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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Components of Income Tax Expense | Total income taxes for 2023, 2022 and 2021 were allocated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Current expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 30,319 | ​ | $ | 7,193 | ​ | $ | 13,746
State and local | ​ |  | 5,750 | ​ |  | 1,831 | ​ |  | 2,643
Total current income tax expense | ​ | ​ | 36,069 | ​ | ​ | 9,024 | ​ | ​ | 16,389
Deferred expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | (1,564) | ​ | ​ | 5,100 | ​ | ​ | 4,327
State and local | ​ |  | (951) | ​ |  | 786 | ​ |  | 649
Total deferred income tax expense | ​ |  | (2,515) | ​ |  | 5,886 | ​ |  | 4,976
Income tax expense | ​ | $ | 33,554 | ​ | $ | 14,910 | ​ | $ | 21,365
​
Components of Tax Rate Reconciliation | The reconciliation between the income tax expenses and the amounts computed by applying the U.S. federal income tax rate to pretax income is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Income tax at federal statutory rates (21%) | ​ | $ | 36,876 | ​ | $ | 18,098 | ​ | $ | 24,144
State income taxes, net of federal benefits | ​ |  | 3,791 | ​ |  | 2,067 | ​ |  | 2,601
Tax-exempt loan interest income | ​ |  | (4,437) | ​ |  | (5,208) | ​ |  | (4,862)
Research and development tax credit | ​ | ​ | (2,400) | ​ | ​ | — | ​ | ​ | —
Non-deductible compensation | ​ | ​ | 642 | ​ | ​ | 514 | ​ | ​ | 852
Stock-based compensation | ​ |  | (345) | ​ |  | (402) | ​ |  | (733)
Bank-owned life insurance income | ​ |  | (777) | ​ |  | (374) | ​ |  | (603)
Non-deductible acquisition costs | ​ | ​ | — | ​ | ​ | 427 | ​ | ​ | —
Other | ​ |  | 204 | ​ |  | (212) | ​ |  | (34)
Income tax expense | ​ | $ | 33,554 | ​ | $ | 14,910 | ​ | $ | 21,365
​
Significant Components of Deferred Taxes | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2023 |  | December 31, 2022
Deferred tax assets: | ​ | ​ | ​ | ​ | ​
Net unrealized losses on investment securities | $ | 24,367 | ​ | $ | 26,938
Allowance for credit losses |  | 23,685 | ​ |  | 20,967
Lease liability | ​ | 7,764 | ​ | ​ | 8,549
Accrued compensation |  | 4,939 | ​ |  | 4,535
Accrued stock-based compensation |  | 2,116 | ​ |  | 1,742
Capitalized research and development costs | ​ | 1,108 | ​ | ​ | 783
Nonaccrual interest income | ​ | 1,083 | ​ | ​ | 812
Net unrealized losses on equity securities | ​ | 945 | ​ | ​ | —
Capitalized start-up costs |  | 591 | ​ |  | 891
Net operating loss | ​ | 461 | ​ | ​ | 507
Excess tax basis of acquired loans over carrying value | ​ | 438 | ​ | ​ | 625
Other reserves | ​ | 434 | ​ | ​ | 814
Other real estate owned |  | 425 | ​ |  | 369
Net deferred loan fees |  | 419 | ​ |  | —
Accrued expenses |  | 192 | ​ |  | 942
Other |  | 1,890 | ​ |  | 1,087
Total deferred tax assets | ​ | 70,857 | ​ | ​ | 69,561
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | (11,883) | ​ | ​ | (9,943)
Right of use assets | ​ | (7,404) | ​ | ​ | (8,300)
Premises and equipment |  | (4,840) | ​ |  | (4,722)
Mortgage servicing rights | ​ | (1,702) | ​ | ​ | (2,769)
Excess book basis in partnerships | ​ | (908) | ​ | ​ | (989)
Net deferred loan fees | ​ | — | ​ | ​ | (383)
Other |  | (2,458) | ​ |  | (738)
Total deferred tax liabilities |  | (29,195) | ​ |  | (27,844)
Net deferred tax asset | $ | 41,662 | ​ | $ | 41,717
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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