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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
INCOME TAXES | 14.INCOME TAXES: Income tax expense is summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Federal: |  | ​ |  |  | ​ |  |  | ​ |
Currently payable | ​ | $ | 11,028 | ​ | $ | 9,047 | ​ | $ | 11,016
Deferred | ​ |  | (3,067) | ​ |  | 263 | ​ |  | 2,277
​ | ​ |  | 7,961 | ​ |  | 9,310 | ​ |  | 13,293
State: | ​ |  |  | ​ |  |  | ​ |  |
Currently payable | ​ |  | 2,131 | ​ |  | 2,302 | ​ |  | 2,485
Deferred | ​ |  | (213) | ​ |  | 209 | ​ |  | 873
​ | ​ |  | 1,918 | ​ |  | 2,511 | ​ |  | 3,358
TOTAL | ​ | $ | 9,879 | ​ | $ | 11,821 | ​ | $ | 16,651
​ 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) |  | 2024 |  | 2023 |  | 2022
Federal income taxes computed at the statutory rate | ​ | $ | 12,002 | ​ | $ | 15,223 | ​ | $ | 18,430
Add (deduct) tax effect of: | ​ |  |  | ​ |  |  | ​ |  |
Tax exempt income | ​ |  | (3,395) | ​ |  | (3,548) | ​ |  | (3,439)
ESOP dividend deduction | ​ |  | (73) | ​ |  | (107) | ​ |  | (103)
State tax, net of federal benefit | ​ |  | 1,515 | ​ |  | 1,984 | ​ |  | 2,653
General business tax credits | ​ |  | (542) | ​ |  | (1,720) | ​ |  | (674)
Other, net | ​ |  | 372 | ​ |  | (11) | ​ |  | (216)
TOTAL | ​ | $ | 9,879 | ​ | $ | 11,821 | ​ | $ | 16,651
​ ​ The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2024 and 2023, are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Other than temporary impairment | ​ | $ | 742 | ​ | $ | 739
Net unrealized losses on retirement plans | ​ |  | 1,493 | ​ |  | 3,497
Net unrealized loss on available for sale securities | ​ |  | 38,000 | ​ |  | 35,358
Loan loss provisions | ​ |  | 11,543 | ​ |  | 9,772
Unfunded commitments | ​ |  | 530 | ​ |  | 528
Deferred compensation | ​ |  | 1,863 | ​ |  | 1,711
Compensated absences | ​ |  | 814 | ​ |  | 783
Post-retirement benefits | ​ |  | 1,188 | ​ |  | 1,218
Lease liability | ​ |  | 1,953 | ​ |  | 1,463
Other | ​ |  | 4,147 | ​ |  | 3,808
GROSS DEFERRED ASSETS | ​ |  | 62,273 | ​ |  | 58,877
Deferred tax liabilities: | ​ |  |  | ​ |  |
Depreciation | ​ |  | (236) | ​ |  | (350)
Mortgage servicing rights | ​ |  | (204) | ​ |  | (310)
Pensions | ​ |  | (1,594) | ​ |  | (1,458)
Right-of-use asset | ​ |  | (1,927) | ​ |  | (1,452)
Intangibles | ​ |  | (6,246) | ​ |  | (6,318)
Purchase accounting | ​ |  | (189) | ​ |  | (157)
Other | ​ |  | (3,860) | ​ |  | (4,732)
GROSS DEFERRED LIABILITIES | ​ |  | (14,256) | ​ |  | (14,777)
NET DEFERRED TAX ASSETS | ​ | $ | 48,017 | ​ | $ | 44,100
​ Unrecognized Tax Benefits — A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Balance at January 1 | ​ | $ | 826 | ​ | $ | 858 | ​ | $ | 808
Additions based on tax positions related to the current year | ​ |  | 126 | ​ |  | 74 | ​ |  | 59
Additions based on tax positions related to prior years | ​ |  | — | ​ |  | — | ​ |  | —
Reductions due to the statute of limitations | ​ |  | (174) | ​ |  | (106) | ​ |  | (9)
Balance at December 31 | ​ | $ | 778 | ​ | $ | 826 | ​ | $ | 858
​ Of this total, $778 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, 2024, 2023 and 2022 was an expense increase of $8 thousand, an increase of $18 thousand, and an increase of $18 thousand, respectively. The amount accrued for interest and penalties at December 31, 2024, 2023 and 2022 was $129 thousand, $121 thousand and $103 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, Georgia, and other states. The Corporation is no longer subject to examination by taxing authorities for years before 2021.

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