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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table provides information on components of income tax expense for the years ended December 31, 2024 and 2023.

($ in thousands)						December 31, 2024						December 31, 2023
Current tax expense:
Federal						$	4,264					$	172
State						1,681						63
						5,945						235
Deferred income tax expense:
Federal						6,570						1,692
State						2,300						1,029
						8,870						2,721
Total income tax expense						$	14,815					$	2,956

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of tax computed at the statutory federal tax rate to the actual tax expense for the years ended December 31, 2024 and 2023.

						December 31, 2024						December 31, 2023
Tax at federal statutory rate						21.0		%				21.0		%
Tax effect of:
Tax-exempt income						(1.4)						(3.6)
State income taxes, net of federal benefit						5.4						6.1
Bargain purchase gain						—						(13.1)
Nondeductible compensation costs						0.1						3.9
Nondeductible merger-related expenses						—						2.6
Other						0.1						3.9
Actual income tax expense rate						25.2		%				20.8		%

Schedule of Deferred Tax Assets and Liabilities

The following table provides information on significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023.

($ in thousands)						December 31, 2024						December 31, 2023
Deferred tax assets:
Allowance for credit losses						$	14,888					$	14,534
Write-downs of OREO						—						33
Nonaccrual loan interest						578						344
Lease liabilities						3,035						3,326
Deferred compensation						4,078						4,160
Federal net operating loss						—						6,528
State net operating loss						2,066						2,448
Deferred loan fees						2,078						1,775
Acquisition fair value adjustments						24,988						30,452
Unrealized losses on available for sale securities						2,844						2,825
Other						1,233						1,398
Total deferred tax assets						55,788						67,823
Deferred tax liabilities:
Depreciation						4,115						4,320
Right-of-use assets						2,918						3,229
Mortgage servicing rights						1,505						1,541
Acquisition fair value adjustments						1,651						2,401
Intangibles						11,223						13,611
Other						575						999
Total deferred tax liabilities						21,987						26,101
Less: valuation allowance						$	(1,944)					$	(1,015)
Net deferred tax assets						$	31,857					$	40,707

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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

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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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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