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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Unrecognized tax benefits at beginning of year |  | $ | 258 |  |  | $ | 258 |  |  | $ | 258 |
Gross decreases for tax positions of prior years |  |  | (258 | ) |  |  | — |  |  |  | — |
Unrecognized tax benefits at end of year |  | $ | — |  |  | $ | 258 |  |  | $ | 258 |
Summary of Provision for Income Taxes | A summary of the provision for income taxes was as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Current expense: |  |  |  |  |  |  |  |  |
Federal |  | $ | 18,139 |  |  | $ | 26,336 |  |  | $ | 1,310 |
State |  |  | 11,704 |  |  |  | 13,610 |  |  |  | 304 |
Total current expense |  |  | 29,843 |  |  |  | 39,946 |  |  |  | 1,614 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |
Federal |  | $ | (2,009 | ) |  |  | (4,980 | ) |  |  | 27,674 |
State |  |  | (1,430 | ) |  |  | (426 | ) |  |  | 10,045 |
Total deferred expense |  |  | (3,439 | ) |  |  | (5,406 | ) |  |  | 37,719 |
Income tax expense |  | $ | 26,404 |  |  | $ | 34,540 |  |  | $ | 39,333 |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |  |
Provision for credit losses |  | $ | 20,828 |  |  | $ | 20,745 |  |  | $ | 21,626 |
Purchase accounting |  |  | 1,977 |  |  |  | 1,467 |  |  |  | 2,149 |
Net operating loss carryforward |  |  | 13,459 |  |  |  | 13,712 |  |  |  | 14,590 |
Unrealized loss on securities available for sale |  |  | 28,638 |  |  |  | 29,120 |  |  |  | 35,973 |
Lease liability |  |  | 11,845 |  |  |  | 13,729 |  |  |  | 13,029 |
Tax credits |  |  | — |  |  |  | — |  |  |  | 1,711 |
State taxes |  |  | 2,520 |  |  |  | 2,741 |  |  |  | 54 |
Other |  |  | 4,548 |  |  |  | 4,283 |  |  |  | 3,793 |
Total deferred tax assets |  |  | 83,815 |  |  |  | 85,797 |  |  |  | 92,925 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Mark to market |  |  | (30,018 | ) |  |  | (32,992 | ) |  |  | (38,916 | )
Depreciation |  |  | (885 | ) |  |  | (333 | ) |  |  | (1,292 | )
Leases - right of use assets |  |  | (10,616 | ) |  |  | (12,592 | ) |  |  | (11,932 | )
Other |  |  | (2,624 | ) |  |  | (2,790 | ) |  |  | (2,836 | )
Total deferred tax liabilities |  |  | (44,143 | ) |  |  | (48,707 | ) |  |  | (54,976 | )
Valuation allowance |  |  | (1,488 | ) |  |  | (1,864 | ) |  |  | (1,276 | )
Net deferred tax assets |  | $ | 38,184 |  |  | $ | 35,226 |  |  | $ | 36,673 |
Reconciliation between Federal Statutory Income Tax Rate and Effective Tax Rate | Reconciliation between the federal statutory income tax rate and the effective tax rate is shown in the following table:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory income tax rate |  |  | 21.00 | % |  |  | 21.00 | % |  |  | 21.00 | %
State taxes, net of federal tax benefits |  |  | 8.77 |  |  |  | 9.06 |  |  |  | 7.33 |
Tax credit - federal |  |  | (1.76 | ) |  |  | (1.52 | ) |  |  | (1.30 | )
Low-income housing amortization |  |  | 2.05 |  |  |  | 1.64 |  |  |  | 1.34 |
Other |  |  | (0.26 | ) |  |  | (0.03 | ) |  |  | (0.42 | )
Effective tax rate |  |  | 29.80 | % |  |  | 30.15 | % |  |  | 27.95 | %

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