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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 5,459 |  |  | $ | 6,378 |  |  | $ | 7,794 |
State | 639 |  |  | 1,203 |  |  | 1,365 |
Deferred: |  |  |  |  |
Federal | (891) |  |  | (242) |  |  | (990) |
State | (156) |  |  | (42) |  |  | (173) |
Total income tax expense | $ | 5,051 |  |  | $ | 7,297 |  |  | $ | 7,996 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of expected income tax expense (benefit), computed by applying the effective federal statutory rate of 21% for each year to income before income tax expense is as follows:
| For the Years Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Expected income tax expense | $ | 5,035 |  |  | $ | 7,885 |  |  | $ | 9,035 |
(Reductions) increases resulting from: |  |  |  |  |
Tax-exempt income | (1,045) |  |  | (1,104) |  |  | (1,571) |
State taxes, net of federal benefit | 382 |  |  | 917 |  |  | 942 |
Share-based compensation adjustment | 316 |  |  | 298 |  |  | 258 |
Early surrender of bank-owned life insurance | 279 |  |  | — |  |  | — |
Federal tax credits | (397) |  |  | (643) |  |  | (473) |
Other, net | 481 |  |  | (56) |  |  | (195) |
Total income tax expense | $ | 5,051 |  |  | $ | 7,297 |  |  | $ | 7,996 |
Schedule of Deferred Tax 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) | 2024 |  | 2023
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 3,188 |  |  | $ | 3,115 |
ASC 715 pension funding liability | — |  |  | 987 |
Supplemental executive retirement plan accrual | 2,345 |  |  | 2,328 |
Stock compensation | 2,623 |  |  | 2,988 |
Unrealized loss on investment securities available-for-sale (1) | 14,205 |  |  | 13,756 |
Research and development expenses | 760 |  |  | 604 |
Lease liability | 1,774 |  |  | 2,020 |
Other | 718 |  |  | 330 |
Total deferred tax assets | $ | 25,613 |  |  | $ | 26,128 |
Deferred tax liabilities: |  |  |
Premises and equipment | $ | (986) |  |  | $ | (1,144) |
ASC 715 supplemental executive retirement plan asset | (249) |  |  | — |
Pension | — |  |  | (967) |
Intangible assets | (1,900) |  |  | (1,828) |
Right of use asset | (1,677) |  |  | (1,927) |
Prepaid expenses | (936) |  |  | (765) |
Other | (391) |  |  | (283) |
Total deferred tax liabilities | $ | (6,139) |  |  | $ | (6,914) |
Net deferred tax assets | $ | 19,474 |  |  | $ | 19,214 |
(1)The deferred tax asset associated with the unrealized losses on securities is mainly a result of changes in interest rates, and the unrealized losses are considered to be temporary as the fair value is expected to recover as the securities approach their respective maturity dates. The issuers of the securities are of high credit quality and all principal amounts are expected to be paid when the securities mature. The Company does not intend to sell and it is more likely than not that the Company will not be required to sell the securities prior to their anticipated recovery.
Schedule of Unrecognized Tax Benefits Roll Forward | The reconciliation of the beginning unrecognized tax benefits balance to the ending balance is presented in the following table:
(In thousands) | 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 1,397 |  |  | $ | 1,252 |  |  | $ | 1,405 |
Changes in unrecognized tax benefits as a result of tax positions taken during a prior year | (151) |  |  | 99 |  |  | (176) |
Changes in unrecognized tax benefits as a result of tax position taken during the current year | 262 |  |  | 300 |  |  | 222 |
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (251) |  |  | (254) |  |  | (199) |
Balance at December 31 | $ | 1,257 |  |  | $ | 1,397 |  |  | $ | 1,252 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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