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Income Taxes
 12 Months Ended
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

​