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Income Taxes (Tables)

12 Months Ended

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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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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-Topic 740
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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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