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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023
Deferred tax assets: |  |
Allowance for credit losses |  | $ | 19,144 |  |  | $ | 18,248 |
Allowance for unfunded credit losses |  | 1,288 |  |  | 1,125 |
Accumulated other comprehensive loss – Unrealized losses on debt securities AFS |  | 16,728 |  |  | 18,045 |
Deferred compensation |  | 6,811 |  |  | 6,177 |
Net deferred loan fees |  | 581 |  |  | 1,384 |
Nonvested equity-based compensation |  | 3,130 |  |  | 3,019 |
Net operating loss ("NOL") carryforward |  | 2,173 |  |  | 2,222 |
Fixed assets |  | 1,728 |  |  | 1,243 |
Operating lease liability |  | 3,592 |  |  | 3,620 |
Other |  | 1,009 |  |  | 939 |
Total deferred tax assets before valuation allowance |  | $ | 56,184 |  |  | $ | 56,022 |
Valuation allowance |  | (562) |  |  | — |
Total deferred tax assets |  | $ | 55,622 |  |  | $ | 56,022 |
Deferred tax liabilities: |  |  |  |
Accumulated other comprehensive gain – Pension Plan |  | $ | 4,453 |  |  | $ | 449 |
Deferred investment income |  | 1,226 |  |  | 2,455 |
Pension Plan |  | 21,776 |  |  | 19,962 |
MSRs |  | 3,030 |  |  | 3,196 |
Partnership adjustments |  | 1,080 |  |  | 1,540 |
Purchase accounting adjustments |  | 791 |  |  | 807 |
Operating lease right-of-use asset |  | 3,427 |  |  | 3,426 |
Lessor adjustments |  | 2,287 |  |  | 2,308 |
Other |  | 1,199 |  |  | 614 |
Total deferred tax liabilities |  | $ | 39,269 |  |  | $ | 34,757 |
Net deferred tax asset |  | $ | 16,353 |  |  | $ | 21,265 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for federal income taxes are shown below:
December 31, (In thousands) |  | 2024 |  | 2023 |  | 2022
Currently payable |  |  |  |  |  |
Federal |  | $ | 23,905 |  |  | $ | 18,118 |  |  | $ | 22,574 |
State |  | 1,360 |  |  | 1,190 |  |  | 1,180 |
Amortization of qualified affordable housing projects and historic tax credits |  | 8,449 |  |  | 8,265 |  |  | 7,743 |
Deferred |  |  |  |  |  |
Federal |  | (517) |  |  | (708) |  |  | 464 |
State |  | 108 |  |  | 5 |  |  | 147 |
Total |  | $ | 33,305 |  |  | $ | 26,870 |  |  | $ | 32,108 |
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, 2024, 2023 and 2022.
|  | 2024 |  | 2023 |  | 2022
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 |  | (1.0) | % |  | (1.9) | % |  | (1.6) | %
Bank owned life insurance |  | (0.9) | % |  | (0.7) | % |  | (0.7) | %
Investments in qualified affordable housing projects, net of tax benefits |  | (1.0) | % |  | (1.0) | % |  | (0.8) | %
KSOP dividend deduction |  | (0.5) | % |  | (0.6) | % |  | (0.5) | %
Other |  | 0.4 | % |  | 0.7 | % |  | 0.4 | %
Effective Tax Rate |  | 18.0 | % |  | 17.5 | % |  | 17.8 | %
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits.
(In thousands) |  | 2024 |  | 2023 |  | 2022
January 1 Balance |  | $ | 145 |  |  | $ | 69 |  |  | $ | 339 |
Additions based on tax positions related to the current year |  | 5 |  |  | 47 |  |  | — |
Additions for tax positions of prior years |  | — |  |  | 52 |  |  | 25 |
Reductions for tax positions of prior years |  | (28) |  |  | — |  |  | — |
Reductions due to statute of limitations |  | (24) |  |  | (23) |  |  | (295) |
December 31 Balance |  | $ | 98 |  |  | $ | 145 |  |  | $ | 69 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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