Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is summarized below:


Current Tax Expense:	2023		2022		2021
Federal	$	4,611	$	12,263	$	10,957
State	1,035		3,103		2,645
Total Current Tax Expense	5,646		15,366		13,602
Deferred Tax Expense (Benefit):
Federal	1,825		(798)		712
State	(26)		(454)		233
Total Deferred Tax Expense (Benefit)	1,799		(1,252)		945

Total Provision for Income Taxes	$	7,445	$	14,114	$	14,547

Schedule of Effective Income Tax Rate Reconciliation

The provisions for income taxes differed from the amounts computed by applying the U.S. Federal Income Tax Rate of 21% to pre-tax income as a result of the following:


	2023			2022			2021

Statutory Federal Tax Rate		21.0	%		21.0	%	21.0	%
(Decrease) Increase Resulting From:
Tax-Exempt Income		(2.3)			(1.4)		(1.5)

State Taxes, Net of Federal Income Tax Benefit		2.3			3.4		3.4

Other Items, Net		(1.2)			(0.6)		(0.3)
Effective Tax Rate		19.8	%		22.4	%	22.6	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below:


	2023		2022
Deferred Tax Assets:
Net Unrealized Losses on Securities Available-for-Sale Included in Accumulated Other Comprehensive Income	$	11,003	$	16,914
Allowance for Credit Losses	8,475		8,199
Lease liabilities	2,635		2,821
Pension and Deferred Compensation Plans	3,708		3,571
Pension Liability Included in Accumulated Other Comprehensive Income	1,210		1,692
Historic Tax Credit	363		749

Other	781		745

Total Gross Deferred Tax Assets	28,175		34,691
Valuation Allowance for Deferred Tax Assets	—		—
Total Gross Deferred Tax Assets, Net of Valuation Allowance	$	28,175	$	34,691
Deferred Tax Liabilities:
Pension Plans	$	5,489	$	5,606
Depreciation	5,094		3,165
ROU assets	2,426		2,646
Deferred Income	3,905		3,266
Net Unrealized Gains on Equity Securities	207		272

Goodwill	3,379		3,416
Gain on Cash Flow Hedge Agreements Included in Accumulated Other Comprehensive Income	590		1,404

Total Gross Deferred Tax Liabilities	$	21,090	$	19,775

Deferred Tax Asset, Net	$	7,085	$	14,916