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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of Provision for Income Taxes

For the years ended December 31, 

(In thousands)

    

2024

    

2023

Federal - current provision

$

12,236

$

10,625

Federal - deferred benefit

 

(1,401)

 

(285)

Total federal provision

 

10,835

 

10,340

State - current provision

 

2,451

 

2,750

State - deferred (benefit) provision

 

(346)

 

198

Total state provision

 

2,105

 

2,948

Total provision for income taxes

$

12,940

$

13,288

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, 

(In thousands, except percentages)

    

2024

    

2023

    

Federal income tax provision at statutory rate of 21%

$

11,422

$

11,129

(Decreases) increases resulting from:

 

 

Stock option and restricted stock

 

(536)

 

(52)

Bank owned life insurance

 

(114)

 

(179)

Tax-exempt income

 

(15)

 

(3)

Meals and entertainment

 

48

 

64

Captive insurance premium

 

 

(244)

Non-deductible compensation

250

State income taxes, net of federal benefit

 

1,663

 

2,329

Other

 

222

 

244

Provision for income taxes

$

12,940

$

13,288

Effective tax rate

 

23.8

%  

 

25.1

%  

Schedule of Deferred Tax Assets and Liabilities

(In thousands)

    

December 31, 2024

    

December 31, 2023

Deferred tax assets:

 

  

 

  

Allowance for credit losses

$

7,168

$

6,940

SERP

 

1,788

 

1,669

Stock-based compensation

 

1,010

 

1,070

Deferred compensation

 

1,750

 

1,329

Depreciation

 

701

 

674

Deferred loan fees and costs, net

227

Net unrealized securities losses

 

1,755

 

1,759

Commitment reserve

 

171

 

172

Net other deferred tax assets

 

820

 

698

Gross deferred tax assets

 

15,390

 

14,311

Deferred tax liabilities:

 

 

Goodwill

 

413

 

418

Deferred servicing fees

 

40

 

74

REIT deferral

596

929

Bond accretion

 

32

 

49

Deferred loan fees and costs, net

35

Interest rate swaps

 

203

 

253

Gross deferred tax liabilities

 

1,284

 

1,758

Net deferred tax asset

$

14,106

$

12,553