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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a summary of income tax expense for the years ended December 31, 2024, 2023, and 2022:
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Current – federal | $ | 12,863 |  |  | $ | 11,446 |  |  | $ | 15,494 |
Current – state | 1,104 |  |  | 1,252 |  |  | 1,346 |
Deferred – federal | (1,124) |  |  | 1,110 |  |  | (1,618) |
Deferred – state | (59) |  |  | 1 |  |  | (196) |
Income tax expense | $ | 12,784 |  |  | $ | 13,809 |  |  | $ | 15,026 |
The reconciliation of income tax attributable to pre-tax income at the federal statutory tax rates to income tax expense is as follows:
| December 31, 2024 |  | % |  | December 31, 2023 |  | % |  | December 31, 2022 |  | %
Tax at statutory rate | $ | 14,146 |  |  | 21.0 | % |  | $ | 15,084 |  |  | 21.0 | % |  | $ | 16,425 |  |  | 21.0 | %
Tax exempt income, net | (1,139) |  |  | (1.7) |  |  | (1,090) |  |  | (1.5) |  |  | (1,036) |  |  | (1.3) |
Bank owned life insurance | (653) |  |  | (1.0) |  |  | (619) |  |  | (0.9) |  |  | (721) |  |  | (0.9) |
Tax credits, net of amortization | (160) |  |  | (0.2) |  |  | (173) |  |  | (0.3) |  |  | (193) |  |  | (0.3) |
Effect of state tax | 826 |  |  | 1.2 |  |  | 990 |  |  | 1.4 |  |  | 908 |  |  | 1.2 |
Other | (236) |  |  | (0.4) |  |  | (383) |  |  | (0.5) |  |  | (357) |  |  | (0.5) |
Income tax expense | $ | 12,784 |  |  | 18.9 | % |  | $ | 13,809 |  |  | 19.2 | % |  | $ | 15,026 |  |  | 19.2 | %
The following table sets forth deferred taxes as of December 31, 2024 and 2023:
| December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 10,895 |  |  | $ | 10,515 |
Fair value adjustments – business combination | 685 |  |  | 771 |
Deferred compensation | 4,026 |  |  | 3,693 |
Net operating loss carryover | 493 |  |  | 516 |
Post-retirement benefits | 509 |  |  | 605 |
Unrealized loss on equity securities | 197 |  |  | 129 |
Nonaccrual loan interest | 563 |  |  | 476 |
Accrued expenses | 609 |  |  | 579 |
Deferred fees and costs | 25 |  |  | 557 |
Unrealized loss on securities available-for-sale | 10,852 |  |  | 11,308 |
Unrealized loss on securities held-to-maturity | 963 |  |  | 1,108 |
Lease liability | 12,360 |  |  | 8,509 |
Other | 547 |  |  | 453 |
| 42,724 |  |  | 39,219 |
Deferred tax liabilities: |  |  |
Premises and equipment | 3,054 |  |  | 3,761 |
Intangibles – section 197 | 2,475 |  |  | 2,487 |
Mortgage servicing rights | 278 |  |  | 345 |
Lease asset | 11,839 |  |  | 8,128 |
Other | 633 |  |  | 571 |
| 18,279 |  |  | 15,292 |
Net deferred tax asset | $ | 24,445 |  |  | $ | 23,927 |
At December 31, 2024 and 2023, the Corporation had no unrecognized tax benefits. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase in the next twelve months. At December 31, 2024, the Corporation had state net operating loss carryforwards of $14.8 million related to the acquisition of Bank of Akron, which will expire at various dates from 2034 to 2039. The Corporation's ability to utilize carryforwards is limited to $363 thousand per year. Due to this limitation, management has determined it is more likely than not that approximately $9.5 million of net operating loss carryforwards will expire unutilized. The Corporation recognizes interest and/or penalties related to income tax matters as part of income tax expense. At December 31, 2024, 2023, and 2022, there were no amounts accrued for interest and/or penalties and no amounts recorded as expense for the years ending December 31, 2024, 2023, and 2022. The Corporation and its subsidiaries are subject to U.S. federal income tax, as well as filing various state returns. The Corporation is no longer subject to U.S. federal income tax examinations by the taxing authorities for years prior to 2021. Tax years 2021 through 2024 are open to examination.

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