Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.24.2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax [Abstract]  
Schedule of Provision for Income Taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2022
2021
Current:
Federal
$
11,630
$
10,646
$
12,039
State
1,893
1,022
1,044
13,523
11,668
13,083
Deferred:
Federal
(391)
(2,994)
(3,246)
State
(351)
(899)
(10)
Change in Valuation
 
Allowance
259
23
8
(483)
(3,870)
(3,248)
Total:
Federal
11,239
7,652
8,793
State
1,542
123
1,034
Change in Valuation
 
Allowance
259
23
8
Total
$
13,040
$
7,798
$
9,835
Schedule of Effective Income Tax Rate Reconciliation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2022
2021
Tax Expense at Federal
 
Statutory Rate
$
13,411
$
8,625
$
10,385
Increases (Decreases) Resulting From:
Tax-Exempt Interest
 
Income
(259)
(248)
(271)
State Taxes, Net of Federal
 
Benefit
1,218
94
819
Other
(1,695)
(546)
375
Change in Valuation
 
Allowance
259
23
8
Tax-Exempt Cash Surrender
 
Value
 
Life Insurance Benefit
(187)
(175)
(173)
Noncontrolling Interest
293
25
(1,308)
Actual Tax Expense
$
13,040
$
7,798
$
9,835
Schedule of Deferred Income Tax Liabilities and Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2022
Deferred Tax Assets Attributable
 
to:
Allowance for Credit Losses
$
7,236
$
6,042
Accrued Pension/SERP
144
1,530
State Net Operating Loss and Tax
 
Credit Carry-Forwards
2,069
1,920
Other Real Estate Owned
887
917
Accrued SERP Liability
2,594
3,246
Lease Liability
5,911
4,547
Net Unrealized Losses on Investment Securities
8,601
12,499
Other
2,665
3,043
Investment in Partnership
3,241
1,544
Total Deferred
 
Tax Assets
$
33,348
$
35,288
Deferred Tax Liabilities
 
Attributable to:
Depreciation on Premises and Equipment
$
3,733
$
3,382
Deferred Loan Fees and Costs
2,614
2,372
Intangible Assets
3,344
3,310
Accrued Pension Liability
1,688
1,043
Right of Use Asset
5,829
4,474
Investments
469
469
Other
1,851
2,099
Total Deferred
 
Tax Liabilities
19,528
17,149
Valuation
 
Allowance
1,930
1,671
Net Deferred Tax
 
Asset
$
11,890
$
16,468
Schedule of Beginning and Ending Unrecognized Tax Benefit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2023
2022
2021
Balance at January 1,
$
136
$
52
$
-
Additions Based on Tax
 
Positions Related to Current Year
97
84
52
Balance at December 31
$
233
$
136
$
52