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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,144 |  |  | $ | 3,052 |  |  | $ | 7,430 |
State |  |  | 184 |  |  |  | 287 |  |  |  | 359 |
Total current |  |  | 6,328 |  |  |  | 3,339 |  |  |  | 7,789 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 271 |  |  |  | 2,182 |  |  |  | 227 |
State |  |  | 36 |  |  |  | 46 |  |  |  | (56 | )
Total deferred |  |  | 307 |  |  |  | 2,228 |  |  |  | 171 |
Total Income Tax |  | $ | 6,635 |  |  | $ | 5,567 |  |  | $ | 7,960 |
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) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal income tax at statutory rates |  | $ | 6,840 |  |  | $ | 5,954 |  |  | $ | 8,489 |
(Decrease) increase resulting from: |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit |  |  | 174 |  |  |  | 264 |  |  |  | 239 |
Tax exempt interest |  |  | (106 | ) |  |  | (129 | ) |  |  | (133 | )
Investments reported under proportional amortization method |  |  | 65 |  |  |  | - |  |  |  | - |
Section 831 deduction |  |  | - |  |  |  | (187 | ) |  |  | (270 | )
Other |  |  | (338 | ) |  |  | (335 | ) |  |  | (365 | )
Total Income Tax |  | $ | 6,635 |  |  | $ | 5,567 |  |  | $ | 7,960 |
Components of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31 are comprised of the following:
|  | (In Thousands) |
|  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 6,009 |  |  | $ | 5,888 |
Deferred compensation |  |  | 578 |  |  |  | 547 |
Net unrealized loss on available-for-sale securities |  |  | 6,705 |  |  |  | 7,712 |
Fair value adjustments |  |  | 623 |  |  |  | 1,179 |
Other |  |  | 58 |  |  |  | 307 |
Total deferred tax assets |  |  | 13,973 |  |  |  | 15,633 |
Deferred Tax Liabilities: |  |  |  |  |  |
Accreted discounts on bonds |  |  | 169 |  |  |  | 95 |
Depreciation |  |  | 2,066 |  |  |  | 2,409 |
FHLB stock dividends |  |  | 762 |  |  |  | 880 |
Intangible amortization |  |  | 2,178 |  |  |  | 2,421 |
Loan servicing rights |  |  | 1,247 |  |  |  | 1,252 |
Prepaids |  |  | 560 |  |  |  | 244 |
Other |  |  | 462 |  |  |  | 488 |
Total deferred tax liabilities |  |  | 7,444 |  |  |  | 7,789 |
Net Deferred Tax Asset |  | $ | 6,529 |  |  | $ | 7,844 |

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