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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
INCOME TAXES | 14.INCOME TAXES: 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
​ 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
​ ​ 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
​ 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
​ Of this total, $858 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, 2022, 2021 and 2020 was an expense increase of $18 thousand, an increase of $21 thousand, and an increase of $11 thousand, respectively. The amount accrued for interest and penalties at December 31, 2022, 2021 and 2020 was $103 thousand, $85 thousand and $64 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, Illinois, Kentucky, Tennessee, and other states. The Corporation is no longer subject to examination by taxing authorities for years before 2019.

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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 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
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