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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Components of Income Tax Expense 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
Deferred Tax Assets and Liabilities 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 $12,574
Summary of Change in Net Deferred Tax Asset Years Ended December 31, 2021 2020 (In Thousands)Balance at beginning of year:$ 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 
Effective Income Tax Rate Reconciliation 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%