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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax [Abstract] |
Schedule of provision for income taxes | 2022 (Dollars in Thousands) (As Restated) 2021 2020 Current: Federal $ 10,646 $ 12,039 $ 8,625 State 1,022 1,044 1,658 11,668 13,083 10,283 Deferred: Federal (2,994) (3,246) (143) State (899) (10) 130 Change in Valuation Allowance 23 8 (40) (3,870) (3,248) (53) Total: Federal 7,652 8,793 8,482 State 123 1,034 1,788 Change in Valuation Allowance 23 8 (40) Total $ 7,798 $ 9,835 $ 10,230
Schedule of effective income tax rate reconciliation | 2022 (Dollars in Thousands) (As Restated) 2021 2020 Tax Expense at Federal Statutory Rate $ 8,625 $ 10,385 $ 11,106 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (248) (271) (341) State Taxes, Net of Federal Benefit 94 819 1,413 Other (546) 375 601 Change in Valuation Allowance 23 8 (40) Tax-Exempt Cash Surrender Value Life Insurance Benefit (175) (173) (173) Noncontrolling Interest 25 (1,308) (2,336) Actual Tax Expense $ 7,798 $ 9,835 $ 10,230
Schedule of deferred income tax liabilities and assets | (As Restated) (Dollars in Thousands) 2022 2021 Deferred Tax Assets Attributable to: Allowance for Credit Losses $ 6,042 $ 5,308 Accrued Pension/SERP 1,530 4,468 State Net Operating Loss and Tax Credit Carry-Forwards 1,920 1,984 Other Real Estate Owned 917 1,029 Accrued SERP Liability 3,246 2,442 Lease Liability 4,547 2,597 Net Unrealized Losses on Investment Securities 12,499 1,532 Other 3,043 2,325 Investment in Partnership 1,544 Total Deferred Tax Assets $ 35,288 $ 21,685 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 3,382 $ 3,208 Deferred Loan Fees and Costs 2,372 2,016 Intangible Assets 3,310 3,276 Accrued Pension Liability 1,043 2,138 Right of Use Asset 4,474 2,453 Investments 469 469 Other 2,099 857 Total Deferred Tax Liabilities 17,149 14,417 Valuation Allowance 1,671 1,648 Net Deferred Tax Asset $ 16,468 $ 5,620

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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