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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) | Income tax (benefit) expense consisted of the following:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current expense |  |  |  |  |
Federal | $ | 2,900 |  |  | $ | 7,638 |  |  | $ | 23,240 |
State and local | 980 |  |  | 1,633 |  |  | 3,191 |
Deferred (benefit) expense |  |  |  |  |
Federal | (7,407) |  |  | 7,304 |  |  | 4,325 |
State and local | (1,722) |  |  | 1,545 |  |  | 511 |
Total | $ | (5,249) |  |  | $ | 18,120 |  |  | $ | 31,267 |
Schedule of effective income tax rate reconciliation | Income tax (benefit) expense differed from amounts computed at the federal income tax statutory rate as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
(in thousands, except rate) | Rate |  | Amount |  | Rate |  | Amount |  | Rate |  | Amount
Income (loss) before income taxes |  |  | $ | (32,757) |  |  |  |  | $ | 84,660 |  |  |  |  | $ | 146,689 |
Federal tax statutory rate | 21.00 | % |  | (6,879) |  |  | 21.00 | % |  | 17,779 |  |  | 21.00 | % |  | 30,805 |
State tax - net of federal tax benefit | 4.12 | % |  | (1,351) |  |  | 2.92 | % |  | 2,473 |  |  | 2.11 | % |  | 3,090 |
Tax-exempt investments | 3.86 | % |  | (1,266) |  |  | (2.72) | % |  | (2,300) |  |  | (1.68) | % |  | (2,461) |
Low income housing tax benefits | 3.20 | % |  | (1,047) |  |  | 0.16 | % |  | 133 |  |  | (0.36) | % |  | (532) |
Stock-based compensation expense | (1.28) | % |  | 421 |  |  | 0.14 | % |  | 121 |  |  | (0.88) | % |  | (1,287) |
Goodwill | (14.13) | % |  | 4,627 |  |  | 0.17 | % |  | 145 |  |  | — | % |  | — |
Other | (0.75) | % |  | 246 |  |  | (0.27) | % |  | (231) |  |  | 1.13 | % |  | 1,652 |
Total | 16.02 | % |  | $ | (5,249) |  |  | 21.40 | % |  | $ | 18,120 |  |  | 21.32 | % |  | $ | 31,267 |
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) | 2023 |  | 2022
Deferred tax assets |  |  |
Provision for credit losses | $ | 10,977 |  |  | $ | 10,501 |
Unrealized loss on investments AFS | 28,571 |  |  | 31,431 |
Net operating loss carryforwards | 370 |  |  | 628 |
Accrued liabilities | 1,917 |  |  | 2,536 |
Other investments | 463 |  |  | 572 |
Lease liabilities | 9,019 |  |  | 10,877 |
Nonaccrual interest | 1,112 |  |  | 513 |
Intangibles | 4,725 |  |  | — |
Stock based compensation | 782 |  |  | 737 |
Loan valuation | 274 |  |  | 311 |
Other | 401 |  |  | 694 |
Total | 58,611 |  |  | 58,800 |
Deferred tax liabilities |  |  |
Mortgage servicing rights | (24,204) |  |  | (25,725) |
Deferred loan fees and costs | (8,967) |  |  | (9,565) |
Lease right-of-use assets | (6,906) |  |  | (8,415) |
Premises and equipment | (364) |  |  | (2,486) |
Intangibles | — |  |  | (694) |
Other | — |  |  | (14) |
Total | (40,441) |  |  | (46,899) |
Net deferred tax asset (liability) | $ | 18,170 |  |  | $ | 11,901 |

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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 -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
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