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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense |
(In thousands) |  | 2020 |  | 2019
Current Tax expense: |  |  |  |  |  |
Federal |  | $ | 1,957 |  | $ | 1,547
State |  |  | 1,463 |  |  | 836
|  | $ | 3,420 |  | $ | 2,383
Deferred tax expense: |  |  |  |  |  |
Federal |  | $ | 772 |  | $ | 818
State |  |  | (245) |  |  | 135
|  | $ | 527 |  | $ | 953
Income tax expense for the year |  | $ | 3,947 |  | $ | 3,336
Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate |
|  | 2020 |  | 2019
Federal statutory rate |  |  | 21.0% |  |  | 21.0%
Tax-exempt income on securities and loans |  |  | (1.3) |  |  | (1.4)
Tax-exempt BOLI income |  |  | (1.5) |  |  | (2.9)
State income tax, net of federal tax benefit |  |  | 5.1 |  |  | 4.8
Tax credits |  |  | (1.2) |  |  | (1.5)
Other |  |  | 0.1 |  |  | 0.3
|  |  | 22.2% |  |  | 20.3%
Components of Deferred Tax Assets and Liabilities |
(In thousands) |  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Allowance for loan losses |  | $ | 4,417 |  | $ | 3,357
Deferred fees |  |  | 490 |  |  | 193
Deferred compensation |  |  | 1,019 |  |  | 852
Federal and state tax loss carry forwards |  |  | 2,743 |  |  | 2,617
Tax credit carry forwards |  |  | — |  |  | 1,853
Unrealized loss on investment securities |  |  | 1,089 |  |  | 1,336
Pension/SERP |  |  | 3,141 |  |  | 2,412
Lease liability |  |  | 569 |  |  | 840
Low income housing tax credit |  |  | 647 |  |  | 490
Other than temporary impairment on investment securities |  |  | 643 |  |  | 655
Derivative contract |  |  | 353 |  |  | 36
Other real estate owned |  |  | 271 |  |  | 479
Other |  |  | 115 |  |  | 158
Total deferred tax assets |  |  | 15,497 |  |  | 15,278
Valuation allowance |  |  | (2,743) |  |  | (2,617)
Total deferred tax assets less valuation allowance |  |  | 12,754 |  |  | 12,661
Deferred tax liabilities: |  |  |  |  |  |
Goodwill |  |  | (2,805) |  |  | (2,805)
Lease right-of-use asset |  |  | (545) |  |  | (720)
Depreciation |  |  | (1,380) |  |  | (1,528)
Other |  |  | (52) |  |  | (167)
Total deferred tax liabilities |  |  | (4,782) |  |  | (5,220)
Net deferred tax assets |  | $ | 7,972 |  | $ | 7,441

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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