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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | NOTE 10 - INCOME TAXES The components of the provision for federal income taxes are as follows:
| Years Ended December 31,
| 2024 |  | 2023
| (In Thousands)
Current | $ | 27 |  | $ | 3,804
Deferred |  | (125) |  |  | 583
| $ | (98) |  | $ | 4,387
Deferred income taxes reflect temporary differences in the recognition of revenue and expenses for tax reporting and financial statement purposes, principally because certain items, such as the allowance for credit losses and loan fees are recognized in different periods for financial reporting and tax return purposes. As of December 31, 2024, the Company had a $3,176,000 net operating loss carryforward that will begin to expire by December 31, 2035. As of December 31, 2024, the Company had a $1,125,000 net operating loss carryforward that has no expiration date. A valuation allowance has not been established for deferred tax assets. Realization of the deferred tax assets is dependent on generating sufficient taxable income. Although realization is not assured, management believes it is more likely than not that all of the deferred tax asset will be realized. Deferred tax assets are recorded in other assets. Income tax expense of the Company is less than the amounts computed by applying statutory federal income tax rates to income before income taxes because of the following:
| Percentage of Income |
| Before Income Taxes |
| Years Ended December 31, |
| 2024 |  |  | 2023 |
Tax at statutory rates | 21.0 | % |  | 21.0 | %
Tax exempt interest income, net of interest expense disallowance | 157.0 |  |  | (2.0) |
Earnings and proceeds on life insurance | 86.0 |  |  | (0.7) |
State tax expense | (193.5) |  |  | 2.4 |
Other | (32.5) |  |  | — |
| 38.0 | % |  | 20.7 | %
The net deferred tax asset included in other assets in the accompanying Consolidated Balance Sheets includes the following amounts of deferred tax assets and liabilities:
| 2024 |  | 2023
| (In Thousands)
Deferred tax assets: |  |  |  |  |
Allowance for credit losses | $ | 4,751 |  | $ | 4,447
Deferred compensation |  | 860 |  |  | 867
Core deposit intangible |  | 145 |  |  | 175
Pension liability |  | 292 |  |  | 282
Net operating loss carryforward |  | 745 |  |  | 745
Current year net operating loss carry forward |  | 1,125 |  |  | —
Purchase price adjustment |  | 954 |  |  | 1,278
Net unrealized loss on securities |  | 8,913 |  |  | 12,717
Other |  | 2,966 |  |  | 3,447
Total Deferred Tax Assets |  | 20,751 |  |  | 23,958
Deferred tax liabilities: |  |  |  |  |
Premises and equipment |  | 1,451 |  |  | 1,047
Deferred loan fees |  | 1,495 |  |  | 1,427
Net unrealized gain on pension liability |  | 109 |  |  | 131
Total Deferred Tax Liabilities |  | 3,055 |  |  | 2,605
Net Deferred Tax Asset | $ | 17,696 |  | $ | 21,353
The Company’s federal and state income tax returns for taxable years through 2021 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue.

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