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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Taxes | The components of income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:
(dollars in thousands) | 2024 |  | 2023 (Restated) |  | 2022 (Restated) |  |  |  |  |  |  |  |  |  |  |  |
Federal: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 13,592 |  |  | $ | 25,420 |  |  | $ | 25,270 |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred | (6,249) |  |  | (5,805) |  |  | (2,201) |  |  |  |  |  |  |  |  |  |  |  |  |
State: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | (201) |  |  | 9,296 |  |  | 11,986 |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred | 1,714 |  |  | (2,104) |  |  | (3,906) |  |  |  |  |  |  |  |  |  |  |  |  |
Total income tax expense | $ | 8,856 |  |  | $ | 26,807 |  |  | $ | 31,149 |  |  |  |  |  |  |  |  |  |  |  |  |
Schedule of Reconciliation of Income Tax Expense | The Company’s income tax expense differed from the statutory federal rate of 21% for the years ended December 31, 2024, 2023 and 2022 as follows:
(dollars in thousands) | 2024 |  | 2023 (Restated) |  | 2022 (Restated)
Expected income taxes | $ | 9,849 |  |  | $ | 18,472 |  |  | $ | 27,591 |
Less income tax effect of: |  |  |  |  |
Tax-exempt income, net | (2,116) |  |  | (1,762) |  |  | (2,014) |
State tax, net of federal benefit | 1,192 |  |  | 5,666 |  |  | 6,372 |
Equity-based compensation benefit | (120) |  |  | (21) |  |  | (186) |
Surrender of company-owned life insurance policies | — |  |  | 3,756 |  |  | — |
Valuation allowance | 44 |  |  | 69 |  |  | 58 |
Other | 7 |  |  | 627 |  |  | (672) |
Actual income tax expense | $ | 8,856 |  |  | $ | 26,807 |  |  | $ | 31,149 |
Schedule of Deferred Tax Assets, Net | Deferred tax assets, net in the accompanying consolidated balance sheets at December 31, 2024 and 2023 include the following amounts of deferred tax assets and liabilities:
(dollars in thousands) | 2024 |  | 2023 (Restated)
Assets: |  |  |
Allowance for credit losses on loans | $ | 29,191 |  |  | $ | 43,016 |
Deferred compensation | 2,050 |  |  | 2,108 |
Loans | 877 |  |  | 1,069 |
Tax credits | 8,796 |  |  | 580 |
Unrealized loss on securities | 28,547 |  |  | 26,022 |
Unrealized loss on derivatives | 504 |  |  | 2,280 |
Net operating losses | 7,290 |  |  | 8,090 |
Operating lease liabilities | 2,654 |  |  | 2,521 |
Other, net | 6,644 |  |  | 2,826 |
Deferred tax assets | 86,553 |  |  | 88,512 |
Valuation allowance | (287) |  |  | (244) |
Deferred tax assets, net of valuation allowance | 86,266 |  |  | 88,268 |
Liabilities: |  |  |
Premises and equipment | 1,177 |  |  | 786 |
Mortgage servicing rights | 3,524 |  |  | 3,870 |
Fair value adjustment on trust preferred debentures | 3,593 |  |  | 3,853 |
Deferred loan costs, net of fees | 1,457 |  |  | 2,410 |
Intangible assets | 2,783 |  |  | 3,577 |
Leased equipment | 15,981 |  |  | 23,824 |
Operating lease right-of-use assets | 2,318 |  |  | 2,072 |
Other, net | 7,414 |  |  | 5,142 |
Deferred tax liabilities | 38,247 |  |  | 45,534 |
Deferred tax assets, net | $ | 48,019 |  |  | $ | 42,734 |

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