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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of allocation of federal and state income tax between current and deferred portion | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 22,015 | ​ | $ | 24,537 | ​ | $ | 19,348
State | ​ |  | 5,237 | ​ |  | 5,939 | ​ |  | 4,169
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (3,329) | ​ | ​ | (4,273) | ​ | ​ | (246)
State | ​ |  | (1,084) | ​ |  | (464) | ​ |  | 560
Total | ​ | $ | 22,839 | ​ | $ | 25,739 | ​ | $ | 23,831
Schedule of effective tax rate that differs from that computed at the federal statutory rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, | ​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal corporate tax rate | ​ |  | 21.00 | % | 21.00 | % | 21.00 | %
Effect of: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State taxes, net of federal benefit | ​ |  | 2.90 | ​ | 3.70 | ​ | 3.32 | ​
Low-income housing and R&D tax credits | ​ |  | (2.67) | ​ | (1.88) | ​ | (1.76) | ​
Nontaxable income | ​ |  | (1.38) | ​ | (1.00) | ​ | (1.06) | ​
Tax benefit of vesting employee benefits | ​ | ​ | (0.06) | ​ | (0.01) | ​ | (0.20) | ​
Other, net | ​ |  | 0.38 | ​ | 0.22 | ​ | 0.08 | ​
Effective tax rate | ​ |  | 20.17 | ​ | 22.03 | ​ | 21.38 | ​
Schedule of deferred tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​
Allowance for credit losses | ​ | $ | 20,654 | ​ | $ | 17,427
Operating lease liabilities | ​ | ​ | 8,940 | ​ | ​ | 9,362
Accrued expenses | ​ |  | 6,285 | ​ |  | 5,901
Net operating loss carryforward(1) | ​ |  | 1,191 | ​ |  | 1,371
Acquisition fair value adjustments | ​ | ​ | 55 | ​ | ​ | 101
Other-than-temporary impairment | ​ |  | 582 | ​ |  | 567
R&D Capitalization | ​ |  | 4,492 | ​ |  | 2,271
Unrealized investment security losses | ​ | ​ | 6,803 | ​ | ​ | 10,657
Other | ​ |  | 2,337 | ​ |  | 2,248
Total deferred tax assets | ​ |  | 51,339 | ​ |  | 49,905
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Right of use assets - operating leases | ​ | ​ | (8,726) | ​ | ​ | (9,166)
Depreciation and amortization | ​ | ​ | (2,805) | ​ | ​ | (2,835)
Federal Home Loan Bank dividends | ​ |  | (757) | ​ |  | (745)
Deferred loan costs | ​ |  | (2,732) | ​ |  | (2,153)
Lease Financing Receivables | ​ | ​ | (3,058) | ​ | ​ | (1,996)
Mortgage servicing rights | ​ |  | (1,864) | ​ |  | (2,172)
Unrealized investment securities gains | ​ |  | — | ​ |  | —
Total deferred tax liabilities | ​ |  | (19,942) | ​ |  | (19,067)
​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Valuation allowance | ​ |  | — | ​ |  | —
Net deferred tax asset | ​ | $ | 31,397 | ​ | $ | 30,838
(1) | The Company has federal and state net operating loss carryforwards (acquired in its 2016 Cornerstone acquisition) of $5.1 million (federal) and $2.6 million (state). These carryforwards begin to expire in 2030 for both federal and state purposes. The use of these federal and state carryforwards is each limited under IRC Section 382 to $722,000 annually for federal and $634,000 annually for state. Finally, the Company has state AMT credit carryforwards of $15,000 with no expiration date.
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance, beginning of period | ​ | $ | 2,866 | ​ | $ | 2,191 | ​ | $ | 1,941
Additions based on tax related to the current period | ​ |  | 280 | ​ |  | 950 | ​ |  | 433
Additions for tax positions of prior periods | ​ |  | 36 | ​ |  | — | ​ |  | 253
Reductions due to the statute of limitations | ​ |  | (320) | ​ |  | (275) | ​ |  | (436)
Balance, end of period | ​ | $ | 2,862 | ​ | $ | 2,866 | ​ | $ | 2,191
Schedule of amount of interest and penalties | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest and penalties recorded in the income statement as a component of income tax expense | ​ | $ | 314 | ​ | $ | 72 | ​ | $ | 267
Interest and penalties accrued on balance sheet | ​ |  | 1,163 | ​ |  | 849 | ​ |  | 777
Schedule of low income housing tax investments and obligations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) | ​ |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | Unfunded | ​ | ​ | ​ | ​ | ​ | Unfunded
Investment | Accounting Method | ​ | ​ | Investments | ​ | ​ | Obligations | ​ | ​ | Investments | ​ | ​ | Obligations
Low-income housing tax credit - Gross | Proportional amortization | ​ | $ | 57,596 | ​ | $ | 58,619 | ​ | $ | 42,306 | ​ | $ | 43,609
Life-to-date amortization | ​ | ​ | ​ | (15,904) | ​ | ​ | NA | ​ | ​ | (10,591) | ​ | ​ | NA
Low-income housing tax credit - Net | ​ | ​ | $ | 41,692 | ​ | $ | 58,619 | ​ | $ | 31,715 | ​ | $ | 43,609
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