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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of income tax provision | The income tax expense included in the accompanying consolidated statements of income consists of the following (in thousands):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current income tax expense |  | $ | 16,547 |  |  | $ | 14,700 |  |  | $ | 12,674 |
Deferred income tax expense (benefit) |  | (2,110) |  |  | (89) |  |  | 4,752 |
Income tax expense |  | $ | 14,437 |  |  | $ | 14,611 |  |  | $ | 17,426 |
Schedule of net deferred tax assets and liabilities | The components of the net deferred tax asset/liability as of December 31, 2023 and 2022 are summarized below (in thousands):
|  | Assets |  | Liabilities
Allowance for loan losses |  | $ | 8,962 |  |  | $
Retirement and other benefit plans |  |  |  | 2,529 |
Premises and equipment |  |  |  | 8,852 |
Operating lease liabilities |  | 3,508 |  |  |
Operating lease ROU assets |  |  |  | 3,116 |
Core deposit intangible |  |  |  | 292 |
Unrealized losses on securities AFS |  | 31,820 |  |  |
Effective hedging derivatives |  |  |  | 6,268 |
Fair value adjustment on loans |  | 436 |  |  |
Unfunded status of defined benefit plan |  | 4,988 |  |  |
State business tax credit |  | 181 |  |  |
Stock-based compensation |  | 1,294 |  |  |
Other |  | 294 |  |  |
Gross deferred tax assets/liabilities |  | 51,483 |  |  | 21,057 |
Net deferred tax asset at December 31, 2023 |  | $ | 30,426 |  |  |
Allowance for loan losses |  | $ | 7,668 |  |  | $
Retirement and other benefit plans |  |  |  | 2,435 |
Premises and equipment |  |  |  | 9,269 |
Operating lease liabilities |  | 3,585 |  |  |
Operating lease ROU assets |  |  |  | 3,216 |
Core deposit intangible |  |  |  | 548 |
Unrealized losses on securities AFS |  | 44,299 |  |  |
Effective hedging derivatives |  |  |  | 12,829 |
Fair value adjustment on loans |  | 500 |  |  |
Unfunded status of defined benefit plan |  | 5,184 |  |  |
State business tax credit |  | 242 |  |  |
Stock-based compensation |  | 1,177 |  |  |
Other |  | 337 |  |  |
Gross deferred tax assets/liabilities |  | 62,992 |  |  | 28,297 |
Net deferred tax asset at December 31, 2022 |  | $ | 34,695 |  |  |
Schedule of income tax reconciliation | A reconciliation of tax at statutory rates and total tax expense is as follows (dollars in thousands):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | Amount |  | Percent of Pre-Tax Income |  | Amount |  | Percent of Pre-Tax Income |  | Amount |  | Percent of Pre-Tax Income
Statutory tax expense |  | $ | 21,237 |  |  | 21.0 | % |  | $ | 25,123 |  |  | 21.0 | % |  | $ | 27,474 |  |  | 21.0 | %
Increase (decrease) in taxes from: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  | (6,107) |  |  | (6.0) | % |  | (10,345) |  |  | (8.6) | % |  | (9,636) |  |  | (7.4) | %
BOLI |  | (1,222) |  |  | (1.2) | % |  | (555) |  |  | (0.5) | % |  | (549) |  |  | (0.4) | %
Share-based compensation |  | 89 |  |  | 0.1 | % |  | (93) |  |  | (0.1) | % |  | (392) |  |  | (0.3) | %
State business tax |  | 353 |  |  | 0.3 | % |  | 312 |  |  | 0.3 | % |  | 366 |  |  | 0.3 | %
Other, net |  | 87 |  |  | 0.1 | % |  | 169 |  |  | 0.1 | % |  | 163 |  |  | 0.1 | %
Income tax expense |  | $ | 14,437 |  |  | 14.3 | % |  | $ | 14,611 |  |  | 12.2 | % |  | $ | 17,426 |  |  | 13.3 | %

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- 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
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- 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
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