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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Income Taxes Note 16 - Income Taxes The components of income tax expense are summarized as follows: Years Ended December 31, 2021 2020 (In Thousands)Current income tax expense: Federal$ 8,736 $ 6,407State 6,257 4,172 14,993 10,579Deferred income tax benefit: Federal (571) (1,122)State (404) (891) (975) (2,013)Total Income Tax Expense$ 14,018 $ 8,566 Note 16 - Income Taxes (continued) The tax effects of existing temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are as follows: December 31, 2021 2020Deferred income tax assets: (In Thousands) Allowance for loan losses$ 10,610  $ 8,884  Other real estate owned expenses 11  9  Non-accrual interest 361  755  Benefit plan-accumulated other comprehensive loss 234  884  Valuation adjustment on loans receivable acquired 1,277  1,810  Net operating loss carry forwards 1,359  1,455  Lease liability 3,645  4,352  Other 1,509  1,178  19,006 19,327Deferred income tax liabilities: Valuation adjustment on premises and equipment acquired 77  145 Right-of-use assets 3,561  4,284 Unrealized gain on securities 1,028  1,088  SBA servicing asset 520  688 Borrowing modification 597  - Benefit plans 264  548 6,047 6,753Net Deferred Tax Asset$12,959 $12,574 A summary of the change in the net deferred tax asset is as follows: Years Ended December 31, 2021 2020 (In Thousands)Balance at beginning of year:$ 12,574  $ 11,180 Deferred tax benefit 975  2,013 Other comprehensive income Available for sale securities 60  (827) Benefit plan (650) 208 Balance at end of year$ 12,959  $ 12,574  In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this assessment, management has considered the profitability of current core operations, future market growth, forecasted earnings, future taxable income, and ongoing, feasible and permissible tax planning strategies. If the Company was to determine that it would not be able to realize a portion of its net deferred tax asset in the future for which there is currently no valuation allowance, an adjustment to the net deferred tax asset would be charged to earnings in the period such determination was made. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and carry forwards are available. The Company believes it will generate sufficient future taxable income to realize the tax benefits related to the remaining net deferred tax assets in our consolidated balance sheet. In conjunction with the Company’s acquisition of IA Bancorp in 2018, the Company acquired a federal net operating loss carry forward of $8.7 million. This carry forward is available for use through 2035; however, in accordance with Internal Revenue Code Section 382, usage of the carry forward is limited to $459,000 annually on a cumulative basis (portions of the $459,000 not used in a particular year may be added to subsequent usage). At December 31, 2021 and 2020, the Company had approximately $6.5 million and $6.9 million remaining of this federal net operating loss carry forward available to offset future taxable income for federal tax reporting purposes. Note 16 - Income Taxes (continued) The following table presents a reconciliation between the reported income tax expense and the income tax expense which would be computed by applying the normal federal income tax rate of 21.0 percent to income before income tax expense. Years Ended December 31, 2021 2020 (In Thousands)Federal income tax expense at statutory rate$10,134 $6,179 Increases in income taxes resulting from: State income tax , net of federal income tax effect 4,684 2,592 Tax-exempt income (45) (99) Bank-owned life insurance earnings (620) (217) Other items, net (135) 111 Effective Income Tax Expense$14,018 $8,566 Effective Income Tax Rate 29.0% 29.1%