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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Federal and state income tax expense consists of the following for the years ended December 31:

(dollars in thousands)						2024						2023						2022
Current federal income tax expense						$	9,897					$	25,291					$	37,182
Current state income tax expense						4,297						5,072						5,008
Total current tax expense						14,194						30,363						42,190
Deferred federal income tax (benefit) expense						2,823						(2,966)						3,532
Deferred state income tax (benefit) expense						(222)						(411)						3,028
Total deferred tax (benefit) expense						2,601						(3,377)						6,560
Total income tax expense						$	16,795					$	26,986					$	48,750

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The table below summarizes significant components of our deferred tax assets and liabilities as of December 31, 2024 and 2023:

(dollars in thousands)						2024						2023
Deferred tax assets
Allowance for credit losses						$	27,998					$	21,281
Deferred loan fees and costs						4,551						6,372
Unrealized loss on securities available-for-sale						34,656						39,671
Unrealized loss on securities held-to-maturity						10,160						11,725
LIHTC and ITC Tax Credits						5,793						—
Leases						5,774						5,713
Supplemental executive retirement and death benefit agreements						2,075						2,066
Stock-based compensation						1,785						2,003
Premises and equipment						217						—
Unrealized loss on interest rate swap derivatives						—						59
Net operating loss						8,104						7,964
Other assets						3,549						2,669
Gross deferred tax assets						104,662						99,523
Valuation allowances						(7,715)						(7,428)
Total deferred tax assets						96,947						92,095
Deferred tax liabilities
Leases						(4,483)						(4,703)
Interest Rate Swaps & Derivatives						(602)						—
Excess servicing						—						(561)
Premises and equipment						—						(211)
Other liabilities						(390)						—
Total deferred tax liabilities						(5,475)						(5,475)
Net deferred income tax assets						$	91,472					$	86,620

Schedule of Reconciliation of Income Taxes

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31, 2024, 2023 and 2022 follows:

						Year Ended December 31,
						2024						2023						2022
Statutory federal income tax rate						21.00		%				21.00		%				21.00		%
Increase (decrease) due to:
State income taxes						(10.53)		%				2.75		%				3.28		%
Goodwill Impairment						(72.34)		%				—		%				—		%
Tax credits, net of amortization (1)						11.37		%				(1.32)		%				(0.80)		%
Tax-exempt interest and dividend income						4.39		%				(1.75)		%				(0.85)		%
Bank owned life insurance						2.00		%				(0.58)		%				(0.33)		%
Stock-based compensation expense						(3.07)		%				0.22		%				(0.08)		%
Change in unrecognized tax benefits						(3.63)		%				—		%				—		%
Return to provision and prior period adjustments						(3.83)		%				(0.24)		%				1.33		%
Non-deductible fines and penalties						—		%				—		%				2.54		%
Other						(0.90)		%				1.08		%				(0.39)		%
Effective tax rate						(55.54)		%				21.16		%				25.70		%

(1) Includes low income housing tax credit proportional amortization expense, net of tax of $5.7 million, $5.4 million and $5.3 million, in 2024, 2023 and 2022 respectively.

Schedule of Unrecognized Tax Benefits

The following table details the change in unrecognized tax benefits ("UTBs") for 2024:

						Year Ended  December 31,
(dollars in thousands)						2024
Balance at beginning of year						$	—
Gross increases - tax positions related to prior periods						6,254
Gross decreases - tax positions related to prior periods						—
Gross increases - tax positions related to the current period						296
Settlements with tax authorities						—
Lapse of statute of limitations						—
Balance at end of year						$	6,550

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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.

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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.

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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.

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