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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
INCOME TAXES | 15. INCOME TAXES The Company files income tax returns in the U.S., the Commonwealth of Virginia, and other states. With few exceptions, the Company is no longer subject to U.S. federal or state income tax examinations by tax authorities for years prior to 2019. Net deferred tax assets and liabilities consist of the following components as of December 31, 2022 and 2021 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
Deferred tax assets: |  | ​ |  |  | ​ |
Credit losses | ​ | $ | 33,714 | ​ | $ | 30,132
Benefit plans | ​ |  | 3,290 | ​ |  | 4,016
Acquisition accounting | ​ |  | 3,866 | ​ |  | 5,711
Lease right-of-use asset | ​ | ​ | 11,982 | ​ | ​ | 12,889
Stock grants | ​ |  | 2,449 | ​ |  | 2,642
Foreclosed and former bank owned property | ​ |  | 2,955 | ​ |  | 6,110
Securities available for sale | ​ |  | 97,572 | ​ |  | —
Prime loan swap | ​ | ​ | 14,517 | ​ | ​ | —
Net operating losses | ​ |  | 30,911 | ​ |  | 41,573
Nonaccrual loans | ​ |  | 589 | ​ |  | 733
Other | ​ |  | 2,845 | ​ |  | 4,760
Total deferred tax assets | ​ | $ | 204,690 | ​ | $ | 108,566
Deferred tax liabilities: | ​ |  |  | ​ |  |
Acquisition accounting | ​ | $ | 10,992 | ​ | $ | 13,252
Lease right-of-use liability | ​ | ​ | 8,846 | ​ | ​ | 10,105
Premises and equipment | ​ |  | 59,341 | ​ |  | 47,832
Securities available for sale | ​ |  | — | ​ |  | 5,157
Other | ​ |  | 1,346 | ​ |  | 1,193
Total deferred tax liabilities | ​ |  | 80,525 | ​ |  | 77,539
Net deferred tax asset | ​ | $ | 124,165 | ​ | $ | 31,027
​ At December 31, 2022, the Company had federal net operating loss carryforwards of approximately $50 million, of which approximately $29 million under pre-2018 law can be carried forward 20 years, and $21 million that can be carried forward indefinitely. The Company also had state net operating loss carryforwards of approximately $485 million at December 31, 2022, of which approximately $210 million will begin to expire after 2026, and $275 million that can be carried forward indefinitely. In assessing the ability to realize deferred tax assets, the Company considers the scheduled reversal of temporary differences, projected future taxable income, and tax planning strategies in accordance with ASC 740-10-30. Based on its latest analysis, at December 31, 2022, the Company concluded that it is more likely than not that the Company would be able to fully realize its deferred tax asset. The Company has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no liability related to uncertain tax positions in accordance with applicable ASC 740, Income Taxes. The income tax expense for the years ended December 31, 2022, 2021, and 2020 consists of the following (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Current tax expense | ​ | $ | 20,389 | ​ | $ | 11,330 | ​ | $ | 25,376
Deferred tax expense | ​ |  | 25,055 | ​ |  | 43,512 | ​ |  | 2,690
Income tax expense | ​ | $ | 45,444 | ​ | $ | 54,842 | ​ | $ | 28,066
​ The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2022, 2021, and 2020 due to the following (dollars in thousands): ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Computed "expected" tax expense | ​ | $ | 58,790 | ​ | $ | 66,939 | ​ | $ | 39,122
(Decrease) in taxes resulting from: | ​ |  |  | ​ |  |  | ​ |  |
Tax-exempt interest income, net | ​ |  | (11,615) | ​ |  | (9,820) | ​ |  | (8,844)
State income tax expense(benefit) | ​ | ​ | 880 | ​ | ​ | (1,039) | ​ | ​ | (310)
Other, net | ​ |  | (2,611) | ​ |  | (1,238) | ​ |  | (1,902)
Income tax expense | ​ | $ | 45,444 | ​ | $ | 54,842 | ​ | $ | 28,066
​ For the years ended December 31, 2022, 2021, and 2020, the effective tax rates were 16.2%, 17.2% and 15.1%, respectively, and tax credits totaled approximately $4.0 million, $3.6 million and $3.0 million, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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