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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Components of Income Tax Expense |
|  | Years Ended December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Current income tax expense: |  |  |  |  |
Federal | $ | 12,323 |  | $ | 8,736
State |  | 6,215 |  |  | 6,257
|  | 18,538 |  |  | 14,993
Deferred income tax benefit: |  |  |  |  |
Federal |  | (967) |  |  | (571)
State |  | (40) |  |  | (404)
|  | (1,007) |  |  | (975)
Total Income Tax Expense | $ | 17,531 |  | $ | 14,018
Deferred Tax Assets and Liabilities |
|  | December 31,
|  | 2022 |  |  | 2021
Deferred income tax assets: |  | (In Thousands)
Allowance for loan losses | $ | 9,253 |  | $ | 10,610
Other real estate owned expenses |  | 2 |  |  | 11
Non-accrual interest |  | 279 |  |  | 361
Benefit plan-accumulated other comprehensive loss |  | 159 |  |  | 234
Purchase accounting adjustment on loans receivable acquired |  | 752 |  |  | 1,277
Net operating loss carry forwards |  | 1,263 |  |  | 1,359
Lease liability |  | 3,961 |  |  | 3,645
Unrealized loss on securities |  | 2,974 |  |  | -
Other |  | 2,783 |  |  | 1,509
|  | 21,426 |  |  | 19,006
Deferred income tax liabilities: |  |  |  |  |
Purchase accounting adjustment on premises and equipment acquired |  | 74 |  |  | 77
Right-of-use assets |  | 3,865 |  |  | 3,561
Unrealized gain on securities |  | - |  |  | 1,028
SBA servicing asset |  | 368 |  |  | 520
Borrowing modification |  | 440 |  |  | 597
Benefit plans |  | 217 |  |  | 264
|  | 4,964 |  |  | 6,047
Net Deferred Tax Asset | $ | 16,462 |  | $ | 12,959
Summary of Change in Net Deferred Tax Asset |
|  | Years Ended December 31,
|  | 2022 |  |  | 2021
| (In Thousands)
Balance at beginning of year: | $ | 12,959 |  | $ | 12,574
Deferred tax benefit |  | 1,007 |  |  | 975
Other comprehensive income |  |  |  |  |
Available for sale securities |  | 2,560 |  |  | 60
Benefit plan |  | (64) |  |  | (650)
Balance at end of year | $ | 16,462 |  | $ | 12,959
Effective Income Tax Rate Reconciliation |
|  | Years Ended December 31,
|  | 2022 |  |  |  | 2021 |
|  | (In Thousands)
Federal income tax expense at statutory rate | $ | 13,253 |  |  | $ | 10,134 |
Increases in income taxes resulting from: |  |  |  |  |  |  |
State income tax , net of federal income tax effect |  | 4,878 |  |  |  | 4,684 |
Tax-exempt income |  | (63) |  |  |  | (45) |
Bank-owned life insurance earnings |  | (561) |  |  |  | (620) |
Other items, net |  | 24 |  |  |  | (135) |
Effective Income Tax Expense | $ | 17,531 |  |  | $ | 14,018 |
Effective Income Tax Rate |  | 27.8 | % |  |  | 29.0 | %

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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