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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

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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

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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