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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Income Tax Expense | Income tax expense is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2022 |  | 2021 |  | 2020
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Currently payable | ​ | $ | 11,016 | ​ | $ | 7,978 | ​ | $ | 7,886
Deferred | ​ |  | 2,277 | ​ |  | 1,488 | ​ |  | 1,188
​ | ​ |  | 13,293 | ​ |  | 9,466 | ​ |  | 9,074
State: | ​ |  |  | ​ |  |  | ​ |  |
Currently payable | ​ |  | 2,485 | ​ |  | 3,080 | ​ |  | 2,422
Deferred | ​ |  | 873 | ​ |  | 80 | ​ |  | 196
​ | ​ |  | 3,358 | ​ |  | 3,160 | ​ |  | 2,618
TOTAL | ​ | $ | 16,651 | ​ | $ | 12,626 | ​ | $ | 11,692
​
Reconciliation of Income Tax Expense | 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) |  | 2022 |  | 2021 |  | 2020
Federal income taxes computed at the statutory rate | ​ | $ | 18,430 | ​ | $ | 13,779 | ​ | $ | 13,763
Add (deduct) tax effect of: | ​ |  |  | ​ |  |  | ​ |  |
Tax exempt income | ​ |  | (3,439) | ​ |  | (2,745) | ​ |  | (2,643)
ESOP dividend deduction | ​ |  | (103) | ​ |  | (101) | ​ |  | (98)
State tax, net of federal benefit | ​ |  | 2,653 | ​ |  | 2,496 | ​ |  | 2,068
General business tax credits | ​ |  | (674) | ​ |  | (716) | ​ |  | (1,648)
Other, net | ​ |  | (216) | ​ |  | (87) | ​ |  | 250
TOTAL | ​ | $ | 16,651 | ​ | $ | 12,626 | ​ | $ | 11,692
​
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2022 and 2021, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2022 |  | 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Other than temporary impairment | ​ | $ | 752 | ​ | $ | 764
Net unrealized losses on retirement plans | ​ |  | 5,614 | ​ |  | 6,033
Net unrealized loss on available for sale securities | ​ |  | 39,242 | ​ |  | —
Loan loss provisions | ​ |  | 10,054 | ​ |  | 12,476
Unfunded commitments | ​ |  | 537 | ​ |  | 764
Deferred compensation | ​ |  | 1,957 | ​ |  | 2,367
Compensated absences | ​ |  | 709 | ​ |  | 739
Post-retirement benefits | ​ |  | 1,051 | ​ |  | 1,284
Lease liability | ​ |  | 1,572 | ​ |  | 1,597
Purchase accounting | ​ |  | 114 | ​ |  | 1,333
Other | ​ |  | 3,018 | ​ |  | 2,770
GROSS DEFERRED ASSETS | ​ |  | 64,620 | ​ |  | 30,127
Deferred tax liabilities: | ​ |  |  | ​ |  |
Net unrealized gains on securities available-for-sale | ​ |  | — | ​ |  | (4,269)
Depreciation | ​ |  | (660) | ​ |  | (1,611)
Mortgage servicing rights | ​ |  | (458) | ​ |  | (515)
Pensions | ​ |  | (1,120) | ​ |  | (1,647)
Right-of-use asset | ​ |  | (1,566) | ​ |  | (1,591)
Intangibles | ​ |  | (6,093) | ​ |  | (5,717)
FHLB stock dividends | ​ |  | (32) | ​ |  | (32)
Other | ​ |  | (4,118) | ​ |  | (4,113)
GROSS DEFERRED LIABILITIES | ​ |  | (14,047) | ​ |  | (19,495)
NET DEFERRED TAX ASSETS | ​ | $ | 50,573 | ​ | $ | 10,632
​
Reconciliation of Unrecognized Tax Benefits | Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2022 |  | 2021 |  | 2020
Balance at January 1 | ​ | $ | 808 | ​ | $ | 867 | ​ | $ | 825
Additions based on tax positions related to the current year | ​ |  | 59 | ​ |  | 9 | ​ |  | 114
Additions based on tax positions related to prior years | ​ |  | — | ​ |  | — | ​ |  | —
Reductions due to the statute of limitations | ​ |  | (9) | ​ |  | (68) | ​ |  | (72)
Balance at December 31 | ​ | $ | 858 | ​ | $ | 808 | ​ | $ | 867
​

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