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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of Federal and State Income Tax Expense

The components of federal and state income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):

		2024				2023				2022
Current
Federal		$	18,504			$	2,189			$	14,401
State			6,404				542				6,171
Total current			24,908				2,731				20,572
Deferred
Federal			(2,497	)			12,585				(2,005	)
State			3,087				4,154				(227	)
Total deferred			590				16,739				(2,232	)
Total		$	25,498			$	19,470			$	18,340

Effective Income Tax Reconciliation

The principal reasons for the difference are as follows (in thousands):

		2024				2023				2022
Expected income taxes		$	21,923			$	18,565			$	19,172
Effects of:
Tax-exempt income from bank owned life insurance			(994	)			(1,035	)			(659	)
Other tax exempt income			(2,397	)			(2,416	)			(2,497	)
Nondeductible interest expense			307				799				255
State taxes, net of federal taxes			4,917				3,710				4,695
Other items			(839	)			(153	)			(2,525	)
Effect of marginal tax rate			2,581				—				(101	)
Total		$	25,498			$	19,470			$	18,340

Tax Effects of Temporary Differences on Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are presented below (in thousands):

		2024				2023
Deferred tax assets:
Allowance for credit losses		$	18,588			$	18,955
Available-for-sale investment securities			49,082				55,722
Deferred compensation			4,377				4,128
Supplemental retirement			512				519
Deferred loan costs			462				222
Stock compensation expense			80				82
Deferred revenue			211				283
Purchase accounting			—				5,326
Acquisition costs			112				152
Lease liability			3,743				3,975
Other			3,623				1,305
Total gross deferred tax assets			80,790				90,669
Less valuation allowance			(682	)			(988	)
Net deferred tax asset			80,108				89,681
Deferred tax liabilities:
Intangibles amortization			5,378				6,432
Prepaid expenses			2,023				1,576
FHLB stock dividend			21				22
Deferred expenses			100				104
Purchase accounting			1,854				—
Depreciation			4,517				5,367
Accumulated accretion			222				244
Mortgage servicing rights			1,485				1,874
Right of use asset			3,657				3,891
Other			1,265				104
Total gross deferred tax liabilities			20,522				19,614
Deferred tax assets, net		$	59,586			$	70,067

In assessing the ability of the Company to realize the benefit of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the level of historical taxable income and projections for future taxable income over the periods which deferred tax assets are deductible, management believes it is more likely than not the Company will generate sufficient taxable income to realize the benefits of these deductible differences at December 31, 2024 and 2023, except for a valuation allowance of $682,000 and $988,000, respectively, on the net deferred tax asset related to capital losses generated. In assessing the need for a valuation allowance for the deferred tax assets for the capital loss carryforward, the Company considered all positive and negative evidence in assessing whether the weight of available evidence supports the recognition of some or all of the deferred tax assets related to these carryforwards. The Company may not be able to generate capital gains in the future to be able to utilize the capital losses. Therefore, the Company’s assessment of the deferred tax asset warrants the need for a valuation allowance.
 

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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

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-Topic 740
-SubTopic 10
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-Section 50
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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.

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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.

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