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Income Tax | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax
| December 31 2022 |  | December 31 2021 |  | December 31 2020
Income tax expense |  |  |  |  |
Currently payable |  |  |  |  |
Federal | $ | 9,111 |  |  | $ | 11,742 |  |  | $ | 16,914 |
State | 888 |  |  | 1,303 |  |  | 2,377 |
Deferred |  |  |  |  |
Federal | 2,208 |  |  | 2,056 |  |  | (7,970) |
State | (31) |  |  | 255 |  |  | (1,451) |
Total income tax expense | $ | 12,176 |  |  | $ | 15,356 |  |  | $ | 9,870 |
Reconciliation of federal statutory to actual tax expense |  |  |  |  |
Federal statutory income tax at 21% | $ | 22,173 |  |  | $ | 21,514 |  |  | $ | 16,457 |
Tax exempt interest | (6,623) |  |  | (5,362) |  |  | (4,090) |
Tax exempt BOLI income | (746) |  |  | (604) |  |  | (531) |
Stock compensation | (232) |  |  | (250) |  |  | (160) |
Other tax exempt income | (454) |  |  | (404) |  |  | (334) |
State tax | 676 |  |  | 1,231 |  |  | 733 |
Tax credit investments | (2,774) |  |  | (981) |  |  | (2,284) |
Nondeductible and other | 156 |  |  | 212 |  |  | 79 |
Actual tax expense | $ | 12,176 |  |  | $ | 15,356 |  |  | $ | 9,870 |
| December 31 2022 |  | December 31 2021
Assets |  |  |
Allowance for loan losses | $ | 12,762 |  |  | $ | 13,707 |
Net operating loss and tax credits | 9,313 |  |  | — |
Director and employee benefits | 2,019 |  |  | 2,094 |
Unrealized loss on AFS securities and cash flow hedge | 28,230 |  |  | — |
Other | 555 |  |  | 1,785 |
Total assets | 52,879 |  |  | 17,586 |
Liabilities |  |  |
Depreciation | (4,599) |  |  | (4,540) |
State tax | (262) |  |  | (261) |
Federal Home Loan Bank stock dividends | (368) |  |  | (371) |
Difference in basis of intangible assets | (4,440) |  |  | (3,476) |
Fair value adjustment on acquisitions | (2,807) |  |  | (3,435) |
Unrealized gain on AFS securities and cash flow hedge | — |  |  | (1,953) |
Other | (68) |  |  | (222) |
Total liabilities | (12,544) |  |  | (14,258) |
Net deferred tax asset/(liability) | $ | 40,335 |  |  | $ | 3,328 |
During 2022, the Company generated a state net operating loss of $6.2 million that may be carried forward for 15 years. Additionally, the Company generated tax credits resulting in a carryforward of $9.0 million. These credits may be carried forward for 20 years. The Company expects to generate sufficient taxable income in the future to utilize the losses and credit carryforwards. Retained earnings of the Bank include approximately $12.8 million for which no deferred income tax liability has been recognized. This amount represents an allocation of previously acquired institutions income to bad debt deductions as of December 31, 1987 for tax purposes only. Reductions of amounts so allocated for purposes other than tax bad debt losses including redemption of bank stock or excess dividends, or loss of “bank” status would create income for tax purposes only, which would be subject to the then-current corporate income tax rate. The unrecorded deferred income tax liability on the above amount for the Company was approximately $2.7 million at December 31, 2022. The Company files income tax returns in the U.S. federal jurisdiction. With a few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2019.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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