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