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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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

Schedule of Reconciliation of Income Tax Attributable to Pre-Tax Income at Federal Statutory Tax Rates to Income Tax Expense

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		%

Schedule of Components of Net Deferred Tax Asset

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

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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
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-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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