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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​		2023			2022			2021
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
Taxes currently payable	​	$	14,559	​	$	15,769	​	$	16,025
Deferred income taxes	​		2,985	​		2,485	​		3,712
​	​	​	​	​	​	​	​	​	​
Income taxes	​	$	17,544	​	$	18,254	​	$	19,737

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
​	​	(In Thousands)
Deferred tax assets		​			​
Allowance for credit losses	​	$	15,911	​	$	15,618
Liability for unfunded commitments	​	​	1,842	​	​	3,153
Interest on nonperforming loans	​		71	​		66
Accrued expenses and other	​		1,676	​		1,341
Capital loss carryforward	​	​	150	​	​	67
Unrealized loss on available-for-sale securities	​	​	13,208	​	​	15,407
Unrealized loss on securities transferred to held-to-maturity securities	​	​	16	​	​	—
Unrealized loss on active cash flow derivatives	​	​	4,255	​	​	7,695
Income recognized for tax in excess of book related to terminated cash flow derivatives	​		3,532	​		5,530
Deferred income	​		124	​		290
Difference in basis for acquired assets and liabilities	​	​	353	​	​	686
​	​		41,138	​		49,853
​	​	​	​	​	​	​
Deferred tax liabilities	​			​
Tax depreciation in excess of book depreciation	​		(7,697)	​		(8,210)
FHLB stock dividends	​		(337)	​		(337)
Partnership tax credits	​		(998)	​		(668)
Prepaid expenses	​		(1,373)	​		(1,196)
Unrealized gain on securities transferred to held-to-maturity securities	​	​	—	​	​	(29)
Unrealized gain on terminated cash flow derivatives	​		(3,532)	​		(5,530)
Other	​		(277)	​		(235)
​	​		(14,214)	​		(16,205)
​	​	​	​	​	​	​
Net deferred tax asset	​	$	26,924	​	$	33,648

Schedule of reconciliations of the company's effective tax rates to the statutory corporate tax rates

​

​	​	​	​	​	​	​	​
​		2023		2022		2021
Tax at statutory rate		21.0	%	21.0	%	21.0	%
Nontaxable interest and dividends		(0.5)		(0.5)		(0.3)	​
Tax credits		(2.7)		(1.6)		(1.8)	​
State taxes		1.7		1.8		1.3	​
Deferred tax rate change benefit		—		(0.6)		—	​
Other		1.1		(0.7)		0.7	​
​	​	​	​	​	​	​	​
​		20.6	%	19.4	%	20.9	%

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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