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Income Taxes

12 Months Ended

Dec. 31, 2023

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)		2023			2022			2021
Current taxes	​	$	4,832	​	$	6,887	​	$	9,049	​
Deferred taxes	​		586	​		708	​		(90)	​
​	​	$	5,418	​	$	7,595	​	$	8,959	​

​

Income tax expense for the years ended December 31, 2023, 2022 and 2021 differed from the federal statutory rate applied to income before income taxes for the following reasons:

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​	​	2023			​	​	2022			​	​	2021			​
(Dollars in thousands)	​	Amount		​	Percent	​	Amount		​	Percent	​	Amount		​	Percent
Income tax at statutory rates	​	$	6,124		21.0	%	$	7,762		21.0	%	$	7,997		21.0	%
State income taxes	​		82		0.3	​		536		1.5	​		1,340		3.5	​
Tax-exempt interest income	​		(582)		(2.0)	​		(427)		(1.1)	​		(396)		(1.0)	​
Excess compensation	​	​	38	​	0.1	​	​	—	​	—	​	​	571	​	1.5	​
Income from bank-owned life insurance	​	​	(104)	​	(0.4)	​	​	(130)	​	(0.4)	​	​	(110)	​	(0.3)	​
Investments in qualified housing projects	​	​	(75)	​	(0.3)	​	​	(56)	​	(0.2)	​	​	(48)	​	(0.1)	​
Share based compensation	​		(114)		(0.4)	​		(37)		(0.1)	​	​	(83)		(0.2)	​
Contribution of real property	​	​	—	​	—	​	​	—	​	—	​	​	(107)	​	(0.3)	​
Other	​		49		0.2	​		(53)		(0.1)	​		(205)		(0.5)	​
​	​	$	5,418		18.5	%	$	7,595		20.6	%	$	8,959		23.6	%

​

​

The Corporation’s net deferred income taxes totaled $18.73 million and $22.01 million at December 31, 2023 and 2022, respectively. The tax effects of each type of significant item that gave rise to deferred taxes are:

​

​

​	​	​	​	​	​	​	​
​		December 31,
(Dollars in thousands)	​	2023		​	2022
Deferred tax assets	​	​	​	​	​	​	​
Allowances for credit losses and reserve for unfunded commitments	​	$	10,123	​	$	10,108	​
Net unrealized loss on securities available for sale	​	​	6,646	​	​	9,353	​
Nonqualified deferred compensation plan	​		3,969	​		4,128	​
Lease liabilities	​	​	1,877	​	​	1,967	​
Fair value adjustments related to business combinations	​		377	​		711	​
Share-based compensation	​		857	​		897	​
Reserve for indemnification losses	​		433	​		586	​
Accrued expenses	​	​	562	​	​	396	​
Other	​		778	​		845	​
Deferred tax assets	​		25,622	​		28,991	​
Deferred tax liabilities	​	​	​	​	​	​	​
Goodwill and other intangible assets	​		(3,027)	​		(3,068)	​
Right of use assets	​	​	(1,728)	​	​	(1,830)	​
Depreciation	​		(1,175)	​		(917)	​
Defined benefit plan	​		(583)	​		(649)	​
Cash flow hedges	​	​	(378)	​	​	(513)	​
Deferred tax liabilities	​		(6,891)	​		(6,977)	​
Net deferred tax assets	​	$	18,731	​	$	22,014	​

​

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 2020.

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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.

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