Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of provision for income taxes

	2021		2020		2019
	(In Thousands)
Taxes currently payable	$	16,025	$	25,259	$	15,375
Deferred income taxes (benefit)		3,712		(11,480)		1,074
Income taxes	$	19,737	$	13,779	$	16,449

Schedule of deferred tax assets and liabilities

	December 31,
	2021		2020
	(In Thousands)
Deferred tax assets
Allowance for credit losses	$	13,854	$	12,711
Liability for unfunded commitments		2,196		—
Interest on nonperforming loans		98		142
Accrued expenses		1,227		894
Write-down of foreclosed assets		35		131
Write-down of fixed assets		62		114
Income recognized for tax in excess of book related to terminated cash flow derivatives		6,978		8,830
Partnership tax credits		—		11
Deferred income		298		885
Difference in basis for acquired assets and liabilities		893		1,532
		25,641		25,250
Deferred tax liabilities
Tax depreciation in excess of book depreciation		(5,681)		(5,988)
FHLB stock dividends		(313)		(368)
Partnership tax credits		(251)		—
Prepaid expenses		(883)		(898)
Unrealized gain on available-for-sale securities		(2,698)		(6,869)
Unrealized gain on terminated cash flow derivatives		(6,978)		(8,830)
Other		(328)		(258)
		(17,132)		(23,211)
Net deferred tax asset	$	8,509	$	2,039

Schedule of effective income tax rate reconciliation

	2021		2020		2019
Tax at statutory rate	21.0	%	21.0	%	21.0	%
Nontaxable interest and dividends	(0.3)		(0.5)		(0.5)
Tax credits	(1.8)		(3.8)		(3.6)
State taxes	1.3		1.4		1.3
Other	0.7		0.8		0.1
	20.9	%	18.9	%	18.3	%