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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Attributable to Income from Operations

For the years ended December 31, 2021 and 2020, income tax expense attributable to income from operations consisted of the following (in thousands):

						2021						2020
Current expense:
Federal						$	5,732					$	4,413
State						1,033						280
Total current						6,765						4,693
Deferred expense/(benefit):
Federal						527						(136)
State						43						50
Total deferred						570						(86)
Income tax expense						$	7,335					$	4,607

Reconciliation of Income Tax Expense

Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate to income before income tax expense as follows (in thousands):

						2021						2020
Statutory federal tax rate						21		%				21		%
Tax computed at statutory rate						$	7,090					$	5,013
Increase (reduction) resulting from:
Tax-exempt income						(380)						(395)
831(b) premium adjustment						(291)						(296)
Dividend exclusion						(8)						(5)
State taxes, net of Federal impact						803						118
Nondeductible interest expense						4						5
Other items, net						117						167
Income tax expense						$	7,335					$	4,607
Effective tax rate						21.7		%				19.3		%

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, are presented below (in thousands):

						2021						2020
Deferred tax assets:
Allowance for loan losses						$	5,546					$	5,393
Accrual for employee benefit plans						—						47
Depreciation						979						681
Deferred compensation and directors' fees						1,130						1,045
Operating lease liabilities						1,976						1,831
Purchase accounting adjustment – loans						—						1
Purchase accounting adjustment – fixed assets						153						149
Gain on deemed sale of securities						—						54
Net unrealized losses on securities available for sale						886						—
Accounting for defined benefit pension and other benefit plans						1,347						2,302
Nonaccrued interest						473						687
Accrued expense						139						158
Other items, net						127						48
Total gross deferred tax assets						12,756						12,396
Deferred tax liabilities:
Deferred loan fees and costs						355						274
Prepaid pension						3,715						3,344
Net unrealized gains on securities available for sale						—						3,124
Discount accretion						78						50
Core deposit intangible						1,556						1,353
REIT dividend						608						616
Operating lease right-of-use assets						1,976						1,831
Accrual for employee benefit plans						3						—
Other						344						168
Total gross deferred tax liabilities						8,635						10,760
Net deferred tax asset						$	4,121					$	1,636

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- 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
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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