  |  | (135 | ) |  |  | (117 | )
BOLI income |  |  | (160 | ) |  |  | (187 | )
Sec. 831(b) election |  |  | (147 | ) |  |  | (198 | )
Other |  |  | (82 | ) |  |  | 33 |
Actual tax expense |  | $ | 2,386 |  |  | $ | 2,622 |
The tax effects of temporary differences related to deferred taxes shown on the balance sheets are:
|  | For The Year Ended December 31, |
|  | 2024 |  |  | 2023 |
($ in thousands) |  |  |  |  |  |
Deferred tax assets |  |  |  |  |  |
Allowance for credit losses |  | $ | 3,170 |  |  | $ | 3,315 |
Unrealized losses on available-for-sale securities |  |  | 8,037 |  |  |  | 7,929 |
Capitalized research and development costs |  |  | 102 |  |  |  | 90 |
Accrued bonus |  |  | 120 |  |  |  | 124 |
Net operating loss |  |  | 791 |  |  |  | 2,758 |
Other |  |  | 911 |  |  |  | 819 |
|  |  | 13,131 |  |  |  | 15,035 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation |  |  | (849 | ) |  |  | (983 | )
Mortgage servicing rights |  |  | (3,122 | ) |  |  | (2,920 | )
Purchase accounting adjustments |  |  | (1,475 | ) |  |  | (1,488 | )
Prepaids |  |  | (434 | ) |  |  | (475 | )
Net deferred loan costs |  |  | (31 | ) |  |  | (93 | )
Section 475 MTM |  |  | (8,037 | ) |  |  | (7,929 | )
FHLB stock dividends |  |  | (67 | ) |  |  | (122 | )
|  |  | (14,015 | ) |  |  | (14,010 | )
Net deferred tax (liability) asset |  | $ | (884 | ) |  | $ | 1,025 |
At December 31, 2024, and 2023, the Company had $3.8 million and $13.1 million, respectively, in net operating losses. No valuation allowance was recorded as these are expected to be fully utilized and have no expiration.

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