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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of expense for income taxes, includes both federal and applicable state corporate income taxes

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

​

​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​		2022			2021			2020
​	​	(IN THOUSANDS)
Current	​	$	1,220	​	$	973	​	$	(400)
Deferred	​		533	​		729	​		1,614
Income tax expense	​	$	1,753	​	$	1,702	​	$	1,214

​

Schedule of reconciliation between the federal statutory tax rate and the Company's effective consolidated income tax rate

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

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​	​	2022				​	2021				​	2020
​		AMOUNT			RATE		AMOUNT			RATE		AMOUNT			RATE
​	​	(IN THOUSANDS, EXCEPT PERCENTAGES)
Income tax expense based on federal statutory rate	​	$	1,932		21.0	%	$	1,843		21.0	%	$	1,221		21.0	%
Tax exempt income	​		(244)		(2.6)	​		(253)		(2.9)	​		(188)		(3.2)	​
Other	​		65		0.7	​		112		1.3	​		181		3.1	​
Total expense for income taxes	​	$	1,753		19.1	%	$	1,702		19.4	%	$	1,214		20.9	%

​

Schedule of deferred tax assets and liabilities

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

​

​	​	​	​	​	​	​
​	​	AT DECEMBER 31,
​		2022			2021
​	​	(IN THOUSANDS)
DEFERRED TAX ASSETS:	​		​	​		​
Allowance for loan losses	​	$	2,256	​	$	2,604
Unfunded commitment reserve	​		157	​		208
Unrealized investment security losses	​		3,971	​		—
Premises and equipment	​		955	​		743
Lease liabilities	​	​	698	​	​	752
Other	​		185	​		175
Total tax assets	​		8,222	​		4,482
DEFERRED TAX LIABILITIES:	​		​	​		​
Investment accretion	​		(107)	​		(51)
Unrealized investment security gains	​	​	—	​	​	(369)
Lease right-of-use assets	​	​	(639)	​	​	(704)
Accrued pension obligation	​	​	(4,494)	​	​	(4,098)
Other	​		(193)	​		(194)
Total tax liabilities	​		(5,433)	​		(5,416)
Net deferred tax asset (liability)	​	$	2,789	​	$	(934)

​

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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