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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | The income tax expense for the years ended December 31 consisted of the following (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,453 |  |  | $ | 10,041 |  |  | $ | 8,882 |
State |  |  | 2,854 |  |  |  | 1,873 |  |  |  | 1,308 |
Total current tax expense |  |  | 14,307 |  |  |  | 11,914 |  |  |  | 10,190 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  |  | 4,384 |  |  |  | (3,306 | ) |  |  | 280 |
State |  |  | 834 |  |  |  | (1,217 | ) |  |  | 89 |
Total deferred tax expense (benefit) |  |  | 5,218 |  |  |  | (4,523 | ) |  |  | 369 |
Total income tax expense |  | $ | 19,525 |  |  | $ | 7,391 |  |  | $ | 10,559 |
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:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Statutory federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
Tax exempt interest income |  |  | (0.7 | ) |  |  | (2.0 | ) |  |  | (1.9 | )
Tax credits and adjustments |  |  | (2.6 | ) |  |  | (3.4 | ) |  |  | (3.0 | )
Non-taxable earnings on company owned life insurance |  |  | (0.6 | ) |  |  | (0.9 | ) |  |  | (0.6 | )
State taxes, net of federal tax benefit |  |  | 3.0 |  |  |  | 1.1 |  |  |  | 1.9 |
Nondeductible expenses |  |  | - |  |  |  | 0.1 |  |  |  | 0.2 |
Goodwill and contingent consideration adjustments |  |  | - |  |  |  | - |  |  |  | - |
Other, net |  |  | - |  |  |  | 0.3 |  |  |  | 0.2 |
Effective tax rate |  |  | 20.1 | % |  |  | 16.2 | % |  |  | 17.8 | %
Income Tax Expense Allocation | Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income tax expense |  | $ | 19,525 |  |  | $ | 7,391 |  |  | $ | 10,559 |
Shareholder’s equity |  |  | (5,282 | ) |  |  | 5,732 |  |  |  | 3,113 |
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):
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 10,627 |  |  | $ | 14,239 |
Leases - right of use obligations |  |  | 5,993 |  |  |  | 5,510 |
Deferred compensation |  |  | 1,365 |  |  |  | 1,149 |
Investment in limited partnerships |  |  | - |  |  |  | 1,418 |
SERP agreements |  |  | 262 |  |  |  | 323 |
Share-based compensation |  |  | 759 |  |  |  | 602 |
Tax attribute carryforward benefits |  |  | 446 |  |  |  | - |
Net unrealized loss on securities available for sale |  |  | 1,712 |  |  |  | - |
Other |  |  | 579 |  |  |  | 236 |
Gross deferred tax assets |  |  | 21,743 |  |  |  | 23,477 |
Deferred tax liabilities: |  |  |  |  |  |
Leases - right of use assets |  |  | 5,533 |  |  |  | 5,113 |
Investments in limited partnerships |  |  | 126 |  |  |  | - |
Prepaid expenses |  |  | 662 |  |  |  | 635 |
Prepaid pension costs |  |  | 1,677 |  |  |  | 1,183 |
Intangible assets |  |  | 2,418 |  |  |  | 2,286 |
Depreciation and amortization |  |  | 3,471 |  |  |  | 2,046 |
Net unrealized gain on securities available for sale |  |  | - |  |  |  | 5,079 |
Loan servicing assets |  |  | 389 |  |  |  | 338 |
Deferred loan origination costs |  |  | 830 |  |  |  | 623 |
Other |  |  | 403 |  |  |  | 4 |
Gross deferred tax liabilities |  |  | 15,509 |  |  |  | 17,307 |
Net deferred tax asset |  | $ | 6,234 |  |  | $ | 6,170 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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