Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

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

	(In Thousands)
	2022			2021			2020
Current:
Federal	$	7,430		$	7,536		$	6,289
State		359			271			513
Total current		7,789			7,807			6,802
Deferred:
Federal		227			(1,746	)		(1,596	)
State		(56	)		(59	)		(95	)
Total deferred		171			(1,805	)		(1,691	)
Total Income Tax	$	7,960		$	6,002		$	5,111

Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:

	(In Thousands)
	2022			2021			2020
Federal income tax at statutory rates	$	8,489		$	6,194		$	5,294
(Decrease) increase resulting from:
State income tax, net of federal benefit		239			167			330
Tax exempt interest		(133	)		(116	)		(146	)
Section 831 deduction		(270	)		(294	)		(266	)
Other		(365	)		51			(101	)
Total Income Tax	$	7,960		$	6,002		$	5,111

Components of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities at December 31 are comprised of the following:

	(In Thousands)
	2022		2021
Deferred Tax Assets:
Allowance for loan losses	$	4,623	$	3,629
Deferred compensation		570		561
Net unrealized loss on available-for-sale securities		10,163		846
Fair value adjustments		2,152		1,913
Other		554		277
Total deferred tax assets		18,062		7,226
Deferred Tax Liabilities:
Accreted discounts on bonds		54		22
Depreciation		1,083		772
FHLB stock dividends		1,011		828
Intangible amortization		2,640		1,282
Mortgage servicing rights		787		778
Prepaids		500		471
Other		424		173
Total deferred tax liabilities		6,499		4,326
Net Deferred Tax Asset (Liability)	$	11,563	$	2,900