Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Summary of Income Tax Expense

All of the Company’s income tax expense is attributable to domestic operations.  Income tax expense from continuing operations was as follows for the years ended:

(dollars in thousands)	2025		2024		2023
Current expense
Federal	$	14,197	$	12,300	$	15,224
State		1,346		927		1,587
Total current expense		15,543		13,227		16,811
Deferred expense
Federal		3,412		1,598		1,700
State		722		388		456
Total deferred expense		4,134		1,986		2,156
Total	$	19,677	$	15,213	$	18,967

Effective Income Tax Rate

The effective tax rates differ from the statutory federal income tax rate.  The reasons for these differences are as follows:

	2025				2024				2023
(dollars in thousands)
Federal income tax at statutory rate	$	16,971	21.0	%	$	13,450	21.0	%	$	16,299	21.0	%
Effect of:
State income taxes, net of federal benefit*		1,634	2.0	%		1,039	1.6	%		1,614	2.1	%
Nontaxable or nondeductible items **
Nondeductible compensation		993	1.2	%		701	1.1	%		1,013	1.3	%
Other		79	0.1	%		23	0.1	%		41	0.0	%
Provision for income taxes	$	19,677	24.3	%	$	15,213	23.8	%	$	18,967	24.4	%

* State taxes in Florida and New York made up the majority (greater than 50%) of the tax effect of this category.

** The ‘nontaxable or nondeductible items’ category includes items such as non-taxable interest income, non-deductible meals and entertainment, and other non-deductible expenses.  None of those items individually or in the aggregate exceeded the 5% quantitative threshold for separate disaggregation.

Tax Effects of Temporary Differences

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024, are as follows:

(dollars in thousands)	2025			2024
Deferred tax assets:
Allowance for credit losses on loans	$	13,810		$	13,271
OCI net unrealized losses on securities available for sale		4,221			7,610
Lease Liability		9,627			10,606
Other		5,583			6,750
Total deferred tax assets	$	33,241		$	38,237
Deferred tax liabilities:
Prepaid pension	$	(9,295	)	$	(8,429	)
Prepaid post-retirement		(6,358	)		(5,724	)
OCI pension and post retirement benefit		(7,744	)		(6,260	)
Right of use asset		(8,899	)		(9,673	)
Deferred loan fees		(4,671	)		(3,485	)
Depreciation		(3,152	)		(2,432	)
REIT deferral		(2,592	)		(2,684	)
Other		(353	)		(366	)
Total deferred tax liabilities	$	(43,064	)	$	(39,053	)
Net deferred tax liability	$	(9,823	)	$	(816	)

Income Taxes Paid, Net of Refunds

Income taxes paid, net of refunds, were as follows:

	2025		2024		2023
(dollars in thousands)
Federal	$	17,600	$	7,800	$	17,000
State and local:
Florida		1,250		550		1,275
New York		104		777		651
Other		124		25		138
Total	$	19,078	$	9,152	$	19,064