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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Corporation’s deferred tax assets and liabilities are as follows:
December 31 (In thousands) |  | 2020 |  | 2019
Deferred tax assets: |  |
Allowance for loan losses |  | $ | 19,512 |  |  | $ | 12,120 |
Accumulated other comprehensive loss – Pension Plan |  | 9,150 |  |  | 7,091 |
Accumulated other comprehensive loss – Unrealized losses on swaps |  | 186 |  |  | 121 |
Deferred compensation |  | 3,887 |  |  | 3,131 |
OREO valuation adjustments |  | 1,012 |  |  | 964 |
Net deferred loan fees |  | 3,283 |  |  | 1,451 |
Deferred contract bonus |  | 571 |  |  | 477 |
Nonvested equity-based compensation |  | 2,567 |  |  | 2,132 |
Net operating loss ("NOL") carryforward |  | 3,629 |  |  | 4,094 |
Operating lease liability |  | 3,561 |  |  | 3,097 |
Other |  | 1,424 |  |  | 843 |
Total deferred tax assets |  | $ | 48,782 |  |  | $ | 35,521 |
Deferred tax liabilities: |  |  |  |
Accumulated other comprehensive loss - Unrealized gains on securities |  | $ | 10,507 |  |  | $ | 4,662 |
Fixed assets |  | 3,360 |  |  | 585 |
Deferred investment income |  | 6,637 |  |  | 6,231 |
Pension Plan |  | 20,407 |  |  | 19,238 |
MSRs |  | 2,781 |  |  | 2,153 |
Partnership adjustments |  | 204 |  |  | 178 |
Purchase accounting adjustments |  | 604 |  |  | 49 |
Operating lease right-of-use asset |  | 3,343 |  |  | 2,932 |
Lessor adjustments |  | 3,433 |  |  | 2,697 |
Other |  | 398 |  |  | 488 |
Total deferred tax liabilities |  | $ | 51,674 |  |  | $ | 39,213 |
Net deferred tax liability |  | $ | (2,892) |  |  | $ | (3,692) |
Federal and state income taxes | The components of the provision for federal income taxes are shown below:
December 31, (In thousands) |  | 2020 |  | 2019 |  | 2018
Currently payable |  |  |  |  |  |
Federal |  | $ | 22,769 |  |  | $ | 14,797 |  |  | $ | 12,700 |
State |  | 1,432 |  |  | 1,191 |  |  | 352 |
Amortization of qualified affordable housing projects |  | 7,046 |  |  | 6,927 |  |  | 7,322 |
Deferred |  |  |  |  |  |
Federal |  | (4,812) |  |  | (815) |  |  | 481 |
State |  | 287 |  |  | (29) |  |  | 57 |
Total |  | $ | 26,722 |  |  | $ | 22,071 |  |  | $ | 20,912 |
Schedule of income tax rate reconciliation | The following is a reconciliation of income tax expense to the amount computed at the statutory federal corporate income tax rate of 21% for the years ended December 31, 2020, 2019 and 2018.
|  | 2020 |  | 2019 |  | 2018
Statutory federal corporate income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Changes in rates resulting from: |  |  |  |  |  |
Tax exempt interest income, net of disallowed interest |  | (1.5) | % |  | (2.0) | % |  | (1.8) | %
Bank owned life insurance |  | (0.7) | % |  | (0.8) | % |  | (1.1) | %
Investments in qualified affordable housing projects, net of tax benefits |  | (1.1) | % |  | (1.5) | % |  | (1.3) | %
KSOP dividend deduction |  | (0.6) | % |  | (0.6) | % |  | (0.6) | %
Non-taxable gain on NewDominion common stock |  | — | % |  | — | % |  | (0.6) | %
Other |  | 0.2 | % |  | 1.6 | % |  | 0.3 | %
Effective Tax Rate |  | 17.3 | % |  | 17.7 | % |  | 15.9 | %
Reconciliation of unrecognized tax benefits | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.
(In thousands) |  | 2020 |  | 2019 |  | 2018
January 1 Balance |  | $ | 954 |  |  | $ | 1,226 |  |  | $ | 664 |
Additions based on tax positions related to the current year |  | 12 |  |  | 12 |  |  | 10 |
Additions for tax positions of prior years |  | — |  |  | 2 |  |  | 781 |
Reductions for tax positions of prior years |  | — |  |  | (3) |  |  | — |
Reductions due to statute of limitations |  | (333) |  |  | (283) |  |  | (229) |
December 31 Balance |  | $ | 633 |  |  | $ | 954 |  |  | $ | 1,226 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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