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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax [Abstract] |
Schedule of Provision for Income Taxes | (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
Schedule of Effective Income Tax Rate Reconciliation | (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
Schedule of Deferred Income Tax Liabilities and Assets | (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
Schedule of Beginning and Ending Unrecognized Tax Benefit | (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

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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