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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

Components of income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Year Ended December 31,
(Dollars in thousands)			2022						2021						2020
Current expense:
Federal			$	996					$	11,304					$	22,014
State			(1,965)						3,626						2,833
Total current			(969)						14,930						24,847
Deferred expense:
Federal			18,854						8,654						(12,952)
State			6,956						2,174						(135)
Total deferred			25,810						10,828						(13,087)
Provision for income taxes			$	24,841					$	25,758					$	11,760

Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense

Income tax expense (benefit) for the periods presented differed from the "expected" tax expense (computed by applying the U.S. federal corporate tax rate of 21% for the years ended December 31, 2022, 2021 and 2020, to income (loss) before income taxes) for the following reasons:

			Year Ended December 31,
(Dollars in thousands)			2022						2021						2020
Computed "expected" tax expense (benefit)			$	20,741					$	22,187					$	10,297
Increase (decrease) in taxes resulting from:
Tax-exempt interest income			(692)						(526)						(528)
Other tax-exempt income			(392)						(734)						(799)
Low-income housing tax credits			(530)						(365)						(332)
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance			4,982						5,377						2,590
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense			39						(39)						(22)
Other, net			693						(142)						554
Total			$	24,841					$	25,758					$	11,760

Schedule of the tax effects of temporary differences giving rise to significant portions of the deferred tax assets and deferred tax liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:

			December 31,
(Dollars in thousands)			2022						2021
Deferred tax assets
Lease liability			$	9,598					$	10,891
Allowance for credit losses			13,534						14,382
Accrued expenses			3,737						3,616
Employee retirement benefits			1,941						2,547
Federal net operating loss carryforwards			16,363						—
State net operating loss carryforwards			7,583						3,091
Restricted stock and non-qualified stock options			388						611
Premises and equipment			4,717						4,678
Other			9,504						6,333
Total deferred tax assets			67,365						46,149
Deferred tax liabilities
Right-of-use lease asset			9,356						10,546
Intangible assets			2,427						2,604
Other			3,647						3,808
Total deferred tax liabilities			15,430						16,958
Less: Deferred tax valuation allowance			3,398						3,359
Net deferred tax assets			$	48,537					$	25,832

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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