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INCOME TAXES (Tables)

12 Months Ended

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

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

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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.

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