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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes (Credit)

The provision for income taxes (credit) consists of the following:

		2024				2023				2022
Current expense		$	7,089			$	9,230			$	10,885
Deferred expense (benefit)			2,389				(464	)			1,353
Totals		$	9,478			$	8,766			$	12,238

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:

		2024				2023				2022
Statutory tax		$	11,640			$	12,327			$	15,295
Effect of nontaxable interest			(1,771	)			(2,040	)			(2,591	)
Bank owned life insurance, net			(558	)			(513	)			(380	)
Tax credit investments			(565	)			(366	)			(194	)
Effect of nontaxable insurance premiums			0				(404	)			(318	)
Stock compensation			28				41				(63	)
Other			704				(279	)			489
Actual tax		$	9,478			$	8,766			$	12,238

Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) are comprised of the following:

		2024				2023
Deferred tax assets:
Allowance for credit losses		$	7,548			$	7,235
Net unrealized loss on securities available for sale			51,267				45,599
Net unrealized loss on swap derivative			107				269
Basis in investment securities			6,551				6,976
Purchase accounting adjustments			2,797				4,147
Deferred and accrued compensation			2,310				2,060
Nonaccrual loan interest income			358				659
Restricted stock			856				795
Lease liabilities			2,340				2,164
Other			0				198
Gross deferred tax assets		$	74,134			$	70,102
Deferred tax liabilities:
Depreciation and amortization		$	(1,738	)		$	(1,701	)
Mortgage servicing rights			(651	)			(725	)
Prepaid expenses			(45	)			(41	)
Lease right of use asset			(2,281	)			(2,116	)
Other			(783	)			0
Gross deferred tax liabilities			(5,498	)			(4,583	)
Net deferred tax asset		$	68,636			$	65,519

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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