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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense consists of the following:

						For the Year Ended December 31,
						2023						2022						2021
						(In Thousands)
Current:
Federal						$	7,759					$	9,174					$	6,965
State						233						2,987						3,087
Current tax expense						7,992						12,161						10,052
Deferred:
Federal						(716)						(733)						1,333
State						2,836						(42)						(110)
Deferred tax expense (benefit)						2,120						(775)						1,223
Total income tax expense						$	10,112					$	11,386					$	11,275

Schedule of Deferred Tax Assets and Liabilities

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

						December 31, 2023						December 31, 2022
						(In Thousands)
Deferred tax assets:
Allowance for credit losses						$	8,730					$	6,267
Deferred compensation						2,094						2,342
State net operating loss carryforwards						875						265
Write-down of repossessed assets						10						11
Non-accrual loan interest						95						47
Capital loss carryforwards						22						21
Unrealized losses on securities						4,715						5,263
Share-based compensation						788						725
Other						284						125
Total deferred tax assets before valuation allowance						17,613						15,066
Valuation allowance						(3,339)						—
Total deferred tax assets						14,274						15,066
Deferred tax liabilities:
Leasing and fixed asset activities						1,854						2,197
Loan servicing asset						381						393
Other						2,531						765
Total deferred tax liabilities						4,766						3,355
Net deferred tax asset						$	9,508					$	11,711

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, 2023						December 31, 2022						December 31, 2021
						(In Thousands)
Change in net deferred tax assets						$	(2,203)					$	5,536					$	(1,042)
Deferred taxes allocated to other comprehensive income						548						(4,761)						(181)
Cumulative change in accounting principle						(465)						—						—
Deferred income tax benefit (expense)						$	(2,120)					$	775					$	(1,223)

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,
						2023						2022						2021
						(Dollars in Thousands)
Income before income tax expense						$	47,139					$	52,244					$	47,030
Tax expense at statutory federal rate of 21% applied to income before income tax expense						$	9,899					$	10,971					$	9,876
State income tax, net of federal effect						(52)						2,337						2,351
Tax-exempt security and loan income, net of TEFRA adjustments						(856)						(704)						(710)
Change in valuation allowance						3,349						—						—
Bank-owned life insurance						(313)						(468)						(297)
Tax credits, net						(1,045)						(338)						—
Share-based compensation						(159)						(392)						—
Section 162(m) limitation						123						118						—
Other						(834)						(138)						55
Total income tax expense						$	10,112					$	11,386					$	11,275
Effective tax rate						21.45		%				21.79		%				23.97		%

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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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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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