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Income Taxes (Tables)

12 Months Ended

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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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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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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