XML 51 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense Included in Consolidated Financial Statements | The income tax expense included in the consolidated financial statements for the years ended December 31 is allocated as follows:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Federal: |  |  |  |  |  |  |  |  |
Current expense |  | $ | 25,814 |  |  | $ | 27,228 |  |  | $ | 7,400 |
Deferred (benefit)/expense |  |  | (11,862 | ) |  |  | (7,817 | ) |  |  | 7,971 |
State: |  |  |  |  |  |  |  |  |
Current expense |  |  | 7,889 |  |  |  | 7,511 |  |  |  | 4,188 |
Deferred (benefit)/expense |  |  | (3,414 | ) |  |  | 1,176 |  |  |  | 1,481 |
Total income tax expense |  | $ | 18,427 |  |  | $ | 28,098 |  |  | $ | 21,040 |
Schedule of Total Income Tax Expense Differed from Amounts Computed by Applying U.S. Federal Income Tax Rate to Income Before Taxes | Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21 percent for 2023, 2022, and 2021, respectively, to income before taxes as a result of the following:
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
"Tax expense computed at applicable statutory rate" |  | $ | 14,129 |  |  | $ | 21,513 |  |  | $ | 16,309 |
(Decrease)/increase in taxes resulting from: |  |  |  |  |  |  |  |  |
Tax-exempt income |  |  | (261 | ) |  |  | (236 | ) |  |  | (146 | )
State income taxes, net of Federal benefit |  |  | 3,535 |  |  |  | 7,109 |  |  |  | 4,789 |
Bank owned life insurance income |  |  | (266 | ) |  |  | (261 | ) |  |  | (356 | )
Life insurance expense |  |  | 238 |  |  |  | 21 |  |  |  | 199 |
Interest disallowance |  |  | 143 |  |  |  | 34 |  |  |  | 14 |
Meals and entertainment expense |  |  | 78 |  |  |  | 39 |  |  |  | 39 |
Stock-based compensation |  |  | 889 |  |  |  | (130 | ) |  |  | 9 |
Other |  |  | (58 | ) |  |  | 9 |  |  |  | 183 |
Total income tax expense |  | $ | 18,427 |  |  | $ | 28,098 |  |  | $ | 21,040 |
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31 are as follows:
(In thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 17,540 |  |  | $ | 14,924 |
Tax net operating loss carryforward |  |  | 262 |  |  |  | 648 |
Capital loss carryforward |  |  | 1,763 |  |  |  | — |
Organization costs |  |  | 7 |  |  |  | 7 |
Unrealized loss on securities available for sale |  |  | 25,408 |  |  |  | 25,424 |
Unrealized loss on equity security |  |  | 488 |  |  |  | 544 |
Stock compensation expense |  |  | 2,621 |  |  |  | 3,084 |
Nonaccrual interest |  |  | 115 |  |  |  | 202 |
Accrued compensation |  |  | 7,201 |  |  |  | 5,277 |
Accrued expenses |  |  | 1,079 |  |  |  | 803 |
Lease liabilities |  |  | 3,328 |  |  |  | 3,598 |
Finance lease |  |  | 672 |  |  |  | 1,072 |
Other |  |  | 1,080 |  |  |  | 727 |
Total gross deferred tax assets |  | $ | 61,564 |  |  | $ | 56,310 |
Deferred tax liabilities: |  |  |  |  |  |
Lease financing |  | $ | 48,002 |  |  | $ | 58,382 |
Cash flow hedge |  |  | 1,883 |  |  |  | 2,528 |
Deferred loan origination costs and fees |  |  | 1,878 |  |  |  | 1,827 |
Deferred income |  |  | 4,479 |  |  |  | 4,608 |
Amortization of intangible assets |  |  | 1,245 |  |  |  | 854 |
Lease right-of-use asset |  |  | 3,126 |  |  |  | 3,379 |
Other |  |  | 446 |  |  |  | 164 |
Total gross deferred tax liabilities |  |  | 61,059 |  |  |  | 71,742 |
Net deferred tax asset/(liability) |  | $ | 505 |  |  | $ | (15,432 | )

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration