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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Components of Provision for Income Taxes | The components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses, are as follows:
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current federal income tax expense |  | $ | 14,882 |  |  | $ | 16,160 |  |  | $ | 12,884 |
Current state income tax expense |  |  | 1,096 |  |  |  | 4,214 |  |  |  | 786 |
Deferred federal income tax expense (benefit) |  |  | 194 |  |  |  | 1,138 |  |  |  | (2,900 | )
Deferred state income tax expense |  |  | 3,056 |  |  |  | 1,192 |  |  |  | 0 |
Effect of Kentucky tax legislation benefit |  |  | 0 |  |  |  | 0 |  |  |  | (9 | )
Total income tax expense |  | $ | 19,228 |  |  | $ | 22,704 |  |  | $ | 10,761 |
Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense | A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Computed at the statutory rate |  | $ | 21,219 |  |  |  | 21.00 | % |  | $ | 23,235 |  |  |  | 21.00 | % |  | $ | 14,755 |  |  |  | 21.00 | %
Adjustments resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest |  |  | (717 | ) |  |  | (0.70 | ) |  |  | (690 | ) |  |  | (0.62 | ) |  |  | (547 | ) |  |  | (0.78 | )
Housing and new markets credits |  |  | (3,105 | ) |  |  | (3.07 | ) |  |  | (3,939 | ) |  |  | (3.56 | ) |  |  | (4,194 | ) |  |  | (5.97 | )
Bank owned life insurance |  |  | (367 | ) |  |  | (0.36 | ) |  |  | (382 | ) |  |  | (0.35 | ) |  |  | (277 | ) |  |  | (0.39 | )
ESOP dividend deduction |  |  | (240 | ) |  |  | (0.24 | ) |  |  | (233 | ) |  |  | (0.21 | ) |  |  | (221 | ) |  |  | (0.32 | )
Stock option exercises and restricted stock vesting |  |  | (1 | ) |  |  | 0.00 |  |  |  | 25 |  |  |  | 0.02 |  |  |  | (10 | ) |  |  | (0.01 | )
Effect of KY tax legislation |  |  | 0 |  |  |  | 0.00 |  |  |  | 0 |  |  |  | 0.00 |  |  |  | (7 | ) |  |  | (0.01 | )
State income taxes |  |  | 3,281 |  |  |  | 3.25 |  |  |  | 4,270 |  |  |  | 3.86 |  |  |  | 621 |  |  |  | 0.88 |
Split dollar life insurance |  |  | (184 | ) |  |  | (0.19 | ) |  |  | 212 |  |  |  | 0.19 |  |  |  | 529 |  |  |  | 0.75 |
Other |  |  | (658 | ) |  |  | (0.66 | ) |  |  | 206 |  |  |  | 0.19 |  |  |  | 112 |  |  |  | 0.16 |
Total |  | $ | 19,228 |  |  |  | 19.03 | % |  | $ | 22,704 |  |  |  | 20.52 | % |  | $ | 10,761 |  |  |  | 15.31 | %
Components of Net Deferred Tax Asset (Liability) | The components of the net deferred tax asset (liability) as of December 31 are as follows:
(in thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 11,472 |  |  | $ | 10,418 |
Interest on nonaccrual loans |  |  | 362 |  |  |  | 547 |
Accrued expenses |  |  | 2,969 |  |  |  | 2,960 |
Unrealized losses on AFS securities |  |  | 45,339 |  |  |  | 1,664 |
Allowance for other real estate owned |  |  | 223 |  |  |  | 268 |
State net operating loss carryforward |  |  | 0 |  |  |  | 2,308 |
Lease liabilities |  |  | 4,398 |  |  |  | 3,245 |
Other |  |  | 485 |  |  |  | 973 |
Total deferred tax assets |  |  | 65,248 |  |  |  | 22,383 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (14,859 | ) |  |  | (14,604 | )
FHLB stock dividends |  |  | (827 | ) |  |  | (961 | )
Loan fee income |  |  | (1,136 | ) |  |  | (621 | )
Mortgage servicing rights |  |  | (2,113 | ) |  |  | (1,690 | )
Limited partnership investments |  |  | (710 | ) |  |  | (648 | )
Right of use assets |  |  | (4,259 | ) |  |  | (3,031 | )
Other |  |  | (1,466 | ) |  |  | (1,374 | )
Total deferred tax liabilities |  |  | (25,370 | ) |  |  | (22,929 | )
Net deferred tax asset (liability) |  | $ | 39,878 |  |  | $ | (546 | )

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