Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of the Provision for Income Taxes

The components of the provision for income taxes for the years ended December 31, were as follows:

	2024		2023
	(Dollars in thousands)
Current federal tax provision	$	2,251	$	1,346
Current state tax (benefit) provision	(53)		8
Deferred tax (benefit) provision	(1,829)		266
	$	369	$	1,620

Schedule of Effective Income Tax Rate Reconciliation

The total provision for income taxes differs from the amounts computed at the statutory federal income tax rate of 21% primarily due to the following for the years ended December 31:

	2024		2023
	(Dollars in thousands)
Computed “expected” tax expense	$	1,919	$	2,707
State tax (benefit) expense	(42)		7
Tax exempt interest	(1,222)		(906)
Increase in cash surrender value of COLI	(150)		(94)
Tax credits	(1,849)		(1,424)
Equity in losses of limited partnerships	1,436		1,150
Non-deductible expenses	295		202
Other	(18)		(22)
	$	369	$	1,620

Schedule of Deferred Tax Assets and Liabilities

Listed below are the significant components of the net deferred tax asset at December 31:

	2024		2023
	(Dollars in thousands)
Components of the deferred tax asset
Allowance for credit losses	$	1,942	$	1,720
Tax credit carryover	1,478		—
Deferred compensation	426		379
Loans held for sale	22		9
Core deposit intangible	36		61
Unrealized loss on investment securities available-for-sale	9,571		8,996
Other	46		39
Total deferred tax asset	13,521		11,204
Components of the deferred tax liability
Depreciation	(1,131)		(1,329)
Mortgage servicing rights	(377)		(379)
Limited partnership investments	(46)		(21)
Goodwill	(447)		(411)
Prepaid expenses	(214)		(162)
Total deferred tax liability	(2,215)		(2,302)
Net deferred tax asset	$	11,306	$	8,902