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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The income tax expense for the years ended December 31 consisted of the following (in thousands):

		2020				2019				2018
Current tax expense (benefit):
Federal		$	10,041			$	8,882			$	19,351
State			1,873				1,308				1,135
Total current tax expense (benefit)			11,914				10,190				20,486
Deferred tax expense (benefit):
Federal			(3,306	)			280				(10,303	)
State			(1,217	)			89				(177	)
Total deferred tax expense (benefit)			(4,523	)			369				(10,480	)
Total income tax expense		$	7,391			$	10,559			$	10,006

Income Tax Expense Differed From Statutory Federal Income Tax Rate

Income tax expense differed from the statutory federal income tax rate for the years ended December 31 as follows:

		2020				2019				2018
Statutory federal tax rate			21.0	%			21.0	%			21.0	%
Increase (decrease) resulting from:
Tax exempt interest income			(2.0	)			(1.9	)			(2.6	)
Tax credits and adjustments			(3.4	)			(3.0	)			(0.3	)
Non-taxable earnings on company owned life insurance			(0.9	)			(0.6	)			(0.8	)
State taxes, net of federal tax benefit			1.1				1.9				1.5
Nondeductible expenses			0.1				0.2				0.2
Goodwill and contingent consideration adjustments			-				-				1.0
Other, net			0.3				0.2				0.2
Effective tax rate			16.2	%			17.8	%			20.2	%

Income Tax Expense Allocation

Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):

		2020				2019				2018
Income tax expense		$	7,391			$	10,559			$	10,006
Shareholder’s equity			5,732				3,113				(3,156	)

Net Deferred Tax Assets

The Company’s net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands):

		2020				2019
Deferred tax assets:
Allowance for credit losses		$	14,239			$	7,810
Leases - right of use obligations			5,510				5,474
Deferred compensation			1,149				1,095
Investment in limited partnerships			1,418				1,191
SERP agreements			323				418
Interest on nonaccrual loans			88				191
Share-based compensation			602				586
Other			148				224
Gross deferred tax assets			23,477				16,989
Deferred tax liabilities:
Leases - right of use assets			5,113				5,474
Prepaid expenses			635				498
Prepaid pension costs			1,183				897
Intangible assets			2,286				2,643
Depreciation and amortization			2,046				1,961
Net unrealized gain on securities available for sale			5,079				301
Loan servicing assets			338				289
Other			627				550
Gross deferred tax liabilities			17,307				12,613
Net deferred tax asset		$	6,170			$	4,376

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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.

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-SubTopic 10
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