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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income Tax Expense | Income tax expense was as follows:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Current |  |  |  |  |  |
Federal |  | $ | 300 |  |  | $ | 700 |
State |  |  | 398 |  |  |  | 218 |
Deferred |  |  |  |  |  |  |  |
Federal |  |  | 1,046 |  |  |  | 944 |
State |  |  | 241 |  |  |  | 551 |
Total |  | $ | 1,985 |  |  | $ | 2,413 |
Effective Income Tax Rate Reconciliation | Effective tax rates differ from the federal statutory rate of 21% applied to income before income taxes due to the following:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Federal statutory rate times pre-tax net income |  | $ | 1,370 |  |  | $ | 1,705 |
Effect of: |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 512 |  |  |  | 623 |
Earnings from bank owned life insurance |  |  | (9 | ) |  |  | (9 | )
Low-income housing credits |  |  | – |  |  |  | (6 | )
Change in valuation allowance |  |  | 80 |  |  |  | – |
Tax effect of stock-based compensation |  |  | 14 |  |  |  | 25 |
Other, net |  |  | 18 |  |  |  | 75 |
Total |  | $ | 1,985 |  |  | $ | 2,413 |
Deferred Tax Assets and Liabilities | Year‑end deferred tax assets and liabilities were due to the following:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 2,008 |  |  | $ | 1,063 |
Accrued liabilities |  |  | 580 |  |  |  | 555 |
State income taxes |  |  | 30 |  |  |  | 45 |
Stock compensation |  |  | 196 |  |  |  | 226 |
Net operating loss carryforward |  |  | 1,982 |  |  |  | 2,616 |
Partnership investment |  |  | 340 |  |  |  | 257 |
General business credit |  |  | 1,962 |  |  |  | 1,962 |
Alternative minimum tax credit |  |  | 11 |  |  |  | 5 |
Net unrealized loss on securities available-for-sale |  |  | 5,815 |  |  |  | 7,388 |
Right of use liability |  |  | 196 |  |  |  | 266 |
Fair value adjustment on acquired loans |  |  | 223 |  |  |  | 291 |
Other |  |  | 212 |  |  |  | 332 |
Total deferred tax assets |  |  | 13,555 |  |  |  | 15,006 |
Less: valuation allowance |  |  | (449 | ) |  |  | (369 | )
Total deferred tax assets, net of valuation allowance |  |  | 13,106 |  |  |  | 14,637 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Section 481 adjustments to bad debts |  |  | – |  |  |  | (7 | )
Deferred loan fees/costs |  |  | (1,743 | ) |  |  | (776 | )
Basis difference on fixed assets |  |  | (748 | ) |  |  | (723 | )
FHLB stock dividends |  |  | (98 | ) |  |  | (90 | )
Nonaccrual loan interest |  |  | – |  |  |  | (8 | )
Prepaid expenses |  |  | (180 | ) |  |  | (186 | )
Right of use assets |  |  | (189 | ) |  |  | (256 | )
Core deposit intangibles |  |  | (610 | ) |  |  | (719 | )
Total deferred tax liabilities |  |  | (3,568 | ) |  |  | (2,765 | )
Net deferred tax assets |  | $ | 9,538 |  |  | $ | 11,872 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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