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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
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: (Dollars in Thousands) 2023 2022 2021 Current: Federal $ 11,630 $ 10,646 $ 12,039 State 1,893 1,022 1,044 13,523 11,668 13,083 Deferred: Federal (391) (2,994) (3,246) State (351) (899) (10) Change in Valuation Allowance 259 23 8 (483) (3,870) (3,248) Total: Federal 11,239 7,652 8,793 State 1,542 123 1,034 Change in Valuation Allowance 259 23 8 Total $ 13,040 $ 7,798 $ 9,835 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: (Dollars in Thousands) 2023 2022 2021 Tax Expense at Federal Statutory Rate $ 13,411 $ 8,625 $ 10,385 Increases (Decreases) Resulting From: Tax-Exempt Interest Income (259) (248) (271) State Taxes, Net of Federal Benefit 1,218 94 819 Other (1,695) (546) 375 Change in Valuation Allowance 259 23 8 Tax-Exempt Cash Surrender Value Life Insurance Benefit (187) (175) (173) Noncontrolling Interest 293 25 (1,308) Actual Tax Expense $ 13,040 $ 7,798 $ 9,835 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, 2023 and 2022 are as follows: (Dollars in Thousands) 2023 2022 Deferred Tax Assets Attributable to: Allowance for Credit Losses $ 7,236 $ 6,042 Accrued Pension/SERP 144 1,530 State Net Operating Loss and Tax Credit Carry-Forwards 2,069 1,920 Other Real Estate Owned 887 917 Accrued SERP Liability 2,594 3,246 Lease Liability 5,911 4,547 Net Unrealized Losses on Investment Securities 8,601 12,499 Other 2,665 3,043 Investment in Partnership 3,241 1,544 Total Deferred Tax Assets $ 33,348 $ 35,288 Deferred Tax Liabilities Attributable to: Depreciation on Premises and Equipment $ 3,733 $ 3,382 Deferred Loan Fees and Costs 2,614 2,372 Intangible Assets 3,344 3,310 Accrued Pension Liability 1,688 1,043 Right of Use Asset 5,829 4,474 Investments 469 469 Other 1,851 2,099 Total Deferred Tax Liabilities 19,528 17,149 Valuation Allowance 1,930 1,671 Net Deferred Tax Asset $ 11,890 $ 16,468 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 $ 1.9 million and $ 1.7 million is recorded at December 31, 2023 and December 31, 2022, respectively. At December 31, 2023, the Company had state loss and tax credit carry-forwards of approximately $ 2.1 million, which expire at various dates from 2024 through 2037 . The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits:. (Dollars in Thousands) 2023 2022 2021 Balance at January 1, $ 136 $ 52 $ - Additions Based on Tax Positions Related to Current Year 97 84 52 Balance at December 31 $ 233 $ 136 $ 52 Of this total, $ 0.2 million represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate in future periods. The Company does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next twelve months. 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, 2023, 2022, and 2021. There were no amounts accrued in the Consolidated Statements of Financial Condition for penalties and interest as of December 31, 2023 and 2022. 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 2020.

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