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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense consisted of the following: 

			Years Ended December 31,
(in thousands)			2022						2021						2020
Current expense
Federal			$	2,829					$	20,074					$	27,166
State and local			1,633						3,191						4,804
Deferred (benefit) expense
Federal			7,304						4,325						(11,076)
State and local			1,545						511						(1,596)
Tax credit investment amortization			4,809						3,166						2,606
Total			$	18,120					$	31,267					$	21,904

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense differed from amounts computed at the federal income tax statutory rate as follows: 

			Years Ended December 31,
			2022												2021												2020
(in thousands, except rate)			Rate						Amount						Rate						Amount						Rate						Amount
Income before taxes									$	84,660											$	146,689											$	101,894
Federal tax statutory rate			21.00		%				17,779						21.00		%				30,805						21.00		%				21,398
State tax - net of federal tax benefit			3.44		%				2,912						2.20		%				3,220						2.54		%				2,587
Tax-exempt investments			(4.62)		%				(3,908)						(1.40)		%				(2,049)						(1.81)		%				(1,849)
Stock-based compensation expense			0.14		%				121						(0.77)		%				(1,132)						(0.16)		%				(159)
Other			1.44		%				1,216						0.29		%				423						(0.07)		%				(73)
Total			21.40		%				$	18,120					21.32		%				$	31,267					21.50		%				$	21,904

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the Company's deferred tax assets and liabilities: 

			At December 31,
(in thousands)			2022						2021
Deferred tax assets
Provision for credit losses			$	10,501					$	11,477
Unrealized loss on investments AFS			31,431						—
Federal and state net operating loss carryforwards			628						628
Accrued liabilities			2,536						2,268
Other investments			572						471
Lease liabilities			10,877						12,028
Nonaccrual interest			513						213
Stock based compensation			737						969
Loan valuation			311						289
Other			694						1,744
Total			58,800						30,087
Deferred tax liabilities
Mortgage servicing rights			(25,725)						(22,221)
Deferred loan fees and costs			(9,565)						(7,336)
Lease right-of-use assets			(8,415)						(8,572)
Unrealized gain on investments AFS			—						(5,630)
Premises and equipment			(2,486)						(1,843)
Intangibles			(694)						(742)
Other			(14)						(54)
Total			(46,899)						(46,398)
Net deferred tax asset (liability)			$	11,901					$	(16,311)

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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