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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31 are as follows:
|  | (In Thousands) |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,052 |  |  | $ | 7,430 |  |  | $ | 7,536 |
State |  |  | 287 |  |  |  | 359 |  |  |  | 271 |
Total current |  |  | 3,339 |  |  |  | 7,789 |  |  |  | 7,807 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 2,182 |  |  |  | 227 |  |  |  | (1,746 | )
State |  |  | 46 |  |  |  | (56 | ) |  |  | (59 | )
Total deferred |  |  | 2,228 |  |  |  | 171 |  |  |  | (1,805 | )
Total Income Tax |  | $ | 5,567 |  |  | $ | 7,960 |  |  | $ | 6,002 |
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) |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal income tax at statutory rates |  | $ | 5,954 |  |  | $ | 8,489 |  |  | $ | 6,194 |
(Decrease) increase resulting from: |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit |  |  | 264 |  |  |  | 239 |  |  |  | 167 |
Tax exempt interest |  |  | (129 | ) |  |  | (133 | ) |  |  | (116 | )
Section 831 deduction |  |  | (187 | ) |  |  | (270 | ) |  |  | (294 | )
Other |  |  | (335 | ) |  |  | (365 | ) |  |  | 51 |
Total Income Tax |  | $ | 5,567 |  |  | $ | 7,960 |  |  | $ | 6,002 |
Components of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31 are comprised of the following:
|  | (In Thousands) |
|  | 2023 |  |  | 2022 |
Deferred Tax Assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 5,888 |  |  | $ | 4,623 |
Deferred compensation |  |  | 547 |  |  |  | 570 |
Net unrealized loss on available-for-sale securities |  |  | 7,712 |  |  |  | 10,163 |
Fair value adjustments |  |  | 1,179 |  |  |  | 2,152 |
Other |  |  | 307 |  |  |  | 554 |
Total deferred tax assets |  |  | 15,633 |  |  |  | 18,062 |
Deferred Tax Liabilities: |  |  |  |  |  |
Accreted discounts on bonds |  |  | 95 |  |  |  | 54 |
Depreciation |  |  | 2,409 |  |  |  | 1,083 |
FHLB stock dividends |  |  | 880 |  |  |  | 1,011 |
Intangible amortization |  |  | 2,421 |  |  |  | 2,640 |
Loan servicing rights |  |  | 1,252 |  |  |  | 787 |
Prepaids |  |  | 244 |  |  |  | 500 |
Other |  |  | 488 |  |  |  | 424 |
Total deferred tax liabilities |  |  | 7,789 |  |  |  | 6,499 |
Net Deferred Tax Asset |  | $ | 7,844 |  |  | $ | 11,563 |

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