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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | 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 |
Schedule of Reconciliations of the Statutory Federal Income Tax | 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 | %
Components of Deferred Tax Assets and Liabilities | 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 |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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