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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes at December 31, 2024 and 2023 was as follows (in thousands):
 
December 31,
 20242023
Current$1,279 $2,028 
Deferred(273)(467)
Total tax expense$1,006 $1,561 
A reconciliation of the provision for income taxes for the years ended December 31, 2024 and 2023, with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes, is as follows (dollars in thousands):
 Year Ended December 31,
 20242023
Provision at statutory rate$1,186 $1,894 
Tax-exempt income(125)(126)
BOLI
(131)(248)
Other76 41 
 $1,006 $1,561 
Federal Tax Rate21.0 %21.0 %
Tax exempt rate(2.2)(1.4)
BOLI
(2.3)(2.7)
Other1.3 0.5 
Effective tax rate17.8 %17.4 %
The following table reflects the temporary differences that gave rise to the components of the Company's deferred tax assets at December 31, 2024 and 2023 (in thousands):
 December 31,
 20242023
Deferred tax assets  
Deferred compensation and supplemental retirement$601 $499 
Equity based compensation90 165 
Intangible assets25 29 
Depreciation54 — 
Lease liabilities843 1,012 
Unrealized loss on securities278 263 
Allowance for loan losses1,784 1,840 
Other, net101 47 
Total deferred tax assets3,776 3,855 
Deferred tax liabilities
Prepaid expenses(160)(171)
FHLB stock dividends(40)(40)
Depreciation— (39)
Mortgage servicing rights(308)(405)
Deferred loan costs(594)(652)
Right of use assets(782)(944)
Total deferred tax liabilities(1,884)(2,251)
Net deferred tax asset$1,892 $1,604 
At December 31, 2024 and 2023, the Company had no unrecognized tax benefits. During the years ended December 31, 2024 and 2023, the Company recognized no interest or penalties related to income taxes.
The Company files an income tax return in the U.S. federal jurisdiction. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2021.