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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Components of the Provision for Federal Income Taxes

	Years Ended December 31,
	2020			2019
	(In Thousands)
Current	$	7,754		$	1,620
Deferred		(4,468)			988
	$	3,286		$	2,608

Schedule of Effective Income Tax Rate Reconciliation

	Percentage of Income
	before Income Taxes
	Years Ended December 31,
	2020			2019
Tax at statutory rates	21.0	%		21.0	%
Tax exempt interest income, net of interest expense disallowance	(3.7)			(4.4)
Non-deductible merger related expenses	1.1			—
Earnings and proceeds on life insurance	(1.0)			(1.0)
Other	0.5			(0.1)
	17.9	%		15.5	%

Schedule of Deferred Tax Assets and Liabilties

	2020			2019
	(In Thousands)
Deferred tax assets:
Allowance for loan losses	$	2,761		$	1,787
Deferred compensation		758			797
Core deposit intangible		230			141
Prepaid expenses		20			55
Pension liability		118			360
Foreclosed real estate valuation allowance		17			17
Net operating loss carryforward		893			968
Purchase price adjustment		2,832			—
Deferred loan fees		60			—
Other		747			122
Total Deferred Tax Assets		8,436			4,247
Deferred tax liabilities:
Premises and equipment		920			598
Deferred loan fees		—			220
Net unrealized gain on pension liability		272			221
Purchase price adjustment		—			327
Net unrealized gain on securities		1,089			94
Total Deferred Tax Liabilities		2,281			1,460
Net Deferred Tax Asset	$	6,155		$	2,787

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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

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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.

+ 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

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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.

+ 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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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