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Income Taxes (Tables)

12 Months Ended

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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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.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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.

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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.

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