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INCOME TAXES (Tables) 10K | 12 Months Ended
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Dec. 31, 2024
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):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
AFS securities | ​ | $ | 87,641 | ​ | $ | 81,507
ACL | ​ |  | 42,393 | ​ |  | 32,505
Loan Fair Value Marks | ​ | ​ | 27,623 | ​ | ​ | 2,725
Net operating loss ("NOL") carryforwards | ​ |  | 20,399 | ​ |  | 28,113
Lease liabilities | ​ |  | 18,404 | ​ |  | 18,283
Cash flow hedges | ​ | ​ | 11,671 | ​ | ​ | 11,422
Employee compensation and benefit plans | ​ |  | 8,556 | ​ |  | 8,935
Other | ​ |  | 9,873 | ​ |  | 7,970
Total deferred tax assets, gross | ​ | ​ | 226,560 | ​ | ​ | 191,460
Less: valuation allowance | ​ | ​ | (4,419) | ​ | ​ | —
Total deferred tax assets, net | ​ | ​ | 222,141 | ​ | ​ | 191,460
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Premises and equipment | ​ | ​ | 75,701 | ​ | ​ | 59,561
Intangibles | ​ | ​ | 20,233 | ​ | ​ | 6,037
Lease ROU asset | ​ |  | 16,922 | ​ |  | 16,427
Other | ​ |  | 6,354 | ​ |  | 4,751
Total deferred tax liabilities | ​ |  | 119,210 | ​ |  | 86,776
Net deferred tax assets | ​ | $ | 102,931 | ​ | $ | 104,684
Summary of NOL and Other Carryforwards | The NOL carryforwards at December 31, were as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Expiration
​ |  | 2024 |  | Year
NOL carryforwards – federal (1) (2) | ​ | $ | 45,601 | ​ |  | 2031-2037
NOL carryforwards – federal (1) | ​ | ​ | 17,582 | ​ | ​ | N/A
NOL carryforwards – North Carolina (3) | ​ | ​ | 70,216 | ​ | ​ | 2028-2030
NOL carryforwards – Virginia (4) | ​ | ​ | 44,745 | ​ | ​ | N/A
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) Balance includes recognized built in loss carryforwards that are subject to the same limitations as net operating loss carryforwards. (3) Balance is pre-tax and includes the expected effect of the North Carolina rate reprice. (4) Balance is pre-tax, pre-apportionment, and net of the valuation allowance.
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Current income tax expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 16,465 | ​ | $ | 33,374 | ​ | $ | 19,285
State | ​ | ​ | 53 | ​ | ​ | 2,538 | ​ | ​ | 1,104
Total current income tax expense | ​ | ​ | 16,518 | ​ | ​ | 35,912 | ​ | ​ | 20,389
Deferred tax expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 24,720 | ​ | ​ | 3,646 | ​ | ​ | 25,145
State | ​ | ​ | 9,425 | ​ | ​ | (1,475) | ​ | ​ | (90)
Total deferred income tax expense (1) | ​ | ​ | 34,145 | ​ | ​ | 2,171 | ​ | ​ | 25,055
Total income tax expense | ​ | $ | 50,663 | ​ | $ | 38,083 | ​ | $ | 45,444
(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 12 “Stockholders’ Equity” in this Form 10-K for additional information. ​
Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Expected federal income tax expense | ​ | $ | 54,557 | ​ | $ | 50,361 | ​ | $ | 58,790
Increase (decrease) in taxes resulting from: | ​ |  |  | ​ |  |  | ​ |  |
State income tax expense (benefit), net of federal effect | ​ |  | 9,446 | ​ |  | 530 | ​ |  | 782
Tax-exempt income, net of expense disallowance | ​ | ​ | (11,104) | ​ | ​ | (11,123) | ​ | ​ | (11,615)
Bank owned life insurance | ​ | ​ | (3,282) | ​ | ​ | (2,469) | ​ | ​ | (2,415)
Other, net | ​ |  | 1,046 | ​ |  | 784 | ​ |  | (98)
Total income tax expense | ​ | $ | 50,663 | ​ | $ | 38,083 | ​ | $ | 45,444
Effective income tax rate | ​ | ​ | 19.5% | ​ | ​ | 15.9% | ​ | ​ | 16.2%

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