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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The components of applicable income tax expense (benefit) for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, were as follows (in thousands):
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Current Expense: |  |  |  |  |
Federal | $ | 4,464 |  |  | $ | 3,592 |  |  | $ | 5,501 |
State | 1,233 |  |  | 230 |  |  | 1,388 |
| $ | 5,697 |  |  | $ | 3,822 |  |  | $ | 6,889 |
Deferred Expense: |  |  |  |  |
Federal | $ | (1,181) |  |  | $ | (1,422) |  |  | $ | 1,318 |
State | (326) |  |  | (31) |  |  | 79 |
| $ | (1,507) |  |  | $ | (1,453) |  |  | $ | 1,397 |
Total | $ | 4,190 |  |  | $ | 2,369 |  |  | $ | 8,286 |
Schedule of Statutory Tax Rates to Income Before Taxes | The following reconciles the amount of reported income tax expense in the financial statements to taxes that would be computed by applying the federal statutory tax rates to income before taxes (in thousands):
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Expected taxes using statutory rates | $ | 8,286 |  |  | $ | 5,263 |  |  | $ | 10,983 |
Benefit of tax-exempt municipal interest income, net of non-deductible interest | (1,143) |  |  | (363) |  |  | (1,694) |
Nontaxable income from company-owned life insurance | (991) |  |  | (604) |  |  | (570) |
Low income tax credits, net of amortization | (3,619) |  |  | (1,840) |  |  | (1,840) |
State taxes, net of federal benefit | 716 |  |  | 157 |  |  | 1,159 |
Merger-related | 280 |  |  | 382 |  |  | — |
Non-deductible compensation | 530 |  |  | — |  |  | — |
Other adjustment, net | 131 |  |  | (626) |  |  | 248 |
Total | $ | 4,190 |  |  | $ | 2,369 |  |  | $ | 8,286 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax amounts in the accompanying Consolidated Balance Sheets include the following components (in thousands):
| December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Provision for credit losses | $ | 16,387 |  |  | $ | 5,600 |
Lease liability | 3,914 |  |  | 2,008 |
Compensation accruals | 10,714 |  |  | 1,984 |
Other accruals | 442 |  |  | 27 |
Partnership investments | 2,587 |  |  | 2,264 |
Purchase accounting adjustments | 35,497 |  |  | — |
Unrealized losses on securities available-for-sale | 26,627 |  |  | 26,069 |
Tax credit carryforward | 9,777 |  |  | 8,690 |
OPEB Liability | 188 |  |  | — |
Total deferred tax asset | $ | 106,133 |  |  | $ | 46,642 |
Deferred tax liabilities: |  |  |
Tax over book depreciation | $ | (6,003) |  |  | $ | (2,073) |
Pension accrual | (458) |  |  | (434) |
Unrealized gains on interest rate swaps | (833) |  |  | (85) |
Purchase accounting adjustments | (16,588) |  |  | — |
Right of use asset | (3,757) |  |  | (1,906) |
Mortgage servicing rights | (460) |  |  | — |
Total deferred tax liability | $ | (28,099) |  |  | $ | (4,498) |
Net deferred tax asset | $ | 78,034 |  |  | $ | 42,144 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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