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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
INCOME TAXES | 13. INCOME TAXES The net deferred tax asset at December 31, 2024 and 2023 represents the following temporary difference components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, | ​ | December 31,
(In Thousands) |  | 2024 |  | 2023
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses on securities | ​ | $ | 10,459 | ​ | $ | 10,335
Allowance for credit losses on loans | ​ | ​ | 4,400 | ​ | ​ | 4,230
Purchase accounting adjustments on loans | ​ | ​ | 333 | ​ | ​ | 470
Deferred compensation | ​ |  | 1,465 | ​ |  | 1,352
Deferred loan origination fees | ​ |  | 697 | ​ |  | 731
Operating leases liability | ​ |  | 692 | ​ |  | 787
Accrued incentive compensation | ​ | ​ | 678 | ​ | ​ | 463
Net operating loss carryforward | ​ | ​ | 423 | ​ | ​ | 541
Other deferred tax assets | ​ |  | 1,520 | ​ |  | 1,316
Total deferred tax assets | ​ |  | 20,667 | ​ |  | 20,225
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Right-of-use assets from operating leases | ​ | ​ | 692 | ​ | ​ | 787
Core deposit intangibles | ​ |  | 456 | ​ |  | 544
Bank premises and equipment | ​ |  | 290 | ​ |  | 291
Defined benefit plans - ASC 835 | ​ |  | 90 | ​ |  | 119
BOLI surrender | ​ | ​ | 0 | ​ | ​ | 950
Other deferred tax liabilities | ​ | ​ | 41 | ​ | ​ | 93
Total deferred tax liabilities | ​ |  | 1,569 | ​ |  | 2,784
Deferred tax asset, net | ​ | $ | 19,098 | ​ | $ | 17,441
​ The provision for income taxes includes the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | 2024 | ​ | 2023 |  | 2022
Currently payable | ​ | $ | 7,417 | ​ | $ | 5,499 | ​ | $ | 5,998
Tax expense resulting from allocations of certain tax benefits to equity or as a reduction in other assets |  | ​ | 0 | ​ | ​ | 0 | ​ | ​ | 134
Deferred |  | ​ | (1,504) | ​ | ​ | 836 | ​ | ​ | (400)
Total provision | ​ | $ | 5,913 | ​ | $ | 6,335 | ​ | $ | 5,732
​ A reconciliation of income tax at the statutory rate to the Corporation’s effective rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023 | ​ | 2022
(Dollars In Thousands) |  | Amount |  | % | ​ | Amount |  | % |  | Amount |  | %
Expected provision | ​ | $ | 6,693 |  | 21.0 | ​ | $ | 6,401 |  | 21.0 | ​ | $ | 6,794 |  | 21.0
Tax-exempt interest income | ​ |  | (964) |  | (3.0) | ​ |  | (964) |  | (3.2) | ​ |  | (1,029) |  | (3.2)
Increase in cash surrender value and other income from life insurance, net | ​ |  | (369) |  | (1.2) | ​ |  | (586) |  | (1.9) | ​ |  | (103) |  | (0.3)
ESOP dividends | ​ |  | (144) |  | (0.5) | ​ |  | (143) |  | (0.5) | ​ |  | (130) |  | (0.4)
Surrender of bank-owned life insurance | ​ | ​ | 0 | ​ | 0.0 | ​ | ​ | 950 | ​ | 3.1 | ​ | ​ | 0 | ​ | 0.0
State income tax, net of federal benefit | ​ |  | 297 |  | 0.9 | ​ |  | 329 |  | 1.1 | ​ |  | 296 |  | 0.9
Nondeductible interest expense | ​ |  | 368 |  | 1.3 | ​ |  | 283 |  | 0.9 | ​ | ​ | 87 | ​ | 0.3
Other, net | ​ |  | 32 |  | 0.1 | ​ |  | 65 |  | 0.3 | ​ |  | (183) |  | (0.6)
Effective income tax provision | ​ | $ | 5,913 |  | 18.6 | ​ | $ | 6,335 |  | 20.8 | ​ | $ | 5,732 |  | 17.7
​ 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, 2024, the unused amount of the NOL is $2.0 million. The Corporation has no unrecognized tax benefits, nor pending examination issues related to tax positions taken in preparation of its income tax returns. The Corporation is generally no longer subject to examination for returns prior to 2021.

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