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Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

​

Note 11: Income Taxes

​

Income tax expense (benefit) for the years ending December 31, were as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Current federal	​	$	22,011	​	$	20,724	​	$	13,241
Current state	​	​	7,048	​	​	10,098	​	​	6,209
Deferred federal	​	​	(1,419)	​	​	1,964	​	​	3,338
Deferred state	​	​	52	​	​	(107)	​	​	1,356
Total income tax expense	​	$	27,692	​	$	32,679	​	$	24,144
​	​	​	​	​	​	​	​	​	​

​

The following were the components of the deferred tax assets and liabilities as of December 31:

​

​	​	​	​	​	​	​
​		2024			2023
Accrued bonus	​	$	2,601	​	$	2,500
Allowance for credit losses	​	​	12,241	​	​	13,077
Deferred compensation	​	​	2,100	​	​	1,622
Stock based compensation	​	​	1,920	​	​	1,768
Business combination adjustments	​	​	-	​	​	270
Lease liability	​	​	3,315	​	​	3,201
Other assets	​	​	2,357	​	​	1,602
Total deferred tax assets	​	​	24,534	​	​	24,040
​	​	​	​	​	​	​
Accumulated depreciation on premises and equipment	​	​	(5,844)	​	​	(5,454)
Goodwill amortization/impairment	​	​	(604)	​	​	(465)
Mortgage servicing rights	​	​	(2,728)	​	​	(2,842)
Amortization of core deposit intangible	​	​	(2,248)	​	​	(2,987)
Right of use asset	​	​	(1,972)	​	​	(1,969)
Acquired securities	​	​	(1,997)	​	​	(2,376)
Other liabilities	​	​	(1,090)	​	​	(1,263)
Total deferred tax liabilities	​	​	(16,483)	​	​	(17,356)
Net deferred tax asset before adjustments related to other comprehensive income	​	​	8,051	​	​	6,684
Tax effect of adjustments related to other comprehensive income	​	​	18,568	​	​	24,393
Net deferred tax asset	​	$	26,619	​	$	31,077
​	​	​	​	​	​	​

​

At December 31, 2024, the Company had no federal net operating loss carryforward and no state net operating loss carryforward.

​

Effective tax rates differ from federal statutory rates applied to financial statement income for the years ended December 31, due to the following:

​

​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Tax at statutory federal income tax rate	​	$	23,721	​	$	26,126	​	$	19,225
Nontaxable interest income, net of disallowed interest deduction	​	​	(820)	​	​	(947)	​	​	(1,097)
BOLI income	​	​	(950)	​	​	(445)	​	​	(151)
State income taxes, net of federal benefit	​	​	5,775	​	​	7,911	​	​	6,091
Stock based compensation	​	​	(139)	​	​	(132)	​	​	(43)
Other, net	​	​	105	​	​	166	​	​	119
Total tax at effective tax rate	​	$	27,692	​	$	32,679	​	$	24,144
​	​	​	​	​	​	​	​	​	​

​

The Company evaluated positive and negative evidence in order to determine if it was more likely than not that the deferred tax asset would be recovered through future income.  Significant positive evidence evaluated included recent and projected earnings, strong asset quality and capital position.  No significant negative evidence was noted.

​

The Company and its subsidiaries are subject to U.S. federal income tax as well as various state taxing jurisdictions. The Company is no longer subject to examination for tax years prior to 2021.

X

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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

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