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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Abstract]

Components of Income Tax Expense

	Years Ended December 31,
		2024			2023			2022
	(In Thousands)
Current income tax expense:
Federal	$	4,529		$	8,917		$	12,323
State		2,860			5,592			6,215
		7,389			14,509			18,538
Deferred income tax benefit:
Federal		351			(1,634)			(967)
State		(93)			(903)			(40)
		258			(2,537)			(1,007)
Total Income Tax Expense	$	7,647		$	11,972		$	17,531

Deferred Tax Assets and Liabilities

	December 31,
		2024			2023
Deferred income tax assets:	(In Thousands)
Allowance for credit losses	$	10,176		$	9,805
Benefit plans		7			-
Nonaccrual interest		749			176
Benefit plan-accumulated other comprehensive loss		10			166
Net operating loss carry forwards		1,070			1,166
Lease liability		3,756			3,806
Unrealized loss on securities		2,149			2,860
Capital loss carryover (1)		477			477
Deferred fees and costs		782			1,168
Other		2,077			3,002
		21,253			22,626
Deferred income tax liabilities:
Purchase accounting adjustment on premises and equipment acquired		69			71
Right-of-use assets		3,626			3,697
SBA servicing asset		252			319
Borrowing modification		125			282
Benefit plans		-			44
		4,072			4,413
Net Deferred Tax Asset	$	17,181		$	18,213

(1) Tax benefit relating to capital loss on securities sold in 2023 which will expire in 2028.

Summary of Change in Net Deferred Tax Asset

	Years Ended December 31,
		2024			2023
	(In Thousands)
Balance at beginning of year:	$	18,213		$	16,462
Effect of adopting ASU No. 2016-13 ("CECL")		-			(1,148)
Deferred tax benefit		(258)			2,537
Other comprehensive income
Available-for-sale securities		(618)			355
Benefit plan		(156)			7
Balance at end of year	$	17,181		$	18,213

Effective Income Tax Rate Reconciliation

	Years Ended December 31,
		2024				2023				2022
	(In Thousands)
Federal income tax expense at statutory rate	$	5,517			$	8,706			$	13,253
Increases (decreases) in income taxes resulting from:
State income tax, net of federal income tax effect		2,186				3,704				4,878
Tax-exempt income		(13)				(30)				(63)
Bank-owned life insurance earnings		(553)				(368)				(561)
Other items, net		510				(40)				24
Effective Income Tax Expense	$	7,647			$	11,972			$	17,531
Effective Income Tax Rate		29.1	%			28.9	%			27.8	%

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