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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022
Deferred tax assets: |  |
Allowance for credit losses |  | $ | 18,248 |  |  | $ | 18,615 |
Accumulated other comprehensive loss – Pension Plan |  | — |  |  | 1,776 |
Accumulated other comprehensive loss – Unrealized losses on debt securities AFS |  | 18,045 |  |  | 25,443 |
Deferred compensation |  | 6,177 |  |  | 6,255 |
OREO valuation adjustments |  | 100 |  |  | 11 |
Net deferred loan fees |  | 1,384 |  |  | 1,898 |
Deferred contract bonus |  | 205 |  |  | 317 |
Nonvested equity-based compensation |  | 3,019 |  |  | 2,827 |
Net operating loss ("NOL") carryforward |  | 2,222 |  |  | 2,654 |
Capital loss carryforward |  | — |  |  | 299 |
Fixed assets |  | 1,243 |  |  | 510 |
Operating lease liability |  | 3,620 |  |  | 4,206 |
Other |  | 1,759 |  |  | 1,950 |
Total deferred tax assets |  | $ | 56,022 |  |  | $ | 66,761 |
Deferred tax liabilities: |  |  |  |
Accumulated other comprehensive gain – Pension Plan |  | $ | 449 |  |  | $ | — |
Deferred investment income |  | 2,455 |  |  | 4,890 |
Pension Plan |  | 19,962 |  |  | 19,678 |
MSRs |  | 3,196 |  |  | 3,445 |
Partnership adjustments |  | 1,540 |  |  | 884 |
Purchase accounting adjustments |  | 807 |  |  | 952 |
Operating lease right-of-use asset |  | 3,426 |  |  | 3,837 |
Lessor adjustments |  | 2,308 |  |  | 2,325 |
Other |  | 614 |  |  | 565 |
Total deferred tax liabilities |  | $ | 34,757 |  |  | $ | 36,576 |
Net deferred tax asset |  | $ | 21,265 |  |  | $ | 30,185 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for federal income taxes are shown below:
December 31, (In thousands) |  | 2023 |  | 2022 |  | 2021
Currently payable |  |  |  |  |  |
Federal |  | $ | 18,118 |  |  | $ | 22,574 |  |  | $ | 28,726 |
State |  | 1,190 |  |  | 1,180 |  |  | 1,382 |
Amortization of qualified affordable housing projects |  | 8,265 |  |  | 7,743 |  |  | 7,313 |
Deferred |  |  |  |  |  |
Federal |  | (708) |  |  | 464 |  |  | (3,006) |
State |  | 5 |  |  | 147 |  |  | (125) |
Total |  | $ | 26,870 |  |  | $ | 32,108 |  |  | $ | 34,290 |
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, 2023, 2022 and 2021.
|  | 2023 |  | 2022 |  | 2021
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 |  | (1.9) | % |  | (1.6) | % |  | (1.2) | %
Bank owned life insurance |  | (0.7) | % |  | (0.7) | % |  | (0.5) | %
Investments in qualified affordable housing projects, net of tax benefits |  | (1.0) | % |  | (0.8) | % |  | (0.8) | %
KSOP dividend deduction |  | (0.6) | % |  | (0.5) | % |  | (0.5) | %
Other |  | 0.7 | % |  | 0.4 | % |  | 0.2 | %
Effective Tax Rate |  | 17.5 | % |  | 17.8 | % |  | 18.2 | %
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.
(In thousands) |  | 2023 |  | 2022 |  | 2021
January 1 Balance |  | $ | 69 |  |  | $ | 339 |  |  | $ | 633 |
Additions based on tax positions related to the current year |  | 47 |  |  | — |  |  | — |
Additions for tax positions of prior years |  | 52 |  |  | 25 |  |  | 10 |
Reductions due to statute of limitations |  | (23) |  |  | (295) |  |  | (304) |
December 31 Balance |  | $ | 145 |  |  | $ | 69 |  |  | $ | 339 |

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