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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

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

​

​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​		2024			2023
​	​	(IN THOUSANDS)
Current	​	$	832	​	$	(477)
Deferred	​		(34)	​		(565)
Income tax expense (benefit)	​	$	798	​	$	(1,042)

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

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​	​	2024				​	2023				​
​		AMOUNT			RATE		AMOUNT			RATE
​	​	(IN THOUSANDS, EXCEPT PERCENTAGES)
Income tax expense (benefit) based on federal statutory rate	​	$	924		21.0	%	$	(921)		21.0	%
Tax exempt income	​		(247)		(5.6)	​		(237)		5.4	​
Other	​		121		2.7	​		116		(2.7)	​
Total expense (benefit) for income taxes	​	$	798		18.1	%	$	(1,042)		23.7	%

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	AT DECEMBER 31,
​		2024			2023
​	​	(IN THOUSANDS)
DEFERRED TAX ASSETS:	​		​	​		​
Allowance for credit losses - loans	​	$	2,922	​	$	3,161
Allowance for credit losses - securities	​		94	​		202
Allowance for credit losses - unfunded commitments	​		203	​		197
Unrealized investment security losses	​		3,544	​		3,650
Premises and equipment	​		912	​		678
Lease liabilities	​	​	895	​	​	705
Net operating loss	​		469	​		—
Interest rate hedges	​		36	​		94
Other	​		173	​		169
Total tax assets	​		9,248	​		8,856
DEFERRED TAX LIABILITIES:	​		​	​		​
Investment accretion	​		(129)	​		(95)
Lease right-of-use assets	​	​	(815)	​	​	(636)
Accrued pension obligation	​	​	(6,602)	​	​	(5,193)
Other	​		(290)	​		(253)
Total tax liabilities	​		(7,836)	​		(6,177)
Net deferred tax asset	​	$	1,412	​	$	2,679

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- References

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Section 50
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-Publisher FASB
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-SubTopic 10
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-Section 50
-Paragraph 12
-Publisher FASB
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