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Income Taxes (Tables)

12 Months Ended

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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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 pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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