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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Schedule of Components of the Provision for Federal Income Taxes |
| Years Ended December 31,
| 2022 |  | 2021
| (In Thousands)
Current | $ | 6,733 |  | $ | 6,328
Deferred |  | 419 |  |  | (383)
| $ | 7,152 |  | $ | 5,945
Schedule of Effective Income Tax Rate Reconciliation |
| Percentage of Income |
| before Income Taxes |
| Years Ended December 31, |
| 2022 |  |  | 2021 |
Tax at statutory rates | 21.0 | % |  | 21.0 | %
Tax exempt interest income, net of interest expense disallowance | (1.6) |  |  | (1.9) |
Non-deductible merger related expenses | — |  |  | — |
Earnings and proceeds on life insurance | (0.6) |  |  | (0.6) |
Other | 0.9 |  |  | 0.8 |
| 19.7 | % |  | 19.3 | %
Schedule of Deferred Tax Assets and Liabilities |
| 2022 |  | 2021
| (In Thousands)
Deferred tax assets: |  |  |  |  |
Allowance for loan losses | $ | 3,985 |  | $ | 3,855
Deferred compensation |  | 834 |  |  | 817
Core deposit intangible |  | 204 |  |  | 231
Pension liability |  | 267 |  |  | 302
Foreclosed real estate valuation allowance |  | 19 |  |  | 19
Net operating loss carryforward |  | 829 |  |  | 913
Purchase price adjustment |  | 1,779 |  |  | 2,487
Net unrealized loss on securities |  | 15,399 |  |  | 386
Other |  | 2,838 |  |  | 1,228
Total Deferred Tax Assets |  | 26,154 |  |  | 10,238
Deferred tax liabilities: |  |  |  |  |
Premises and equipment |  | 1,085 |  |  | 1,004
Deferred loan fees |  | 1,366 |  |  | 125
Net unrealized gain on pension liability |  | 154 |  |  | 318
Total Deferred Tax Liabilities |  | 2,605 |  |  | 1,447
Net Deferred Tax Asset | $ | 23,549 |  | $ | 8,791

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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 https://asc.fasb.org/extlink&oid=121826272&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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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