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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Summary of allocation of federal and state 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
Statutory federal income tax rate and the effective tax rates | 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 | %
Summary of components of the net deferred tax asset | 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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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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