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INCOME TAXES (Tables)

12 Months Ended

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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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
-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.

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-Section 50
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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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