Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of:

	For the Year Ended December 31,
(In Thousands)	2022		2021
Current tax expense (benefit)	$	38	$	(265	)
Deferred tax expense		1,184		76
Total	$	1,222	$	(189	)

Schedule of Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of deductible and taxable temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities, respectively, are as follows:

(In Thousands)	December 31, 2022			December 31, 2021
Deferred tax assets:
Allowance for loan losses	$	970		$	706
Deferred compensation		602			295
Net fair value adjustment on acquired net assets		1,250			1,700
Net unrealized loss on debt securities		1,703			—
Net operating loss carryforwards		1,740			2,263
Other		379			8
Total deferred tax assets	$	6,644		$	4,972
Deferred tax liabilities:
Premises and equipment	$	(1,025	)	$	(350	)
Net unrealized gain on debt securities		—			(491	)
Mortgage servicing rights		—			(93	)
Total deferred tax liabilities		(1,025	)		(934	)
Net deferred tax asset	$	5,619		$	4,038

Reconciliation of Effective Income Tax Rate

The reconciliation of the federal statutory rate and the Company's effective income tax rate is as follows:

	For the Year Ended December 31,
	2022							2021
(In Thousands)	Amount			% of Pretax Income				Amount			% of Pretax Income
Provision at statutory rate	$	1,432			21.0		%	$	21			21.0		%
Tax-exempt income on debt securities		(253	)		(3.7	)			(291	)		(291.3	)
Bank-owned life insurance		(104	)		(1.5	)			(53	)		(53.0	)
Non-deductible merger expenses		—			—				149			(149.2	)
Other		147			2.1				(15	)		(14.6	)
Actual tax expense and effective rate	$	1,222			17.9		%	$	(189	)		(188.6	)	%