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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Income Taxes | Note 19 Income Taxes ​ Income tax expense attributable to income before taxes was $33.6 million, $14.9 million and $21.4 million for 2023, 2022 and 2021, respectively. ​ (a) Income taxes ​ 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
​ (b) 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
​ (c) 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
​ At December 31, 2023, the Company had federal and state net operating loss carryovers (“NOLs”) of $1.6 million and $3.1 million, respectively, which are available to offset future taxable income. The federal NOLs expire in varying amounts through 2034, and the state NOLs expire in varying amounts between 2026 and 2035. While these NOLs are subject to certain restrictions on the amount that can be utilized per year, the Company does not expect any tax attribute carryovers to expire before they are utilized. ​ In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, if any (including the impact of available carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. For the years ended December 31, 2023 and 2022, management believes a valuation allowance on the deferred tax asset is not necessary based on the current and future projected earnings of the Company. The Company has no ASC 740-10 unrecognized tax benefits recorded as of December 31, 2023 and 2022 and does not expect the total amount of unrecognized tax benefits to significantly increase within the next 12 months. The Company and its subsidiary banks are subject to income tax by federal, state and local government taxing authorities. The Company is not currently subject to any open income tax examinations; however, the Company’s tax returns for the years ended December 31, 2020 through 2023 remain subject to examination by U.S. federal income tax authorities. The years open to examination by state and local government authorities vary by jurisdiction.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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