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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(In Thousands)
​	​	​	​	​	​	​	​	​	​
Taxes currently payable	​	$	13,233	​	$	14,559	​	$	15,769
Deferred income taxes	​		457	​		2,985	​		2,485
​	​	​	​	​	​	​	​	​	​
Income taxes	​	$	13,690	​	$	17,544	​	$	18,254

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	December 31,
​		2024			2023
​	​	(In Thousands)
Deferred tax assets		​			​
Allowance for credit losses	​	$	15,933	​	$	15,911
Liability for unfunded commitments	​	​	2,092	​	​	1,842
Interest on nonperforming loans	​		93	​		71
Accrued expenses and other	​		2,123	​		1,676
Capital loss carryforward	​	​	158	​	​	150
Unrealized loss on available-for-sale securities	​	​	15,055	​	​	13,208
Unrealized loss on securities transferred to held-to-maturity securities	​	​	64	​	​	16
Unrealized loss on active cash flow derivatives	​	​	4,186	​	​	4,255
Income recognized for tax in excess of book related to terminated cash flow derivatives	​		1,528	​		3,532
Deferred income	​		100	​		124
Difference in basis for acquired assets and liabilities	​	​	—	​	​	353
​	​		41,332	​		41,138
​	​	​	​	​	​	​
Deferred tax liabilities	​			​
Tax depreciation in excess of book depreciation	​		(6,654)	​		(7,697)
FHLB stock dividends	​		—	​		(337)
Partnership tax credits	​		(1,899)	​		(998)
Prepaid expenses	​		(781)	​		(1,373)
Difference in basis for acquired assets and liabilities	​	​	(31)	​	​	—
Unrealized gain on terminated cash flow derivatives	​		(1,528)	​		(3,532)
Other	​		(263)	​		(277)
​	​		(11,156)	​		(14,214)
​	​	​	​	​	​	​
Net deferred tax asset	​	$	30,176	​	$	26,924

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

​

​	​	​	​	​	​	​	​
​		2024		2023		2022
Tax at statutory rate		21.0	%	21.0	%	21.0	%
Nontaxable interest and dividends		(0.5)		(0.5)		(0.5)	​
Tax credits		(4.4)		(2.7)		(1.6)	​
State taxes		1.7		1.7		1.8	​
Deferred tax rate change benefit		—		—		(0.6)	​
Other		0.3		1.1		(0.7)	​
​	​	​	​	​	​	​	​
​		18.1	%	20.6	%	19.4	%

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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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.

+ References

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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