XML 38 R25.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income tax is summarized as follows for the years ended December 31,:
| 2023 |  | 2022 |  | 2021
Current | $ | 24,938 |  |  | $ | 5,637 |  |  | $ | 5,533 |
Deferred | 3,012 |  |  | 9,203 |  |  | 3,145 |
Total income tax expense | $ | 27,950 |  |  | $ | 14,840 |  |  | $ | 8,678 |
A reconciliation of the provision for income taxes, with the amount computed by applying the statutory U.S. federal income tax rates to income before provision for income taxes is as follows for the years ended December 31,:
| 2023 |  | 2022 |  | 2021
Income tax provision computed at U.S. federal statutory rate | $ | 27,611 |  |  | $ | 15,545 |  |  | $ | 10,887 |
State tax expense, net of U.S. federal effect | 3,718 |  |  | 2,359 |  |  | 1,836 |
Tax exempt interest | (4,017) |  |  | (4,011) |  |  | (4,562) |
Net increase in cash surrender value of BOLI | (405) |  |  | (353) |  |  | (268) |
Non-deductible professional fees | — |  |  | 216 |  |  | 648 |
Executive compensation | 301 |  |  | 727 |  |  | — |
Other | 742 |  |  | 357 |  |  | 137 |
Income tax provision | $ | 27,950 |  |  | $ | 14,840 |  |  | $ | 8,678 |
Effective tax provision rate | 21.3% |  | 20.0% |  | 16.7%
Significant components of deferred tax assets and liabilities are as follows as of December 31,:
| 2023 |  | 2022
Deferred tax assets: |  |  |
Federal and state net operating loss | $ | 22,852 |  |  | $ | 25,118 |
Allowance for credit losses | 18,950 |  |  | 15,537 |
Unrealized loss on securities | 13,920 |  |  | 14,235 |
Deferred compensation | 3,005 |  |  | 4,756 |
Fair value adjustments on loans | 1,626 |  |  | 2,428 |
Share-based compensation | 2,529 |  |  | 2,208 |
Accrued expenses | 881 |  |  | 1,320 |
Deferred loan fees | 826 |  |  | 1,044 |
Lease liability | 519 |  |  | 1,044 |
Fair value adjustments on deposits | 99 |  |  | 326 |
Other real estate owned and foreclosed assets | — |  |  | 7 |
Other | 5,437 |  |  | 4,559 |
Total deferred tax assets | 70,644 |  |  | 72,582 |
Deferred tax liabilities: |  |  |
Mortgage servicing rights | 18,079 |  |  | 17,465 |
Fair value adjustments on intangible assets | 2,889 |  |  | 3,596 |
Prepaid expenses | 1,193 |  |  | 1,143 |
Premises and equipment | 1,281 |  |  | 918 |
Fair value adjustments on debt | 606 |  |  | 700 |
FHLB stock | 144 |  |  | 196 |
Other | 193 |  |  | 209 |
Total deferred tax liabilities | 24,385 |  |  | 24,227 |
Total deferred tax assets, net | $ | 46,259 |  |  | $ | 48,355 |
As of December 31, 2023, we had net operating loss carryforwards for U.S. federal income tax purposes of approximately $105,392 which begin to expire in 2030. As of December 31, 2023, we had net operating loss carryforwards for state tax purposes of approximately $12,206 which begin to expire in 2024. Utilization of a portion of the net operating losses may be subject to a substantial annual limitation due to the ownership change limitations set forth in Internal Revenue Code Section 382 and similar state provisions. Such an annual limitation could result in the expiration of the net operating loss carryforwards before utilization. We believe that all of the net operating loss carryforwards will be used prior to expiration. We evaluate uncertain tax positions at the end of each reporting period. We may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefit recognized in the financial statements from any such position is measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. As of December 31, 2023 and 2022, we concluded there were no material uncertain tax positions.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration