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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of income tax expense (benefit) | Components of income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 were as follows:
| Year Ended December 31,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Current expense (benefit): |  |  |  |  |
Federal | $ | 5,538 |  |  | $ | 996 |  |  | $ | 11,304 |
State | 1,404 |  |  | (1,965) |  |  | 3,626 |
Total current | 6,942 |  |  | (969) |  |  | 14,930 |
Deferred expense: |  |  |  |  |
Federal | 9,300 |  |  | 18,854 |  |  | 8,654 |
State | 1,911 |  |  | 6,956 |  |  | 2,174 |
Total deferred | 11,211 |  |  | 25,810 |  |  | 10,828 |
Provision for income taxes | $ | 18,153 |  |  | $ | 24,841 |  |  | $ | 25,758 |
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, 2023, 2022 and 2021, to income before income taxes) for the following reasons:
| Year Ended December 31,
(Dollars in thousands) | 2023 |  | 2022 |  | 2021
Computed "expected" tax expense | $ | 16,133 |  |  | $ | 20,741 |  |  | $ | 22,187 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
Tax-exempt interest income | (702) |  |  | (692) |  |  | (526) |
Other tax-exempt income | (1,023) |  |  | (392) |  |  | (734) |
Low-income housing tax credits | (508) |  |  | (530) |  |  | (365) |
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance | 3,827 |  |  | 4,982 |  |  | 5,377 |
Change in the valuation allowance for deferred tax assets allocated to income tax expense | 1,048 |  |  | 39 |  |  | (39) |
Other, net | (622) |  |  | 693 |  |  | (142) |
Total | $ | 18,153 |  |  | $ | 24,841 |  |  | $ | 25,758 |
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) | 2023 |  | 2022
Deferred tax assets |  |  |
Lease liability | $ | 8,162 |  |  | $ | 9,598 |
Allowance for credit losses | 13,643 |  |  | 13,534 |
Accrued expenses | 1,804 |  |  | 3,737 |
Employee retirement benefits | 1,926 |  |  | 1,941 |
Federal and state tax credit carryforwards | 2,208 |  |  | — |
Federal net operating loss carryforwards | 1,644 |  |  | 16,363 |
State net operating loss carryforwards | 4,503 |  |  | 7,583 |
Deferred compensation | 3,976 |  |  | 2,930 |
Premises and equipment | 4,161 |  |  | 4,717 |
Other | 5,679 |  |  | 6,962 |
Total deferred tax assets | 47,706 |  |  | 67,365 |
Deferred tax liabilities |  |  |
Right-of-use lease asset | 7,918 |  |  | 9,356 |
Intangible assets | 2,317 |  |  | 2,427 |
Other | 3,489 |  |  | 3,647 |
Total deferred tax liabilities | 13,724 |  |  | 15,430 |
Less: Deferred tax valuation allowance | 4,446 |  |  | 3,398 |
Net deferred tax assets | $ | 29,536 |  |  | $ | 48,537 |

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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 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
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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 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
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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 -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
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