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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes at December 31, 2023 and 2022 was as follows (in thousands):
 
December 31,
 20232022
Current$2,028 $2,221 
Deferred(467)(149)
Total tax expense$1,561 $2,072 
A reconciliation of the provision for income taxes for the years ended December 31, 2023 and 2022, with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes, is as follows (dollars in thousands):
 Year Ended December 31,
 20232022
Provision at statutory rate$1,894 $2,282 
Tax-exempt income(126)(169)
BOLI
(248)— 
Other41 (41)
 $1,561 $2,072 
Federal Tax Rate21.0 %21.0 %
Tax exempt rate(1.4)(1.6)
BOLI
(2.7)— 
Other0.5 (0.3)
Effective tax rate17.4 %19.1 %
The following table reflects the temporary differences that gave rise to the components of the Company's deferred tax assets at December 31, 2023 and 2022 (in thousands):
 December 31,
 20232022
Deferred tax assets  
Deferred compensation and supplemental retirement$499 $401 
Equity based compensation165 159 
Intangible assets29 38 
Lease liabilities1,012 1,075 
Unrealized loss on securities263 297 
Allowance for loan losses1,840 1,596 
Other, net47 109 
Total deferred tax assets3,855 3,675 
Deferred tax liabilities
Prepaid expenses(171)(159)
FHLB stock dividends(40)(40)
Depreciation(39)(108)
Mortgage servicing rights(405)(493)
Deferred loan costs(652)(952)
Right of use assets(944)(1,056)
Total deferred tax liabilities(2,251)(2,808)
Net deferred tax asset$1,604 $867 
At December 31, 2023 and 2022, the Company had no unrecognized tax benefits. During the years ended December 31, 2023 and 2022, the Company recognized no interest and penalties related to income taxes.
The Company files an income tax return in the U.S. federal jurisdiction. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2020.