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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31, 2020 and 2019, are as follows:
In thousands | 2020 |  | 2019
Federal: |  |  |
Current | $ | 4,672 |  |  | $ | 5,169 |
Deferred | (1,121) |  |  | 122 |
| 3,551 |  |  | 5,291 |
State: |  |  |
Current | 805 |  |  | 338 |
Deferred | (48) |  |  | 16 |
| 757 |  |  | 354 |
| $ | 4,308 |  |  | $ | 5,645 |
Schedule of Reconciliations of the Statutory Federal Income Tax | Reconciliations of the statutory federal income tax to the income tax expense reported in the consolidated statements of income for the years ended December 31, 2020 and 2019, are as follows:
| Percentage of Income before Income Taxes
| 2020 |  | 2019
Federal income tax at statutory rate | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 2.6 | % |  | 1.0 | %
Tax-exempt income | (2.0) | % |  | (1.5) | %
Earnings on investment in bank-owned life insurance | (1.3) | % |  | (0.8) | %
Rehabilitation and low-income housing credits | (1.1) | % |  | (1.0) | %
Reduction of federal tax rate | — | % |  | — | %
Other | (0.1) | % |  | 0.5 | %
| 19.1 | % |  | 19.2 | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets and liabilities at December 31 were as follows:
In thousands | 2020 |  | 2019
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 4,367 |  |  | $ | 2,995 |
Available for sale securities | — |  |  | — |
Accrued deferred compensation | 1,053 |  |  | 941 |
Pension | 2,939 |  |  | 2,033 |
Deferred loan fees | 634 |  |  | — |
Other-than-temporary impairment | 43 |  |  | 43 |
Nonaccrual interest | 359 |  |  | 194 |
Deferred director fees | 766 |  |  | 664 |
Acquisition accounting | (501) |  |  | 377 |
Other | 1,747 |  |  | 604 |
| 11,407 |  |  | 7,851 |
Deferred tax liabilities: |  |  |
Deferred loan fees | — |  |  | 94 |
Available for sale securities | 1,328 |  |  | 391 |
Prepaid pension benefit cost | 4,207 |  |  | 4,154 |
Prepaid expenses | 130 |  |  | 129 |
Accumulated depreciation | 555 |  |  | 221 |
Goodwill/intangibles | 1,259 |  |  | 1,181 |
| 7,479 |  |  | 6,170 |
Net Deferred Tax Asset included in Other Assets | $ | 3,928 |  |  | $ | 1,681 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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