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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of deferred tax assets and deferred tax liabilities

​

​	​	​	​	​	​	​
​		December 31,		​	December 31,
(In Thousands)		2021			2020
Deferred tax assets:	​	​	​	​	​	​
Allowance for loan losses	​	$	2,935	​	$	2,154
Purchase accounting adjustments on loans	​		1,621	​		1,930
Net operating loss carryforward	​	​	778	​	​	896
Operating leases liability	​	​	821	​	​	724
Other deferred tax assets	​		3,260	​		3,089
Total deferred tax assets	​		9,415	​		8,793
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Unrealized holding gains on securities	​		1,278	​		3,104
Defined benefit plans - ASC 835	​		57	​		32
Bank premises and equipment	​		460	​		1,216
Core deposit intangibles	​		725	​		840
Right-of-use assets from operating leases	​	​	821	​	​	724
Other deferred tax liabilities	​		187	​		172
Total deferred tax liabilities	​		3,528	​		6,088
Deferred tax asset, net	​	$	5,887	​	$	2,705

Schedule of components of income tax expense

​

​	​	​	​	​	​	​
(In Thousands)		2021			2020
Currently payable	​	$	8,386	​	$	4,230
Tax expense resulting from allocations of certain tax benefits to equity or as a reduction in other assets		​	128		​	121
Deferred		​	(1,381)		​	(361)
Total provision	​	$	7,133	​	$	3,990

Schedule of reconciliation of income tax

​

​	​	​	​	​	​	​	​	​	​	​
​		2021				​	2020
(Dollars In Thousands)		Amount			%		Amount			%
Expected provision	​	$	7,914		21.0	​	$	4,875		21.0
Tax-exempt interest income	​		(921)		(2.4)	​		(808)		(3.5)
Increase in cash surrender value and other income from life insurance, net	​		(118)		(0.3)	​		(170)		(0.7)
ESOP dividends	​		(120)		(0.3)	​		(110)		(0.5)
State income tax, net of Federal benefit	​		375		1.0	​		172		0.7
Other, net	​		3		0.0	​		31		0.1
Effective income tax provision	​	$	7,133		18.9	​	$	3,990		17.2

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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