Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of provision for income taxes

	2022		2021		2020
	(In Thousands)
Taxes currently payable	$	15,769	$	16,025	$	25,259
Deferred income taxes (benefit)		2,485		3,712		(11,480)
Income taxes	$	18,254	$	19,737	$	13,779

Schedule of deferred tax assets and liabilities

	December 31,
	2022		2021
	(In Thousands)
Deferred tax assets
Allowance for credit losses	$	15,618	$	13,854
Liability for unfunded commitments		3,153		2,196
Interest on nonperforming loans		66		98
Accrued expenses		1,341		1,227
Write-down of foreclosed assets		—		35
Write-down of fixed assets		67		62
Unrealized loss on available-for-sale securities		15,407		—
Unrealized loss on active cash flow derivatives		7,695		—
Income recognized for tax in excess of book related to terminated cash flow derivatives		5,530		6,978
Deferred income		290		298
Difference in basis for acquired assets and liabilities		686		893
		49,853		25,641
Deferred tax liabilities
Tax depreciation in excess of book depreciation		(8,210)		(5,681)
FHLB stock dividends		(337)		(313)
Partnership tax credits		(668)		(251)
Prepaid expenses		(1,196)		(883)
Unrealized gain on securities transferred to held-to-maturity securities		(29)		—
Unrealized gain on available-for-sale securities		—		(2,698)
Unrealized gain on terminated cash flow derivatives		(5,530)		(6,978)
Other		(235)		(328)
		(16,205)		(17,132)
Net deferred tax asset	$	33,648	$	8,509

Schedule of reconciliations of the effective tax rates from continuing operations to the statutory corporate tax rates

	2022		2021		2020
Tax at statutory rate	21.0	%	21.0	%	21.0	%
Nontaxable interest and dividends	(0.5)		(0.3)		(0.5)
Tax credits	(1.6)		(1.8)		(3.8)
State taxes	1.8		1.3		1.4
Deferred tax rate change benefit	(0.6)		—		—
Other	(0.7)		0.7		0.8
	19.4	%	20.9	%	18.9	%