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Income Taxes (Tables)

12 Months Ended

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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- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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