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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 10. INCOME TAXES The consolidated provisions for income taxes for the years ended December 31, 2024 and 2023 were as follows:
|  | 2024 |  |  | 2023 |
|  | (Dollars in Thousands) |
Federal |  |  |  |  |  |
Current |  | $ | 1,458 |  |  | $ | 2,121 |
Deferred |  |  | 538 |  |  |  | 70 |
Total federal |  |  | 1,996 |  |  |  | 2,191 |
State |  |  |  |  |  |
Current |  |  | 543 |  |  |  | 532 |
Deferred |  |  | 45 |  |  |  | 63 |
Total state |  |  | 588 |  |  |  | 595 |
Total |  | $ | 2,584 |  |  | $ | 2,786 |
The consolidated tax expense differed from the amount computed by applying the Company’s federal statutory income tax rate of 21.0% in 2024 and 2023 as described in the following table:
|  | 2024 |  |  | 2023 |
|  | (Dollars in Thousands) |
Income tax expense at federal statutory rate |  | $ | 2,258 |  |  | $ | 2,368 |
Increase (decrease) resulting from: |  |  |  |  |  |
Tax-exempt interest |  |  | (52 | ) |  |  | (55 | )
Bank-owned life insurance |  |  | (74 | ) |  |  | (64 | )
State income tax expense, net of federal income taxes |  |  | 414 |  |  |  | 406 |
Apportionment and state rate changes |  |  | 119 |  |  |  | 13 |
Other |  |  | (81 | ) |  |  | 118 |
Total |  | $ | 2,584 |  |  | $ | 2,786 |
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, 2024 and 2023 are presented below:
|  | 2024 |  |  | 2023 |
|  | (Dollars in Thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 2,657 |  |  | $ | 2,719 |
Deferred compensation |  |  | 749 |  |  |  | 817 |
Deferred commissions and fees |  |  | 368 |  |  |  | 372 |
Unrealized loss on securities available-for-sale |  |  | 1,676 |  |  |  | 2,332 |
Other |  |  | 554 |  |  |  | 1,000 |
Total gross deferred tax assets |  |  | 6,004 |  |  |  | 7,240 |
Deferred tax liabilities: |  |  |  |  |  |
Premises and equipment |  |  | 1,329 |  |  |  | 1,284 |
Core deposit intangible |  |  | 12 |  |  |  | 42 |
Limited partnerships |  |  | 112 |  |  |  | 96 |
Unrealized gain on cash flow hedges |  |  | 227 |  |  |  | 188 |
Other |  |  | 260 |  |  |  | 288 |
Total gross deferred tax liabilities |  |  | 1,940 |  |  |  | 1,898 |
Net deferred tax asset, included in other assets |  | $ | 4,064 |  |  | $ | 5,342 |
The Company did no t have any federal or state net operating loss carryforwards as of December 31, 2024 or December 31, 2023. The Company files income tax returns with the federal government and several states. The majority of its income is attributable to the states of Alabama and Tennessee. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and the states in which it filed for the years ended December 31, 2021 through 2024. As of December 31, 2024, the Company had no unrecognized tax benefits related to federal or state income tax matters and does no t anticipate any material increase or decrease in unrecognized tax benefits relative to any tax positions taken prior to December 31, 2024. As of December 31, 2024, the Company had accrued no interest and no penalties related to uncertain tax positions.

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