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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax (Benefit) Expense

The income tax (benefit) expense for the years ended December 31 consisted of the following (in thousands):

		2024				2023				2022
Current tax expense (benefit):
Federal		$	9,031			$	13,302			$	15,371
State			(185	)			835				3,408
Total current tax expense			8,846				14,137				18,779
Deferred tax (benefit) expense:
Federal			(26,987	)			(1,136	)			(3,250	)
State			(8,361	)			(212	)			(1,132	)
Total deferred tax (benefit) expense			(35,348	)			(1,348	)			(4,382	)
Total income tax (benefit) expense		$	(26,502	)		$	12,789			$	14,397

Effective Income Tax Rate Differed from Statutory Federal Income Tax Rate

The effective income tax rate differed from the statutory federal income tax rate for the years ended December 31 as follows:

		2024				2023				2022
Statutory federal tax rate			(21.0	%)			21.0	%			21.0	%
Increase (decrease) resulting from:
Tax exempt interest income			(0.6	)			(0.8	)			(0.9	)
Tax credits and adjustments			(6.4	)			(2.1	)			(2.6	)
Non-taxable earnings on company owned life insurance			(1.7	)			0.9				-
State taxes, net of federal tax benefit			(9.9	)			0.8				2.5
Nondeductible expenses			0.3				0.3				0.2
Other, net			0.4				0.2				0.1
Effective tax rate			(38.9	%)			20.3	%			20.1	%

Income Tax (Benefit) Expense Allocation

Total income tax (benefit) expense was as follows for the years ended December 31 (in thousands):

		2024				2023				2022
Income tax (benefit) expense		$	(26,502	)		$	12,789			$	14,397
Shareholder’s equity			23,196				6,044				(42,812	)

Net Deferred Tax Assets

The Company’s net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands):

		2024				2023
Deferred tax assets:
Allowance for credit losses		$	13,362			$	14,011
Leases–right of use obligations			8,351				8,657
Deferred compensation			1,168				1,471
Investment in limited partnerships			1,369				785
SERP agreements			45				92
Litigation settlement reserve			5,899				-
Share-based compensation			793				930
Tax attribute carryforward benefit			28,116				-
Net unrealized loss on securities available for sale			15,823				38,549
Accrued pension costs			463				297
Deferred loan origination costs			178				-
Other			1,219				1,395
Gross deferred tax assets			76,786				66,187
Deferred tax liabilities:
Leases–right of use assets			7,738				8,077
Prepaid expenses			1,015				929
Intangible assets			2,523				2,760
Depreciation and amortization			3,153				3,833
Loan servicing assets			409				354
Deferred loan origination costs			-				154
Other			1,063				1,347
Gross deferred tax liabilities			15,901				17,454
Net deferred tax asset		$	60,885			$	48,733

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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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