v3.26.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2026
Income Taxes  
Schedule of deferred tax assets and liabilities

Deferred taxes (or deferred charges) as of June 30, 2026 and December 31, 2025, included in other assets, were as follows (in thousands):

June 30, 2026

  ​ ​ ​

December 31, 2025

Deferred tax assets:

 

Allowance for credit losses

$

825

$

783

Employee benefit plans' liabilities

 

4,023

 

4,028

Unrealized loss on available for sale securities, charged from equity

 

6,424

 

6,268

Loss on credit impairment of securities

 

423

 

423

Earned retiree health benefits plan liability

 

1,172

 

1,172

General business and AMT credits

 

17

 

17

State income tax net operating loss carryforward

736

771

Other

 

90

 

126

Valuation allowance

 

(423)

 

(423)

Deferred tax assets

 

13,287

 

13,165

Deferred tax liabilities:

 

  ​

 

  ​

Unearned retiree health benefits plan asset

 

240

 

240

Bank premises and equipment

 

1,745

 

1,883

Deferred tax liabilities

 

1,985

 

2,123

Net deferred taxes

$

11,302

$

11,042

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, 

2026

2025

2026

2025

Current:

Federal

$

176

$

280

$

623

$

538

State

Total current

176

280

623

538

Deferred:

 

  ​

 

  ​

 

  ​

 

  ​

Federal

 

3

 

(98)

 

(123)

 

(53)

State

(62)

63

19

135

Change in valuation allowance

 

 

 

 

Total deferred

 

(59)

 

(35)

 

(104)

 

82

Totals

$

117

$

245

$

519

$

620

Schedule of effective income tax rate reconciliation

  ​ ​ ​

Three Months Ended June 30, 

  ​ ​ ​

Six Months Ended June 30, 

 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

2025

Tax

Rate

Tax

Rate

Tax

Rate

 

Tax

Rate

 

Taxes computed at statutory rate

$

213

21

%

$

312

21

%

$

601

21

%

$

666

21

%

Increase (decrease) resulting from:

State income tax expense, net of federal effect

(49)

(5)

49

3

15

1

106

4

Tax -exempt interest income

(36)

(4)

(42)

(3)

(74)

(3)

(84)

(2)

Income from BOLI

(27)

(2)

(26)

(2)

(54)

(2)

(51)

(2)

Tefra disallowance

16

2

17

1

31

1

31

1

Federal tax credits

-

-

(48)

(3)

-

-

(48)

(2)

Other

-

-

(17)

(1)

-

-

-

-

Other changes in valuation allowance

-

-

-

-

-

-

-

-

Total income tax (benefit) expense

$

117

12

%

$

245

16

%

$

519

18

%

$

620

20

%