Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.23.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax [Abstract]  
Schedule of provision for income taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022
(Dollars in Thousands)
(As Restated)
2021
2020
Current:
Federal
$
10,646
$
12,039
$
8,625
State
1,022
1,044
1,658
11,668
13,083
10,283
Deferred:
Federal
(2,994)
(3,246)
(143)
State
(899)
(10)
130
Change in Valuation
 
Allowance
23
8
(40)
(3,870)
(3,248)
(53)
Total:
Federal
7,652
8,793
8,482
State
123
1,034
1,788
Change in Valuation
 
Allowance
23
8
(40)
Total
$
7,798
$
9,835
$
10,230
Schedule of effective income tax rate reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022
(Dollars in Thousands)
(As Restated)
2021
2020
Tax Expense at Federal
 
Statutory Rate
$
8,625
$
10,385
$
11,106
Increases (Decreases) Resulting From:
Tax-Exempt Interest
 
Income
(248)
(271)
(341)
State Taxes, Net of Federal
 
Benefit
94
819
1,413
Other
(546)
375
601
Change in Valuation
 
Allowance
23
8
(40)
Tax-Exempt Cash Surrender
 
Value
 
Life Insurance Benefit
(175)
(173)
(173)
Noncontrolling Interest
25
(1,308)
(2,336)
Actual Tax Expense
$
7,798
$
9,835
$
10,230
Schedule of deferred income tax liabilities and assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(As Restated)
(Dollars in Thousands)
2022
2021
Deferred Tax Assets Attributable
 
to:
Allowance for Credit Losses
$
6,042
$
5,308
Accrued Pension/SERP
1,530
4,468
State Net Operating Loss and Tax
 
Credit Carry-Forwards
1,920
1,984
Other Real Estate Owned
917
1,029
Accrued SERP Liability
3,246
2,442
Lease Liability
4,547
2,597
Net Unrealized Losses on Investment Securities
12,499
1,532
Other
3,043
2,325
Investment in Partnership
1,544
Total Deferred
 
Tax Assets
$
35,288
$
21,685
Deferred Tax Liabilities
 
Attributable to:
Depreciation on Premises and Equipment
$
3,382
$
3,208
Deferred Loan Fees and Costs
2,372
2,016
Intangible Assets
3,310
3,276
Accrued Pension Liability
1,043
2,138
Right of Use Asset
4,474
2,453
Investments
469
469
Other
2,099
857
Total Deferred
 
Tax Liabilities
17,149
14,417
Valuation
 
Allowance
1,671
1,648
Net Deferred Tax Asset
$
16,468
$
5,620