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Income Taxes (Tables)

12 Months Ended

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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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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