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INCOME TAXES (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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.

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