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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Income Taxes | Note 15: Income Taxes The following table presents the allocation of federal and state income taxes between current and deferred portions as of December 31, 2024, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2024 |  | 2023 | ​ | 2022
Current Tax Provision | ​ | $ | 9,887 | ​ | $ | 11,886 | ​ | $ | 19,719
Deferred Tax Expense (Benefit) | ​ |  | 24 | ​ |  | 676 | ​ |  | (1,401)
Total Income Tax Provision | ​ | $ | 9,911 | ​ | $ | 12,562 | ​ | $ | 18,318
​ 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, 2024, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | ​ | 2023 |  | ​ | 2022 |
(dollars in thousands) |  | Amount |  | Percent |  | ​ | Amount |  | Percent | ​ | ​ | Amount |  | Percent | ​
Amount of Statutory Rate | ​ | $ | 8,974 | ​ | 21.0 | % | ​ | $ | 11,030 | ​ | 21.0 | % | ​ | $ | 15,059 | ​ | 21.0 | %
State Income Taxes (Net of Federal Income Tax Benefit) | ​ |  | 2,920 | ​ | 6.8 | ​ | ​ |  | 3,511 | ​ | 6.6 | ​ | ​ |  | 5,349 | ​ | 7.5 | ​
Interest on Investment Securities and Loans Exempt From Federal Income Tax | ​ |  | (984) | ​ | (2.3) | ​ | ​ |  | (1,175) | ​ | (2.3) | ​ | ​ |  | (899) | ​ | (1.3) | ​
Tax Credits | ​ |  | (360) | ​ | (0.8) | ​ | ​ |  | (91) | ​ | 0.0 | ​ | ​ |  | (835) | ​ | (1.2) | ​
Other Differences | ​ |  | (639) | ​ | (1.5) | ​ | ​ |  | (713) | ​ | (1.4) | ​ | ​ |  | (356) | ​ | (0.5) | ​
Totals | ​ | $ | 9,911 | ​ | 23.2 | % | ​ | $ | 12,562 | ​ | 23.9 | % | ​ | $ | 18,318 | ​ | 25.5 | %
​ 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, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | 2024 |  | 2023
Depreciation | ​ | $ | (834) | ​ | $ | (279)
Allowance for Credit Losses | ​ |  | 14,559 | ​ |  | 14,261
Unrealized Loss on Securities Available for Sale | ​ |  | 11,189 | ​ |  | 12,793
Unrealized Gain on Cash Flow Hedges | ​ |  | (5,799) | ​ |  | (5,434)
Prepaid Expenses | ​ |  | (200) | ​ |  | (221)
Deferred Loan Fees | ​ | ​ | 1,912 | ​ | ​ | 1,856
Reserve for Off-Balance Sheet Credit Exposures | ​ | ​ | 1,015 | ​ | ​ | 843
Other | ​ |  | 92 | ​ |  | 108
Totals | ​ | $ | 21,934 | ​ | $ | 23,927
​

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