v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Taxes  
Schedule of deferred tax assets and liabilities

Deferred taxes (or deferred charges) as of June 30, 2025 and December 31, 2024, included in other assets, were as follows (in thousands):

June 30, 2025

    

December 31, 2024

Deferred tax assets:

 

Allowance for credit losses

$

785

$

782

Employee benefit plans' liabilities

 

4,020

 

4,029

Unrealized loss on available for sale securities, charged from equity

 

7,694

 

9,286

Loss on credit impairment of securities

 

423

 

423

Earned retiree health benefits plan liability

 

1,222

 

1,222

General business and AMT credits

 

1

 

1

State income tax net operating loss carryforward

824

930

Other

 

175

 

218

Valuation allowance

 

(423)

 

(423)

Deferred tax assets

 

14,721

 

16,468

Deferred tax liabilities:

 

  

 

  

Unearned retiree health benefits plan asset

 

460

 

460

Bank premises and equipment

 

2,033

 

2,106

Other

 

 

Deferred tax liabilities

 

2,493

 

2,566

Net deferred taxes

$

12,228

$

13,902

Schedule of components of income tax

Income taxes consist of the following components (in thousands):

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

 

    

2025

    

2024

    

2025

2024

Tax

Rate

Tax

Rate

Tax

Rate

 

Tax

Rate

 

 

Current

$

280

19

%

$

(229)

(11)

%

$

538

17

%

$

332

6

%

Deferred

(35)

 

(2)

 

82

 

3

70

 

2

Change in valuation allowance

Total deferred

 

(35)

 

 

 

 

82

 

3

 

70

 

2

%

Totals

$

245

17

%

$

(229)

(11)

%

$

620

20

%

$

402

8

%