Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in the states of Indiana and West Virginia. The Company is no longer subject to examination by income taxing authorities for years before 2018. The Company also currently operates in the states of Ohio, Michigan and Pennsylvania which tax financial institutions based on their equity rather than their income.

The components of income tax expense (benefit) are as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Current:
Federal	$	6,053		$	9,239		$	11,867		$	15,600
State and local		192			165			355			328
Deferred		(799	)		(1,081	)		(606	)		2,346
	$	5,446		$	8,323		$	11,616		$	18,274

The effective tax rates differ from federal statutory rate applied to income due to the following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
	(In Thousands)						(In Thousands)
Tax expense (benefit) at statutory rate (21%)	$	5,840		$	8,287		$	12,670		$	19,036
Increases (decreases) in taxes from:
State income tax - net of federal tax benefit		152			131			280			259
Tax exempt interest income, net of TEFRA		(188	)		(228	)		(374	)		(428	)
Bank owned life insurance		(206	)		(181	)		(415	)		(426	)
Captive insurance		(96	)		(102	)		(201	)		(192	)
Other		(56	)		416			(344	)		25
Totals	$	5,446		$	8,323		$	11,616		$	18,274