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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

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

		2022				2021				2020
Current tax expense:
Federal		$	15,371			$	11,453			$	10,041
State			3,408				2,854				1,873
Total current tax expense			18,779				14,307				11,914
Deferred tax (benefit) expense:
Federal			(3,250	)			4,384				(3,306	)
State			(1,132	)			834				(1,217	)
Total deferred tax (benefit) expense			(4,382	)			5,218				(4,523	)
Total income tax expense		$	14,397			$	19,525			$	7,391

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:

		2022				2021				2020
Statutory federal tax rate			21.0	%			21.0	%			21.0	%
Increase (decrease) resulting from:
Tax exempt interest income			(0.9	)			(0.7	)			(2.0	)
Tax credits and adjustments			(2.6	)			(2.6	)			(3.4	)
Non-taxable earnings on company owned life insurance			-				(0.6	)			(0.9	)
State taxes, net of federal tax benefit			2.5				3.0				1.1
Nondeductible expenses			0.2				-				0.1
Other, net			0.1				-				0.3
Effective tax rate			20.3	%			20.1	%			16.2	%

1

Income Tax Expense Allocation

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

		2022				2021				2020
Income tax expense		$	14,397			$	19,525			$	7,391
Shareholder’s equity			(42,812	)			(5,282	)			5,732

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):

		2022				2021
Deferred tax assets:
Allowance for credit losses		$	12,695			$	10,627
Leases – right of use obligations			8,505				5,993
Deferred compensation			1,615				1,365
Investment in limited partnerships			1,381				-
SERP agreements			179				262
Share-based compensation			975				759
Tax attribute carryforward benefits			-				446
Net unrealized loss on securities available for sale			44,312				1,712
Accrued pension costs			229				-
Other			1,206				579
Gross deferred tax assets			71,097				21,743
Deferred tax liabilities:
Leases – right of use assets			7,964				5,533
Investments in limited partnerships			-				126
Prepaid expenses			637				662
Prepaid pension costs			-				1,677
Intangible assets			2,580				2,418
Depreciation and amortization			4,080				3,471
Net unrealized gain on securities available for sale			-				-
Loan servicing assets			377				389
Deferred loan origination costs			401				830
Other			1,631				403
Gross deferred tax liabilities			17,670				15,509
Net deferred tax asset		$	53,427			$	6,234

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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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-Paragraph 2
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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
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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