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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Income Tax Expense (Benefit)

Income tax expense (benefit) was as follows:

		2024				2023
		(In thousands)
Current
Federal		$	505			$	300
State			504				398
Deferred
Federal			11				1,046
State			(206	)			241
Total		$	814			$	1,985

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:

		2024				2023
		(In thousands)
Federal statutory rate times pre-tax net income		$	581			$	1,370
Effect of:
State taxes, net of federal benefit			211				512
Earnings from bank owned life insurance			(10	)			(9	)
Low-income housing credits			–				–
Change in valuation allowance			–				80
Tax effect of stock-based compensation			38				14
Other, net			(6	)			18
Total		$	814			$	1,985

Deferred Tax Assets and Liabilities

Year‑end deferred tax assets and liabilities were due to the following:

		2024				2023
		(In thousands)
Deferred tax assets:
Allowance for credit losses		$	2,331			$	2,008
Accrued liabilities			483				580
State income taxes			108				30
Stock compensation			196				196
Net operating loss carryforward			1,880				1,982
Partnership investment			292				340
General business credit			1,544				1,962
Alternative minimum tax credit			–				11
Net unrealized loss on securities available-for-sale			4,864				5,815
Right of use liability			127				196
Fair value adjustment on acquired loans			100				223
Other			166				212
Total deferred tax assets			12,091				13,555
Less: valuation allowance			(449	)			(449	)
Total deferred tax assets, net of valuation allowance			11,642				13,106
Deferred tax liabilities:
Section 481 adjustments to bad debts			–				–
Deferred loan fees/costs			(1,273	)			(1,743	)
Basis difference on fixed assets			(708	)			(748	)
FHLB stock dividends			(54	)			(98	)
Nonaccrual loan interest			–				–
Prepaid expenses			(172	)			(180	)
Right of use assets			(121	)			(189	)
Core deposit intangibles			(511	)			(610	)
Total deferred tax liabilities			(2,839	)			(3,568	)
Net deferred tax assets		$	8,803			$	9,538

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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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- Definition

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
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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.

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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