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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | Income tax expense consists of the following:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In Thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,783 |  |  | $ | 7,759 |  |  | $ | 9,174 |
State |  |  | 1,635 |  |  |  | 233 |  |  |  | 2,987 |
Current tax expense |  |  | 10,418 |  |  |  | 7,992 |  |  |  | 12,161 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (1,263 | ) |  |  | (716 | ) |  |  | (733 | )
State |  |  | (2,250 | ) |  |  | 2,836 |  |  |  | (42 | )
Deferred tax (benefit) expense |  |  | (3,513 | ) |  |  | 2,120 |  |  |  | (775 | )
Total income tax expense |  | $ | 6,905 |  |  | $ | 10,112 |  |  | $ | 11,386 |
Schedule of Deferred Tax Assets and Liabilities | The significant components of the Corporation’s deferred tax assets and liabilities were as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | (In Thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 9,820 |  |  | $ | 8,730 |
Deferred compensation |  |  | 2,511 |  |  |  | 2,094 |
State net operating loss carryforwards |  |  | 687 |  |  |  | 875 |
Write-down of repossessed assets |  |  | 31 |  |  |  | 10 |
Non-accrual loan interest |  |  | 222 |  |  |  | 95 |
Capital loss carryforwards |  |  | — |  |  |  | 22 |
Unrealized losses on securities |  |  | 4,136 |  |  |  | 4,715 |
Share-based compensation |  |  | 761 |  |  |  | 788 |
Other |  |  | 154 |  |  |  | 284 |
Total deferred tax assets before valuation allowance |  |  | 18,322 |  |  |  | 17,613 |
Valuation allowance |  |  | (1,568 | ) |  |  | (3,339 | )
Total deferred tax assets |  |  | 16,754 |  |  |  | 14,274 |
Deferred tax liabilities: |  |  |  |  |  |
Leasing and fixed asset activities |  |  | 1,361 |  |  |  | 1,854 |
Loan servicing asset |  |  | 328 |  |  |  | 381 |
Other |  |  | 2,466 |  |  |  | 2,531 |
Total deferred tax liabilities |  |  | 4,155 |  |  |  | 4,766 |
Net deferred tax asset |  | $ | 12,599 |  |  | $ | 9,508 |
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, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in Thousands) |
Income before income tax expense |  | $ | 51,150 |  |  | $ | 47,139 |  |  | $ | 52,244 |
Tax expense at statutory federal rate of 21% applied to income before income tax expense |  | $ | 10,741 |  |  | $ | 9,899 |  |  | $ | 10,971 |
State income tax, net of federal effect |  |  | 1,441 |  |  |  | (52 | ) |  |  | 2,337 |
Tax-exempt security and loan income, net of TEFRA adjustments |  |  | (1,201 | ) |  |  | (856 | ) |  |  | (704 | )
Change in valuation allowance |  |  | (1,888 | ) |  |  | 3,349 |  |  |  | — |
Bank-owned life insurance |  |  | (346 | ) |  |  | (313 | ) |  |  | (468 | )
Tax credits, net |  |  | (1,787 | ) |  |  | (1,045 | ) |  |  | (338 | )
Share-based compensation |  |  | (251 | ) |  |  | (159 | ) |  |  | (392 | )
Section 162(m) limitation |  |  | 106 |  |  |  | 123 |  |  |  | 118 |
Other |  |  | 90 |  |  |  | (834 | ) |  |  | (138 | )
Total income tax expense |  | $ | 6,905 |  |  | $ | 10,112 |  |  | $ | 11,386 |
Effective tax rate |  |  | 13.50 | % |  |  | 21.45 | % |  |  | 21.79 | %

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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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