XML 72 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income tax (benefit) expense attributable to income from operations | The income tax expense (benefit) attributable to income from operations is summarized as follows:
(In thousands) | Current | Deferred | Total
2023 |  |  |
Federal | $ | 2,583 |  | $ | 381 |  | $ | 2,964 |
State | 346 |  | (815) |  | (469) |
Total | $ | 2,929 |  | $ | (434) |  | $ | 2,495 |
2022 |  |  |
Federal | $ | 19,238 |  | $ | 994 |  | $ | 20,232 |
State | 4,409 |  | (84) |  | 4,325 |
Total | $ | 23,647 |  | $ | 910 |  | $ | 24,557 |
2021 |  |  |
Federal | $ | 19,345 |  | $ | 1,485 |  | $ | 20,830 |
State | 4,039 |  | 313 |  | 4,352 |
Total | $ | 23,384 |  | $ | 1,798 |  | $ | 25,182 |
Schedule of effective income tax rate reconciliation | The primary reasons for the differences between income tax expense and the amount computed by applying the statutory federal income tax rate to earnings are as follows:
| 2023 | 2022 | 2021
Statutory federal income tax rate | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net of federal benefit | (3.1) |  | 3.1 |  | 3.0 |
Tax exempt income | (9.4) |  | (1.1) |  | (1.2) |
Excess benefits from equity-based compensation | 1.1 |  | (0.3) |  | (0.5) |
Bank-owned life insurance income | (3.0) |  | (0.2) |  | (0.4) |
Surrender of Bank-owned life insurance | 13.6 |  | 0.0 |  | 0.0 |
Federal tax credit | (0.8) |  | 0.0 |  | 0.0 |
Non-Deductible Meals & Entertainment | 1.3 |  | 0.0 |  | 0.0 |
Section 162(m) Limitation | 1.1 |  | 0.2 |  | 0.2 |
Deductible ESOP Dividends under 404(k) | (2.5) |  | (0.3) |  | (0.2) |
All other | 1.5 |  | 0.0 |  | 0.1 |
Total | 20.8 | % | 22.4 | % | 22.0 | %
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows:
(In thousands) | 2023 | 2022 |  |
Deferred tax assets: |  |  |  |
Allowance for credit losses | $ | 13,731 |  | $ | 12,387 |  |  |
Lease liability | 7,267 |  | 8,535 |  |
Interest income on nonperforming loans | 992 |  | 503 |  |  |
Compensation and benefits | 12,414 |  | 12,316 |  |  |
Purchase accounting adjustments | 424 |  | 517 |  |  |
Liabilities held at fair value | 54 |  | 56 |  |  |
Deferred loan fees and costs | 1,111 |  | 1,053 |  |  |
Net operating loss carryforwards | 491 |  | 4 |  |  |
Other | 744 |  | 589 |  |  |
Total | $ | 37,228 |  | $ | 35,960 |  |  |
Deferred tax liabilities: |  |  |  |
Prepaid pension | 11,813 |  | 11,528 |  |  |
Right of use asset | 6,955 |  | 8,222 |  |
Depreciation | 3,505 |  | 3,767 |  |  |
Intangibles | 1,600 |  | 1,489 |  |  |
Leases | 2,688 |  | 2,617 |  |  |
Taxable bank-owned life insurance policies | 1,834 |  | 0 |  |  |
Contingent Commissions | 778 |  | 797 |  |  |
Other | 855 |  | 774 |  |  |
Total deferred tax liabilities | $ | 30,028 |  | $ | 29,194 |  |  |
Net deferred tax asset at year-end | 7,200 |  | 6,766 |  |  |
Net deferred tax asset at beginning of year | 6,766 |  | 7,676 |  |  |
Decrease (increase) in net deferred tax asset | 434 |  | (910) |  |  |
Deferred tax (benefit) expense | $ | (434) |  | $ | 910 |  |  |

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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration