XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.23.4

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax [Abstract] |
INCOME TAXES | Note 13 INCOME TAXES The provision for income taxes reflected in the Consolidated Statements of Comprehensive Income is comprised of the following components: 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 Income taxes provided were different than the tax expense computed by applying the statutory federal income tax rate of 21 % to pre-tax income as a result of the following: 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 Deferred income tax liabilities and assets result from differences between assets and liabilities measured for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect. The net deferred tax asset and the temporary differences comprising that balance at December 31, 2022 and 2021 are as follows: (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 In the opinion of management, it is more likely than not that all of the deferred tax assets, with the exception of certain state net operating loss carry-forwards and certain state tax credit carry-forwards expected to expire prior to utilization, will be realized. Accordingly, a valuation allowance of $ 1.6 million is recorded at December 31, 2022. At December 31, 2022, the Company had state loss and tax credit carry-forwards of approximately $ 1.9 million, which expire at various dates from 2023 through 2037 . At December 31, 2022, and December 31, 2021, the Company had no material unrecognized gross tax benefits. It is the Company’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020. There were no amounts accrued in the Consolidated Statements of Financial Condition for penalties and interest as of December 31, 2022 and 2021. The Company files a consolidated U.S. federal income tax return and a separate U.S. federal income tax return for CCHL. Each subsidiary files various returns in states where its banking offices are located. The Company is no longer subject to U.S. federal or state tax examinations for years before 2019.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration