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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Components of Income Tax Expense |
| Years Ended December 31,
|  | 2023 |  |  | 2022 |  |  | 2021
| (In Thousands)
Current income tax expense: |  |  |  |  |  |  |  |
Federal | $ | 8,917 |  | $ | 12,323 |  | $ | 8,736
State |  | 5,592 |  |  | 6,215 |  |  | 6,257
|  | 14,509 |  |  | 18,538 |  |  | 14,993
Deferred income tax benefit: |  |  |  |  |  |  |  |
Federal |  | (1,634) |  |  | (967) |  |  | (571)
State |  | (903) |  |  | (40) |  |  | (404)
|  | (2,537) |  |  | (1,007) |  |  | (975)
Total Income Tax Expense | $ | 11,972 |  | $ | 17,531 |  | $ | 14,018
Deferred Tax Assets and Liabilities |
| December 31,
|  | 2023 |  |  | 2022
Deferred income tax assets: | (In Thousands)
Allowance for credit losses | $ | 9,805 |  | $ | 9,253
Other real estate owned expenses |  | - |  |  | 2
Non-accrual interest |  | 176 |  |  | 279
Benefit plan-accumulated other comprehensive loss |  | 166 |  |  | 159
Purchase accounting adjustment on loans receivable acquired |  | - |  |  | 752
Net operating loss carry forwards |  | 1,166 |  |  | 1,263
Lease liability |  | 3,806 |  |  | 3,961
Unrealized loss on securities |  | 2,860 |  |  | 2,974
Capital loss carryover |  | 477 |  |  | 66
Deferred fees and costs |  | 1,168 |  |  | 1,348
Other |  | 3,002 |  |  | 1,369
|  | 22,626 |  |  | 21,426
Deferred income tax liabilities: |  |  |  |  |
Purchase accounting adjustment on premises and equipment acquired |  | 71 |  |  | 74
Right-of-use assets |  | 3,697 |  |  | 3,865
SBA servicing asset |  | 319 |  |  | 368
Borrowing modification |  | 282 |  |  | 440
Benefit plans |  | 44 |  |  | 217
|  | 4,413 |  |  | 4,964
Net Deferred Tax Asset | $ | 18,213 |  | $ | 16,462
Summary of Change in Net Deferred Tax Asset |
| Years Ended December 31,
|  | 2023 |  |  | 2022
| (In Thousands)
Balance at beginning of year: | $ | 16,462 |  | $ | 12,959
Effect of adopting ASU No. 2016-13 ("CECL") |  | (1,148) |  |  | -
Deferred tax benefit |  | 2,537 |  |  | 1,007
Other comprehensive income |  |  |  |  |
Available-for-sale securities |  | 355 |  |  | 2,560
Benefit plan |  | 7 |  |  | (64)
Balance at end of year | $ | 18,213 |  | $ | 16,462
Effective Income Tax Rate Reconciliation |
| Years Ended December 31,
|  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
| (In Thousands)
Federal income tax expense at statutory rate | $ | 8,706 |  |  | $ | 13,253 |  |  | $ | 10,134 |
Increases in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |
State income tax , net of federal income tax effect |  | 3,704 |  |  |  | 4,878 |  |  |  | 4,684 |
Tax-exempt income |  | (30) |  |  |  | (63) |  |  |  | (45) |
Bank-owned life insurance earnings |  | (368) |  |  |  | (561) |  |  |  | (620) |
Other items, net |  | (40) |  |  |  | 24 |  |  |  | (135) |
Effective Income Tax Expense | $ | 11,972 |  |  | $ | 17,531 |  |  | $ | 14,018 |
Effective Income Tax Rate |  | 28.9 | % |  |  | 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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