XML 63 R48.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | The current and deferred components of income tax expense on the consolidated statements of income were as follows:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 7,990 |  |  | $ | 12,334 |  |  | $ | 16,555 |
State |  | 1,156 |  |  | 1,489 |  |  | 1,709 |
Total |  | 9,146 |  |  | 13,823 |  |  | 18,264 |
Deferred: |  |  |  |  |  |
Federal |  | 1,277 |  |  | 1,743 |  |  | (622) |
State |  | 30 |  |  | 42 |  |  | (15) |
Total |  | 1,307 |  |  | 1,785 |  |  | (637) |
Income tax expense |  | $ | 10,453 |  |  | $ | 15,608 |  |  | $ | 17,627 |
Reconciliation of Expected Income Tax Benefit Computed Using Federal Statutory Income Tax Rate | The income tax expense differs from the amount computed by applying the statutory federal income tax rate of 21.0% as a result of the following:
|  | For the Year Ended December 31,
(Dollars in thousands) |  | 2022 |  | 2022 |  | 2021
Computed tax expense |  | $ | 11,306 |  |  | $ | 16,180 |  |  | $ | 18,195 |
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |
State taxes, net of federal benefit |  | 937 |  |  | 1,209 |  |  | 1,338 |
Low income housing credits |  | (831) |  |  | (846) |  |  | (591) |
Tax exempt income |  | (647) |  |  | (732) |  |  | (782) |
Income from life insurance |  | (493) |  |  | (399) |  |  | (496) |
Share-based awards |  | 69 |  |  | (100) |  |  | (103) |
Other |  | 112 |  |  | 296 |  |  | 66 |
Income tax expense |  | $ | 10,453 |  |  | $ | 15,608 |  |  | $ | 17,627 |
Income before income tax expense |  | $ | 53,836 |  |  | $ | 77,047 |  |  | $ | 86,641 |
Effective tax rate |  | 19.4 | % |  | 20.3 | % |  | 20.3 | %
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | Temporary differences between the financial statements carrying amounts and the tax bases of assets and liabilities gave rise to the following deferred tax assets and liabilities as of the dates indicated:
|  | December 31,
|  | 2023 |  | 2022
(In thousands) |  | Asset |  | Liability |  | Asset |  | Liability
Net unrealized losses on AFS debt securities |  | $ | 29,418 |  |  | $ | — |  |  | $ | 36,027 |  |  | $ | — |
Allowance for credit losses |  | 8,447 |  |  | — |  |  | 8,640 |  |  | — |
Net operating loss and tax credit carryforward |  | 7,084 |  |  | — |  |  | 7,913 |  |  | — |
Pension and other benefits |  | 4,656 |  |  | — |  |  | 4,536 |  |  | — |
Deferred compensation and benefits |  | 1,033 |  |  | — |  |  | 892 |  |  | — |
Deferred loan origination fees |  | — |  |  | (3,235) |  |  | — |  |  | (3,253) |
Depreciation |  | — |  |  | (2,359) |  |  | — |  |  | (2,536) |
Net unrealized (gains) losses on derivative instruments |  | — |  |  | (1,670) |  |  | — |  |  | (1,613) |
Other |  | — |  |  | (1,148) |  |  | — |  |  | (389) |
Gross deferred tax assets (liabilities) |  | $ | 50,638 |  |  | $ | (8,412) |  |  | $ | 58,008 |  |  | $ | (7,791) |
Valuation allowance on deferred tax assets |  |  |  | — |  |  |  |  | — |
Net deferred tax assets |  |  |  | $ | 42,226 |  |  |  |  | $ | 50,217 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration