XML 54 R42.htm IDEA: XBRL DOCUMENT v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
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,
 202220212020
Current income tax expense$14,700 $12,674 $15,766 
Deferred income tax expense (benefit)(89)4,752 (4,430)
Income tax expense$14,611 $17,426 $11,336 
Schedule of net deferred tax assets and liabilities
The components of the net deferred tax asset/liability as of December 31, 2022 and 2021 are summarized below (in thousands):
 AssetsLiabilities
Allowance for loan losses$7,668 $
Retirement and other benefit plans 2,435 
Premises and equipment9,269 
Operating lease liabilities3,585 
Operating lease ROU assets3,216 
Core deposit intangible548 
Unrealized losses on securities AFS44,299 
Effective hedging derivatives12,829 
Fair value adjustment on loans500 
Unfunded status of defined benefit plan5,184  
State business tax credit242  
Stock-based compensation1,177  
Other337 
Gross deferred tax assets/liabilities62,992 28,297 
Net deferred tax asset at December 31, 2022$34,695 
Allowance for loan losses$7,407 $
Retirement and other benefit plans 1,927 
Premises and equipment 9,062 
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 
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,
 202220212020
 AmountPercent of Pre-Tax IncomeAmountPercent of Pre-Tax IncomeAmountPercent of Pre-Tax Income
Statutory tax expense$25,123 21.0 %$27,474 21.0 %$19,633 21.0 %
Increase (decrease) in taxes from:      
Tax exempt interest(10,345)(8.6)%(9,636)(7.4)%(8,137)(8.7)%
BOLI(555)(0.5)%(549)(0.4)%(536)(0.6)%
Share-based compensation(93)(0.1)%(392)(0.3)%(70)(0.1)%
State business tax312 0.3 %366 0.3 %329 0.4 %
Other, net169 0.1 %163 0.1 %117 0.1 %
Income tax expense$14,611 12.2 %$17,426 13.3 %$11,336 12.1 %