XML 60 R44.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Deferred Tax Assets and Liabilities | 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
Summary of NOL and Other Carryforwards | 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.
Summary of Components of Income Tax Expense | 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.
Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income | 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%

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration