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
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
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
$
8,625
$
10,385
$
11,106
Increases (Decreases) Resulting From:
Tax-Exempt Interest
(248)
(271)
(341)
State Taxes, Net of Federal
94
819
1,413
Other
(546)
375
601
Change in Valuation
23
8
(40)
Tax-Exempt Cash Surrender
(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
Allowance for Credit Losses
$
6,042
$
5,308
Accrued Pension/SERP
1,530
4,468
State Net Operating Loss and Tax
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
$
35,288
$
21,685
Deferred Tax Liabilities
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
17,149
14,417
Valuation
1,671
1,648
Net Deferred Tax Asset
$
16,468
$
5,620
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- References No definition available.
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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