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Income Taxes (Tables)

12 Months Ended

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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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
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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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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