XML 52 R35.htm IDEA: XBRL DOCUMENT v3.24.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of Components of Income Tax Expense (Benefit)

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2023			2022			2021
Current:		​			​			​
Federal tax expense	​	$	10,704	​	$	10,444	​	$	7,796
State tax expense	​		2,247	​		1,551	​		1,106
Total current tax expense	​		12,951	​		11,995	​		8,902
​	​	​	​	​	​	​	​	​	​
Deferred tax (benefit) expense	​		(686)	​		(707)	​		427
Total income tax expense	​	$	12,265	​	$	11,288	​	$	9,329

Schedule of Effective Income Tax Rate Reconciliation

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2023				​	2022				​	2021
(in thousands, except ratios)	​	Amount		​	Rate	​	Amount		​	Rate	​	Amount		​	Rate
Statutory tax rate		$	11,995		21.00	%	$	11,517		21.00	%	$	10,210		21.00	%
Increase (decrease) resulting from:		​			​		​			​		​			​
State taxes, net of federal benefit		​	1,539		2.69		​	1,477		2.69		​	1,280		2.63
Tax exempt interest		​	(1,042)		(1.82)		​	(1,003)		(1.83)		​	(1,240)		(2.55)
Federal tax credits		​	(471)		(0.82)		​	(241)		(0.44)		​	(582)		(1.20)
Officers' life insurance		​	(578)		(1.01)		​	(498)		(0.91)		​	(466)		(0.96)
Gain on disposal of low income housing tax credit investments		​	—		—		​	—		—		​	—		—
Stock-based compensation plans		​	17		0.03		​	(16)		(0.03)		​	(73)		(0.15)
Other		​	805	​	1.40		​	52		0.10		​	200		0.42
Effective tax rate	​	$	12,265		21.47	%	$	11,288		20.58	%	$	9,329		19.19	%

Schedule of Deferred Tax Assets and Liabilities

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	2023					​	2022
(in thousands)	​	Assets		​	Liabilities		​	Assets		​	Liabilities
Allowance for credit losses		$	6,593		$	—		$	5,964		$	—
Deferred compensation	​		3,678	​		—	​		3,812	​		—
Unrealized gain or loss on securities available for sale	​		14,702	​		—	​		16,586	​		—
Unrealized gain or loss on derivatives	​		312	​		—	​		539	​		—
Depreciation	​		—	​		1,101	​		—	​		1,723
Deferred loan origination fees, net	​		—	​		129	​		129	​		—
Non-accrual interest	​		632	​		—	​		600	​		—
Branch acquisition costs and goodwill	​		—	​		1,987	​		—	​		1,644
Core deposit intangible	​		—	​		689	​		—	​		806
Acquisition fair value adjustments	​		232	​		—	​		213	​		—
Prepaid expenses	​		—	​		297	​		—	​		271
Mortgage servicing rights	​		—	​		741	​		—	​		780
Equity compensation	​		1,016	​		—	​		736	​		—
Prepaid pension	​		—	​		669	​		—	​		616
Contract incentives	​		564	​		—	​		766	​		—
Right of use asset	​		—	​		1,611	​		—	​		1,863
Lease liability	​		1,716	​		—	​		1,961	​		—
Other	​		758	​		—	​		840	​		—
Total	​	$	30,203	​	$	7,224	​	$	32,146	​	$	7,703

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration