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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

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 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

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, 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

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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