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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows:
|  | For the Years Ended December 31,
(In thousands) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,423 |  |  | $ | 8,557 |  |  | $ | 4,250 |
State |  |  | 1,392 |  |  |  | 1,043 |  |  |  | 1,638 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 1,097 |  |  |  | (3,404 | ) |  |  | 4,256 |
State |  |  | 150 |  |  |  | (117 | ) |  |  | (259 | )
Total income tax expense |  | $ | 7,062 |  |  | $ | 6,079 |  |  | $ | 9,885 |
Schedule of Reconciliation of Expected Income Tax Expense (Benefit) | A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 21% for each of 2019 and 2018 and 35% for 2017 to income before income tax expense is as follows:
|  | For the Years Ended December 31,
(In thousands) |  |  | 2019 |  |  |  | 2018 |  |  |  | 2017 |
Expected income tax expense |  | $ | 7,868 |  |  | $ | 7,633 |  |  | $ | 12,214 |
(Reductions) increases resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (1,755 | ) |  |  | (2,009 | ) |  |  | (3,868 | )
State taxes, net of federal benefit |  |  | 1,218 |  |  |  | 732 |  |  |  | 896 |
Share-based compensation adjustment |  |  | (281 | ) |  |  | (286 | ) |  |  | (376 | )
Adjustment of deferred tax asset or liability for TCJA |  |  | — |  |  |  | (74 | ) |  |  | 1,824 |
Other, net |  |  | 12 |  |  |  | 83 |  |  |  | (805 | )
Total income tax expense |  | $ | 7,062 |  |  | $ | 6,079 |  |  | $ | 9,885 |
Schedule of Deferred Assets and Liabilities | The tax effects of temporary differences which give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:
|  | December 31,
(In thousands) |  |  | 2019 |  |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 2,452 |  |  | $ | 2,376 |
ASC 715 pension funding liability |  |  | 7,642 |  |  |  | 6,000 |
Net operating loss carryforward (1) |  |  | 27 |  |  |  | 50 |
Supplemental executive retirement plan accrual |  |  | 2,087 |  |  |  | 1,968 |
Stock compensation |  |  | 1,987 |  |  |  | 1,673 |
Total deferred tax assets |  | $ | 14,195 |  |  | $ | 12,067 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Premises and equipment |  |  | (2,821 | ) |  |  | (1,937 | )
Pension |  |  | (974 | ) |  |  | (409 | )
Intangible assets |  |  | (1,379 | ) |  |  | (1,212 | )
Unrealized gain on investment in securities available-for-sale |  |  | (3,348 | ) |  |  | (156 | )
Other |  |  | (196 | ) |  |  | (80 | )
Total deferred tax liabilities |  | $ | (8,718 | ) |  | $ | (3,794 | )
Net deferred tax assets |  | $ | 5,477 |  |  | $ | 8,273 |
(1) | As of December 31, 2019, the Company had approximately $128,000 of net operating loss carry forwards as a result of the acquisition of Franklin Bancorp. The utilization of the net operating loss carry forward is subject to Section 382 of the Internal Revenue Code and limits the Company’s use to approximately $122,000 per year during the carry forward period, which expires in 2024.
Schedule of the Reconciliation of Unrecognized Tax Benefits | The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table:
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Balance at January 1 |  | $ | 1,403 |  |  | $ | 1,632 |  |  | $ | 1,623 |
Changes in unrecognized tax benefits as a result of tax positions taken during a prior year |  |  | 56 |  |  |  | (135 | ) |  |  | (15 | )
Changes in unrecognized tax benefits as a result of tax position taken during the current year |  |  | 171 |  |  |  | 192 |  |  |  | 263 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations |  |  | (331 | ) |  |  | (286 | ) |  |  | (239 | )
Balance at December 31 |  | $ | 1,299 |  |  | $ | 1,403 |  |  | $ | 1,632 |

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