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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The income tax expense included in the accompanying consolidated statements of income consists of the following (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current income tax expense |  | $ | 19,909 |  |  | $ | 16,547 |  |  | $ | 14,700 |
Deferred income tax expense (benefit) |  | (1,026) |  |  | (2,110) |  |  | (89) |
Income tax expense |  | $ | 18,883 |  |  | $ | 14,437 |  |  | $ | 14,611 |
The components of the net deferred tax asset/liability as of December 31, 2024 and 2023 are summarized below (in thousands):
|  | Assets |  | Liabilities
Allowance for loan losses |  | $ | 9,426 |  |  | $
Retirement and other benefit plans |  |  |  | 2,674 |
Premises and equipment |  |  |  | 8,196 |
Operating lease liabilities |  | 3,313 |  |  |
Operating lease ROU assets |  |  |  | 2,911 |
Core deposit intangible |  |  |  | 132 |
Unrealized losses on securities AFS |  | 33,466 |  |  |
Effective hedging derivatives |  |  |  | 4,926 |
Fair value adjustment on loans |  | 385 |  |  |
Unfunded status of defined benefit plan |  | 5,051 |  |  |
State business tax credit |  | 121 |  |  |
Stock-based compensation |  | 1,404 |  |  |
Other |  | 165 |  |  |
Gross deferred tax assets/liabilities |  | 53,331 |  |  | 18,839 |
Net deferred tax asset at December 31, 2024 |  | $ | 34,492 |  |  |
Allowance for loan losses |  | $ | 8,962 |  |  | $
Retirement and other benefit plans |  |  |  | 2,529 |
Premises and equipment |  |  |  | 8,852 |
Operating lease liabilities |  | 3,508 |  |  |
Operating lease ROU assets |  |  |  | 3,116 |
Core deposit intangible |  |  |  | 292 |
Unrealized losses on securities AFS |  | 31,820 |  |  |
Effective hedging derivatives |  |  |  | 6,268 |
Fair value adjustment on loans |  | 436 |  |  |
Unfunded status of defined benefit plan |  | 4,988 |  |  |
State business tax credit |  | 181 |  |  |
Stock-based compensation |  | 1,294 |  |  |
Other |  | 294 |  |  |
Gross deferred tax assets/liabilities |  | 51,483 |  |  | 21,057 |
Net deferred tax asset at December 31, 2023 |  | $ | 30,426 |  |  |
A reconciliation of tax at statutory rates and total tax expense is as follows (dollars in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | Amount |  | Percent of Pre-Tax Income |  | Amount |  | Percent of Pre-Tax Income |  | Amount |  | Percent of Pre-Tax Income
Statutory tax expense |  | $ | 22,549 |  |  | 21.0 | % |  | $ | 21,237 |  |  | 21.0 | % |  | $ | 25,123 |  |  | 21.0 | %
Increase (decrease) in taxes from: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt interest |  | (3,797) |  |  | (3.5) | % |  | (6,107) |  |  | (6.0) | % |  | (10,345) |  |  | (8.6) | %
BOLI |  | (893) |  |  | (0.8) | % |  | (1,222) |  |  | (1.2) | % |  | (555) |  |  | (0.5) | %
Share-based compensation |  | 24 |  |  | — |  |  | 89 |  |  | 0.1 | % |  | (93) |  |  | (0.1) | %
State business tax |  | 883 |  |  | 0.8 | % |  | 353 |  |  | 0.3 | % |  | 312 |  |  | 0.3 | %
Other, net |  | 117 |  |  | 0.1 | % |  | 87 |  |  | 0.1 | % |  | 169 |  |  | 0.1 | %
Income tax expense |  | $ | 18,883 |  |  | 17.6 | % |  | $ | 14,437 |  |  | 14.3 | % |  | $ | 14,611 |  |  | 12.2 | %
We file income tax returns in the U.S. federal jurisdiction and in certain states. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2021 or Texas state tax examinations by tax authorities for years before 2020. No valuation allowance was recorded at December 31, 2024 or 2023 as management believes it is more likely than not that all of the deferred tax asset items will be realized in future years. Unrecognized tax benefits were not material at December 31, 2024 or 2023.

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