Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Components of Income Tax Expense

The components of income tax expense for the current and prior year-ends are as follows:

(dollars in thousands)	2023			2022
Current income tax expense	$	1,422		$	1,525
Deferred income tax benefit		(88	)		(51	)
Reported income tax expense	$	1,334		$	1,474

Reconciliation of Federal Income Tax Expense

A reconciliation of the expected federal income tax expense on income before income taxes with the reported income tax expense for the same periods follows:

	Years Ended December 31,
(dollars in thousands)	2023			2022
Federal statutory rate times financial statement income	$	1,903		$	2,222
Low-income housing tax credits		(309	)		(349	)
Tax-exempt interest income, net		(70	)		(220	)
Bank-owned life insurance		(218	)		(191	)
Other, net		28			12
Reported income tax expense	$	1,334		$	1,474

Components of Net Deferred Tax Asset

The components of the net deferred tax asset, included in other assets, are as follows:

(dollars in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	2,563	$	2,211
Nonaccrual loans		56		9
Net operating losses		540		574
Investments in pass-through entities		355		320
Unrealized losses on securities available-for-sale		4,660		5,520
Stock awards		140		117
Other accrued compensation		272		498
Deferred loan fees and costs		258		217
Lease liability		262		343
Other		49		11
	$	9,155	$	9,820
Deferred tax liabilities:
Premises and equipment	$	606	$	606
Acquisition accounting		39		49
Right of use asset		241		332
		886		987
Net deferred tax assets	$	8,269	$	8,833