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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes [Abstract]  
Schedule of Components of the Provision for Federal Income Taxes Years Ended December 31, 2021 2020 (In Thousands)Current$ 6,328 $ 7,754Deferred (383) (4,468) $ 5,945 $ 3,286
Schedule of Effective Income Tax Rate Reconciliation Percentage of Income before Income Taxes Years Ended December 31, 2021 2020 Tax at statutory rates 21.0% 21.0%Tax exempt interest income, net of interest expense disallowance (1.9) (3.7) Non-deductible merger related expenses — 1.1 Earnings and proceeds on life insurance (0.6) (1.0) Other 0.8 0.5 19.3% 17.9%
Schedule of Deferred Tax Assets and Liabilties 2021 2020 (In Thousands)Deferred tax assets: Allowance for loan losses$ 3,855 $ 2,761Deferred compensation 817 758Core deposit intangible 231 230Prepaid expenses — 20Pension liability 302 118Foreclosed real estate valuation allowance 19 17Net operating loss carryforward 913 893Purchase price adjustment 2,487 2,832Deferred loan fees — 60Net unrealized loss on securities 386 —Other 404 747Total Deferred Tax Assets 9,414 8,436 Deferred tax liabilities: Premises and equipment 1,004 920Deferred loan fees 125 —Net unrealized gain on pension liability 318 272Net unrealized gain on securities — 1,089Total Deferred Tax Liabilities 1,447 2,281 Net Deferred Tax Asset$ 7,967 $ 6,155