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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 11,047 |  |  | $ | 7,990 |  |  | $ | 12,334 |
State |  | 1,111 |  |  | 1,156 |  |  | 1,489 |
Total |  | 12,158 |  |  | 9,146 |  |  | 13,823 |
Deferred: |  |  |  |  |  |
Federal |  | 291 |  |  | 1,277 |  |  | 1,743 |
State |  | 7 |  |  | 30 |  |  | 42 |
Total |  | 298 |  |  | 1,307 |  |  | 1,785 |
Income tax expense |  | $ | 12,456 |  |  | $ | 10,453 |  |  | $ | 15,608 |
The following table presents the activity recorded in income tax expense on the consolidated statements of income for the investments the Company accounts for under the proportional amortization method:
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023
Proportional amortization |  | $ | 5,908 |  |  | $ | — |
Income tax credits and other income tax benefits(1) |  | 6,525 |  |  | — |
Net income tax benefit |  | $ | 617 |  |  | $ | — |
(1) Other income tax benefits are a result of tax deductible expenses generated by the renewable energy tax credit investments and are recognized in the consolidated statements of cash flows in other assets within the operating activities section.
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) |  | 2024 |  | 2023 |  | 2022
Computed tax expense |  | $ | 13,747 |  |  | $ | 11,306 |  |  | $ | 16,180 |
Increase (reduction) in income taxes resulting from: |  |  |  |  |  |
Tax credit benefits |  | (1,699) |  |  | (831) |  |  | (846) |
State taxes, net of federal benefit |  | 1,099 |  |  | 937 |  |  | 1,209 |
Income from life insurance |  | (589) |  |  | (493) |  |  | (399) |
Tax exempt income |  | (451) |  |  | (647) |  |  | (732) |
Merger and acquisition costs |  | 232 |  |  | — |  |  | — |
Share-based awards |  | 98 |  |  | 69 |  |  | (100) |
Other |  | 19 |  |  | 112 |  |  | 296 |
Income tax expense |  | $ | 12,456 |  |  | $ | 10,453 |  |  | $ | 15,608 |
Income before income tax expense |  | $ | 65,460 |  |  | $ | 53,836 |  |  | $ | 77,047 |
Effective tax rate |  | 19.0 | % |  | 19.4 | % |  | 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,
|  | 2024 |  | 2023
(In thousands) |  | Asset |  | Liability |  | Asset |  | Liability
Net unrealized losses on AFS debt securities |  | $ | 28,488 |  |  | $ | — |  |  | $ | 29,418 |  |  | $ | — |
Allowance for credit losses |  | 8,285 |  |  | — |  |  | 8,447 |  |  | — |
Net operating loss and tax credit carryforward |  | 6,255 |  |  | — |  |  | 7,084 |  |  | — |
Pension and other benefits |  | 4,319 |  |  | — |  |  | 4,656 |  |  | — |
Deferred compensation and benefits |  | 1,161 |  |  | — |  |  | 1,033 |  |  | — |
Deferred loan origination fees |  | — |  |  | (3,152) |  |  | — |  |  | (3,235) |
Depreciation |  | — |  |  | (2,352) |  |  | — |  |  | (2,359) |
Net unrealized gains on derivative instruments |  | — |  |  | (2,454) |  |  | — |  |  | (1,670) |
Other |  | — |  |  | (513) |  |  | — |  |  | (1,148) |
Gross deferred tax assets (liabilities) |  | $ | 48,508 |  |  | (8,471) |  |  | $ | 50,638 |  |  | (8,412) |
Valuation allowance on deferred tax assets |  |  |  | — |  |  |  |  | — |
Net deferred tax assets |  |  |  | $ | 40,037 |  |  |  |  | $ | 42,226 |

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