XML 29 R16.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes |
Income Taxes | Note 8. Income Taxes The components of income tax expense are as follows for the years ended December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
(dollars in thousands) | ​ | ​
Current income tax expense: |  | ​ |  |  | ​ |
Federal | ​ | $ | 128 | ​ | $ | 302
State | ​ |  | 28 | ​ |  | 148
Total current tax expense | ​ |  | 156 | ​ |  | 450
Deferred income tax expense: | ​ |  |  | ​ |  |
Federal | ​ |  | (59) | ​ |  | (147)
State | ​ |  | (25) | ​ |  | (63)
Total deferred tax expense | ​ |  | (84) | ​ |  | (210)
Total Income tax expense | ​ | $ | 72 | ​ | $ | 240
​ A reconciliation of income tax expense computed at the statutory rate of 21% at December 31, 2023 and December 31, 2022 to the actual income tax expense for the years ended December 31, 2023 and 2022 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
(dollars in thousands) | ​ | ​ | ​
Income tax expense at federal statutory rate | ​ | $ | 315 | ​ | $ | 417 | ​
(Decrease) increase resulting from: | ​ |  |  | ​ |  |  | ​
Tax-exempt income | ​ |  | (212) | ​ |  | (212) | ​
Bank owned life insurance | ​ | ​ | (34) | ​ | ​ | (33) | ​
State income taxes, net of Federal income tax benefit | ​ |  | 3 | ​ |  | 68 | ​
Total income tax expense | ​ | $ | 72 | ​ | $ | 240 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Deferred tax assets and liabilities resulting from the tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at December 31, 2023 and 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |
(dollars in thousands) | ​ | ​ | ​
Deferred income tax benefits: |  | ​ |  |  | ​ |  |
Accrued deferred compensation | ​ | $ | 89 | ​ | $ | 87 | ​
Allowance for credit losses | ​ |  | 480 | ​ |  | 386 | ​
Accumulated depreciation | ​ |  | (12) | ​ |  | (18) | ​
Accrued Liabilities | ​ | ​ | 110 | ​ | ​ | 144 | ​
Reserve for unfunded commitments | ​ |  | 130 | ​ |  | 131 | ​
Accounting standard 310-20 | ​ | ​ | (151) | ​ | ​ | (145) | ​
Right of use asset | ​ | ​ | (58) | ​ | ​ | (101) | ​
Lease liability | ​ | ​ | 58 | ​ | ​ | 101 | ​
Accumulated securities discount accretion | ​ |  | 272 | ​ |  | 248 | ​
Net unrealized depreciation on investment securities available for sale | ​ | ​ | 6,979 | ​ | ​ | 8,069 | ​
Net deferred income tax benefits | ​ | $ | 7,897 | ​ | $ | 8,902 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ Management has determined that no valuation allowance is required as it believes it is more likely than not that all of the deferred tax assets will be fully realizable in the future. At December 31, 2023 and 2022, management believes there are no uncertain tax positions under ASC Topic 740 Income Taxes. We file income tax returns in the US federal jurisdictions. We are no longer subject to state or US federal income tax examinations by tax authorities for years ended before 2020. Income tax expense was $0.07 million and $0.24 million at December 2023 and 2022, respectively.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration