Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

(In thousands)	2022		2021
Current Tax expense:
Federal	$	5,504	$	4,164
State		2,034		1,825
	$	7,538	$	5,989
Deferred tax expense:
Federal	$	339	$	420
State		256		130
	$	595	$	550
Income tax expense for the year	$	8,133	$	6,539

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

	2022		2021
Federal statutory rate		21.0%		21.0%
Tax-exempt income on securities and loans		(0.8)		(1.0)
Tax-exempt BOLI income		(0.8)		(1.0)
State income tax, net of federal tax benefit		5.6		6.0
Tax credits		(0.4)		(0.2)
Other		(0.1)		0.1
		24.5%		24.9%

Components of Deferred Tax Assets and Liabilities

(In thousands)	2022		2021
Deferred tax assets:
Allowance for loan losses	$	3,880	$	4,269
Deferred fees		54		88
Deferred compensation		1,163		1,125
Federal and state tax loss carry forwards		2,873		2,966
Unrealized loss on investment securities		8,419		2,264
SERP		1,948		2,829
Lease liability		471		547
Low income housing		511		670
Other than temporary impairment on investment securities		520		601
Derivative contract		—		121
Other real estate owned		120		121
Other		133		87
Total deferred tax assets		20,092		15,688
Valuation allowance		(2,873)		(2,966)
Total deferred tax assets less valuation allowance		17,219		12,722
Deferred tax liabilities:
Goodwill and other intangibles		(2,736)		(2,801)
Lease right-of-use asset		(418)		(508)
Pension		(2,121)		(1,275)
Depreciation		(921)		(1,152)
Derivative contract		(283)		—
Other		(135)		(129)
Total deferred tax liabilities		(6,614)		(5,865)
Net deferred tax assets	$	10,605	$	6,857