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Income Taxes (Tables)

12 Months Ended

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
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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.

+ 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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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