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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of allocation of federal and state income taxes between current and deferred portions | Allocation of income tax expense between current and deferred portions is as follows:
| Year Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 17,090 |  |  | $ | 12,538 |  |  | $ | 15,194 |
State | 7,517 |  |  | 6,384 |  |  | 7,459 |
Total current | 24,607 |  |  | 18,922 |  |  | 22,653 |
Deferred |  |  |  |  |
Federal | 307 |  |  | 2,811 |  |  | (2,045) |
State | 689 |  |  | 1,006 |  |  | (874) |
Total deferred | 996 |  |  | 3,817 |  |  | (2,919) |
Income tax expense | $ | 25,603 |  |  | $ | 22,739 |  |  | $ | 19,734 |
Schedule of effective income tax rate reconciliation | Income tax expense differs from the statutory federal rate due to the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
(dollars in thousands) | Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
Federal income tax, at statutory rate | $ | 20,450 |  |  | 21.0 | % |  | $ | 18,602 |  |  | 21.0 | % |  | $ | 16,000 |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |
Federally tax exempt interest income | (1,391) |  |  | (1.4) |  |  | (1,767) |  |  | (2.0) |  |  | (1,618) |  |  | (2.1) |
State taxes, net of federal benefit | 6,481 |  |  | 6.7 |  |  | 5,838 |  |  | 6.6 |  |  | 5,285 |  |  | 6.9 |
Other | 63 |  |  | — |  |  | 66 |  |  | 0.1 |  |  | 67 |  |  | 0.1 |
Income tax expense | $ | 25,603 |  |  | 26.3 | % |  | $ | 22,739 |  |  | 25.7 | % |  | $ | 19,734 |  |  | 25.9 | %
Schedule of components of the net deferred tax asset (liability) | The components of the deferred tax assets and liabilities are as follows:
(dollars in thousands) | December 31, 2024 |  | December 31, 2023
Deferred tax assets |  |  |
Allowance for credit losses | $ | 12,523 |  |  | $ | 12,247 |
Compensation related | 3,119 |  |  | 3,230 |
Deferred loan fees | 692 |  |  | 676 |
Nonaccrual interest | 673 |  |  | 596 |
Foreclosed assets | — |  |  | 18 |
Goodwill | 3 |  |  | 74 |
Net operating loss carryforward | 99 |  |  | 144 |
Net unrealized losses on debt securities | 19,424 |  |  | 23,967 |
Other purchase accounting adjustments | 4,012 |  |  | 5,250 |
Other | 699 |  |  | 575 |
Total deferred tax assets | 41,244 |  |  | 46,777 |
Deferred tax liabilities |  |  |
Fixed asset depreciation | 3,172 |  |  | 3,044 |
Mortgage servicing rights | 5,224 |  |  | 5,306 |
Intangible assets | 4,899 |  |  | 5,584 |
Prepaid assets | 982 |  |  | 816 |
Other | 532 |  |  | 566 |
Total deferred tax liabilities | 14,809 |  |  | 15,316 |
Net deferred tax asset | $ | 26,435 |  |  | $ | 31,461 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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