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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Provision for Federal and State Income Taxes
The provision for federal and state income taxes included in the accompanying consolidated statement of income consists of the following:
For the Years Ended December 31,
(Dollars in thousands)202420232022
Current:
Federal$18,535 $16,775 $18,188 
State2,105 1,520 1,447 
Deferred:
Federal(1,048)(609)(458)
State(223)(101)(87)
$19,369 $17,585 $19,090 
Income Tax Provision Differences from Expected Statutory Provision
The provision for income taxes differs from the expected statutory provision as follows:
For the Years Ended December 31,
202420232022
Expected provision at statutory rate21.0 %21.0 %21.0 %
Difference resulting from:
Tax exempt interest income, net of disallowance(1.8)(1.9)(1.7)
Increase in value of bank owned life insurance assets(0.8)(0.8)(0.8)
Stock-based compensation0.1 (0.2)(0.2)
State income taxes, net of federal benefits1.5 1.2 1.1 
Changes in valuation allowance0.1 0.2 0.7 
Federal benefit of state deferred tax asset revaluation — (0.8)
Other0.2 0.3 0.3 
Effective tax rate20.3 %19.8 %19.6 %
Components of Deferred Tax Assets and Liabilities
The assets and liabilities giving rise to the Corporation's deferred tax assets and liabilities are as follows:
At December 31,
(Dollars in thousands)20242023
Deferred tax assets:
Allowance for credit losses, loans and leases$19,447 $18,838 
Deferred compensation1,693 1,795 
Actuarial adjustments on retirement benefits*1,715 3,126 
State net operating losses4,285 3,778 
Other-than-temporary impairments on equity securities 99 
Net unrealized holding losses on securities available-for-sale and swaps*9,984 10,342 
Lease liability7,029 7,687 
Other deferred tax assets2,775 2,577 
Gross deferred tax assets46,928 48,242 
Valuation allowance(3,959)(3,527)
Total deferred tax assets, net of valuation allowance42,969 44,715 
Deferred tax liabilities:
Mortgage servicing rights1,350 1,885 
Retirement plans4,768 4,719 
Deferred loan fees and costs1,549 1,539 
Acquisition-related fair value adjustments554 779 
Intangible assets4,843 4,349 
Depreciation1,123 1,534 
Right of use asset6,369 7,013 
Other deferred tax liabilities1,118 1,104 
Total deferred tax liabilities21,674 22,922 
Net deferred tax assets$21,295 $21,793 
*Represents the amount of deferred taxes recorded in accumulated other comprehensive income.