XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Taxes |
Income Taxes | NOTE 13: Income Taxes ​ Principal components of income tax expense as reflected in the Consolidated Statements of Income are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020 |
Current taxes | ​ | $ | 6,887 | ​ | $ | 9,049 | ​ | $ | 7,612 | ​
Deferred taxes | ​ |  | 708 | ​ |  | (90) | ​ |  | (817) | ​
​ | ​ | $ | 7,595 | ​ | $ | 8,959 | ​ | $ | 6,795 | ​
​ Income tax expense for the years ended December 31, 2022, 2021 and 2020 differed from the federal statutory rate applied to income before income taxes for the following reasons: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​
(Dollars in thousands) | ​ | Amount | ​ | Percent | ​ | Amount | ​ | Percent | ​ | Amount | ​ | Percent |
Income tax at statutory rates | ​ | $ | 7,762 |  | 21.0 | % | $ | 7,997 |  | 21.0 | % | $ | 6,136 | ​ | 21.0 | %
State income taxes | ​ |  | 536 |  | 1.5 | ​ |  | 1,340 |  | 3.5 | ​ |  | 1,449 | ​ | 5.0 | ​
Tax-exempt interest income | ​ |  | (427) |  | (1.1) | ​ |  | (396) |  | (1.0) | ​ |  | (493) | ​ | (1.7) | ​
Excess compensation | ​ | ​ | — | ​ | — | ​ | ​ | 571 | ​ | 1.5 | ​ | ​ | 328 | ​ | 1.1 | ​
Change in tax law | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | (326) | ​ | (1.1) | ​
Income from bank-owned life insurance | ​ | ​ | (130) | ​ | (0.4) | ​ | ​ | (110) | ​ | (0.3) | ​ | ​ | (107) | ​ | (0.4) | ​
Investments in qualified housing projects | ​ | ​ | (56) | ​ | (0.2) | ​ | ​ | (48) | ​ | (0.1) | ​ | ​ | (82) | ​ | (0.3) | ​
Share based compensation | ​ |  | (37) |  | (0.1) | ​ |  | (83) |  | (0.2) | ​ | ​ | (77) | ​ | (0.3) | ​
Contribution of real property | ​ | ​ | — | ​ | — | ​ | ​ | (107) | ​ | (0.3) | ​ | ​ | — | ​ | — | ​
Merger related expenses | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | 29 | ​ | 0.1 | ​
Other | ​ |  | (53) |  | (0.1) | ​ |  | (205) |  | (0.5) | ​ |  | (62) | ​ | (0.2) | ​
​ | ​ | $ | 7,595 |  | 20.6 | % | $ | 8,959 |  | 23.6 | % | $ | 6,795 |  | 23.2 | %
​ The Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), enacted in March 2020, included a provision that allowed net operating losses generated in years prior to 2020 to be carried back for up to five tax years. Previously, tax law only allowed for net operating losses to be carried forward to future tax years. During 2020, the Corporation recognized income tax benefits of $326,000 related to net operating losses generated by Peoples in 2019, which were able to be applied to years prior to 2018 at higher income tax rates than the current statutory rate as a result of the CARES Act. ​ The Corporation’s net deferred income taxes totaled $22.01 million and $13.61 million at December 31, 2022 and 2021, respectively. The tax effects of each type of significant item that gave rise to deferred taxes are: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, |
(Dollars in thousands) | ​ | 2022 | ​ | 2021 |
Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Allowances for loan losses | ​ | $ | 10,108 | ​ | $ | 9,960 | ​
Nonqualified defined contribution plan | ​ |  | 4,128 | ​ |  | 3,948 | ​
Lease liabilities | ​ | ​ | 1,967 | ​ | ​ | 2,057 | ​
Fair value adjustments related to business combinations | ​ |  | 711 | ​ |  | 1,119 | ​
Share-based compensation | ​ |  | 897 | ​ |  | 752 | ​
Reserve for indemnification losses | ​ |  | 586 | ​ |  | 821 | ​
Accrued expenses | ​ | ​ | 396 | ​ | ​ | 352 | ​
Cash flow hedges | ​ |  | — | ​ |  | 158 | ​
Net unrealized loss on securities available for sale | ​ | ​ | 9,353 | ​ | ​ | — | ​
Other | ​ |  | 845 | ​ |  | 1,275 | ​
Deferred tax assets | ​ |  | 28,991 | ​ |  | 20,442 | ​
Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill and other intangible assets | ​ |  | (3,068) | ​ |  | (3,114) | ​
Right of use assets | ​ | ​ | (1,830) | ​ | ​ | (1,938) | ​
Depreciation | ​ |  | (917) | ​ |  | (989) | ​
Net unrealized gain on securities available for sale | ​ |  | — | ​ |  | (116) | ​
Defined benefit plan | ​ |  | (649) | ​ |  | (677) | ​
Cash flow hedges | ​ | ​ | (513) | ​ | ​ | — | ​
Deferred tax liabilities | ​ |  | (6,977) | ​ |  | (6,834) | ​
Net deferred tax assets | ​ | $ | 22,014 | ​ | $ | 13,608 | ​
​ The Corporation files income tax returns in the U.S. federal jurisdiction and several states. With few exceptions, the Corporation is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2019.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration