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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below:
Current Tax Expense: | 2023 |  | 2022 |  | 2021
Federal | $ | 4,611 |  |  | $ | 12,263 |  |  | $ | 10,957 |
State | 1,035 |  |  | 3,103 |  |  | 2,645 |
Total Current Tax Expense | 5,646 |  |  | 15,366 |  |  | 13,602 |
Deferred Tax Expense (Benefit): |  |  |  |  |
Federal | 1,825 |  |  | (798) |  |  | 712 |
State | (26) |  |  | (454) |  |  | 233 |
Total Deferred Tax Expense (Benefit) | 1,799 |  |  | (1,252) |  |  | 945 |
Total Provision for Income Taxes | $ | 7,445 |  |  | $ | 14,114 |  |  | $ | 14,547 |
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:
|  | 2023 |  |  | 2022 |  |  |  | 2021
Statutory Federal Tax Rate |  |  | 21.0 | % |  |  |  | 21.0 | % |  |  |  | 21.0 | %
(Decrease) Increase Resulting From: |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Income |  |  | (2.3) |  |  |  |  | (1.4) |  |  |  |  | (1.5) |
State Taxes, Net of Federal Income Tax Benefit |  |  | 2.3 |  |  |  |  | 3.4 |  |  |  |  | 3.4 |
Other Items, Net |  |  | (1.2) |  |  |  |  | (0.6) |  |  |  |  | (0.3) |
Effective Tax Rate |  |  | 19.8 | % |  |  |  | 22.4 | % |  |  |  | 22.6 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below:
| 2023 |  | 2022
Deferred Tax Assets: |  |  |
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | $ | 11,003 |  |  | $ | 16,914 |
Allowance for Credit Losses | 8,475 |  |  | 8,199 |
Lease liabilities | 2,635 |  |  | 2,821 |
Pension and Deferred Compensation Plans | 3,708 |  |  | 3,571 |
Pension Liability Included in Accumulated Other Comprehensive Income | 1,210 |  |  | 1,692 |
Historic Tax Credit | 363 |  |  | 749 |
Other | 781 |  |  | 745 |
Total Gross Deferred Tax Assets | 28,175 |  |  | 34,691 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 28,175 |  |  | $ | 34,691 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,489 |  |  | $ | 5,606 |
Depreciation | 5,094 |  |  | 3,165 |
ROU assets | 2,426 |  |  | 2,646 |
Deferred Income | 3,905 |  |  | 3,266 |
Net Unrealized Gains on Equity Securities | 207 |  |  | 272 |
Goodwill | 3,379 |  |  | 3,416 |
Gain on Cash Flow Hedge Agreements Included in Accumulated Other Comprehensive Income | 590 |  |  | 1,404 |
Total Gross Deferred Tax Liabilities | $ | 21,090 |  |  | $ | 19,775 |
Deferred Tax Asset, Net | $ | 7,085 |  |  | $ | 14,916 |
Management believes that the realization of the recognized gross deferred tax assets at December 31, 2023 and 2022 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 income tax returns, nor have we been notified of any upcoming examinations. The State of New York is currently conducting a desk audit of the Special Additional Mortgage Recording Tax Credit that Arrow claimed on the 2021 New York State income tax return. Our Tax years 2020 through 2023 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, 2023.

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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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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