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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES 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 |
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 | %
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 |
As of December 31, 2024, the Company had an Illinois net operating loss carryforward of $1.3 million which is available to offset future Illinois taxable income. The Illinois net operating loss carryforward is subject to a $500 thousand limitation through 2027 and will begin to expire in 2047. Management believes that it is more likely than not that the deferred tax assets included in the balance sheet will be realized, and that a valuation allowance was not required for deferred tax assets as of December 31, 2024 and 2023. The Company files consolidated federal and state income tax returns. The Company is generally no longer subject to federal or state income tax examinations for years prior to 2021.

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