Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Income tax expense was as follows:

(Dollars in thousands)	2023		2022
Current	$	3,334	$	3,358
Deferred		293		(135	)
Total income tax provision	$	3,627	$	3,223

Income Tax Provision Attributable to Income from Operations

Effective tax rates were 19.7% and 19.5% for 2023 and 2022 and differ from the federal statutory rate of 21% applied to income before taxes due to the following:

(Dollars in thousands)	2023			2022
Expected provision using statutory federal income tax rate	$	3,860		$	3,473
Effect of bond and loan tax-exempt income		(104	)		(113	)
Bank owned life insurance income		(147	)		(141	)
Other		18			4
Total income tax provision	$	3,627		$	3,223

Tax Effects of Temporary Differences of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities on December 31 were as follows:

(Dollars in thousands)	2023			2022
Allowance for credit losses	$	1,485		$	1,534
Unrealized loss on securities		2,730			3,434
Other		225			35
Deferred tax assets		4,440			5,003
Premises and equipment		(554	)		(598	)
Federal Home Loan Bank stock dividends		(95	)		(268	)
Deferred loan fees		(312	)		(288	)
Prepaid expenses		(205	)		(188	)
Other		(640	)		(602	)
Deferred tax liabilities		(1,806	)		(1,944	)
Net deferred tax asset	$	2,634		$	3,059