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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | 14.INCOME TAXES: Income tax expense is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2023 |  | 2022 |  | 2021
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Currently payable | ​ | $ | 9,047 | ​ | $ | 11,016 | ​ | $ | 7,978
Deferred | ​ |  | 263 | ​ |  | 2,277 | ​ |  | 1,488
​ | ​ |  | 9,310 | ​ |  | 13,293 | ​ |  | 9,466
State: | ​ |  |  | ​ |  |  | ​ |  |
Currently payable | ​ |  | 2,302 | ​ |  | 2,485 | ​ |  | 3,080
Deferred | ​ |  | 209 | ​ |  | 873 | ​ |  | 80
​ | ​ |  | 2,511 | ​ |  | 3,358 | ​ |  | 3,160
TOTAL | ​ | $ | 11,821 | ​ | $ | 16,651 | ​ | $ | 12,626
​ 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) |  | 2023 |  | 2022 |  | 2021
Federal income taxes computed at the statutory rate | ​ | $ | 15,223 | ​ | $ | 18,430 | ​ | $ | 13,779
Add (deduct) tax effect of: | ​ |  |  | ​ |  |  | ​ |  |
Tax exempt income | ​ |  | (3,548) | ​ |  | (3,439) | ​ |  | (2,745)
ESOP dividend deduction | ​ |  | (107) | ​ |  | (103) | ​ |  | (101)
State tax, net of federal benefit | ​ |  | 1,984 | ​ |  | 2,653 | ​ |  | 2,496
General business tax credits | ​ |  | (1,720) | ​ |  | (674) | ​ |  | (716)
Other, net | ​ |  | (11) | ​ |  | (216) | ​ |  | (87)
TOTAL | ​ | $ | 11,821 | ​ | $ | 16,651 | ​ | $ | 12,626
​ ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Other than temporary impairment | ​ | $ | 739 | ​ | $ | 752
Net unrealized losses on retirement plans | ​ |  | 3,497 | ​ |  | 5,614
Net unrealized loss on available for sale securities | ​ |  | 35,358 | ​ |  | 39,242
Loan loss provisions | ​ |  | 9,772 | ​ |  | 10,054
Unfunded commitments | ​ |  | 528 | ​ |  | 537
Deferred compensation | ​ |  | 1,711 | ​ |  | 1,957
Compensated absences | ​ |  | 783 | ​ |  | 709
Post-retirement benefits | ​ |  | 1,218 | ​ |  | 1,051
Lease liability | ​ |  | 1,463 | ​ |  | 1,572
Purchase accounting | ​ |  | — | ​ |  | 114
Other | ​ |  | 3,808 | ​ |  | 3,018
GROSS DEFERRED ASSETS | ​ |  | 58,877 | ​ |  | 64,620
Deferred tax liabilities: | ​ |  |  | ​ |  |
Depreciation | ​ |  | (350) | ​ |  | (660)
Mortgage servicing rights | ​ |  | (310) | ​ |  | (458)
Pensions | ​ |  | (1,458) | ​ |  | (1,120)
Right-of-use asset | ​ |  | (1,452) | ​ |  | (1,566)
Intangibles | ​ |  | (6,318) | ​ |  | (6,093)
FHLB stock dividends | ​ |  | — | ​ |  | (32)
Purchase accounting | ​ |  | (157) | ​ |  | —
Other | ​ |  | (4,732) | ​ |  | (4,118)
GROSS DEFERRED LIABILITIES | ​ |  | (14,777) | ​ |  | (14,047)
NET DEFERRED TAX ASSETS | ​ | $ | 44,100 | ​ | $ | 50,573
​ Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2023 |  | 2022 |  | 2021
Balance at January 1 | ​ | $ | 858 | ​ | $ | 808 | ​ | $ | 867
Additions based on tax positions related to the current year | ​ |  | 74 | ​ |  | 59 | ​ |  | 9
Additions based on tax positions related to prior years | ​ |  | — | ​ |  | — | ​ |  | —
Reductions due to the statute of limitations | ​ |  | (106) | ​ |  | (9) | ​ |  | (68)
Balance at December 31 | ​ | $ | 826 | ​ | $ | 858 | ​ | $ | 808
​ Of this total, $826 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, 2023, 2022 and 2021 was an expense increase of $18 thousand, an increase of $18 thousand, and an increase of $21 thousand, respectively. The amount accrued for interest and penalties at December 31, 2023, 2022 and 2021 was $121 thousand, $103 thousand and $85 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 2020.

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