Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

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

	(In Thousands)
	2023		2022			2021
Current:
Federal	$	3,052	$	7,430		$	7,536
State		287		359			271
Total current		3,339		7,789			7,807
Deferred:
Federal		2,182		227			(1,746	)
State		46		(56	)		(59	)
Total deferred		2,228		171			(1,805	)
Total Income Tax	$	5,567	$	7,960		$	6,002

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)
	2023			2022			2021
Federal income tax at statutory rates	$	5,954		$	8,489		$	6,194
(Decrease) increase resulting from:
State income tax, net of federal benefit		264			239			167
Tax exempt interest		(129	)		(133	)		(116	)
Section 831 deduction		(187	)		(270	)		(294	)
Other		(335	)		(365	)		51
Total Income Tax	$	5,567		$	7,960		$	6,002

Components of Deferred Tax Assets and Liabilities

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

	(In Thousands)
	2023		2022
Deferred Tax Assets:
Allowance for credit losses	$	5,888	$	4,623
Deferred compensation		547		570
Net unrealized loss on available-for-sale securities		7,712		10,163
Fair value adjustments		1,179		2,152
Other		307		554
Total deferred tax assets		15,633		18,062
Deferred Tax Liabilities:
Accreted discounts on bonds		95		54
Depreciation		2,409		1,083
FHLB stock dividends		880		1,011
Intangible amortization		2,421		2,640
Loan servicing rights		1,252		787
Prepaids		244		500
Other		488		424
Total deferred tax liabilities		7,789		6,499
Net Deferred Tax Asset	$	7,844	$	11,563