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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | Note 12 - Income taxes The Company files income tax returns in the U.S. federal jurisdiction and the state of Virginia. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2021. Income tax expense attributable to income before income tax expense is summarized as follows (dollars in thousands):
| December 31,
| 2024 |  | 2023
Current income tax expense | $ | 1,951 |  | $ | 1,931
Deferred income tax expense (benefit) |  | 28 |  |  | (356)
Income tax expense | $ | 1,979 |  | $ | 1,575
Income tax expense differed from amounts computed by applying the U.S. Federal income tax rate of 21% to income before income tax expense as a result of the following:
| 2024 |  | 2023
Computed “expected” income tax expense | $ | 2,084 |  | $ | 2,159
Increase (reduction) in income tax resulting from: |  |  |  |  |
State income taxes |  | 101 |  |  | 36
Tax-exempt income |  | (264) |  |  | (240)
Non-deductible expenses |  | 83 |  |  | 21
Valuation allowances |  | — |  |  | (389)
Other |  | (25) |  |  | (12)
Income tax expense | $ | 1,979 |  | $ | 1,575
‎ Note 12 - Income taxes (continued) The tax effects of temporary differences result in deferred tax assets and liabilities as presented below (dollars in thousands):
| December 31,
| 2024 |  | 2023
Deferred tax assets |  |  |  |  |
Lease liabilities | $ | 825 |  | $ | 885
Allowance for credit losses |  | 1,479 |  |  | 1,557
Unfunded commitment liability |  | 114 |  |  | 137
Unrealized losses on available-for-sale securities |  | 6,091 |  |  | 5,746
Non-accrual interest |  | 36 |  |  | 51
Net operating losses |  | 283 |  |  | 339
Deferred compensation |  | 1,117 |  |  | 953
Other |  | — |  |  | 36
Gross deferred tax assets |  | 9,945 |  |  | 9,704
Deferred tax liabilities |  |  |  |  |
Right-of-use assets |  | 729 |  |  | 794
Depreciation |  | 173 |  |  | 230
Intangibles |  | 86 |  |  | —
Other |  | 103 |  |  | 143
Gross deferred tax liabilities |  | 1,091 |  |  | 1,167
Net deferred tax asset | $ | 8,854 |  | $ | 8,537

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