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Income Taxes (Tables)
9 Months Ended
Sep. 30, 2024
Income Taxes  
Schedule of deferred tax assets and liabilities

Deferred taxes (or deferred charges) as of September 30, 2024 and December 31, 2023, included in other assets, were as follows (in thousands):

9/30/2024

12/31/2023

    

12/31/2023

As originally

As adjusted

Deferred tax assets:

  

reported

 

Allowance for credit losses

$

813

$

695

$

833

Employee benefit plans' liabilities

 

4,022

 

3,434

 

4,079

Unrealized loss on available for sale securities, charged from equity

 

7,325

 

8,341

 

9,909

Loss on credit impairment of securities

 

423

 

356

 

423

Earned retiree health benefits plan liability

 

1,276

 

1,074

 

1,276

General business and AMT credits

 

159

 

210

 

1,033

State income tax net operating loss carryforward

930

1,111

Other

 

306

 

344

 

279

Valuation allowance

 

(423)

 

(11,534)

 

(15,617)

Deferred tax assets

 

14,831

 

2,920

 

3,326

Deferred tax liabilities:

 

  

 

  

 

  

Unearned retiree health benefits plan asset

 

469

 

395

 

469

Bank premises and equipment

 

2,112

 

1,759

 

2,088

Other

 

 

10

 

13

Deferred tax liabilities

 

2,581

 

2,164

 

2,570

Net deferred taxes

$

12,250

$

756

$

756

Schedule of components of income tax

Income taxes consist of the following components (in thousands):

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2024

    

2023

    

2024

    

2023

    

Current

$

52

$

(374)

$

384

$

318

Deferred

1,045

1,115

Change in valuation allowance

 

(15,194)

 

702

 

(15,194)

 

1,268

Total deferred

 

(14,149)

 

702

 

(14,079)

 

1,268

Totals

$

(14,097)

$

328

$

(13,695)

$

1,586