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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense for the years ended December 31, 2022 and 2021, are as follows:

In thousands			2022						2021
Federal:
Current			$	7,461					$	6,189
Deferred			592						24
			8,053						6,213
State:
Current			1,259						949
Deferred			(113)						23
			1,146						972
			$	9,199					$	7,185

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, 2022 and 2021, are as follows:

			Percentage of Income before Income Taxes
			2022						2021
Federal income tax at statutory rate			21.0		%				21.0		%
State income taxes, net of federal benefit			1.8		%				2.2		%
Tax-exempt income			(1.1)		%				(1.1)		%
Earnings on investment in bank-owned life insurance			(0.7)		%				(0.9)		%
Tax credit benefits			(0.6)		%				(0.8)		%
Reduction of federal tax rate			—		%				—		%
Other			0.1		%				0.1		%
			20.5		%				20.5		%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities at December 31 were as follows:

In thousands			2022						2021
Deferred tax assets:
Allowance for loan losses			$	4,128					$	4,336
Available for sale securities			15,210						1,017
Accrued deferred compensation			1,064						1,126
Lease liability			731						—
Pension			1,608						1,714
Deferred loan fees			—						203
Other-than-temporary impairment			—						43
Nonaccrual interest			792						590
Deferred director fees			978						844
Purchase accounting			149						(1,112)
Other			719						1,719
			25,379						10,480
Deferred tax liabilities:
Deferred loan fees			66						—
Accumulated depreciation			208						354
Prepaid benefit cost			4,571						4,148
Right of use asset			731						—
Prepaid expenses			179						131
Goodwill/intangibles			1,462						1,333
			7,217						5,966
Net Deferred Tax Asset included in Other Assets			$	18,162					$	4,514

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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.

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