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INCOME TAXES (Tables)

12 Months Ended

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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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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-Topic 740
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-Section 50
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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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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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