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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense of continuing operations for the periods indicated:

						Year Ended December 31,
($ in thousands)						2022						2021						2020
Current income taxes:
Federal						$	13,290					$	7,966					$	7,332
State						15,577						6,466						3,713
Total current income tax expense						28,867						14,432						11,045
Deferred income taxes:
Federal						17,992						4,950						(5,663)
State						1,086						894						(3,596)
Total deferred income tax expense (benefit)						19,078						5,844						(9,259)
Income tax expense						$	47,945					$	20,276					$	1,786

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense of continuing operations to the amount of taxes computed by applying the applicable statutory Federal income tax rate of 21.0% to income from continuing operations before income taxes for the years ended December 31, 2022, 2021, and 2020:

						Year Ended December 31,
						2022						2021						2020
Computed expected income tax expense at Federal statutory rate						21.0		%				21.0		%				21.0		%
Increase (decrease) resulting from:
Proportional amortization						2.2		%				4.3		%				24.1		%
Income tax credits (investment tax credits and other)						(2.8)		%				(5.5)		%				(30.6)		%
Other permanent book-tax differences						0.5		%				0.9		%				1.9		%
State tax expense, net of federal benefit						7.8		%				7.0		%				0.6		%
Bank owned life insurance policies						(0.4)		%				(0.7)		%				(3.6)		%
Equity compensation (windfall) shortfall tax impact						(0.1)		%				(2.2)		%				2.2		%
Reserve for uncertain tax positions						—		%				—		%				(0.9)		%
Other, net						0.2		%				(0.3)		%				(2.3)		%
Effective tax rates						28.4		%				24.5		%				12.4		%

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:

						December 31,
($ in thousands)						2022						2021
Deferred tax assets:
Allowance for loan losses						$	27,207					$	29,746
Stock-based compensation expense						1,427						1,181
Accrued expenses						3,180						6,198
Loan repurchase reserve						864						1,256
Federal net operating losses						73						172
State net operating losses						1,950						2,762
Federal income tax credits						2,452						23,045
Unrealized loss on securities available-for-sale						16,488						—
Deferred loan fees						1,580						1,692
Prior year state tax deduction						3,155						1,648
Lease liability						9,577						11,752
Other deferred tax assets						4,810						4,897
Total deferred tax assets						72,763						84,349
Deferred tax liabilities:
Unrealized gain on securities available-for-sale						—						(3,172)
Investments in partnerships						(2,130)						(8,857)
Mortgage servicing rights						(165)						(130)
Amortization of intangible assets						(78)						(47)
Deferred loan costs						(5,100)						(4,577)
Depreciation on premises and equipment						(6,336)						(4,916)
Right of use asset						(8,322)						(10,240)
Other deferred tax liabilities						(114)						(1,636)
Total deferred tax liabilities						(22,245)						(33,575)
Valuation allowance						—						—
Net deferred tax assets						$	50,518					$	50,774

Schedule of Unrecognized Tax Benefits Roll Forward

The table below summarizes the activity related to our unrecognized tax benefits for the periods indicated:

						Year Ended December 31,
($ in thousands)						2022						2021						2020
Beginning balance						$	925					$	924					$	977
Decrease related to prior year tax positions						(60)						(59)						(6)
Increase in current year tax positions						—						60						120
Decrease related to lapsing of statute of limitations						(49)						—						(167)
Ending balance						$	816					$	925					$	924

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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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