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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 15 — Income Taxes The provision for income taxes is as follows:
(Dollars in thousands) | Years Ended December 31,
Federal income taxes: | 2023 |  | 2022 |  | 2021
Current | $ | (7,181) |  |  | $ | 1,378 |  |  | $ | 17,022 |
Deferred | 27,458 |  |  | 18,634 |  |  | 6,077 |
State income taxes: |  |  |  |  |
Current | 1,590 |  |  | 40 |  |  | 584 |
Deferred | 256 |  |  | (325) |  |  | 202 |
Income tax expense | $ | 22,123 |  |  | $ | 19,727 |  |  | $ | 23,885 |
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is below:
| Years Ended December 31, |  |
| 2023 |  | 2022 |  | 2021 |  |
(Dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | % |  |
Income taxes computed at statutory rate | $ | 22,244 |  |  | 21.00 | % |  | $ | 22,563 |  |  | 21.00 | % |  | $ | 27,811 |  |  | 21.00 | % |  |
Tax exempt revenue, net of nondeductible interest | (1,072) |  |  | (1.01) |  |  | (1,510) |  |  | (1.41) |  |  | (1,339) |  |  | (1.01) |  |  |
Low-income housing tax credits, net of amortization | (758) |  |  | (0.72) |  |  | (832) |  |  | (0.77) |  |  | (468) |  |  | (0.35) |  |  |
Other tax credits, net of add-backs | (1,218) |  |  | (1.15) |  |  | (1,218) |  |  | (1.13) |  |  | (1,218) |  |  | (0.92) |  |  |
Bank-owned life insurance income | (182) |  |  | (0.17) |  |  | (145) |  |  | (0.13) |  |  | (170) |  |  | (0.13) |  |  |
State income taxes, net of federal benefit | 1,498 |  |  | 1.41 |  |  | (201) |  |  | (0.19) |  |  | 662 |  |  | 0.50 |  |  |
Stock-based compensation | 632 |  |  | 0.60 |  |  | 17 |  |  | 0.02 |  |  | (1,272) |  |  | (0.96) |  |  |
Nondeductible expense | 814 |  |  | 0.77 |  |  | 996 |  |  | 0.93 |  |  | 106 |  |  | 0.08 |  |  |
Other | 165 |  |  | 0.16 |  |  | 57 |  |  | 0.04 |  |  | (227) |  |  | (0.17) |  |  |
Total income tax expense | $ | 22,123 |  |  | 20.89 | % |  | $ | 19,727 |  |  | 18.36 | % |  | $ | 23,885 |  |  | 18.04 | % |  |
Significant components of deferred tax assets and liabilities are as follows:
(Dollars in thousands) | December 31, |
Deferred tax assets: | 2023 |  | 2022 |
Credit loss allowances | $ | 22,019 |  |  | $ | 20,480 |  |
Deferred compensation and share-based compensation | 7,442 |  |  | 7,699 |  |
Net operating loss carryforwards | 1,333 |  |  | 27,341 |  |
Credit carryforwards | — |  |  | 3,678 |  |
Other | 5 |  |  | 45 |  |
Investments in limited partnerships | 1,789 |  |  | 13 |  |
Other real estate owned | 24 |  |  | 9 |  |
Lease obligations | 48 |  |  | 36 |  |
Premium/discount on acquisitions | 187 |  |  | 624 |  |
Deferred rent obligations | 427 |  |  | 594 |  |
Gross deferred tax assets | 33,274 |  |  | 60,519 |  |
Valuation allowance | (1,193) |  |  | (899) |  |
Deferred tax assets net of valuation allowance | $ | 32,081 |  |  | $ | 59,620 |  |
Deferred tax liabilities: |  |  |  |
Basis difference in premises and equipment | $ | 4,586 |  |  | $ | 3,811 |  |
Intangible assets | 6,858 |  |  | 8,539 |  |
Mortgage servicing rights | 3,378 |  |  | 4,499 |  |
Deferred Income | 2,181 |  |  | — |  |
Other | 361 |  |  | 341 |  |
Gross deferred tax liabilities | 17,364 |  |  | 17,190 |  |
Net deferred tax asset | $ | 14,717 |  |  | $ | 42,430 |  |
At December 31, 2023, the Company had $2.3 million of Federal gross net operating net loss carryforwards and $29.0 million in gross state net operating losses carryforwards. Of these net loss carryforwards, $2.3 million in Federal gross net operating loss carryforwards acquired in previous business combinations are expiring between 2024 and 2028, and 96.2% of the $29.0 million in state net operating losses can be carried forward indefinitely with the remaining carryforwards expiring between 2024 and 2042. Due to limitations on the amounts of these losses that can be recognized annually, the Company has determined that it is more likely than not that some of these net operating loss carryforwards will expire unused, and has established a $1,193,000 valuation allowance related to these carryforwards. The Company files a consolidated income tax return in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities in these taxing jurisdictions for the years before 2020.

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- 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
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