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INCOME TAXES (Tables)

12 Months Ended

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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- 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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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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