Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

(In thousands)	2020		2019
Current Tax expense:
Federal	$	1,957	$	1,547
State		1,463		836
	$	3,420	$	2,383
Deferred tax expense:
Federal	$	772	$	818
State		(245)		135
	$	527	$	953
Income tax expense for the year	$	3,947	$	3,336

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

	2020		2019
Federal statutory rate		21.0%		21.0%
Tax-exempt income on securities and loans		(1.3)		(1.4)
Tax-exempt BOLI income		(1.5)		(2.9)
State income tax, net of federal tax benefit		5.1		4.8
Tax credits		(1.2)		(1.5)
Other		0.1		0.3
		22.2%		20.3%

Components of Deferred Tax Assets and Liabilities

(In thousands)	2020		2019
Deferred tax assets:
Allowance for loan losses	$	4,417	$	3,357
Deferred fees		490		193
Deferred compensation		1,019		852
Federal and state tax loss carry forwards		2,743		2,617
Tax credit carry forwards		—		1,853
Unrealized loss on investment securities		1,089		1,336
Pension/SERP		3,141		2,412
Lease liability		569		840
Low income housing tax credit		647		490
Other than temporary impairment on investment securities		643		655
Derivative contract		353		36
Other real estate owned		271		479
Other		115		158
Total deferred tax assets		15,497		15,278
Valuation allowance		(2,743)		(2,617)
Total deferred tax assets less valuation allowance		12,754		12,661
Deferred tax liabilities:
Goodwill		(2,805)		(2,805)
Lease right-of-use asset		(545)		(720)
Depreciation		(1,380)		(1,528)
Other		(52)		(167)
Total deferred tax liabilities		(4,782)		(5,220)
Net deferred tax assets	$	7,972	$	7,441