XML 45 R31.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Tax | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Tax | INCOME TAX The reconciliation between income tax expense expected at the U.S. federal statutory tax rate and the reported income tax expense is summarized in the following table for years ended December 31, 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
Reconciliation of Federal Statutory to Actual Tax Expense: |  |  |  |  |
Federal Statutory Income Tax at 21% | $ | 35,695 |  |  | $ | 40,695 |  |  | $ | 39,509 |
Tax-exempt Interest Income | (13,273) |  |  | (10,124) |  |  | (8,347) |
Stock Compensation | 338 |  |  | (459) |  |  | (622) |
Earnings on Life Insurance | (1,079) |  |  | (953) |  |  | (868) |
Tax Credits | (425) |  |  | (263) |  |  | (615) |
CARES Act - NOL carryback rate differential | (1,178) |  |  | — |  |  | — |
State Tax | 1,122 |  |  | 600 |  |  | (1,219) |
Other | 175 |  |  | (171) |  |  | 1,161 |
Income Tax Expense | $ | 21,375 |  |  | $ | 29,325 |  |  | $ | 28,999 |
Effective Tax Rate | 12.6 | % |  | 15.1 | % |  | 15.4 | %
Income tax expense consists of the following components for the years ended December 31, 2020, 2019, 2018:
| 2020 |  | 2019 |  | 2018
Income Tax Expense for the Year Ended December 31: |  |  |  |  |
Currently Payable: |  |  |  |  |
Federal | $ | 28,463 |  |  | $ | 23,938 |  |  | $ | 23,633 |
State | 2,647 |  |  | 422 |  |  | 1,842 |
Deferred: |  |  |  |  |
Federal | (8,508) |  |  | 4,726 |  |  | 6,723 |
State | (1,227) |  |  | 239 |  |  | (3,199) |
Income Tax Expense | $ | 21,375 |  |  | $ | 29,325 |  |  | $ | 28,999 |
Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2020 and 2019:
| 2020 |  | 2019
Deferred Tax Asset at December 31: |  |  |
Assets: |  |  |
Differences in Accounting for Loan Losses | $ | 31,850 |  |  | $ | 19,717 |
Differences in Accounting for Loan Fees | 4,328 |  |  | 442 |
Deferred Compensation | 4,038 |  |  | 4,436 |
Federal & State Income Tax Loss Carryforward and Credits | 2,089 |  |  | 6,205 |
Other | 3,185 |  |  | 3,499 |
Total Assets | 45,490 |  |  | 34,299 |
Liabilities: |  |  |
Differences in Depreciation Methods | 6,028 |  |  | 5,240 |
Differences in Accounting for Loans and Securities | 2,840 |  |  | 1,192 |
Difference in Accounting for Pensions and Other Employee Benefits | 1,258 |  |  | 1,556 |
State Income Tax | 1,059 |  |  | 778 |
Net Unrealized Gain on Securities Available for Sale | 23,389 |  |  | 10,333 |
Gain on FDIC Modified Whole Bank Transaction | 359 |  |  | 413 |
Other | 6,209 |  |  | 6,506 |
Total Liabilities | 41,142 |  |  | 26,018 |
Net Deferred Tax Asset | $ | 4,348 |  |  | $ | 8,281 |
As of December 31, 2020, the Corporation has approximately $19.3 million of state NOL carryforwards available to offset future state taxable income, which will expire beginning in 2022. These NOL carryforwards along with normal timing differences between book and tax result in total state deferred tax assets of $5.0 million. Management believes it is more likely than not that the benefit of these state NOL carryforwards and other state deferred tax assets will be fully realized. The Corporation has additional paid-in capital that is considered restricted resulting from the acquisitions of CFS and Ameriana of approximately $13.4 million and $11.9 million, respectively. CFS and Ameriana qualified as banks under provisions of the Internal Revenue Code which permitted them to deduct from taxable income an allowance for bad debts which differed from the provision for losses charged to income. No provision for income taxes had been provided. If in the future this portion of additional paid-in capital is distributed, or the Corporation no longer qualifies as a bank for income tax purposes, income taxes may be imposed at the then applicable tax rates. The unrecorded deferred tax liability at December 31, 2020, would have been approximately $5.3 million. The Corporation or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Corporation is generally no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years before 2017.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration