XML 65 R48.htm IDEA: XBRL DOCUMENT v3.24.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
​		2023			2022			2021
​	​	(IN THOUSANDS)
Current	​	$	(477)	​	$	1,220	​	$	973
Deferred	​		(565)	​		533	​		729
Income tax expense (benefit)	​	$	(1,042)	​	$	1,753	​	$	1,702

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,
​	​	2023				​	2022				​	2021
​		AMOUNT			RATE		AMOUNT			RATE		AMOUNT			RATE
​	​	(IN THOUSANDS, EXCEPT PERCENTAGES)
Income tax expense (benefit) based on federal statutory rate	​	$	(921)		21.0	%	$	1,932		21.0	%	$	1,843		21.0	%
Tax exempt income	​		(237)		5.4	​		(244)		(2.6)	​		(253)		(2.9)	​
Other	​		116		(2.7)	​		65		0.7	​		112		1.3	​
Total expense (benefit) for income taxes	​	$	(1,042)		23.7	%	$	1,753		19.1	%	$	1,702		19.4	%

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,
​		2023			2022
​	​	(IN THOUSANDS)
DEFERRED TAX ASSETS:	​		​	​		​
Allowance for credit losses - loans	​	$	3,161	​	$	2,256
Allowance for credit losses - securities	​		202	​		—
Allowance for credit losses - unfunded commitments	​		197	​		157
Unrealized investment security losses	​		3,650	​		3,971
Premises and equipment	​		678	​		955
Lease liabilities	​	​	705	​	​	698
Interest rate hedges	​		94	​		—
Other	​		169	​		185
Total tax assets	​		8,856	​		8,222
DEFERRED TAX LIABILITIES:	​		​	​		​
Investment accretion	​		(95)	​		(107)
Lease right-of-use assets	​	​	(636)	​	​	(639)
Accrued pension obligation	​	​	(5,193)	​	​	(4,494)
Other	​		(253)	​		(193)
Total tax liabilities	​		(6,177)	​		(5,433)
Net deferred tax asset	​	$	2,679	​	$	2,789

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration