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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit

Income taxes consisted of the following (in thousands):

 Schedule of Components of Income Tax Benefit

		2023				2022
		Year Ended December 31,
		2023				2022
Current:
Federal		$	1,040			$	—
State			313				—
Total Current			1,353				—
Deferred:
Federal			654				1,071
State			167				298
Total Deferred Income taxes			821				1,369
Total Income taxes		$	2,174			$	1,369

Schedule of Effective Income Tax Rate Reconciliation

The reasons for the differences between the statutory Federal income tax rate and the effective tax rate are summarized as follows (dollars in thousands):

 Schedule of Effective Income Tax Rate Reconciliation

		Year Ended December 31,
		2023								2022
						% of								% of
		Amount				Pretax Income				Amount				Pretax Income
Income taxes at statutory rate		$	1,776				21.0	%		$	1,132				21.0	%
Increase resulting from:
State taxes, net of Federal tax benefit			379				4.5	%			235				4.4	%
Other permanent differences			19				0.2	%			2				—
		$	2,174				25.7	%		$	1,369				25.4	%

Schedule of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below (in thousands):

 Schedule of Deferred Tax Assets and Deferred Tax Liabilities

		2023				2022
		At December 31,
		2023				2022
Deferred tax assets:
Net operating loss carryforwards		$	41			$	1,322
Allowance for credit losses			1,519				893
Premises and equipment			14				55
Nonaccrual loan interest			22				26
Accrued expense			114				72
Operating lease liabilities			574				550
Unrealized loss on debt securities			1,804				1,978
Other			1				—
Total deferred tax assets			4,089				4,896
Deferred tax liabilities:
Right of use lease assets			(552	)			(537	)
Loan costs			(634	)			(523	)
Total deferred tax liabilities			(1,186	)			(1,060	)
Net deferred tax asset		$	2,903			$	3,836

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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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
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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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-Topic 740
-SubTopic 10
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-Paragraph 12
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