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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Attributable to Income from Operations

For the years ended December 31, 2023 and 2022, income tax expense attributable to income from operations consisted of the following (in thousands):

						2023						2022
Current expense:
Federal						$	7,149					$	5,501
State						961						883
Total current						8,110						6,384
Deferred expense/(benefit):
Federal						(1,271)						1,365
State						(338)						357
Total deferred						(1,609)						1,722
Income tax expense						$	6,501					$	8,106

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):

						2023						2022
Statutory federal tax rate						21		%				21		%
Tax computed at statutory rate						$	6,615					$	7,747
Increase (reduction) resulting from:
Tax-exempt income						(509)						(434)
831(b) premium adjustment						(202)						(309)
Dividend exclusion						(9)						(7)
State taxes, net of Federal impact						580						988
Nondeductible interest expense						38						8
Other items, net						(12)						113
Income tax expense						$	6,501					$	8,106
Effective tax rate						20.6		%				22.0		%

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, 2023 and 2022, are presented below (in thousands):

Deferred tax assets:						2023						2022
Allowance for credit losses						$	5,775					$	5,147
Depreciation						1,408						1,133
Deferred compensation and directors' fees						1,388						1,128
Operating lease liabilities						1,484						1,688
Purchase accounting adjustment – fixed assets						153						153
Net unrealized losses on securities available for sale						22,296						25,310
Defined benefit pension and other benefit plans						1,054						1,320
Nonaccrued interest						484						415
Accrued expense						96						117
Other items, net						133						112
Total gross deferred tax assets						34,271						36,523
Deferred tax liabilities:
Deferred loan fees and costs						1,389						1,358
Prepaid pension						4,144						4,055
Discount accretion						121						108
Core deposit intangible						1,790						1,733
REIT dividend						—						561
Operating lease right-of-use assets						1,484						1,688
Accrual for employee benefit plans						8						5
Other						210						219
Total gross deferred tax liabilities						9,146						9,727
Net deferred tax asset						$	25,125					$	26,796

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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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