XML 67 R55.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The following table presents the composition of income tax expense (benefit) for the years ended December 31:
(dollars in thousands) | 2021 |  | 2020 |  | 2019
Federal |  |  |  |  |
Current | $ | 22,581 |  |  | $ | 4,256 |  |  | $ | 18,918 |
Deferred | 2,273 |  |  | (4,273) |  |  | (406) |
Total Federal | 24,854 |  |  | (17) |  |  | 18,512 |
State |  |  |  |  |
Current | 361 |  |  | 145 |  |  | 589 |
Deferred | 110 |  |  | (129) |  |  | 25 |
Total State | 471 |  |  | 16 |  |  | 614 |
Total Federal and State | $ | 25,325 |  |  | $ | (1) |  |  | $ | 19,126 |
Schedule of Statutory to Effective Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:
| 2021 |  | 2020 |  | 2019
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Low income housing tax credits | (1.5) | % |  | (11.1) | % |  | (3.3) | %
Tax-exempt interest | (1.3) | % |  | (11.9) | % |  | (2.1) | %
Bank owned life insurance | (0.3) | % |  | (1.8) | % |  | (0.4) | %
Merger related expenses | — | % |  | — | % |  | 0.3 | %
Other | 0.8 | % |  | 3.8 | % |  | 0.8 | %
Effective Tax Rate | 18.7 | % |  | — | % |  | 16.3 | %
Schedule of Significant Components of Temporary Differences | The following table presents significant components of our temporary differences as of the dates presented:
| December 31,
(dollars in thousands) | 2021 |  | 2020
Deferred Tax Assets: |  |  |
Allowance for credit losses | $ | 22,083 |  |  | $ | 26,051 |
Lease liabilities | 10,876 |  |  | 11,368 |
State net operating loss carryforwards | 5,565 |  |  | 5,489 |
Net adjustment to funded status of pension | 3,922 |  |  | 4,692 |
Low income housing partnerships | 3,270 |  |  | 3,996 |
Other employee benefits | 3,433 |  |  | 2,050 |
Other | 3,973 |  |  | 3,798 |
Gross Deferred Tax Assets | 53,122 |  |  | 57,444 |
Less: Valuation allowance | (5,565) |  |  | (5,489) |
Total Deferred Tax Assets | 47,557 |  |  | 51,955 |
Deferred Tax Liabilities: |  |  |
Right-of-use lease assets | (9,603) |  |  | (10,141) |
Net unrealized gains on securities available-for-sale | (2,004) |  |  | (7,125) |
Deferred loan income | (6,697) |  |  | (6,796) |
Prepaid pension | (4,566) |  |  | (5,209) |
Purchase accounting adjustments | (1,954) |  |  | (1,971) |
Depreciation on premises and equipment | (1,107) |  |  | (1,275) |
Other | (1,466) |  |  | (1,245) |
Total Deferred Tax liabilities | (27,397) |  |  | (33,762) |
Net Deferred Tax Asset | $ | 20,160 |  |  | $ | 18,193 |
Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:
(dollars in thousands) | 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 1,277 |  |  | $ | 1,051 |  |  | $ | 768 |
Prior period tax positions | — |  |  | (18) |  |  | (10) |
Current period tax positions | 54 |  |  | 244 |  |  | 293 |
Balance at End of Year | $ | 1,331 |  |  | $ | 1,277 |  |  | $ | 1,051 |
Amount That Would Impact the Effective Tax Rate if Recognized | $ | 1,069 |  |  | $ | 1,027 |  |  | $ | 848 |

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://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
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://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
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://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
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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration