Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax Expense (Benefit)

The provision for income tax expense (benefit) consists of the following for the year ending December 31:

	2024			2023
Current federal expense (benefit)	$	(21	)	$	1,246
Deferred federal expense (benefit)		(116	)		(916	)
Total income taxes	$	(137	)	$	330

Schedule of Federal Income Taxes

The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 21 percent on net income before income tax expense as indicated in the following analysis for the years ended December 31:

	2024			2023
	(dollars in thousands)
Federal expense based on statutory rate	$	(1,334	)	$	304
Increase (decrease) resulting from:
Increase in life insurance		(73	)		(64	)
Goodwill impairment		1,215			—
Tax credits and non deductible expenses		55			90
Income taxes	$	(137	)	$	330
Effective rate		2.16	%		22.81	%

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets, recorded in the statements of financial condition in other assets, as of December 31, 2024 and 2023 consist of the following:

	2024			2023
Deferred tax asset:
Allowance for credit losses	$	1,311		$	1,303
Federal historic tax credits		342			520
Deferred Compensation		241			232
Intangibles		691			818
Unrealized loss on available-for-sale securities		4,309			4,091
Other		434			377
Subtotal		7,328			7,341
Deferred tax liability:
FHLB stock		(136	)		(84	)
Mortgage servicing rights		(226	)		(468	)
Premises and equipment		(1,373	)		(1,522	)
Unrealized gain on available-for-sale securities		—			—
Other		(82	)		(91	)
Subtotal		(1,817	)		(2,165	)
Deferred tax asset, net	$	5,511		$	5,176