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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The income tax expense included in the accompanying consolidated statements of income consists of the following (in thousands):
 Years Ended December 31,
 202120202019
Current income tax expense$12,674 $15,766 $13,099 
Deferred income tax expense (benefit)4,752 (4,430)122 
Income tax expense$17,426 $11,336 $13,221 
Schedule of net deferred tax assets and liabilities
The components of the net deferred tax liability as of December 31, 2021 and 2020 are summarized below (in thousands):
 AssetsLiabilities
Allowance for loan losses$7,407 $
Retirement and other benefit plans 1,927 
Premises and equipment9,062 
Operating lease liabilities3,502 
Operating lease ROU assets3,165 
Core deposit intangible913 
Unrealized gains on securities AFS22,562 
Effective hedging derivatives334 
Fair value adjustment on loans696 
Unfunded status of defined benefit plan6,314  
State business tax credit302  
Stock-based compensation1,043  
Other223 
Gross deferred tax assets/liabilities19,821 37,629 
Net deferred tax liability at December 31, 2021$17,808 
Allowance for loan losses$10,291 $
Retirement and other benefit plans 1,582 
Premises and equipment 9,057 
Operating lease liabilities3,514 
Operating lease ROU assets3,163 
Core deposit intangible1,385 
Unrealized gains on securities AFS30,940 
Effective hedging derivatives4,543 
Fair value adjustment on loans1,037 
Unfunded status of defined benefit plan7,950  
State business tax credit362  
Stock-based compensation1,105  
Other1,776 
Gross deferred tax assets/liabilities30,578 46,127 
Net deferred tax liability at December 31, 2020$15,549 
Schedule of income tax reconciliation
A reconciliation of tax at statutory rates and total tax expense is as follows (dollars in thousands):
 Years Ended December 31,
 202120202019
 AmountPercent of Pre-Tax IncomeAmountPercent of Pre-Tax IncomeAmountPercent of Pre-Tax Income
Statutory tax expense$27,474 21.0 %$19,633 21.0 %$18,433 21.0 %
Increase (decrease) in taxes from:      
Tax exempt interest(9,636)(7.4)%(8,137)(8.7)%(4,875)(5.5)%
BOLI(549)(0.4)%(536)(0.6)%(484)(0.5)%
Share-based compensation(392)(0.3)%(70)(0.1)%(167)(0.2)%
State business tax366 0.3 %329 0.4 %217 0.2 %
Other, net163 0.1 %117 0.1 %97 0.1 %
Income tax expense$17,426 13.3 %$11,336 12.1 %$13,221 15.1 %