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INCOME TAXES: | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES: Income tax expense is summarized as follows:
(Dollar amounts in thousands) |  | 2020 |  | 2019 |  | 2018
Federal: |  |  |  |  |  |
Currently payable |  | $ | 7,886 |  |  | $ | 7,118 |  |  | $ | 7,018 |
Deferred |  | 1,188 |  |  | 2,435 |  |  | 1,793 |
|  | 9,074 |  |  | 9,553 |  |  | 8,811 |
State: |  |  |  |  |  |
Currently payable |  | 2,422 |  |  | 2,168 |  |  | 1,699 |
Deferred |  | 196 |  |  | 406 |  |  | 635 |
|  | 2,618 |  |  | 2,574 |  |  | 2,334 |
TOTAL |  | $ | 11,692 |  |  | $ | 12,127 |  |  | $ | 11,145 |
The reconciliation of income tax expense with the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes is summarized as follows:
(Dollar amounts in thousands) |  | 2020 |  | 2019 |  | 2018
Federal income taxes computed at the statutory rate |  | $ | 13,763 |  |  | $ | 12,810 |  |  | $ | 12,122 |
Add (deduct) tax effect of: |  |  |  |  |  |
Tax exempt income |  | (2,643) |  |  | (2,551) |  |  | (2,495) |
ESOP dividend deduction |  | (98) |  |  | (115) |  |  | (103) |
State tax, net of federal benefit |  | 2,068 |  |  | 2,034 |  |  | 1,846 |
General business tax credits |  | (1,648) |  |  | (148) |  |  | (148) |
Other, net |  | 250 |  |  | 97 |  |  | (77) |
TOTAL |  | $ | 11,692 |  |  | $ | 12,127 |  |  | $ | 11,145 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2020 and 2019, are as follows:
(Dollar amounts in thousands) |  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Other than temporary impairment |  | $ | 753 |  |  | $ | 754 |
Net unrealized losses on retirement plans |  | 8,132 |  |  | 7,465 |
Loan loss provisions |  | 12,150 |  |  | 5,288 |
Deferred compensation |  | 2,496 |  |  | 2,615 |
Compensated absences |  | 623 |  |  | 611 |
Post-retirement benefits |  | 1,286 |  |  | 1,309 |
Lease liability |  | 1,450 |  |  | 1,503 |
Purchase accounting |  | 1,060 |  |  | 1,600 |
Deferred loss on acquisition |  | — |  |  | 482 |
Other |  | 2,186 |  |  | 2,161 |
GROSS DEFERRED ASSETS |  | 30,136 |  |  | 23,788 |
Deferred tax liabilities: |  |  |  |
Net unrealized gains on securities available-for-sale |  | (8,752) |  |  | (4,248) |
Depreciation |  | (2,155) |  |  | (2,376) |
Mortgage servicing rights |  | (390) |  |  | (332) |
Pensions |  | (843) |  |  | (475) |
Right-of-use asset |  | (1,446) |  |  | (1,501) |
Intangibles |  | (5,458) |  |  | (3,285) |
FHLB stock dividends |  | (111) |  |  | — |
Other |  | (3,963) |  |  | (2,827) |
GROSS DEFERRED LIABILITIES |  | (23,118) |  |  | (15,044) |
NET DEFERRED TAX ASSETS |  | $ | 7,018 |  |  | $ | 8,744 |
Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(Dollar amounts in thousands) |  | 2020 |  | 2019 |  | 2018
Balance at January 1 |  | $ | 825 |  |  | $ | 922 |  |  | $ | 825 |
Additions based on tax positions related to the current year |  | 114 |  |  | 298 |  |  | 174 |
Additions based on tax positions related to prior years |  | — |  |  | — |  |  | — |
Reductions due to the statute of limitations |  | (72) |  |  | (395) |  |  | (77) |
Balance at December 31 |  | $ | 867 |  |  | $ | 825 |  |  | $ | 922 |
Of this total, $867 thousand represents the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. The Corporation does not expect the total amount of unrecognized tax benefits to significantly increase or decrease in the next 12 months. The total amount of interest and penalties recorded in the income statement for the years ended December 31, 2020, 2019 and 2018 was an expense increase of $11 thousand, a decrease of $9 thousand, and an increase of $23 thousand, respectively. The amount accrued for interest and penalties at December 31, 2020, 2019 and 2018 was $64 thousand, $53 thousand and $52 thousand, respectively. The Corporation and its subsidiaries are subject to U.S. federal income tax as well as income tax of the states of Indiana and Illinois. The Corporation is no longer subject to examination by taxing authorities for years before 2017.

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- 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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://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 http://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 http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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