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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of income tax expense were as follows:
(In thousands) | 2023 |  | 2022
Current: |  |  |
Federal | $ | 7,924 |  |  | $ | 7,461 |
State | (534) |  |  | 1,259 |
Total | 7,390 |  |  | 8,720 |
Deferred: |  |  |
Federal | 755 |  |  | 592 |
State | 16 |  |  | (113) |
Total | 771 |  |  | 479 |
Provision for income taxes | $ | 8,161 |  |  | $ | 9,199 |
The differences between the ETR and the federal statutory income tax rate are as follows:
| 2023 |  | 2022
Federal income tax at statutory rate | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 1.5 |  |  | 1.8 |
Tax-exempt income | (1.3) |  |  | (1.1) |
Earnings on investment in bank-owned life insurance | (1.0) |  |  | (0.7) |
Tax credit benefits | — |  |  | (0.6) |
Other | 0.3 |  |  | 0.1 |
Effective income tax rate | 20.5 | % |  | 20.5 | %
The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31:
(In thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Investment securities available for sale | $ | 12,052 |  |  | $ | 15,210 |
Allowance for credit losses | 4,533 |  |  | 4,128 |
Accrued deferred compensation | 1,166 |  |  | 1,064 |
Pension | 1,162 |  |  | 1,608 |
Deferred director fees | 1,097 |  |  | 978 |
Other | 783 |  |  | 719 |
Lease liability | 742 |  |  | 731 |
Nonaccrual interest | 740 |  |  | 792 |
Allowance for unfunded commitments | 390 |  |  | — |
Accumulated depreciation | 3 |  |  | — |
Purchase accounting | — |  |  | 149 |
Total gross deferred tax assets | 22,668 |  |  | 25,379 |
Deferred tax liabilities: |  |  |
Prepaid benefit cost | 4,552 |  |  | 4,571 |
Goodwill and intangibles, net | 1,439 |  |  | 1,462 |
Right of use asset | 742 |  |  | 731 |
Prepaid expenses | 67 |  |  | 179 |
Deferred loan fees | 57 |  |  | 66 |
Accumulated depreciation | — |  |  | 208 |
Purchase accounting | 25 |  |  | — |
Total gross deferred tax liabilities | 6,882 |  |  | 7,217 |
Net deferred tax asset | $ | 15,786 |  |  | $ | 18,162 |
Rehabilitation and low-income housing income tax credits were $14 thousand and $281 thousand, during 2023 and 2022, respectively. The Corporation did not have any uncertain tax positions at December 31, 2023 and 2022. The Corporation’s policy is to recognize interest and penalties on unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. The Corporation and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states for which income is derived. The Corporation is no longer subject to examination by taxing authorities for year before 2019.

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