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Income Taxes (Tables)

12 Months Ended

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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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.

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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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Tabular disclosure of deferred tax liabilities not recognized because of the exceptions to comprehensive recognition of deferred taxes, including a description of the temporary differences, events that would cause the temporary differences to become taxable, the cumulative amounts of the temporary differences and the amounts not recognized as deferred tax liabilities or a statement that the determination of the deferred tax liabilities is not practicable.

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