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INCOME TAXES (Tables)

12 Months Ended

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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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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