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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense consists of the following:

						For the Year Ended December 31,
						2022						2021						2020
						(In Thousands)
Current:
Federal						$	9,174					$	6,965					$	1,948
State						2,987						3,087						1,386
Current tax expense						12,161						10,052						3,334
Deferred:
Federal						(733)						1,333						(1,678)
State						(42)						(110)						(329)
Deferred tax (benefit) expense						(775)						1,223						(2,007)
Total income tax expense						$	11,386					$	11,275					$	1,327

Schedule of Deferred Tax Assets and Liabilities

The significant components of the Corporation’s deferred tax assets and liabilities were as follows:

						December 31, 2022						December 31, 2021
						(In Thousands)
Deferred tax assets:
Allowance for loan and lease losses						$	6,267					$	6,312
Deferred compensation						2,342						2,016
State net operating loss carryforwards						265						436
Write-down of repossessed assets						11						5
Non-accrual loan interest						47						176
Capital loss carryforwards						21						21
Unrealized losses on securities						5,263						501
Share-based compensation						725						618
Other						125						216
Total deferred tax assets						15,066						10,301
Deferred tax liabilities:
Leasing and fixed asset activities						2,197						3,014
Loan servicing asset						393						420
Other						765						692
Total deferred tax liabilities						3,355						4,126
Net deferred tax asset						$	11,711					$	6,175

Schedule of Reconciliation of the Change in Net Deferred Tax Assets to Deferred Tax Expense

A reconciliation of the change in net deferred tax assets to deferred tax expense is as follows:

						December 31, 2022						December 31, 2021						December 31, 2020
						(In Thousands)
Change in net deferred tax assets						$	5,536					$	(1,042)					$	1,864
Deferred taxes allocated to other comprehensive income						(4,761)						(181)						143
Deferred income tax benefit (expense)						$	775					$	(1,223)					$	2,007

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from that computed at the federal statutory corporate tax rate as follows: 

						Year Ended December 31,
						2022						2021						2020
						(Dollars in Thousands)
Income before income tax expense						$	52,244					$	47,030					$	18,305
Tax expense at statutory federal rate of 21% applied to income before income tax expense						$	10,971					$	9,876					$	3,844
State income tax, net of federal effect						2,337						2,351						837
Tax-exempt security and loan income, net of TEFRA adjustments						(704)						(710)						(648)
Bank-owned life insurance						(468)						(297)						(294)
Tax credits, net						(338)						—						(2,535)
Share-based compensation						(392)						—						—
Section 162(m) limitation						118						—						—
Other						(138)						55						123
Total income tax expense						$	11,386					$	11,275					$	1,327
Effective tax rate						21.79		%				23.97		%				7.25		%

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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.

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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.

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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.

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