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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Reconciliation of Federal Statutory to Actual Tax Expense | 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, 2021, 2020 and 2019:
| 2021 |  | 2020 |  | 2019
Reconciliation of Federal Statutory to Actual Tax Expense: |  |  |  |  |
Federal Statutory Income Tax at 21% | $ | 50,566 |  |  | $ | 35,695 |  |  | $ | 40,695 |
Tax-exempt Interest Income | (16,200) |  |  | (13,273) |  |  | (10,124) |
Stock Compensation | (20) |  |  | 338 |  |  | (459) |
Earnings on Life Insurance | (1,468) |  |  | (1,079) |  |  | (953) |
Tax Credits | (354) |  |  | (425) |  |  | (263) |
CARES Act - NOL carryback rate differential | — |  |  | (1,178) |  |  | — |
State Tax | 2,697 |  |  | 1,122 |  |  | 600 |
Other | 38 |  |  | 175 |  |  | (171) |
Income Tax Expense | $ | 35,259 |  |  | $ | 21,375 |  |  | $ | 29,325 |
Effective Tax Rate | 14.6 | % |  | 12.6 | % |  | 15.1 | %
Components of Income Tax Expense (Benefit) | Income tax expense consists of the following components for the years ended December 31, 2021, 2020, 2019:
| 2021 |  | 2020 |  | 2019
Income Tax Expense for the Year Ended December 31: |  |  |  |  |
Currently Payable: |  |  |  |  |
Federal | $ | 24,634 |  |  | $ | 28,463 |  |  | $ | 23,938 |
State | 1,473 |  |  | 2,647 |  |  | 422 |
Deferred: |  |  |  |  |
Federal | 7,211 |  |  | (8,508) |  |  | 4,726 |
State | 1,941 |  |  | (1,227) |  |  | 239 |
Income Tax Expense | $ | 35,259 |  |  | $ | 21,375 |  |  | $ | 29,325 |
Deferred Tax Assets and Liabilities | Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2021 and 2020:
| 2021 |  | 2020
Deferred Tax Asset at December 31: |  |  |
Assets: |  |  |
Differences in Accounting for Loan Losses | $ | 52,995 |  |  | $ | 31,850 |
Differences in Accounting for Loan Fees | 2,016 |  |  | 4,328 |
Deferred Compensation | 4,172 |  |  | 4,038 |
Federal & State Income Tax Loss Carryforward and Credits | 747 |  |  | 2,089 |
Other | 3,585 |  |  | 3,185 |
Total Assets | 63,515 |  |  | 45,490 |
Liabilities: |  |  |
Differences in Depreciation Methods | 5,726 |  |  | 6,028 |
Differences in Accounting for Loans and Securities | 3,078 |  |  | 2,840 |
Difference in Accounting for Pensions and Other Employee Benefits | 4,586 |  |  | 1,258 |
State Income Tax | 1,499 |  |  | 1,059 |
Net Unrealized Gain on Securities Available for Sale | 15,889 |  |  | 23,389 |
Gain on FDIC Modified Whole Bank Transaction | 306 |  |  | 359 |
Other | 8,108 |  |  | 6,209 |
Total Liabilities | 39,192 |  |  | 41,142 |
Net Deferred Tax Asset | $ | 24,323 |  |  | $ | 4,348 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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://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=121826272&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=121826272&loc=d3e32687-109319 + Details
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