XML 53 R39.htm IDEA: XBRL DOCUMENT v3.20.4

INCOME TAXES (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration