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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of income tax expense (benefit) | Income tax (benefit) expense consisted of the following:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  |
Current expense (benefit) |  |  |  |  |
Federal | $ | 6,731 |  |  | $ | 2,900 |  |  |
State and local | (841) |  |  | 980 |  |  |
Deferred expense (benefit) |  |  |  |  |
Federal | (30,836) |  |  | (7,407) |  |  |
State and local | (4,532) |  |  | (1,722) |  |  |
Total | (29,478) |  |  | (5,249) |  |  |
Deferred tax assets valuation allowance | 53,310 |  |  | — |  |  |
Income tax expense (benefit) | $ | 23,832 |  |  | $ | (5,249) |  |  |
Schedule of effective income tax rate reconciliation | Income tax expense (benefit) differed from amounts computed at the federal income tax statutory rate as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  |
(in thousands, except rate) | Rate |  | Amount |  | Rate |  | Amount |  |  |  |
Income (loss) before income taxes |  |  | $ | (120,512) |  |  |  |  | $ | (32,757) |  |  |  |  |
Federal tax statutory rate | 21.00 | % |  | (25,308) |  |  | 21.00 | % |  | (6,879) |  |  |  |  |
State tax - net of federal tax benefit | 3.63 | % |  | (4,380) |  |  | 4.12 | % |  | (1,351) |  |  |  |  |
Tax-exempt investments | 0.65 | % |  | (788) |  |  | 3.86 | % |  | (1,266) |  |  |  |  |
Low income housing tax benefits | 0.91 | % |  | (1,093) |  |  | 3.20 | % |  | (1,047) |  |  |  |  |
Stock-based compensation expense | (0.55) | % |  | 672 |  |  | (1.28) | % |  | 421 |  |  |  |  |
Goodwill | — | % |  | — |  |  | (14.13) | % |  | 4,627 |  |  |  |  |
Other | (1.18) | % |  | 1,419 |  |  | (0.75) | % |  | 246 |  |  |  |  |
Total | 24.46 | % |  | (29,478) |  |  | 16.02 | % |  | (5,249) |  |  |  |  |
Change in valuation allowance |  |  | 53,310 |  |  |  |  | — |  |  |  |  |
Total |  |  | $ | 23,832 |  |  |  |  | $ | (5,249) |  |  |  |  |
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) | 2024 |  | 2023
Deferred tax assets |  |  |
Provision for credit losses | $ | 10,220 |  |  | $ | 10,977 |
Unrealized loss on investments AFS | 28,343 |  |  | 28,571 |
LIHTC tax credits carryforwards | 5,667 |  |  | — |
Net operating loss carryforwards | 26,736 |  |  | 370 |
Accrued liabilities | 2,241 |  |  | 1,917 |
Other investments | 786 |  |  | 463 |
Lease liabilities | 8,071 |  |  | 9,019 |
Nonaccrual interest | 1,695 |  |  | 1,112 |
Intangibles | 4,796 |  |  | 4,725 |
Stock based compensation | 849 |  |  | 782 |
Loan valuation | 240 |  |  | 274 |
Premises and equipment | 681 |  |  | — |
Other | 457 |  |  | 401 |
Total | 90,782 |  |  | 58,611 |
Deferred tax liabilities |  |  |
Mortgage servicing rights | (22,805) |  |  | (24,204) |
Deferred loan fees and costs | (8,465) |  |  | (8,967) |
Lease right-of-use assets | (6,202) |  |  | (6,906) |
Premises and equipment | — |  |  | (364) |
Total | (37,472) |  |  | (40,441) |
Net deferred tax asset (liability) | 53,310 |  |  | 18,170 |
Valuation allowance | (53,310) |  |  | — |
Total | $ | — |  |  | $ | 18,170 |

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