INCOME TAXES AND DEFERRED TAXES |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES AND DEFERRED TAXES | As of June 30, 2026, the Company had a net deferred tax asset of $125.3 million, compared to $127.6 million at December 31, 2025. In addition, the Company has estimated $2.0 million of unrecognized tax benefits related to uncertain tax positions. The Company recorded income tax expense of $24.1 million and $21.2 million for the six months ended June 30, 2026 and 2025, respectively, representing an effective tax rate of 18.9% for both periods. The effective tax rates differed from the statutory rate principally due to the effects of tax-exempt income, certain tax credits, and tax benefits related to restricted stock vesting. Tax credit investments: The Company invests in low income housing tax credit funds that are designed to generate a return primarily through the realization of federal tax credits. The Company accounts for these investments by amortizing the cost of these tax credit investments over the life of the investment using a proportional amortization method and this tax credit investment amortization expense is a component of the provision for income taxes. The current balance of these tax credit investments is included in other assets, while the unfunded commitments are included in accrued expenses and other liabilities on the Consolidated Statements of Financial Condition. The following table presents the balances of the Company’s tax credit investments and related unfunded commitments at June 30, 2026 and December 31, 2025 (in thousands):
The following table presents other information related to the Company’s tax credit investments for the three and six months ended June 30, 2026 and 2025 (in thousands):
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