Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Components of Income Tax Expense

The components of income tax expense for the current and prior years ended are as follows:

(dollars in thousands)	2024			2023
Current income tax expense	$	2,042		$	1,422
Deferred income tax benefit		(145	)		(88	)
Reported income tax expense	$	1,897		$	1,334

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)	2024			2023
Federal statutory rate times financial statement income	$	2,395		$	1,903
Low-income housing tax credits		(46	)		(309	)
Tax-exempt interest income, net		(32	)		(70	)
Bank-owned life insurance		(230	)		(218	)
Deferred tax write-off		(287	)		-
Other, net		97			28
Reported income tax expense	$	1,897		$	1,334

Components of Net Deferred Tax Asset

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

(dollars in thousands)	2024		2023
Deferred tax assets:
Allowance for credit losses	$	2,404	$	2,563
Nonaccrual loans		11		56
Net operating losses		506		540
Investments in pass-through entities		-		355
Unrealized losses on securities available-for-sale		4,554		4,660
Stock awards		157		140
Other accrued compensation		470		272
Deferred loan fees and costs		182		258
Lease liability		176		262
Other		38		49
	$	8,498	$	9,155
Deferred tax liabilities:
Premises and equipment	$	292	$	606
Acquisition accounting		30		39
Right of use asset		167		241
Other		49		-
		538		886
Net deferred tax assets	$	7,960	$	8,269