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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of components of income tax provision | 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 |
Schedule of net deferred tax assets and liabilities | 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 |  |  |
Schedule of income tax reconciliation | 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 | %

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