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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The consolidated provisions for income taxes for the years ended December 31, 2023 and 2022 were as follows:

		2023				2022
		(Dollars in Thousands)
Federal
Current		$	2,121			$	2,025
Deferred			70				(291	)
Total federal			2,191				1,734
State
Current			532				490
Deferred			63				(76	)
Total state			595				414
Total		$	2,786			$	2,148

Schedule of Effective Income Tax Rate Reconciliation

The consolidated tax expense differed from the amount computed by applying the Company’s federal statutory income tax rate of 21.0% in 2023 and 2022 as described in the following table:

		2023				2022
		(Dollars in Thousands)
Income tax expense at federal statutory rate		$	2,368			$	1,892
Increase (decrease) resulting from:
Tax-exempt interest			(55	)			(76	)
Bank-owned life insurance			(64	)			(62	)
State income tax expense, net of federal income taxes			406				329
Apportionment and state rate changes			13				(6	)
Other			118				71
Total		$	2,786			$	2,148

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below:

		2023				2022
		(Dollars in Thousands)
Deferred tax assets:
Allowance for credit losses		$	2,719			$	2,333
Deferred compensation			817				895
Deferred commissions and fees			372				407
Unrealized loss on securities available-for-sale			2,332				2,715
Other			1,000				905
Total gross deferred tax assets			7,240				7,255
Deferred tax liabilities:
Premises and equipment			1,284				1,288
Core deposit intangible			42				91
Limited partnerships			96				94
Unrealized gain on cash flow hedges			188				301
Other			288				341
Total gross deferred tax liabilities			1,898				2,115
Net deferred tax asset, included in other assets		$	5,342			$	5,140

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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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-Name Accounting Standards Codification
-Paragraph 2
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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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