XML 79 R58.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration