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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

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, 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		%

Components of Deferred Tax Assets and Liabilities

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

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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