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INCOME TAX | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023 and 2022:
| 2024 |  | 2023 |  | 2022
Reconciliation of Federal Statutory to Actual Tax Expense: |  |  |  |  |
Federal Statutory Income Tax at 21% | $ | 48,663 |  |  | $ | 54,439 |  |  | $ | 53,692 |
Tax-exempt Interest Income | (17,509) |  |  | (18,193) |  |  | (19,349) |
Non-deductible FDIC Premiums | 624 |  |  | 454 |  |  | 427 |
Earnings on Life Insurance | (1,777) |  |  | (1,753) |  |  | (2,344) |
Tax Credits | (2,018) |  |  | (331) |  |  | (414) |
State Tax | 631 |  |  | 1,171 |  |  | 2,494 |
Other | 1,712 |  |  | (341) |  |  | (921) |
Income Tax Expense | $ | 30,326 |  |  | $ | 35,446 |  |  | $ | 33,585 |
Effective Tax Rate | 13.1 | % |  | 13.7 | % |  | 13.1 | %
Income tax expense consists of the following components for the years ended December 31, 2024, 2023, 2022:
| 2024 |  | 2023 |  | 2022
Income Tax Expense for the Year Ended December 31: |  |  |  |  |
Currently Payable: |  |  |  |  |
Federal | $ | 27,979 |  |  | $ | 29,351 |  |  | $ | 21,824 |
State | 723 |  |  | (504) |  |  | 2,696 |
Deferred: |  |  |  |  |
Federal | 1,548 |  |  | 4,613 |  |  | 8,604 |
State | 76 |  |  | 1,986 |  |  | 461 |
Income Tax Expense | $ | 30,326 |  |  | $ | 35,446 |  |  | $ | 33,585 |
Significant components of the net deferred tax assets and liabilities resulting from temporary differences were as follows at December 31, 2024 and 2023:
| 2024 |  | 2023
Deferred Tax Asset at December 31: |  |  |
Assets: |  |  |
Differences in Accounting for Credit Losses | $ | 51,186 |  |  | $ | 54,734 |
Differences in Accounting for Loan Fees | 2,193 |  |  | 2,398 |
Deferred Compensation | 3,950 |  |  | 4,021 |
Federal & State Income Tax Loss Carryforward and Credits | 1,166 |  |  | 600 |
Net Unrealized Loss on Securities Available for Sale | 50,084 |  |  | 46,161 |
Other | 5,771 |  |  | 6,716 |
Total Assets | 114,350 |  |  | 114,630 |
Liabilities: |  |  |
Differences in Depreciation Methods | 8,801 |  |  | 7,439 |
Differences in Accounting for Loans and Securities | 920 |  |  | 1,284 |
Differences in Accounting for Mortgage Servicing Rights | 2,280 |  |  | 1,987 |
Difference in Accounting for Pensions and Other Employee Benefits | 8,156 |  |  | 6,072 |
State Income Tax | 1,416 |  |  | 1,428 |
REIT Dividend Deferral | 677 |  |  | 2,979 |
Other | 6,208 |  |  | 8,692 |
Total Liabilities | 28,458 |  |  | 29,881 |
Net Deferred Tax Asset | $ | 85,892 |  |  | $ | 84,749 |
As of December 31, 2024, the Corporation has approximately $25.0 million of state NOL carryforwards available to offset future state taxable income, which will expire beginning in 2025. These NOL carryforwards along with normal timing differences between book and tax result in total state deferred tax assets of $6.7 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 Bancorp, Inc. (“CFS”) and Ameriana Bancorp, Inc. (“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, for which no deferred federal income tax liability has been recognized. 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, federal income taxes may be imposed at the then applicable tax rate. The unrecorded deferred tax liability at December 31, 2024, 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 2021. Additional details regarding the Corporation’s policies related to income taxes are discussed in NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES of these Notes to Consolidated Financial Statements.

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