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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
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 2020. Significant components of the Company’s net deferred tax assets and liabilities consist of the following as of December 31, (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
AFS securities | ​ | $ | 81,507 | ​ | $ | 96,732
ACL | ​ |  | 32,505 | ​ |  | 27,260
NOL carryforwards | ​ |  | 28,113 | ​ |  | 38,932
Lease liabilities | ​ |  | 18,283 | ​ |  | 11,982
Cash flow hedges | ​ | ​ | 11,422 | ​ | ​ | 14,517
Employee compensation and benefit plans | ​ |  | 8,935 | ​ |  | 5,739
Other | ​ |  | 10,695 | ​ |  | 9,361
Total deferred tax assets | ​ | ​ | 191,460 | ​ | ​ | 204,523
Deferred tax liabilities: | ​ |  |  | ​ |  |
Premises and equipment | ​ | ​ | 59,561 | ​ | ​ | 59,173
Lease ROU asset | ​ | ​ | 16,427 | ​ | ​ | 8,846
Intangibles | ​ |  | 6,037 | ​ |  | 7,778
Other | ​ |  | 4,751 | ​ |  | 4,561
Total deferred tax liabilities | ​ |  | 86,776 | ​ |  | 80,358
Net deferred tax assets | ​ | $ | 104,684 | ​ | $ | 124,165
​ 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, Income Taxes – Initial Measurement. Based on the latest analysis at December 31, 2023, the Company concluded that it is more likely than not that the deferred tax asset will be realizable and no valuation allowance is considered necessary. The NOL and other carryforwards at December 31, were as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Expiration
​ |  | 2023 |  | Year
NOL carryforwards – federal (1) (2) | ​ | $ | 50,757 | ​ |  | 2031-2037
NOL carryforwards – federal (1) | ​ | ​ | 19,902 | ​ | ​ | N/A
NOL carryforwards – states | ​ | ​ | 208,427 | ​ | ​ | 2028-2038
NOL carryforwards – states | ​ | ​ | 152,304 | ​ | ​ | N/A
Other carryforwards – federal | ​ | ​ | 3,329 | ​ | ​ | 2029
N/A – not applicable as the NOL can be carried forward indefinitely (1) The Company acquired a portion of these carryforwards and will be subject to limitations that could limit the Company’s utilization in future periods. (2) Included in this balance are recognized built in loss carryforwards that are subject to the same limitations as net operating loss carryforwards. ​ The Company analyzed the tax positions taken or expected to be taken in its tax returns for the periods ending December 31, 2023, 2022 and 2021, and had no liability related to uncertain tax positions in accordance with applicable ASC 740, Income Taxes. The components of income tax expense (benefit) for the years ended December 31, were as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Current income tax expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 33,374 | ​ | $ | 19,285 | ​ | $ | 10,291
State | ​ | ​ | 2,538 | ​ | ​ | 1,104 | ​ | ​ | 1,039
Total current income tax expense | ​ | ​ | 35,912 | ​ | ​ | 20,389 | ​ | ​ | 11,330
Deferred tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 3,646 | ​ | ​ | 25,145 | ​ | ​ | 44,405
State | ​ | ​ | (1,475) | ​ | ​ | (90) | ​ | ​ | (893)
Total deferred income tax expense (1) | ​ | ​ | 2,171 | ​ | ​ | 25,055 | ​ | ​ | 43,512
Total income tax expense | ​ | $ | 38,083 | ​ | $ | 45,444 | ​ | $ | 54,842
(1) Does not reflect the deferred tax effects of unrealized gains and losses on AFS securities, unrealized gains and losses for AFS securities transferred to HTM, unrealized gains and losses on BOLI or changes in fair values of cash flow hedges that are included in Accumulated Other Comprehensive (Loss) Income. Refer to Note 11 “Stockholders’ Equity” in this Form 10-K for additional information. Income tax expense for 2023, 2022, and 2021 varies from the amount computed by applying the statutory U.S. federal income tax rate to income before income taxes. A reconciliation between the expected and actual income tax expense, and resulting effective tax rate, is presented in the following table for the years ended December 31, (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Expected federal income tax expense | ​ | $ | 50,361 | ​ | $ | 58,790 | ​ | $ | 66,939
Increase (decrease) in taxes resulting from: | ​ |  |  | ​ |  |  | ​ |  |
State income tax expense (benefit), net of federal effect | ​ |  | 530 | ​ |  | 782 | ​ |  | (72)
Tax-exempt income, net of expense disallowance | ​ | ​ | (11,123) | ​ | ​ | (11,615) | ​ | ​ | (9,820)
Bank owned life insurance | ​ | ​ | (2,469) | ​ | ​ | (2,415) | ​ | ​ | (2,412)
Other, net | ​ |  | 784 | ​ |  | (98) | ​ |  | 207
Total income tax expense | ​ | $ | 38,083 | ​ | $ | 45,444 | ​ | $ | 54,842
Effective income tax rate | ​ | ​ | 15.9% | ​ | ​ | 16.2% | ​ | ​ | 17.2%
​ For the years ended December 31, 2023, 2022, and 2021 investment tax credits totaled approximately $4.8 million, $4.0 million, and $3.6 million, respectively.

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