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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
INCOME TAXES | 13. INCOME TAXES The net deferred tax asset at December 31, 2023 and 2022 represents the following temporary difference components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​ | December 31,
(In Thousands) |  | 2023 |  | 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses on securities | ​ | $ | 10,335 | ​ | $ | 13,391
Allowance for credit losses on loans | ​ | ​ | 4,230 | ​ | ​ | 3,648
Purchase accounting adjustments on loans | ​ |  | 470 | ​ |  | 938
Deferred compensation | ​ |  | 1,352 | ​ |  | 1,149
Operating leases liability | ​ |  | 787 | ​ |  | 907
Deferred loan origination fees | ​ |  | 731 | ​ |  | 779
Net operating loss carryforward | ​ | ​ | 541 | ​ | ​ | 659
Accrued incentive compensation | ​ | ​ | 463 | ​ | ​ | 354
Other deferred tax assets | ​ |  | 1,316 | ​ |  | 1,115
Total deferred tax assets | ​ |  | 20,225 | ​ |  | 22,940
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
BOLI surrender | ​ | ​ | 950 | ​ | ​ | 0
Defined benefit plans - ASC 835 | ​ |  | 119 | ​ |  | 129
Bank premises and equipment | ​ |  | 291 | ​ |  | 298
Core deposit intangibles | ​ |  | 544 | ​ |  | 633
Right-of-use assets from operating leases | ​ | ​ | 787 | ​ | ​ | 907
Other deferred tax liabilities | ​ |  | 93 | ​ |  | 89
Total deferred tax liabilities | ​ |  | 2,784 | ​ |  | 2,056
Deferred tax asset, net | ​ | $ | 17,441 | ​ | $ | 20,884
​ The provision for income taxes includes the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | 2023 | ​ | 2022 |  | 2021
Currently payable | ​ | $ | 5,499 | ​ | $ | 5,998 | ​ | $ | 8,386
Tax expense resulting from allocations of certain tax benefits to equity or as a reduction in other assets |  | ​ | 0 | ​ | ​ | 134 | ​ | ​ | 128
Deferred |  | ​ | 836 | ​ | ​ | (400) | ​ | ​ | (1,381)
Total provision | ​ | $ | 6,335 | ​ | $ | 5,732 | ​ | $ | 7,133
​ A reconciliation of income tax at the statutory rate to the Corporation’s effective rate is as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 | ​ | 2022 | ​ | 2021
(Dollars In Thousands) |  | Amount |  | % | ​ | Amount |  | % |  | Amount |  | %
Expected provision | ​ | $ | 6,401 |  | 21.0 | ​ | $ | 6,794 |  | 21.0 | ​ | $ | 7,914 |  | 21.0
Tax-exempt interest income | ​ |  | (964) |  | (3.2) | ​ |  | (1,029) |  | (3.2) | ​ |  | (921) |  | (2.4)
Increase in cash surrender value and other income from life insurance, net | ​ |  | (586) |  | (1.9) | ​ |  | (103) |  | (0.3) | ​ |  | (118) |  | (0.3)
ESOP dividends | ​ |  | (143) |  | (0.5) | ​ |  | (130) |  | (0.4) | ​ |  | (120) |  | (0.3)
Initiated surrender of bank-owned life insurance | ​ | ​ | 950 | ​ | 3.1 | ​ | ​ | 0 | ​ | 0.0 | ​ | ​ | 0 | ​ | 0.0
State income tax, net of Federal benefit | ​ |  | 329 |  | 1.1 | ​ |  | 296 |  | 0.9 | ​ |  | 375 |  | 1.0
Nondeductible interest expense | ​ |  | 283 |  | 0.9 | ​ |  | 87 | ​ | 0.3 | ​ | ​ | 52 | ​ | 0.1
Other, net | ​ |  | 65 |  | 0.3 | ​ |  | (183) |  | (0.6) | ​ |  | (49) |  | (0.1)
Effective income tax provision | ​ | $ | 6,335 |  | 20.8 | ​ | $ | 5,732 |  | 17.7 | ​ | $ | 7,133 |  | 18.9
​ The Corporation has a net operating loss (“NOL”) available to be carried forward against future federal taxable income. Availability of the NOL does not expire; however, the amount that may be offset against taxable income is limited to approximately $563,000 per year and further limited annually to no more than 80% of taxable income without regard to the NOL. At December 31, 2023, the unused amount of the NOL is $2.6 million. The Corporation has no unrecognized tax benefits, nor pending examination issues related to tax positions taken in preparation of its income tax returns. With limited exceptions, the Corporation is no longer subject to examination by the Internal Revenue Service for years prior to 2020.

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