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Income Taxes (Table) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022, includes the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 | ​ | 2022
Current tax expense |  | ​ |  |  | ​ |  | ​ | ​ | ​
Federal | ​ | $ | 8,717 | ​ | $ | 5,632 | ​ | $ | 10,412
State | ​ |  | 481 | ​ |  | 692 | ​ |  | 2,029
Deferred tax expense related to: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | (380) | ​ |  | 1,100 | ​ |  | (407)
State | ​ |  | 500 | ​ |  | 209 | ​ |  | (148)
Total income tax expense | ​ | $ | 9,318 | ​ | $ | 7,633 | ​ | $ | 11,886
Schedule of Effective Income Tax Rate Reconciliation | The income tax expense is different from the expected tax expense computed by multiplying income before income tax expense by the statutory income tax rate of 21%. The reasons for this difference are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 | ​ | 2022
Federal income tax expense computed at the statutory rate | ​ | $ | 9,546 | ​ | $ | 7,607 | ​ | $ | 11,531
State income taxes, net of federal tax benefit | ​ |  | 775 | ​ |  | 712 | ​ |  | 1,486
Nondeductible acquisition expenses | ​ |  | — | ​ |  | — | ​ |  | 1
Tax-exempt interest | ​ |  | (683) | ​ |  | (419) | ​ |  | (624)
Bank-owned life insurance | ​ | ​ | (521) | ​ | ​ | (413) | ​ | ​ | (389)
Tax benefit from stock options | ​ |  | (26) | ​ |  | (68) | ​ |  | (170)
Other | ​ |  | 227 | ​ |  | 214 | ​ |  | 51
Total income tax expense | ​ | $ | 9,318 | ​ | $ | 7,633 | ​ | $ | 11,886
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax asset, which are included in Other Assets in the consolidated balance sheets, as of December 31, 2024 and 2023, were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Deferred tax assets: |  |  |  | ​ | ​ |
Allowance for loan losses |  | $ | 9,029 | ​ | $ | 9,075
Unfunded commitments | ​ | ​ | 636 | ​ | ​ | 618
Fair value adjustments | ​ |  | 1,211 | ​ |  | 1,584
Unrealized losses on investment securities | ​ |  | 7,969 | ​ |  | 8,514
Unrealized losses on hedges | ​ | ​ | 274 | ​ | ​ | 508
Other real estate owned | ​ |  | 13 | ​ |  | 9
Deferred compensation | ​ |  | 1,758 | ​ |  | 1,132
Lease liability | ​ |  | 3,204 | ​ |  | 2,667
Federal net operating loss carryforward | ​ |  | 3,713 | ​ |  | 4,024
Other | ​ |  | 1,502 | ​ |  | 1,992
Total deferred tax assets | ​ |  | 29,309 | ​ |  | 30,123
Deferred tax liabilities: | ​ |  |  | ​ |  |
Accumulated depreciation | ​ |  | 2,384 | ​ |  | 2,451
Core deposit intangible | ​ |  | 1,226 | ​ |  | 1,774
Right of use asset | ​ |  | 3,071 | ​ |  | 2,561
Other | ​ |  | 1,221 | ​ |  | 1,031
Total deferred tax liabilities | ​ |  | 7,902 | ​ |  | 7,817
Net deferred tax asset | ​ | $ | 21,407 | ​ | $ | 22,306

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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 + Details
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