Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of income tax expense

	2023		2022
(dollars in thousands)
Current income tax expense:
Federal	$	128	$	302
State		28		148
Total current tax expense		156		450
Deferred income tax expense:
Federal		(59)		(147)
State		(25)		(63)
Total deferred tax expense		(84)		(210)
Total Income tax expense	$	72	$	240

Schedule of reconciliation of income tax expense

	2023		2022
(dollars in thousands)
Income tax expense at federal statutory rate	$	315	$	417
(Decrease) increase resulting from:
Tax-exempt income		(212)		(212)
Bank owned life insurance		(34)		(33)
State income taxes, net of Federal income tax benefit		3		68
Total income tax expense	$	72	$	240

Schedule of components of the net deferred income tax benefits

	2023		2022
(dollars in thousands)
Deferred income tax benefits:
Accrued deferred compensation	$	89	$	87
Allowance for credit losses		480		386
Accumulated depreciation		(12)		(18)
Accrued Liabilities		110		144
Reserve for unfunded commitments		130		131
Accounting standard 310-20		(151)		(145)
Right of use asset		(58)		(101)
Lease liability		58		101
Accumulated securities discount accretion		272		248
Net unrealized depreciation on investment securities available for sale		6,979		8,069
Net deferred income tax benefits	$	7,897	$	8,902