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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of allocation of federal and state income tax between current and deferred portion

​

​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands)		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Current expense:	​	​	​	​	​	​	​	​	​
Federal	​	$	24,962	​	$	22,015	​	$	24,537
State	​		6,396	​		5,237	​		5,939
​	​	​	​	​	​	​	​	​	​
Deferred expense:	​	​	​	​	​	​	​	​	​
Federal	​	​	(4,232)	​	​	(3,329)	​	​	(4,273)
State	​		(794)	​		(1,084)	​		(464)
Total	​	$	26,332	​	$	22,839	​	$	25,739

Schedule of effective tax rate that differs from that computed at the federal statutory rate

​

​	​	​	​	​	​	​	​	​
Years Ended December 31,	​		2024		2023		2022
​	​	​	​	​	​	​	​	​
Federal corporate tax rate	​		21.00	%	21.00	%	21.00	%
Effect of:	​	​	​	​	​	​	​	​
State taxes, net of federal benefit	​		3.47	​	2.90	​	3.70	​
Low-income housing and R&D tax credits	​		(3.12)	​	(2.67)	​	(1.88)	​
Nontaxable income	​		(1.03)	​	(1.38)	​	(1.00)	​
Tax benefit of vesting employee benefits	​	​	(0.11)	​	(0.06)	​	(0.01)	​
Other, net	​		0.41	​	0.38	​	0.22	​
Effective tax rate	​		20.62	​	20.17	​	22.03	​

Schedule of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
December 31, (in thousands)		2024			2023
​	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​
Allowance for credit losses	​	$	22,944	​	$	20,654
Operating lease liabilities	​	​	9,261	​	​	8,940
Accrued expenses	​		7,306	​		6,285
Net operating loss carryforward(1)	​		1,012	​		1,191
Acquisition fair value adjustments	​	​	54	​	​	55
Other-than-temporary impairment	​		689	​		582
Fair value of cash flow hedges	​		162	​		—
R&D Capitalization	​		5,923	​		4,492
Unrealized investment security losses	​	​	4,584	​	​	6,803
Other	​		2,303	​		2,337
Total deferred tax assets	​		54,238	​		51,339
​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​
Right of use assets - operating leases	​	​	(9,027)	​	​	(8,726)
Depreciation and amortization	​	​	(2,996)	​	​	(2,805)
Federal Home Loan Bank dividends	​		(751)	​		(757)
Deferred loan costs	​		(2,556)	​		(2,732)
Lease Financing Receivables	​	​	(2,802)	​	​	(3,058)
Mortgage servicing rights	​		(1,740)	​		(1,864)
Other	​		—	​		—
Total deferred tax liabilities	​		(19,872)	​		(19,942)
​	​	​	​	​	​	​
Less: Valuation allowance	​		—	​		—
Net deferred tax asset	​	$	34,366	​	$	31,397

(1) The Company has federal and state net operating loss carryforwards (acquired in its 2016 Cornerstone acquisition) of $4.4 million (federal) and $2.0 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)		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Balance, beginning of period	​	$	2,862	​	$	2,866	​	$	2,191
Additions based on tax related to the current period	​		319	​		280	​		950
Additions for tax positions of prior periods	​		2	​		36	​		—
Reductions due to the statute of limitations	​		(384)	​		(320)	​		(275)
Balance, end of period	​	$	2,799	​	$	2,862	​	$	2,866

Schedule of amount of interest and penalties

​

​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands)		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Interest and penalties recorded in the income statement as a component of income tax expense	​	$	(68)	​	$	314	​	$	72
Interest and penalties accrued on balance sheet	​		1,096	​		1,163	​		849

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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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Tabular disclosure of the change in unrecognized tax benefits.

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