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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense Attributable to Income from Operations | For the years ended December 31, 2024 and 2023, income tax expense attributable to income from operations consisted of the following (in thousands):
|  | 2024 |  | 2023 |  |
Current expense: |  |  |  |  |  |
Federal |  | $ | 4,877 |  |  | $ | 7,149 |  |  |
State |  | 416 |  |  | 961 |  |  |
Total current |  | 5,293 |  |  | 8,110 |  |  |
Deferred expense/(benefit): |  |  |  |  |  |
Federal |  | 1,029 |  |  | (1,271) |  |  |
State |  | 92 |  |  | (338) |  |  |
Total deferred |  | 1,121 |  |  | (1,609) |  |  |
Income tax expense |  | $ | 6,414 |  |  | $ | 6,501 |  |  |
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):
|  | 2024 |  | 2023 |  |
Statutory federal tax rate |  | 21 | % |  | 21 | % |  |
Tax computed at statutory rate |  | $ | 6,318 |  |  | $ | 6,615 |  |  |
Increase (reduction) resulting from: |  |  |  |  |  |
Tax-exempt income |  | (528) |  |  | (509) |  |  |
831(b) premium adjustment |  | — |  |  | (202) |  |  |
Dividend exclusion |  | (10) |  |  | (9) |  |  |
State taxes, net of Federal impact |  | 437 |  |  | 580 |  |  |
Nondeductible interest expense |  | 51 |  |  | 38 |  |  |
Other items, net |  | 146 |  |  | (12) |  |  |
Income tax expense |  | $ | 6,414 |  |  | $ | 6,501 |  |  |
Effective tax rate |  | 21.3 | % |  | 20.6 | % |  |
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 as of December 31, 2024 and 2023, are presented below (in thousands):
Deferred tax assets: |  | 2024 |  | 2023
Allowance for credit losses |  | $ | 5,858 |  |  | $ | 5,775 |
Depreciation |  | 1,122 |  |  | 1,408 |
Deferred compensation and directors' fees |  | 1,444 |  |  | 1,388 |
Operating lease liabilities |  | 1,435 |  |  | 1,484 |
Purchase accounting adjustment – fixed assets |  | 154 |  |  | 153 |
Net unrealized losses on securities available for sale |  | 22,487 |  |  | 22,296 |
Defined benefit pension and other benefit plans |  | 527 |  |  | 1,054 |
Nonaccrued interest |  | 381 |  |  | 484 |
Accrued expense |  | 74 |  |  | 96 |
Other items, net |  | 135 |  |  | 133 |
Total gross deferred tax assets |  | 33,617 |  |  | 34,271 |
Deferred tax liabilities: |  |  |  |
Deferred loan fees and costs |  | 1,220 |  |  | 1,389 |
Prepaid pension |  | 4,283 |  |  | 4,144 |
Discount accretion |  | 163 |  |  | 121 |
Core deposit intangible |  | 1,821 |  |  | 1,790 |
REIT dividend |  | 775 |  |  | — |
Operating lease right-of-use assets |  | 1,435 |  |  | 1,484 |
Accrual for employee benefit plans |  | 11 |  |  | 8 |
Other items, net |  | 241 |  |  | 210 |
Total gross deferred tax liabilities |  | 9,949 |  |  | 9,146 |
Net deferred tax asset |  | $ | 23,668 |  |  | $ | 25,125 |

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