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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense | The following table summarizes income tax expense for the years ended December 31, 2023, 2022 and 2021.
| 2023 |  | 2022 |  | 2021
Current expense | $ | 10,021 |  |  | $ | 5,170 |  |  | $ | 7,072 |
Deferred (benefit) expense | (651) |  |  | (591) |  |  | 942 |
Income tax expense | $ | 9,370 |  |  | $ | 4,579 |  |  | $ | 8,014 |
Reconciliation of Effective Income Tax Rate to Statutory Federal Rate | The following table reconciles the Company's effective income tax rate to its statutory federal rate for the years ended December 31, 2023, 2022 and 2021.
| 2023 |  | 2022 |  | 2021
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |
State taxes, net of federal benefit | 1.5 |  |  | 1.6 |  |  | 1.1 |
Tax exempt interest income | (2.5) |  |  | (4.1) |  |  | (1.7) |
Income from life insurance | (0.8) |  |  | (1.3) |  |  | (0.9) |
Disallowed interest expense | 1.1 |  |  | 0.3 |  |  | — |
Low-income housing credits and related expenses | (0.1) |  |  | (0.2) |  |  | (0.2) |
Merger-related expenses | 0.3 |  |  | — |  |  | — |
Share-based compensation and related expenses | (0.1) |  |  | (0.5) |  |  | 0.2 |
Other | 0.4 |  |  | 0.4 |  |  | 0.1 |
Effective income tax rate | 20.8 | % |  | 17.2 | % |  | 19.6 | %
Summary of Deferred Tax Assets and Liabilities | The following table summarizes the Company's deferred tax assets and liabilities at December 31, 2023 and 2022.
| 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 6,445 |  |  | $ | 5,594 |
Deferred compensation | 491 |  |  | 434 |
Retirement and salary continuation plans | 3,329 |  |  | 3,000 |
Share-based compensation | 712 |  |  | 774 |
Off-balance sheet reserves | 387 |  |  | 359 |
Nonaccrual loan interest | 1,388 |  |  | 467 |
Deferred loan fees | 342 |  |  | 493 |
Net unrealized losses on AFS securities | 7,331 |  |  | 10,405 |
Net unrealized losses on cash flow hedges | 54 |  |  | 204 |
Purchase accounting adjustments | 745 |  |  | 896 |
Bonus accrual | 845 |  |  | 1,241 |
Right-of-use lease liability | 2,594 |  |  | 2,194 |
Net operating loss carryforward | 1,770 |  |  | 1,974 |
Depreciation and other | 677 |  |  | 99 |
Total deferred tax assets | 27,110 |  |  | 28,134 |
Deferred tax liabilities: |  |  |
Depreciation | 493 |  |  | — |
Mortgage servicing rights | 834 |  |  | 884 |
Purchase accounting adjustments | 479 |  |  | 675 |
Right-of-use lease asset | 2,433 |  |  | 2,054 |
Investment in partnerships | 468 |  |  | 473 |
Other | 386 |  |  | 17 |
Total deferred tax liabilities | 5,093 |  |  | 4,103 |
Deferred tax asset, net | $ | 22,017 |  |  | $ | 24,031 |

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