XML 58 R44.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Current and Deferred Components of Income Tax Expense

The current and deferred components of income tax expense (benefit) were as follows:

For the years ended December 31,			2022						2021						2020
Federal income tax
Current			$	7,912,000					$	6,058,000					$	4,923,000
Deferred			(127,000)						999,000						(262,000)
			7,785,000						7,057,000						4,661,000
State franchise tax			611,000						587,000						460,000
			$	8,396,000					$	7,644,000					$	5,121,000

Actual Tax Expense from Expected Tax Expense

The actual tax expense differs from the expected tax expense (computed by applying the applicable U.S. Federal corporate income tax rate to income before income taxes) as follows:

For the years ended December 31,			2022						2021						2020
Expected tax expense			$	9,951,000					$	9,222,000					$	6,773,000
Non-taxable income			(1,756,000)						(1,833,000)						(1,808,000)
State franchise tax, net of federal tax benefit			483,000						444,000						348,000
Equity compensation			(54,000)						(41,000)						(43,000)
Tax credits, net of amortization			(203,000)						(150,000)						(144,000)
Other			(25,000)						2,000						(5,000)
			$	8,396,000					$	7,644,000					$	5,121,000

Components of Deferred Tax Assets and Liabilities

Items that give rise to the deferred income tax assets and liabilities and the tax effect of each at December 31, 2022 and 2021 are as follows:

			2022						2021
Allowance for loan losses			$	3,512,000					$	3,259,000
Accrued pension and post-retirement			828,000						887,000
Unrealized loss on securities available for sale			11,887,000						457,000
Unrealized loss on derivative instruments			1,031,000						544,000
Unrealized loss on securities transferred from available for sale to held to maturity			17,000						23,000
Restricted stock grants			320,000						308,000
Core deposit intangible			34,000						29,000
Investment in flow through entities			87,000						79,000
Other assets			41,000						35,000
Total deferred tax asset			17,757,000						5,621,000
Net deferred loan costs			(2,285,000)						(2,055,000)
Depreciation			(2,272,000)						(2,334,000)
Goodwill			(267,000)						(214,000)
Mortgage servicing rights			(524,000)						(561,000)
Unrealized gain on derivative instruments			(1,176,000)						(544,000)
Prepaid expense			(252,000)						(295,000)
Total deferred tax liability			(6,776,000)						(6,003,000)
Net deferred tax asset (liability)			$	10,981,000					$	(382,000)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration