Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense

(In thousands)	2021		2020
Current Tax expense:
Federal	$	4,164	$	1,957
State		1,825		1,463
	$	5,989	$	3,420
Deferred tax expense:
Federal	$	420	$	772
State		130		(245)
	$	550	$	527
Income tax expense for the year	$	6,539	$	3,947

Reconciliation of Federal Income Tax Rate to Effective Income Tax Rate

	2021		2020
Federal statutory rate		21.0%		21.0%
Tax-exempt income on securities and loans		(1.0)		(1.3)
Tax-exempt BOLI income		(1.0)		(1.5)
State income tax, net of federal tax benefit		6.0		5.1
Tax credits		(0.2)		(1.2)
Other		0.1		0.1
		24.9%		22.2%

Components of Deferred Tax Assets and Liabilities

(In thousands)	2021		2020
Deferred tax assets:
Allowance for loan losses	$	4,269	$	4,417
Deferred fees		88		490
Deferred compensation		1,125		1,019
Federal and state tax loss carry forwards		2,966		2,743
Unrealized loss on investment securities		2,264		1,089
SERP		2,829		2,626
Pension		—		515
Lease liability		547		569
Low income housing		670		647
Other than temporary impairment on investment securities		601		643
Derivative contract		121		353
Other real estate owned		121		271
Other		87		115
Total deferred tax assets		15,688		15,497
Valuation allowance		(2,966)		(2,743)
Total deferred tax assets less valuation allowance		12,722		12,754
Deferred tax liabilities:
Goodwill and other intangibles		(2,801)		(2,805)
Lease right-of-use asset		(508)		(545)
Pension		(1,275)		—
Depreciation		(1,152)		(1,380)
Other		(129)		(52)
Total deferred tax liabilities		(5,865)		(4,782)
Net deferred tax assets	$	6,857	$	7,972