v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of components of income tax expense

The components of income tax expense for the years ended December 31 were as follows (in thousands):

  ​ ​ ​

2025

  ​ ​ ​

2024

Current tax expense

$

1,031

$

1,693

Federal

 

66

 

54

State

 

(32)

 

(555)

Deferred tax benefit

$

1,065

$

1,192

Schedule of reconciliation of the U.S federal statutory rate of 21% to the Company's effective rate The following table is a reconciliation of the U.S federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09 (in thousands):

  ​ ​ ​

Amount ($)

  ​ ​ ​

Percent (%)

 

Federal statutory income tax

$

1,177

 

21.00

%

Effect of:

 

  ​

 

  ​

State and local income taxes, net of federal benefit

 

57

 

1.02

%

Nontaxable or nondeductible items

 

(136)

 

(2.43)

%

Other

 

(33)

 

(0.59)

%

Total

$

1,065

 

19.00

%

  ​ ​ ​

2025

  ​ ​ ​

2024

(in thousands)

Federal statutory rate times financial statement income

$

1,177

$

1,328

Effect of:

 

  ​

 

  ​

Tax-exempt interest

 

(103)

 

(105)

State tax, net of federal tax effect

 

57

 

98

Income from bank owned life insurance

 

(33)

 

(32)

Other, net

 

(33)

 

(97)

Total

$

1,065

$

1,192

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 are presented below (in thousands):

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets

 

  ​

 

  ​

Allowance for credit losses

$

2,232

$

2,180

Unrealized losses on securities available for sale

 

 

384

Benefit plans

 

117

 

154

Accrued compensation

 

258

 

241

Other

 

87

 

253

Total deferred tax assets

 

2,694

 

3,212

Deferred tax liabilities

 

  ​

 

  ​

Postretirement benefits

$

(1,001)

$

(1,010)

Unrealized gains on securities available for sale

 

(26)

 

Depreciation

 

(330)

 

(330)

Goodwill

 

(407)

 

(407)

Funded status of pension plan

 

(196)

 

(109)

Other

 

(152)

 

(309)

Total deferred tax liabilities

 

(2,112)

 

(2,165)

Net deferred tax asset

$

582

$

1,047