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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 18 – INCOME TAXES The provision for income taxes (credit) consists of the following:
|  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Current expense |  | $ | 9,230 |  |  | $ | 10,885 |  |  | $ | 10,794 |
Deferred expense (benefit) |  |  | (464 | ) |  |  | 1,353 |  |  |  | (524 | )
Totals |  | $ | 8,766 |  |  | $ | 12,238 |  |  | $ | 10,270 |
Effective tax rates differ from the federal statutory rate of 21% that were applied to income before income taxes due to the following:
|  |  | 2023 |  |  |  | 2022 |  |  |  | 2021 |
Statutory tax |  | $ | 12,327 |  |  | $ | 15,295 |  |  | $ | 13,026 |
Effect of nontaxable interest |  |  | (2,040 | ) |  |  | (2,591 | ) |  |  | (2,274 | )
Bank owned life insurance, net |  |  | (513 | ) |  |  | (380 | ) |  |  | (273 | )
Tax credit investments |  |  | (366 | ) |  |  | (194 | ) |  |  | (200 | )
Effect of nontaxable insurance premiums |  |  | (404 | ) |  |  | (318 | ) |  |  | (322 | )
Stock compensation |  |  | 41 |  |  |  | (63 | ) |  |  | (9 | )
Other |  |  | (279 | ) |  |  | 489 |  |  |  | 322 |
Actual tax |  | $ | 8,766 |  |  | $ | 12,238 |  |  | $ | 10,270 |
Deferred tax assets (liabilities) are comprised of the following:
|  |  | 2023 |  |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 7,235 |  |  | $ | 5,665 |
Net unrealized loss on securities available for sale |  |  | 45,599 |  |  |  | 55,962 |
Net unrealized loss on swap derivative |  |  | 269 |  |  |  | 0 |
Basis in investment securities |  |  | 6,976 |  |  |  | 0 |
Purchase accounting adjustments |  |  | 4,147 |  |  |  | 0 |
Deferred and accrued compensation |  |  | 2,060 |  |  |  | 1,748 |
Deferred loan fees and costs |  |  | 0 |  |  |  | 275 |
Nonaccrual loan interest income |  |  | 659 |  |  |  | 648 |
Restricted stock |  |  | 795 |  |  |  | 501 |
Lease liabilities |  |  | 2,164 |  |  |  | 1,841 |
Other |  |  | 198 |  |  |  | 0 |
Gross deferred tax assets |  | $ | 70,102 |  |  | $ | 66,640 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  | $ | (1,701 | ) |  | $ | (1,485 | )
Federal Home Loan Bank dividends |  |  | 0 |  |  |  | (904 | )
Purchase accounting adjustments |  |  | 0 |  |  |  | (1,862 | )
Mortgage servicing rights |  |  | (725 | ) |  |  | (700 | )
Prepaid expenses |  |  | (41 | ) |  |  | (365 | )
Lease right of use asset |  |  | (2,116 | ) |  |  | (1,766 | )
Other |  |  | 0 |  |  |  | (234 | )
Gross deferred tax liabilities |  |  | (4,583 | ) |  |  | (7,316 | )
Net deferred tax asset |  | $ | 65,519 |  |  | $ | 59,324 |
No valuation allowance for deferred tax assets was recorded at December 31, 2023 and 2022. At December 31, 2023 and December 31, 2022, the Company had no unrecognized tax benefits recorded. The Company does not expect the amount of unrecognized tax benefits to significantly change within the next twelve months. The Company is subject to U.S. federal income tax. The Company is no longer subject to examination by the federal taxing authority for years prior to 2020. The tax years 2020—2022 remain open to examination by the U.S. taxing authority.

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