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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Components of Income Tax Expense

		Years Ended December 31,
		2020			2019
		(In Thousands)
Current income tax expense:
Federal	$	6,407		$	4,761
State		4,172			3,268
		10,579			8,029
Deferred income tax (benefit) expense:
Federal		(1,122)			935
State		(891)			345
		(2,013)			1,280
Total Income Tax Expense	$	8,566		$	9,309

Deferred Tax Assets and Liabilities

		December 31,
		2020			2019
Deferred income tax assets:		(In Thousands)
Allowance for loan losses	$	8,884		$	6,374
Other real estate owned expenses		9			-
Non-accrual interest		755			762
Depreciation		181			391
Benefit plan-accumulated other comprehensive loss		884			685
Valuation adjustment on loans receivable acquired		1,810			2,379
Unrealized loss on securities available for sale		-			162
Net operating loss carry forwards		1,455			1,551
Lease liability		4,352			3,880
Other		997			697
		19,327			16,881
Deferred income tax liabilities:
Valuation adjustment on premises and equipment acquired		145			479
Right-of-use assets		4,284			3,841
Unrealized gain on securities		1,088			-
SBA servicing asset		688			805
Benefit plans		548			576
		6,753			5,701
Net Deferred Tax Asset	$	12,574		$	11,180

Effective Income Tax Rate Reconciliation

		Years Ended December 31,
		2020				2019
		(In Thousands)
Federal income tax expense at statutory rate	$	6,179			$	6,372
Increases in income taxes resulting from:
State income tax , net of federal income tax effect		2,592				2,854
Tax-exempt income		(99)				(102)
Meals and entertainment		110				203
Bank-owned life insurance earnings		(217)				-
Other items, net		1				(18)
Effective Income Tax Expense	$	8,566			$	9,309
Effective Income Tax Rate		29.1	%			30.7	%

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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