Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

Income tax provision consists of the following (dollars in thousands):

	2023			2022
Current
Federal	$	—		$	23
State		(175	)		(227	)
Deferred benefit		(278	)		262
Total income tax provision	$	(453	)	$	58

Schedule of Income Tax Rate Reconciliation

Income tax provision calculated at the statutory federal income tax rate of 21% for 2023 and 2022, differs from actual income tax provision as follows (dollars in thousands):

	2023			2022
Income tax at statutory rate	$	(810	)	$	292
Non-deductible merger costs		468			—
Benefit from other permanent differences:
Earnings on life insurance assets		(52	)		(50	)
State income taxes, net of Federal tax benefit		(165	)		(116	)
Other items, net		106			(68	)
Totals	$	(453	)	$	58

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following at December 31 (dollars in thousands):

	2023			2022
Deferred tax assets:
Allowance for credit losses	$	1,458		$	1,191
Net operating loss carryforwards and certain state tax credits		1,042			582
Deferred compensation		557			549
Accrued bonus		9			318
Lease liability		500			536
Unrealized losses on AFS securities		1,840			2,317
Other, net		283			292
Total deferred tax assets		5,689			5,785
Deferred tax liabilities:
Loan origination costs		(165	)		(196	)
Depreciation		(152	)		(515	)
Right-of-use asset		(453	)		(139	)
FHLB stock dividends		(35	)		(11	)
Total deferred tax liabilities		(805	)		(861	)
Net deferred tax assets included in other assets	$	4,884		$	4,924