XML 57 R43.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes is summarized below:
Current Tax Expense: | 2020 |  | 2019 |  | 2018
Federal | $ | 10,791 |  |  | $ | 7,706 |  |  | $ | 7,668 |
State | 2,485 |  |  | 1,550 |  |  | 1,450 |
Total Current Tax Expense | 13,276 |  |  | 9,256 |  |  | 9,118 |
Deferred Tax Expense (Benefit): |  |  |  |  |
Federal | (1,569) |  |  | 427 |  |  | (40) |
State | (671) |  |  | (83) |  |  | (52) |
Total Deferred Tax Expense (Benefit) | (2,240) |  |  | 344 |  |  | (92) |
Total Provision for Income Taxes | $ | 11,036 |  |  | $ | 9,600 |  |  | $ | 9,026 |
Schedule of Effective Income Tax Rate Reconciliation | The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate of 21% to pre-tax income as a result of the following:
|  | 2020 |  |  |  | 2019 |  |  |  | 2018
Statutory Federal Tax Rate |  |  | 21.0 | % |  |  |  | 21.0 | % |  |  |  | 21.0 | %
Increase (Decrease) Resulting From: |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Income |  |  | (2.1) |  |  |  |  | (2.7) |  |  |  |  | (3.1) |
Nondeductible Interest Expense |  |  | 0.1 |  |  |  |  | 0.2 |  |  |  |  | 0.1 |
State Taxes, Net of Federal Income Tax Benefit |  |  | 2.6 |  |  |  |  | 2.3 |  |  |  |  | 2.4 |
Tax benefit from stock based compensation |  |  | (0.1) |  |  |  |  | (0.3) |  |  |  |  | (0.4) |
Other Items, Net |  |  | (0.2) |  |  |  |  | (0.1) |  |  |  |  | (0.1) |
Effective Tax Rate |  |  | 21.3 | % |  |  |  | 20.4 | % |  |  |  | 19.9 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2020 and 2019 are presented below:
| 2020 |  | 2019
Deferred Tax Assets: |  |  |
Allowance for Loan Losses | $ | 7,472 |  |  | $ | 5,383 |
Lease liabilities | 2,717 |  |  | 2,787 |
Pension and Deferred Compensation Plans | 3,149 |  |  | 2,923 |
Pension Liability Included in Accumulated Other Comprehensive Income | 2,439 |  |  | 2,329 |
Historic Tax Credit | 1,394 |  |  | — |
Other | 385 |  |  | 352 |
Total Gross Deferred Tax Assets | 17,556 |  |  | 13,774 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 17,556 |  |  | $ | 13,774 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,368 |  |  | $ | 5,270 |
Depreciation | 3,018 |  |  | 1,943 |
ROU assets | 2,638 |  |  | 2,748 |
Deferred Income | 2,327 |  |  | 3,215 |
Net Unrealized Gains on Equity Securities | 132 |  |  | 240 |
Net Unrealized Gains on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | 1,991 |  |  | 160 |
Goodwill | 3,474 |  |  | 3,502 |
Gain on Cash Flow Hedge Agreements | 166 |  |  | $ | — |
Total Gross Deferred Tax Liabilities | $ | 19,114 |  |  | $ | 17,078 |
Deferred Tax Liability, Net | $ | 1,558 |  |  | $ | 3,304 |

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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration