v3.25.2
INCOME TAXES (Tables)
12 Months Ended
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 
Deferred1,714 (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 benefit1,192 5,666 6,372 
Equity-based compensation benefit(120)(21)(186)
Surrender of company-owned life insurance policies— 3,756 — 
Valuation allowance44 69 58 
Other627 (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 compensation2,050 2,108 
Loans877 1,069 
Tax credits8,796 580 
Unrealized loss on securities28,547 26,022 
Unrealized loss on derivatives504 2,280 
Net operating losses7,290 8,090 
Operating lease liabilities2,654 2,521 
Other, net6,644 2,826 
Deferred tax assets86,553 88,512 
Valuation allowance(287)(244)
Deferred tax assets, net of valuation allowance86,266 88,268 
Liabilities:
Premises and equipment1,177 786 
Mortgage servicing rights3,524 3,870 
Fair value adjustment on trust preferred debentures3,593 3,853 
Deferred loan costs, net of fees1,457 2,410 
Intangible assets2,783 3,577 
Leased equipment15,981 23,824 
Operating lease right-of-use assets2,318 2,072 
Other, net7,414 5,142 
Deferred tax liabilities38,247 45,534 
Deferred tax assets, net$48,019 $42,734