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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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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