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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | The income tax expense for the years ended December 31 consisted of the following (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current tax expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 13,302 |  |  | $ | 15,371 |  |  | $ | 11,453 |
State |  |  | 835 |  |  |  | 3,408 |  |  |  | 2,854 |
Total current tax expense |  |  | 14,137 |  |  |  | 18,779 |  |  |  | 14,307 |
Deferred tax (benefit) expense: |  |  |  |  |  |  |  |  |
Federal |  |  | (1,136 | ) |  |  | (3,250 | ) |  |  | 4,384 |
State |  |  | (212 | ) |  |  | (1,132 | ) |  |  | 834 |
Total deferred tax (benefit) expense |  |  | (1,348 | ) |  |  | (4,382 | ) |  |  | 5,218 |
Total income tax expense |  | $ | 12,789 |  |  | $ | 14,397 |  |  | $ | 19,525 |
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:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory federal tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
Tax exempt interest income |  |  | (0.8 | ) |  |  | (0.9 | ) |  |  | (0.7 | )
Tax credits and adjustments |  |  | (2.1 | ) |  |  | (2.6 | ) |  |  | (2.6 | )
Non-taxable earnings on company owned life insurance |  |  | 0.9 |  |  |  | - |  |  |  | (0.6 | )
State taxes, net of federal tax benefit |  |  | 0.8 |  |  |  | 2.5 |  |  |  | 3.0 |
Nondeductible expenses |  |  | 0.3 |  |  |  | 0.2 |  |  |  | - |
Other, net |  |  | 0.2 |  |  |  | 0.1 |  |  |  | - |
Effective tax rate |  |  | 20.3 | % |  |  | 20.3 | % |  |  | 20.1 | %
Income Tax Expense Allocation | Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income tax expense |  | $ | 12,789 |  |  | $ | 14,397 |  |  | $ | 19,525 |
Shareholder’s equity |  |  | 6,044 |  |  |  | (42,812 | ) |  |  | (5,282 | )
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):
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 14,011 |  |  | $ | 12,695 |
Leases – right of use obligations |  |  | 8,657 |  |  |  | 8,505 |
Deferred compensation |  |  | 1,471 |  |  |  | 1,615 |
Investment in limited partnerships |  |  | 785 |  |  |  | 1,381 |
SERP agreements |  |  | 92 |  |  |  | 179 |
Share-based compensation |  |  | 930 |  |  |  | 975 |
Net unrealized loss on securities available for sale |  |  | 38,549 |  |  |  | 44,312 |
Accrued pension costs |  |  | 297 |  |  |  | 229 |
Other |  |  | 1,395 |  |  |  | 1,206 |
Gross deferred tax assets |  |  | 66,187 |  |  |  | 71,097 |
Deferred tax liabilities: |  |  |  |  |  |
Leases – right of use assets |  |  | 8,077 |  |  |  | 7,964 |
Prepaid expenses |  |  | 929 |  |  |  | 637 |
Intangible assets |  |  | 2,760 |  |  |  | 2,580 |
Depreciation and amortization |  |  | 3,833 |  |  |  | 4,080 |
Loan servicing assets |  |  | 354 |  |  |  | 377 |
Deferred loan origination costs |  |  | 154 |  |  |  | 401 |
Other |  |  | 1,347 |  |  |  | 1,631 |
Gross deferred tax liabilities |  |  | 17,454 |  |  |  | 17,670 |
Net deferred tax asset |  | $ | 48,733 |  |  | $ | 53,427 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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