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Income Taxes (Tables)

12 Months Ended

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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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

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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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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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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