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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Components of Income Tax Expense | Total income taxes for 2024, 2023 and 2022 were allocated as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the years ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Current expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | 19,076 | ​ | $ | 30,319 | ​ | $ | 7,193
State and local | ​ | ​ | 3,502 | ​ | ​ | 5,750 | ​ | ​ | 1,831
Total current income tax expense | ​ | ​ | 22,578 | ​ | ​ | 36,069 | ​ | ​ | 9,024
Deferred expense (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | ​ | 2,993 | ​ | ​ | (1,564) | ​ | ​ | 5,100
State and local | ​ | ​ | 861 | ​ | ​ | (951) | ​ | ​ | 786
Total deferred income tax expense (benefit) | ​ | ​ | 3,854 | ​ | ​ | (2,515) | ​ | ​ | 5,886
Income tax expense | ​ | $ | 26,432 | ​ | $ | 33,554 | ​ | $ | 14,910
​
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,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
Income tax at federal statutory rates (21%) | ​ | $ | 30,502 | ​ | $ | 36,876 | ​ | $ | 18,098
State income taxes, net of federal benefits | ​ | ​ | 3,447 | ​ | ​ | 3,791 | ​ | ​ | 2,067
Non-deductible compensation | ​ | ​ | 579 | ​ | ​ | 642 | ​ | ​ | 514
Non-deductible acquisition costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 427
Tax-exempt loan interest income, net | ​ | ​ | (4,480) | ​ | ​ | (4,437) | ​ | ​ | (5,208)
Research and development tax credits | ​ | ​ | (1,600) | ​ | ​ | (2,400) | ​ | ​ | —
Bank-owned life insurance income | ​ | ​ | (959) | ​ | ​ | (777) | ​ | ​ | (374)
Stock-based compensation | ​ | ​ | (451) | ​ | ​ | (345) | ​ | ​ | (402)
Other | ​ | ​ | (606) | ​ | ​ | 204 | ​ | ​ | (212)
Income tax expense | ​ | $ | 26,432 | ​ | $ | 33,554 | ​ | $ | 14,910
​
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, 2024 and 2023 are presented below: ​
​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2024 | ​ | December 31, 2023
Deferred tax assets: | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | $ | 22,471 | ​ | $ | 23,685
Net unrealized losses on investment securities | ​ | 21,864 | ​ | ​ | 24,367
Lease liability | ​ | 6,884 | ​ | ​ | 7,764
Accrued compensation | ​ | 5,479 | ​ | ​ | 4,939
Accrued stock-based compensation | ​ | 2,276 | ​ | ​ | 2,116
Net unrealized losses on equity securities | ​ | 1,845 | ​ | ​ | 945
Nonaccrual interest income | ​ | 1,034 | ​ | ​ | 1,083
Net deferred loan fees | ​ | 919 | ​ | ​ | 419
Other reserves | ​ | 499 | ​ | ​ | 434
Excess tax basis of acquired loans over carrying value | ​ | 401 | ​ | ​ | 438
Net operating loss | ​ | 393 | ​ | ​ | 461
Capitalized research and development costs | ​ | — | ​ | ​ | 1,108
Other | ​ | 2,391 | ​ | ​ | 3,098
Total deferred tax assets | ​ | 66,456 | ​ | ​ | 70,857
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ | (13,660) | ​ | ​ | (11,883)
Right of use assets | ​ | (6,459) | ​ | ​ | (7,404)
Premises and equipment | ​ | (4,126) | ​ | ​ | (4,840)
Mortgage servicing rights | ​ | (1,511) | ​ | ​ | (1,702)
Excess book basis in partnerships | ​ | (1,174) | ​ | ​ | (908)
Capitalized research and development costs | ​ | (1,123) | ​ | ​ | —
Other | ​ | (3,098) | ​ | ​ | (2,458)
Total deferred tax liabilities | ​ | (31,151) | ​ | ​ | (29,195)
Net deferred tax asset | $ | 35,305 | ​ | $ | 41,662
​

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