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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES (Dollars In Thousands) The provision for income taxes is summarized below:
Current Tax Expense: | 2024 |  | 2023 |  | 2022
Federal | $ | 7,187 |  |  | $ | 4,611 |  |  | $ | 12,263 |
State | 1,251 |  |  | 1,035 |  |  | 3,103 |
Total Current Tax Expense | 8,438 |  |  | 5,646 |  |  | 15,366 |
Deferred Tax (Benefit) Expense: |  |  |  |  |
Federal | (631) |  |  | 1,825 |  |  | (798) |
State | (158) |  |  | (26) |  |  | (454) |
Total Deferred Tax (Benefit) Expense | (789) |  |  | 1,799 |  |  | (1,252) |
Total Provision for Income Taxes | $ | 7,649 |  |  | $ | 7,445 |  |  | $ | 14,114 |
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:
|  | 2024 |  |  | 2023 |  |  |  | 2022
Statutory Federal Tax Rate |  |  | 21.0 | % |  |  |  | 21.0 | % |  |  |  | 21.0 | %
(Decrease) Increase Resulting From: |  |  |  |  |  |  |  |  |  |  |
Tax-Exempt Investment Income |  |  | (2.1) |  |  |  |  | (2.3) |  |  |  |  | (1.4) |
State Taxes, Net of Federal Income Tax Benefit |  |  | 2.3 |  |  |  |  | 2.3 |  |  |  |  | 3.4 |
Bank Owned Life Insurance |  |  | (0.9) |  |  |  |  | (1.0) |  |  |  |  | (0.5) |
Other Items, Net |  |  | 0.2 |  |  |  |  | (0.2) |  |  |  |  | (0.1) |
Effective Tax Rate |  |  | 20.5 | % |  |  |  | 19.8 | % |  |  |  | 22.4 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are presented below:
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income | $ | 9,427 |  |  | $ | 11,003 |
Allowance for Credit Losses | 9,068 |  |  | 8,475 |
Lease liabilities | 2,539 |  |  | 2,635 |
Pension and Deferred Compensation Plans | 3,460 |  |  | 3,708 |
Pension Liability Included in Accumulated Other Comprehensive Income | — |  |  | 1,210 |
Historic Tax Credit | — |  |  | 363 |
Other | 773 |  |  | 781 |
Total Gross Deferred Tax Assets | 25,267 |  |  | 28,175 |
Valuation Allowance for Deferred Tax Assets | — |  |  | — |
Total Gross Deferred Tax Assets, Net of Valuation Allowance | $ | 25,267 |  |  | $ | 28,175 |
Deferred Tax Liabilities: |  |  |
Pension Plans | $ | 5,397 |  |  | $ | 5,489 |
Depreciation | 4,692 |  |  | 5,094 |
ROU assets | 2,298 |  |  | 2,426 |
Deferred Income | 3,524 |  |  | 3,905 |
Prepaid Pension Included in Accumulated Other Comprehensive Income | 1,445 |  |  | — |
Net Unrealized Gains on Equity Securities | 241 |  |  | 207 |
Goodwill | 3,373 |  |  | 3,379 |
Gain on Cash Flow Hedge Agreements Included in Accumulated Other Comprehensive Income | 1,620 |  |  | 590 |
Other | 64 |  |  | — |
Total Gross Deferred Tax Liabilities | $ | 22,654 |  |  | $ | 21,090 |
Deferred Tax Asset, Net | $ | 2,613 |  |  | $ | 7,085 |
Management believes that the realization of the recognized gross deferred tax assets at December 31, 2024 and 2023 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. During 2024 the State of New York completed a desk audit of the Special Additional Mortgage Recording Tax Credit that Arrow claimed on the 2021 New York State income tax return. The audit resulted in an insignificant balance due. Our Tax years 2021 through 2024 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, 2024.

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