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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Current and Deferred Components of Income Tax Expense

The current and deferred components of income tax expense (benefit) were as follows:

For the years ended December 31,			2024						2023						2022
Federal income tax
Current			$	4,986,000					$	7,011,000					$	7,912,000
Deferred			20,000						(1,360,000)						(127,000)
			5,006,000						5,651,000						7,785,000
State franchise tax			533,000						533,000						611,000
			$	5,539,000					$	6,184,000					$	8,396,000

Schedule of Actual Tax Expense from Expected Tax Expense

The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate income tax rate to income before income taxes) as follows:

For the years ended December 31,			2024						2023						2022
Expected tax expense			$	6,843,000					$	7,498,000					$	9,951,000
Non-taxable income			(1,399,000)						(1,481,000)						(1,756,000)
State franchise tax, net of federal tax benefit			421,000						421,000						483,000
Equity compensation			(35,000)						(27,000)						(54,000)
Tax credits, net of amortization			(253,000)						(201,000)						(203,000)
Other			(38,000)						(26,000)						(25,000)
			$	5,539,000					$	6,184,000					$	8,396,000

Schedule of Components of Deferred Tax Assets and Liabilities

Items that give rise to the deferred income tax assets and liabilities and the tax effect of each at December 31, 2024 and 2023 are as follows:

			2024						2023
Allowance for credit losses			$	5,414,000					$	5,380,000
OREO			7,000						—
Accrued pension and post-retirement			718,000						752,000
Unrealized loss on securities available for sale			11,343,000						10,520,000
Unrealized loss on derivative instruments			1,020,000						913,000
Unrealized loss on securities transferred from available for sale to held to maturity			12,000						15,000
Restricted stock grants			367,000						323,000
Core deposit intangible			25,000						29,000
Investment in flow through entities			141,000						99,000
Other assets			26,000						24,000
Total deferred tax asset			19,073,000						18,055,000
Net deferred loan costs			(2,826,000)						(2,599,000)
Depreciation			(2,253,000)						(2,383,000)
Goodwill			(371,000)						(319,000)
Mortgage servicing rights			(398,000)						(457,000)
Unrealized gain on derivative instruments			(1,062,000)						(993,000)
Prepaid expense			(292,000)						(276,000)
Total deferred tax liability			(7,202,000)						(7,027,000)
Net deferred tax asset			$	11,871,000					$	11,028,000

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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