XML 59 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense for the years ended December 31, 2024, 2023 and 2022 consisted of the following:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Current federal | $ | 21,949 |  |  | $ | 16,171 |  |  | $ | 22,825 |
Deferred federal | (2,829) |  |  | 1,302 |  |  | (2,327) |
Current state | 63 |  |  | (131) |  |  | 1,297 |
Deferred state | (972) |  |  | (776) |  |  | (448) |
Total income tax expense | $ | 18,211 |  |  | $ | 16,566 |  |  | $ | 21,347 |
Schedule of Differences Between Financial Statement Tax Expense and Amounts Computed by Applying Statutory Federal Income Tax Rate | The differences between financial statement tax expense and amounts computed by applying the statutory federal income tax rate of 21% to income before income taxes were as follows:
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Income taxes at statutory federal rate of 21% | $ | 23,455 |  |  | $ | 23,170 |  |  | $ | 26,284 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
Tax exempt income | (3,712) |  |  | (4,226) |  |  | (4,438) |
Nondeductible expense | 280 |  |  | 269 |  |  | 159 |
State income tax, net of federal tax effect | (718) |  |  | (716) |  |  | 671 |
Captive insurance premium income | 0 |  |  | (261) |  |  | (417) |
Tax credit investments | (150) |  |  | (713) |  |  | (586) |
Bank owned life insurance | (903) |  |  | (658) |  |  | (78) |
Long-term incentive plan and deferred compensation | (270) |  |  | (715) |  |  | (530) |
Nondeductible compensation expense | 405 |  |  | 784 |  |  | 181 |
Other | (176) |  |  | (368) |  |  | 101 |
Total income tax expense | $ | 18,211 |  |  | $ | 16,566 |  |  | $ | 21,347 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset recorded in the consolidated balance sheets at December 31, 2024 and 2023 consisted of the following:
(dollars in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Bad debts | $ | 21,909 |  |  | $ | 18,384 |
Pension and deferred compensation liability | 2,166 |  |  | 1,823 |
Nonaccrual loan interest | 955 |  |  | 494 |
Long-term incentive plan | 1,755 |  |  | 2,342 |
Lease liability | 1,727 |  |  | 1,199 |
Deferred loan fees | 574 |  |  | 781 |
Accrued legal reserve | 0 |  |  | 635 |
Net operating loss carryforward | 1,343 |  |  | 913 |
Other | 724 |  |  | 591 |
| 31,153 |  |  | 27,162 |
Deferred tax liabilities: |  |  |
Depreciation | 3,324 |  |  | 3,645 |
Loan servicing rights | 502 |  |  | 570 |
State taxes | 1,153 |  |  | 949 |
Intangible assets | 1,267 |  |  | 1,270 |
REIT spillover dividend | 2,040 |  |  | 2,140 |
Prepaid expenses | 900 |  |  | 801 |
Lease right of use | 1,727 |  |  | 1,199 |
Other | 331 |  |  | 480 |
| 11,244 |  |  | 11,054 |
Valuation allowance | 0 |  |  | 0 |
Net deferred tax asset | $ | 19,909 |  |  | $ | 16,108 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration