Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31, 2023 and 2022 are as follows:

	2023			2022
Current - Alternative minimum tax	$	(4,856	)	$	(7,651	)
Deferred		(128,075	)		98,260
Utilization of operating loss carryforward		264,776			614,475
Change in valuation allowance		(23,615	)		(29,612	)
	$	108,230		$	675,472

Schedule of Effective Income Tax Rate Reconciliation

The difference between the actual income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the years ended December 31, 2023 and 2022, is as follows:

	2023			2022
Pretax income at statutory rate	$	78,552		$	511,536
Add (deduct):
State income tax expense, net of federal benefit		10,465			99,166
Tax-exempt income		(60,137	)		(57,977	)
Stock based compensation		36,537			74,747
Change in valuation allowance		(23,615	)		(29,612	)
Other		66,428			77,612
	$	108,230		$	675,472

Schedule of Deferred Tax Assets and Liabilities

The following summarizes the sources and expected tax consequences of future taxable deductions or income, which comprise the net deferred tax asset, which is included as a component of other assets at December 31, 2023 and 2022:

	2023			2022
Deferred income tax assets:
Deferred compensation	$	418,877		$	363,195
Net operating loss carryforward		454,302			719,078
Other real estate owned		—			36,452
State tax credits		144,994			168,609
Defined benefit obligations (non-qualified)		114,854			279,483
Accrued bonuses		74,274			—
Non-accrual loans		78,240			64,818
Frozen pension accrual (tax qualified)		275,052			265,252
Unrealized loss on investment securities available-for-sale		976,819			1,191,567
Right of use asset/lease liability		40,052			—
Allowance for credit losses		15,655			—
Unfunded loan commitments		35,536			—
Other		25,314			4,836
Total gross deferred tax assets		2,653,969			3,093,290
Less: Valuation allowance		(144,994	)		(168,609	)
Net deferred tax asset		2,508,975			2,924,681
Deferred income tax liabilities:
Premises and equipment		12,331			6,832
Allowance for loan losses		—			92,649
Director fee plan		27,708			24,535
Other		24,389			—
Total gross deferred tax liabilities		64,428			124,016
Net deferred tax asset	$	2,444,547		$	2,800,665