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Income Taxes | 12 Months Ended
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Dec. 31, 2024
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: | 2024 |  | 2023 |  | 2022
Current | $ | 19,920 |  |  | $ | (7,181) |  |  | $ | 1,378 |
Deferred | (1,425) |  |  | 27,458 |  |  | 18,634 |
State income taxes: |  |  |  |  |
Current | 2,314 |  |  | 1,590 |  |  | 40 |
Deferred | (42) |  |  | 256 |  |  | (325) |
Income tax expense | $ | 20,767 |  |  | $ | 22,123 |  |  | $ | 19,727 |
A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is below:
| Years Ended December 31, |  |
| 2024 |  | 2023 |  | 2022 |  |
(Dollars in thousands) | Amount |  | % |  | Amount |  | % |  | Amount |  | % |  |
Income taxes computed at statutory rate | $ | 20,424 |  |  | 21.00 | % |  | $ | 22,244 |  |  | 21.00 | % |  | $ | 22,563 |  |  | 21.00 | % |  |
Tax exempt revenue, net of nondeductible interest | (772) |  |  | (0.79) |  |  | (1,072) |  |  | (1.01) |  |  | (1,510) |  |  | (1.41) |  |  |
Low-income housing tax credits, net of amortization | (539) |  |  | (0.55) |  |  | (758) |  |  | (0.72) |  |  | (832) |  |  | (0.77) |  |  |
Other tax credits, net of add-backs | (1,063) |  |  | (1.09) |  |  | (1,218) |  |  | (1.15) |  |  | (1,218) |  |  | (1.13) |  |  |
Bank-owned life insurance income | (196) |  |  | (0.20) |  |  | (182) |  |  | (0.17) |  |  | (145) |  |  | (0.13) |  |  |
State income taxes, net of federal benefit | 1,791 |  |  | 1.84 |  |  | 1,498 |  |  | 1.41 |  |  | (201) |  |  | (0.19) |  |  |
Stock-based compensation | 525 |  |  | 0.54 |  |  | 632 |  |  | 0.60 |  |  | 17 |  |  | 0.02 |  |  |
Nondeductible expense | 834 |  |  | 0.86 |  |  | 814 |  |  | 0.77 |  |  | 996 |  |  | 0.93 |  |  |
Other | (237) |  |  | (0.26) |  |  | 165 |  |  | 0.16 |  |  | 57 |  |  | 0.04 |  |  |
Total income tax expense | $ | 20,767 |  |  | 21.35 | % |  | $ | 22,123 |  |  | 20.89 | % |  | $ | 19,727 |  |  | 18.36 | % |  |
Significant components of deferred tax assets and liabilities are as follows:
(Dollars in thousands) | December 31, |
Deferred tax assets: | 2024 |  | 2023 |
Credit loss allowances | $ | 20,458 |  |  | $ | 22,019 |  |
Deferred compensation and share-based compensation | 8,244 |  |  | 7,442 |  |
Net operating loss carryforwards | 1,699 |  |  | 1,333 |  |
Other | 1 |  |  | 5 |  |
Self-funded insurance | 119 |  |  | — |  |
Litigation reserve | 854 |  |  | — |  |
Investments in limited partnerships | 1,307 |  |  | 1,789 |  |
Other real estate owned | 137 |  |  | 24 |  |
Lease obligations | 48 |  |  | 48 |  |
Premium/discount on acquisitions | 187 |  |  | 187 |  |
Deferred rent obligations | 819 |  |  | 427 |  |
Gross deferred tax assets | 33,873 |  |  | 33,274 |  |
Valuation allowance | (1,587) |  |  | (1,193) |  |
Deferred tax assets net of valuation allowance | $ | 32,286 |  |  | $ | 32,081 |  |
Deferred tax liabilities: |  |  |  |
Basis difference in premises and equipment | $ | 6,864 |  |  | $ | 4,586 |  |
Intangible assets | 5,597 |  |  | 6,858 |  |
Mortgage servicing rights | — |  |  | 3,378 |  |
Deferred Income | 3,302 |  |  | 2,181 |  |
Other | 339 |  |  | 361 |  |
Gross deferred tax liabilities | 16,102 |  |  | 17,364 |  |
Net deferred tax asset | $ | 16,184 |  |  | $ | 14,717 |  |
At December 31, 2024, the Company had $2.1 million of Federal gross net operating net loss carryforwards and $28.5 million in gross state net operating losses carryforwards. Of these net loss carryforwards, $2.1 million in Federal gross net operating loss carryforwards acquired in previous business combinations are expiring between 2025 and 2028, and 97.9% of the $28.5 million in state net operating losses can be carried forward indefinitely with the remaining carryforwards expiring between 2040 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 $1.6 million 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 2021.

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