Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Components of The Provision For Income Taxes

Components of the provision for income taxes for the periods indicated are as follows: 

(In Thousands)	Current Tax Expense (Benefit)	Deferred Expense (Benefit)	Total Expense
2025:
Federal	$12,493	($1,068)	$11,425
State	5,329	(438)	4,891
Amortization of investment in low income housing tax credit partnerships	3,595	—	3,595
Total	$21,417	($1,506)	$19,911
2024:
Federal	$3,995	($102)	$3,893
State	2,453	(50)	2,403
Amortization of investment in low income housing tax credit partnerships	3,727	—	3,727
Total	$10,175	($152)	$10,023
2023:
Federal	$1,120	$388	$1,508
State	944	192	1,136
Amortization of investment in low income housing tax credit partnerships	3,570	—	3,570
Total	$5,634	$580	$6,214

Reconciliation of Actual to Expected Tax Expense

The actual expense for 2025, 2024, and 2023, differs from the “expected” tax expense (computed by applying the U.S. Federal Statutory Tax Rate of 21% for the years ended December 31, 2025, 2024 and 2023) as follows: 

	2025			2024			2023
(In Thousands)	Amount	Percent		Amount	Percent		Amount	Percent
US Federal statutory rate	$17,749	21.0	%	$9,869	21.0	%	$6,638	21.0	%
State and local income taxes (net of federal income tax effect)1	3,864	4.6	%	1,898	4.0	%	897	2.8	%
Tax Credits
Low income housing tax credits	(3,098)	(3.7)	%	(3,571)	(7.6)	%	(3,627)	(11.5)	%
Nontaxable or nondeductible items
Tax-exempt interest on investment securities and loans	(470)	(0.6)	%	(456)	(1.0)	%	(459)	(1.5)	%
Other
Amortization of investment in low income housing tax credit partnerships, net	2,390	2.8	%	3,105	6.6	%	3,192	10.1	%
Other	(524)	(0.6)	%	(822)	(1.7)	%	(427)	(1.4)	%
Total	$19,911	23.6	%	$10,023	21.3	%	$6,214	19.7	%

1The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category is Alaska.

Components of Net Deferred Tax Asset

The components of the net deferred tax asset for the periods indicated are as follows:

(In  Thousands)	2025	2024	2023
Deferred Tax Asset:
Allowance for credit losses	$6,650	$6,284	$5,347
Loan fees, net of costs	347	660	649
Interest income, nonaccrual loans	331	413	356
Deferred compensation	1,684	1,772	1,674
Equity compensation	918	502	466
Operating lease liabilities	1,689	1,996	2,585
Accrued liabilities	2,319	1,967	941
Unrealized loss, net of gains on available for sale investment securities	191	3,295	6,918
Unrealized loss, net of gains on marketable equity securities	—	—	126
Other	—	234	280
Total Deferred Tax Asset	$14,129	$17,123	$19,342
Deferred Tax Liability:
Intangible amortization	($3,523)	($3,112)	($2,746)
Mortgage servicing rights	(7,341)	(8,024)	(6,065)
Depreciation and amortization	(555)	(1,051)	(1,463)
Operating lease right-of-use assets	(1,681)	(1,990)	(2,585)
Unrealized gain, net of loss on marketable equity securities	(53)	(6)	—
Other	(301)	(763)	(719)
Total Deferred Tax Liability	($13,454)	($14,946)	($13,578)
Net Deferred Tax Asset	$675	$2,177	$5,764

Schedule of Cash Flow, Supplemental Disclosures

The amount of cash income taxes paid by the Company for the periods indicated were as follows:

(In Thousands)	2025	2024	2023
Federal	$12,400	$4,451	$1,500
Alaska	4,875	2,130	475
Other State and Local	316	139	56
Total	$17,591	$6,720	$2,031