INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of deferred tax assets and deferred tax liabilities

	December 31,		December 31,
(In Thousands)	2022		2021
Deferred tax assets:
Unrealized holding losses on securities	$	13,391	$	0
Allowance for loan losses		3,648		2,935
Purchase accounting adjustments on loans		938		1,621
Deferred compensation		1,149		965
Operating leases liability		907		821
Deferred loan origination fees		779		333
Net operating loss carryforward		659		778
Accrued incentive compensation		354		529
Other deferred tax assets		1,115		1,433
Total deferred tax assets		22,940		9,415
Deferred tax liabilities:
Unrealized holding gains on securities		0		1,278
Defined benefit plans - ASC 835		129		57
Bank premises and equipment		298		460
Core deposit intangibles		633		725
Right-of-use assets from operating leases		907		821
Other deferred tax liabilities		89		187
Total deferred tax liabilities		2,056		3,528
Deferred tax asset, net	$	20,884	$	5,887

Schedule of components of income tax expense

(In Thousands)	2022		2021		2020
Currently payable	$	5,998	$	8,386	$	4,230
Tax expense resulting from allocations of certain tax benefits to equity or as a reduction in other assets		134		128		121
Deferred		(400)		(1,381)		(361)
Total provision	$	5,732	$	7,133	$	3,990

Schedule of reconciliation of income tax

	2022			2021			2020
(Dollars In Thousands)	Amount		%	Amount		%	Amount		%
Expected provision	$	6,794	21.0	$	7,914	21.0	$	4,875	21.0
Tax-exempt interest income		(1,029)	(3.2)		(921)	(2.4)		(808)	(3.5)
Increase in cash surrender value and other income from life insurance, net		(103)	(0.3)		(118)	(0.3)		(170)	(0.7)
ESOP dividends		(130)	(0.4)		(120)	(0.3)		(110)	(0.5)
State income tax, net of Federal benefit		296	0.9		375	1.0		172	0.7
Other, net		(96)	(0.3)		3	0.0		31	0.1
Effective income tax provision	$	5,732	17.7	$	7,133	18.9	$	3,990	17.2