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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes (Credit)

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 Federal Statutory Rate

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)

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

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- Definition

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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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
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- Definition

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.

+ References

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-SubTopic 10
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-Paragraph 12
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