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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31 are as follows:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,536 |  |  | $ | 6,289 |  |  | $ | 4,005 |
State |  |  | 271 |  |  |  | 513 |  |  |  | 63 |
Total current |  |  | 7,807 |  |  |  | 6,802 |  |  |  | 4,068 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,746 | ) |  |  | (1,596 | ) |  |  | 227 |
State |  |  | (59 | ) |  |  | (95 | ) |  |  | 65 |
Total deferred |  |  | (1,805 | ) |  |  | (1,691 | ) |  |  | 292 |
Total Income Tax |  | $ | 6,002 |  |  | $ | 5,111 |  |  | $ | 4,360 |
Reconciliation of the Statutory Federal Income Tax Rate to the Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the effective tax rate:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal income tax at statutory rates |  | $ | 6,194 |  |  | $ | 5,294 |  |  | $ | 4,780 |
(Decrease) increase resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit |  |  | 167 |  |  |  | 330 |  |  |  | 101 |
Tax exempt interest |  |  | (116 | ) |  |  | (146 | ) |  |  | (170 | )
Section 831 deduction |  |  | (294 | ) |  |  | (266 | ) |  |  | (268 | )
Other |  |  | 51 |  |  |  | (101 | ) |  |  | (83 | )
Total Income Tax |  | $ | 6,002 |  |  | $ | 5,111 |  |  | $ | 4,360 |
Components of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31 are comprised of the following:
|  | (In Thousands) |
|  | 2021 |  |  | 2020 |
Deferred Tax Assets: |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ | 3,629 |  |  | $ | 3,128 |
Deferred compensation |  |  | 561 |  |  |  | 537 |
Net unrealized loss on available-for-sale securities |  |  | 846 |  |  |  | - |
Fair value adjustments |  |  | 1,913 |  |  |  | - |
Other |  |  | 277 |  |  |  | 142 |
Total deferred tax assets |  |  | 7,226 |  |  |  | 3,807 |
Deferred Tax Liabilities: |  |  |  |  |  |  |  |
Accreted discounts on bonds |  |  | 22 |  |  |  | 4 |
Depreciation |  |  | 772 |  |  |  | 878 |
FHLB stock dividends |  |  | 828 |  |  |  | 481 |
Intangible amortization |  |  | 1,282 |  |  |  | 1,144 |
Mortgage servicing rights |  |  | 778 |  |  |  | 725 |
Net unrealized gain on available-for-sale securities |  |  | - |  |  |  | 1,514 |
Prepaids |  |  | 471 |  |  |  | 525 |
Other |  |  | 173 |  |  |  | 5 |
Total deferred tax liabilities |  |  | 4,326 |  |  |  | 5,276 |
Net Deferred Tax Asset (Liability) |  | $ | 2,900 |  |  | $ | (1,469 | )

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