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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below:
Current Tax Expense: | 2021 |  | 2020 |  | 2019
Federal | $ | 10,957 |  |  | $ | 10,791 |  |  | $ | 7,706 |
State | 2,645 |  |  | 2,485 |  |  | 1,550 |
Total Current Tax Expense | 13,602 |  |  | 13,276 |  |  | 9,256 |
Deferred Tax Expense (Benefit): |  |  |  |  |
Federal | 712 |  |  | (1,569) |  |  | 427 |
State | 233 |  |  | (671) |  |  | (83) |
Total Deferred Tax Expense (Benefit) | 945 |  |  | (2,240) |  |  | 344 |
Total Provision for Income Taxes | $ | 14,547 |  |  | $ | 11,036 |  |  | $ | 9,600 |
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:
|  |  | 2021 |  |  |  | 2020 |  |  |  | 2019
Statutory Federal Tax Rate |  |  | 21.0 | % |  |  |  | 21.0 | % |  |  |  | 21.0 | %
(Decrease) Increase Resulting From: |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Income |  |  | (1.5) |  |  |  |  | (2.1) |  |  |  |  | (2.7) |
Nondeductible Interest Expense |  |  | — |  |  |  |  | 0.1 |  |  |  |  | 0.2 |
State Taxes, Net of Federal Income Tax Benefit |  |  | 3.4 |  |  |  |  | 2.6 |  |  |  |  | 2.3 |
Tax benefit from stock based compensation |  |  | — |  |  |  |  | (0.1) |  |  |  |  | (0.3) |
Other Items, Net |  |  | (0.3) |  |  |  |  | (0.2) |  |  |  |  | (0.1) |
Effective Tax Rate |  |  | 22.6 | % |  |  |  | 21.3 | % |  |  |  | 20.4 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below:
| 2021 |  | 2020
Deferred Tax Assets: |  |  |
Allowance for Credit Losses | $ | 7,440 |  |  | $ | 7,472 |
Lease liabilities | 3,142 |  |  | 2,717 |
Pension and Deferred Compensation Plans | 3,309 |  |  | 3,149 |
Pension Liability Included in Accumulated Other Comprehensive Income | 124 |  |  | 2,439 |
Historic Tax Credit | 1,023 |  |  | 1,394 |
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | 211 |  |  | — |
Other | 841 |  |  | 385 |
Total Gross Deferred Tax Assets | 16,090 |  |  | 17,556 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 16,090 |  |  | $ | 17,556 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,470 |  |  | $ | 5,368 |
Depreciation | 3,070 |  |  | 3,018 |
ROU assets | 3,005 |  |  | 2,638 |
Deferred Income | 3,778 |  |  | 2,327 |
Net Unrealized Gains on Equity Securities | 160 |  |  | 132 |
Net Unrealized Gains on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | — |  |  | 1,991 |
Goodwill | 3,428 |  |  | 3,474 |
Gain on Cash Flow Hedge Agreements | 453 |  |  | 166 |
Other | 85 |  |  | — |
Total Gross Deferred Tax Liabilities | $ | 19,449 |  |  | 19,114 |
Deferred Tax Liability, Net | $ | 3,359 |  |  | $ | 1,558 |
Management believes that the realization of the recognized gross deferred tax assets at December 31, 2021 and 2020 is more likely than not, based on historic earnings and expectations as to future taxable income. Interest and penalties are recorded as a component of the provision for income taxes, if any. There are no current examinations of our Federal or state income tax returns, nor have we been notified of any upcoming examinations. Tax years 2018 through 2021 are subject to Federal and New York State examination. Management annually conducts an analysis of its tax positions and has concluded that it has no uncertain tax positions as of December 31, 2021.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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