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INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

16. INCOME TAXES

The expense for income taxes is summarized below and includes both federal and applicable state corporate income taxes:

​

​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​		2021			2020			2019
​	​	(IN THOUSANDS)
Current	​	$	973	​	$	(400)	​	$	1,393
Deferred	​		729	​		1,614	​		179
Income tax expense	​	$	1,702	​	$	1,214	​	$	1,572

​

The reconciliation between the federal statutory tax rate and the Company’s effective consolidated income tax rate is as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​	​	2021				​	2020				​	2019
​		AMOUNT			RATE		AMOUNT			RATE		AMOUNT			RATE
​	​	(IN THOUSANDS, EXCEPT PERCENTAGES)
Income tax expense based on federal statutory rate	​	$	1,843		21.0	%	$	1,221		21.0	%	$	1,596		21.0	%
Tax exempt income	​		(253)		(2.9)	​		(188)		(3.2)	​		(131)		(1.4)	​
Other	​		112		1.3	​		181		3.1	​		107		1.1	​
Total expense for income taxes	​	$	1,702		19.4	%	$	1,214		20.9	%	$	1,572		20.7	%

​

The following table highlights the major components comprising the deferred tax assets and liabilities for each of the periods presented:

​

​	​	​	​	​	​	​
​	​	AT DECEMBER 31,
​		2021			2020
​	​	(IN THOUSANDS)
DEFERRED TAX ASSETS:	​		​	​		​
Allowance for loan losses	​	$	2,604	​	$	2,382
Unfunded commitment reserve	​		208	​		183
Premises and equipment	​		743	​		686
Lease liabilities	​	​	752	​	​	816
Other	​		175	​		149
Total tax assets	​		4,482	​		4,216
DEFERRED TAX LIABILITIES:	​		​	​		​
Investment accretion	​		(51)	​		(88)
Unrealized investment security gains	​	​	(369)	​	​	(941)
Lease right-of-use assets	​	​	(704)	​	​	(780)
Accrued pension obligation	​	​	(4,098)	​	​	(646)
Other	​		(194)	​		(189)
Total tax liabilities	​		(5,416)	​		(2,644)
Net deferred tax asset (liability)	​	$	(934)	​	$	1,572

​

At December 31, 2021 and 2020, the Company had no valuation allowance established against its deferred tax assets as we believe the Company will generate sufficient future taxable income to fully utilize these assets.

The Company utilizes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company has no tax liability for uncertain tax positions. The Company’s federal and state income tax returns for taxable years through 2017 have been closed for purposes of examination by the Internal Revenue Service and the Pennsylvania Department of Revenue.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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