XML 42 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

Note 14: Income Taxes

The following table presents the allocation of federal and state income taxes between current and deferred portions as of December 31, 2023, 2022 and 2021:

​	​	​	​	​	​	​	​	​	​
(dollars in thousands)		2023			2022		​	2021
Current Tax Provision	​	$	11,886	​	$	19,719	​	$	20,408
Deferred Tax Expense (Benefit)	​		676	​		(1,401)	​		(4,522)
Total Income Tax Provision	​	$	12,562	​	$	18,318	​	$	15,886

​

The reasons for the differences between the statutory federal income tax rate and the effective tax rates are summarized as follows as of December 31, 2023, 2022 and 2021:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2023

​

​

2022

​

2021

(dollars in thousands)

Amount

Percent

​

Amount

Percent

​

​

Amount

Percent

​

Amount of Statutory Rate

​

$

11,030

​

21.0

%

​

$

15,059

​

21.0

%

​

$

12,930

​

21.0

%

State Income Taxes (Net of Federal Income Tax Benefit)

​

3,511

​

6.6

​

​

5,349

​

7.5

​

​

4,647

​

7.6

​

Interest on Investment Securities and Loans Exempt From Federal Income Tax

​

(1,175)

​

(2.3)

​

​

(899)

​

(1.3)

​

​

(657)

​

(1.1)

​

Tax Credits

​

(91)

​

0.0

​

​

(835)

​

(1.2)

​

​

(540)

​

(0.9)

​

Other Differences

​

(713)

​

(1.4)

​

​

(356)

​

(0.5)

​

​

(494)

​

(0.8)

​

Totals

​

$

12,562

​

23.9

%

​

$

18,318

​

25.5

%

​

$

15,886

​

25.8

%

​

The Company’s effective tax rate may fluctuate as it is impacted by the level and timing of the Company’s utilization of historic tax credits, low-income housing tax credits, the level of tax-exempt investments and loans, and the overall level of pre-tax income.

The following table presents the components of the net deferred tax asset included in other assets, as of December 31, 2023 and 2022:

​	​	​	​	​	​	​
(dollars in thousands)		2023			2022
Depreciation	​	$	(279)	​	$	(325)
Allowance for Credit Losses	​		14,261	​		13,639
Unrealized Loss on Securities Available for Sale	​		12,793	​		13,759
Unrealized Gain on Cash Flow Hedges	​		(5,434)	​		(6,527)
Prepaid Expenses	​		(221)	​		(886)
Deferred Compensation	​		—	​		510
Deferred Loan Fees	​	​	1,856	​	​	2,745
Reserve for Off-Balance Sheet Credit Exposures	​	​	843	​	​	—
Other	​		108	​		2
Totals	​	$	23,927	​	$	22,917

​

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

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

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