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Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

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Note 12. Income Taxes

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

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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

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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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At December 31, 2024, the Company has a federal net operating loss carryforward recorded of approximately $17.7 million acquired with the acquisition of Sevier County Bancshares, Inc.  The net operating loss is subject to Section 382 limitations. The federal net operating loss will begin to expire in 2031. The income tax returns of the Company for 2023, 2022, and 2021 are subject to examination by the federal and state taxing authorities, generally for three years after they were filed.

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The entire disclosure for income tax.

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