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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​		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
​	​	​	​	​	​	​	​	​	​

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​		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
​	​	​	​	​	​	​

Schedule of difference between effective tax rates from federal statutory rates

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
​	​	​	​	​	​	​	​	​	​

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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.

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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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