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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of components of provision for income taxes | The following were the components of provision for income taxes for the years ended December 31, 2024, 2023, and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  | $ | 30,663 |  |  | $ | 6,349 |  |  | $ | (3,774 | )
State and local |  |  | 12,211 |  |  |  | 4,875 |  |  |  | 4,939 |
Total current tax expense |  |  | 42,874 |  |  |  | 11,224 |  |  |  | 1,165 |
Deferred tax expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  |  | 1,344 |  |  |  | 23,569 |  |  |  | 25,157 |
State and local |  |  | (3,898 | ) |  |  | 3,009 |  |  |  | 407 |
Total deferred tax expense (benefit) |  |  | (2,554 | ) |  |  | 26,578 |  |  |  | 25,564 |
Provision for income taxes |  | $ | 40,320 |  |  | $ | 37,802 |  |  | $ | 26,729 |
Schedule of reconciliation between statutory U.S. federal income tax rate and effective tax rate | The following is a reconciliation between the statutory U.S. federal income tax rate of 21% for 2024, 2023, and 2022, and the effective tax rate:
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
Calculated tax expense at statutory rate |  |  | 21.0 |  | % |  | 21.0 |  | % |  | 21.0 |  | %
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |  |  |  |  |
State taxes, net of federal income tax |  |  | 5.3 |  |  |  | 5.4 |  |  |  | 4.8 |  |
Tax exempt income |  |  | (0.8 | ) |  |  | (0.8 | ) |  |  | (1.0 | ) |
Share-based compensation |  |  | (0.8 | ) |  |  | (0.2 | ) |  |  | (1.7 | ) |
Non-deductible expenses |  |  | 0.3 |  |  |  | 0.5 |  |  |  | 0.2 |  |
Total income tax expense |  |  | 25.0 |  | % |  | 25.9 |  | % |  | 23.3 |  | %
Schedule of components of deferred tax assets and liabilities | The following were the significant components of the deferred tax assets and liabilities as of December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses |  | $ | 22,144 |  |  | $ | 22,292 |
Interest on non-accrual loans |  |  | 6,837 |  |  |  | 5,652 |
Allowance for credit losses - loans and leases and loan basis |  |  | 32,693 |  |  |  | 38,204 |
Servicing assets |  |  | 2,332 |  |  |  | 2,702 |
Premises and equipment |  |  | 5,998 |  |  |  | 5,603 |
Other real estate owned |  |  | 180 |  |  |  | 441 |
Net unrealized holding loss on securities available-for-sale |  |  | 47,022 |  |  |  | 46,492 |
Accrued expenses |  |  | 6,317 |  |  |  | 5,365 |
Other |  |  | 5,670 |  |  |  | 5,761 |
Total deferred tax assets |  |  | 129,193 |  |  |  | 132,512 |
Deferred tax liabilities: |  |  |  |  |  |
Equipment leasing |  |  | (54,532 | ) |  |  | (59,218 | )
Core deposit intangibles |  |  | (4,285 | ) |  |  | (5,807 | )
Deposits |  |  | (43 | ) |  |  | (343 | )
Trust preferred securities |  |  | (4,211 | ) |  |  | (4,413 | )
Net unrealized holding gain on cash flow hedges |  |  | (7,643 | ) |  |  | (10,959 | )
Other |  |  | (2,021 | ) |  |  | (1,714 | )
Total deferred tax liabilities |  |  | (72,735 | ) |  |  | (82,454 | )
Net deferred tax assets |  | $ | 56,458 |  |  | $ | 50,058 |
Operating Loss and Credit Carryforwards | The following were the gross carryforwards available to offset future taxable income as of December 31, 2024 and 2023:
|  | 2024 |  |  | 2023 |
Federal gross NOL carryforwards - begin to expire in 2030 |  | $ | 6,804 |  |  | $ | 7,560 |
Federal gross NOL carryforwards - with no expiration |  |  | 200 |  |  |  | 2,468 |
Illinois gross NLD carryforwards - begin to expire in 2031 |  |  | 268,469 |  |  |  | 268,969 |
All other state gross NOL carryforwards - begin to expire in 2036 |  |  | 4,724 |  |  |  | — |
All other state gross NOL carryforwards - with no expiration |  |  | 5,790 |  |  |  | — |

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