Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of components of provision for income taxes

The following were the components of provision for income taxes for the years ended December 31, 2021, 2020, and 2019:

	2021			2020			2019
Current tax expense:
Federal	$	21,605		$	21,286		$	18,976
State and local		9,882			2,015			2,199
Total current tax expense		31,487			23,301			21,175
Deferred tax expense (benefit):
Federal		2,966			(10,713	)		(3,676	)
State and local		(3,026	)		1,612			2,794
Total deferred tax benefit		(60	)		(9,101	)		(882	)
Provision for income taxes	$	31,427		$	14,200		$	20,293

Schedule of reconciliation between statutory U.S. federal income tax rate and effective tax rate

The following is a reconciliation between the statutory U.S. federal income tax rate of 21% for 2021, 2020 and 2019, and the effective tax rate:

	2021				2020				2019
Calculated tax expense at statutory rate		21.0		%		21.0		%		21.0		%
Increase (decrease) in income taxes resulting from:
State taxes, net of federal income tax		5.4				7.3				5.6
Tax exempt income		(0.9	)			(1.3	)			(0.5	)
Share-based compensation		(0.2	)			0.3				(0.1	)
Non-deductible expenses		—				0.2				0.3
Total income tax expense		25.3		%		27.5		%		26.3		%

Schedule of components of deferred tax assets and liabilities

The following were the significant components of the deferred tax assets and liabilities as of December 31, 2021 and 2020:

	2021			2020
Deferred tax assets:
Net operating losses and tax credits	$	22,338		$	21,510
Interest on non-accrual loans		2,651			2,250
Allowance for loan and lease losses and loan basis		17,570			25,714
Servicing assets		2,970			4,001
Deposits		—			20
Premises and equipment		1,837			—
Other real estate owned		329			433
Net unrealized holding losses on cash flow hedges		—			117
Net unrealized holding loss on securities available-for-sale		3,239			—
Accrued expenses		4,816			3,877
Other		4,502			1,937
Total deferred tax assets		60,252			59,859
Deferred tax liabilities:
Premises and equipment		—			(375	)
Core deposit intangibles		(4,668	)		(6,760	)
Trust preferred securities		(2,196	)		(2,380	)
Net unrealized holding gain on securities available-for-sale		—			(8,015	)
Net unrealized holding gain on cash flow hedges		(1,049	)		—
Other		(2,010	)		(2,148	)
Total deferred tax liabilities		(9,923	)		(19,678	)
Net deferred tax assets	$	50,329		$	40,181

Operating Loss and Credit Carryforwards

	2021		2020
NOL carryforwards available to offset future taxable income:
Federal gross NOL carryforwards - begin to expire in 2030	$	9,072	$	9,828
Federal gross NOL carryforwards - with no expiration		2,216		2,997
Illinois gross NLD carryforwards - begin to expire in 2031		266,061		250,723