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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of income tax expense for the years ended December 31, 2021 and 2020, are as follows:
In thousands | 2021 |  | 2020
Federal: |  |  |
Current | $ | 6,189 |  |  | $ | 4,672 |
Deferred | 24 |  |  | (1,121) |
| 6,213 |  |  | 3,551 |
State: |  |  |
Current | 949 |  |  | 805 |
Deferred | 23 |  |  | (48) |
| 972 |  |  | 757 |
| $ | 7,185 |  |  | $ | 4,308 |
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, 2021 and 2020, are as follows:
| Percentage of Income before Income Taxes
| 2021 |  | 2020
Federal income tax at statutory rate | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 2.2 | % |  | 2.6 | %
Tax-exempt income | (1.1) | % |  | (2.0) | %
Earnings on investment in bank-owned life insurance | (0.9) | % |  | (1.3) | %
Rehabilitation and low-income housing credits | (0.8) | % |  | (1.1) | %
Reduction of federal tax rate | — | % |  | — | %
Other | 0.1 | % |  | (0.1) | %
| 20.5 | % |  | 19.1 | %
Rehabilitation and low-income housing income tax credits were $281,000 and $259,000, during 2021 and 2020, respectively. Components of deferred tax assets and liabilities at December 31 were as follows:
In thousands | 2021 |  | 2020
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 4,336 |  |  | $ | 4,367 |
Available for sale securities | 1,017 |  |  | — |
Accrued deferred compensation | 1,126 |  |  | 1,053 |
Pension | 1,714 |  |  | 2,939 |
Deferred loan fees | 203 |  |  | 634 |
Other-than-temporary impairment | 43 |  |  | 43 |
Nonaccrual interest | 590 |  |  | 359 |
Deferred director fees | 844 |  |  | 766 |
Acquisition accounting | (1,112) |  |  | (501) |
Other | 1,719 |  |  | 1,747 |
| 10,480 |  |  | 11,407 |
Deferred tax liabilities: |  |  |
Deferred loan fees | — |  |  | — |
Available for sale securities | — |  |  | 1,328 |
Prepaid pension benefit cost | 4,148 |  |  | 4,207 |
Prepaid expenses | 131 |  |  | 130 |
Accumulated depreciation | 354 |  |  | 555 |
Goodwill/intangibles | 1,333 |  |  | 1,259 |
| 5,966 |  |  | 7,479 |
Net Deferred Tax Asset included in Other Assets | $ | 4,514 |  |  | $ | 3,928 |
The Corporation did not have any uncertain tax positions at December 31, 2021 and 2020. The Corporation’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. Years that remain open for potential review by the Internal Revenue Service are 2017 through 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law making several changes to the Internal Revenue Code. The changes include, but are not limited to: increasing the limitation on the amount of deductible interest expense, allowing companies to carryback certain net operating losses, and increasing the amount of net operating loss carryforwards that corporations can use to offset taxable income. The tax law changes in the CARES Act did not have a material impact on the Corporation’s income tax provision.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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