XML 65 R48.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense consisted of the following for the periods indicated:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in thousands)
Current tax expense			$	24,364					$	16,690					$	20,896
Deferred tax expense (benefit)			(13,204)						871						1,576
Income tax expense			$	11,160					$	17,561					$	22,472

Schedule of Reconciliation of Effective Income Tax Rate

The following table presents the reconciliation of income taxes computed at the Federal statutory income tax rate of 21% to the actual effective rate for the periods indicated:

			Year Ended December 31,
			2023						2022						2021
			(Dollars in thousands)
Income tax expense at Federal statutory rate			$	15,312					$	20,882					$	25,307
State tax, net of Federal tax benefit			827						936						960
Tax-exempt instruments			(1,311)						(1,733)						(1,929)
Federal tax credits and other benefits (1)			(3,205)						(1,979)						(1,630)
Effects of BOLI			(564)						(735)						(474)
Other, net			101						190						238
Income tax expense			$	11,160					$	17,561					$	22,472

(1) Federal tax credits are provided for under the NMTC, Solar Tax Credits and LIHTC programs as described in Note (1) Description of Business, Basis of Presentation, Significant Accounting Policies and Recently Issued Accounting Pronouncements.

Schedule of Components of Deferred Income Tax Asset (Liability)

The following table presents major components of the deferred income tax asset (liability) resulting from differences between financial reporting and tax basis at the dates indicated:

			December 31, 2023						December 31, 2022
			(Dollars in thousands)
Deferred tax assets:
Allowance for credit losses			$	10,798					$	9,796
Accrued compensation			2,918						3,538
Stock compensation			793						726
Market discount on acquired loans			654						714
Foregone interest on nonaccrual loans			425						705
Net operating loss carryforward acquired			145						166
ROU lease liability			5,596						5,337
Net unrealized losses on investment securities			20,395						28,061
Tax Credit Carryforward			11,085						—
Other deferred tax assets			503						120
Total deferred tax assets			53,312						49,163
Deferred tax liabilities:
Deferred loan fees, net			(1,263)						(1,508)
Premises and equipment			(2,268)						(2,999)
FHLB stock			(216)						(577)
Goodwill and other intangible assets			(816)						(1,211)
Junior subordinated debentures			(873)						(937)
ROU lease asset			(5,170)						(4,967)
Other deferred tax liabilities			(167)						(163)
Total deferred tax liabilities			(10,773)						(12,362)
Deferred tax asset, net			$	42,539					$	36,801

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration