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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Schedule of Components of the Provision for Federal Income Taxes

	Years Ended December 31,
	2023			2022
	(In Thousands)
Current	$	3,804		$	6,733
Deferred		583			419
	$	4,387		$	7,152

Schedule of Effective Income Tax Rate Reconciliation

	Percentage of Income
	Before Income Taxes
	Years Ended December 31,
	2023			2022
Tax at statutory rates	21.0	%		21.0	%
Tax exempt interest income, net of interest expense disallowance	(2.0)			(1.6)
Earnings and proceeds on life insurance	(0.7)			(0.6)
Other	2.4			0.9
	20.7	%		19.7	%

Schedule of Deferred Tax Assets and Liabilities

	2023			2022
	(In Thousands)
Deferred tax assets:
Allowance for credit losses	$	4,447		$	3,985
Deferred compensation		867			834
Core deposit intangible		175			204
Pension liability		282			267
Foreclosed real estate valuation allowance		—			19
Net operating loss carryforward		745			829
Purchase price adjustment		1,278			1,779
Net unrealized loss on securities		12,717			15,399
Other		3,447			2,838
Total Deferred Tax Assets		23,958			26,154

Deferred tax liabilities:
Premises and equipment		1,047			1,085
Deferred loan fees		1,427			1,366
Net unrealized gain on pension liability		131			154
Total Deferred Tax Liabilities		2,605			2,605
Net Deferred Tax Asset	$	21,353		$	23,549

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-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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-Topic 740
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-Name Accounting Standards Codification
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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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