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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of 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, 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		%

Schedule of Components of Income Tax Expense (Benefit)

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

Schedule of 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, 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

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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

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-Topic 740
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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.

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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.

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