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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | (12) INCOME TAXES The components of the Company’s income tax expense (benefit) are as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Current taxes: |  |  |  |  |  |  |  |  |
Federal |  | $ | 53,247 |  |  | $ | 39,197 |  |  | $ | 28,359 |
State |  |  | 7,023 |  |  |  | 4,813 |  |  |  | 5,365 |
Deferred taxes |  |  | (2,787 | ) |  |  | 322 |  |  |  | 7,044 |
Total income taxes |  | $ | 57,483 |  |  | $ | 44,332 |  |  | $ | 40,768 |
Income tax (benefit) expense applicable to securities transactions approximated $(384,000), $453,000 and $220,000 for the years ended December 31, 2023, 2022 and 2021, respectively. A reconciliation of tax expense at the federal statutory tax rate applied to income before taxes is presented in the following table. The federal statutory tax rate was 21% in 2023, 2022 and 2021:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Tax expense at the federal statutory tax rate |  | $ | 56,689 |  |  | $ | 49,861 |  |  | $ | 43,764 |
Increase (decrease) in tax expense from: |  |  |  |  |  |  |  |  |
Tax-exempt income, net |  |  | (343 | ) |  |  | (337 | ) |  |  | (436 | )
Modified endowment life contracts |  |  | (497 | ) |  |  | (487 | ) |  |  | (501 | )
Share based compensation excess tax benefit |  |  | (786 | ) |  |  | (2,905 | ) |  |  | (1,643 | )
Tax deductible dividends paid on ESOP |  |  | (505 | ) |  |  | (481 | ) |  |  | (490 | )
State tax expense, net of federal tax benefit |  |  | 4,945 |  |  |  | 3,788 |  |  |  | 4,779 |
Bargain purchase gain |  |  | — |  |  |  | — |  |  |  | (1,007 | )
Utilization of tax credits: |  |  |  |  |  |  |  |  |
New markets tax credits, net of amortization |  |  | (777 | ) |  |  | (3,745 | ) |  |  | (3,192 | )
Low-income housing tax credits, net of amortization |  |  | (1,106 | ) |  |  | (1,024 | ) |  |  | (1,533 | )
Other tax credits, net of amortization |  |  | (192 | ) |  |  | (91 | ) |  |  | (379 | )
Other, net |  |  | 55 |  |  |  | (247 | ) |  |  | 1,406 |
Total tax expense |  | $ | 57,483 |  |  | $ | 44,332 |  |  | $ | 40,768 |
The net deferred tax asset consisted of the following and is reported in other assets:
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Unrealized net losses on securities |  | $ | 15,473 |  |  | $ | 22,107 |
Provision for credit losses |  |  | 22,782 |  |  |  | 20,988 |
Write-downs of other real estate owned |  |  | 2,522 |  |  |  | 938 |
Deferred compensation |  |  | 2,116 |  |  |  | 2,142 |
Stock-based compensation |  |  | 2,199 |  |  |  | 1,643 |
Investments in partnership interests |  |  | 7,260 |  |  |  | 6,056 |
Other |  |  | 911 |  |  |  | 1,123 |
Gross deferred tax assets |  |  | 53,263 |  |  |  | 54,997 |
Intangibles |  |  | (5,639 | ) |  |  | (6,346 | )
Basis difference related to tax credits |  |  | (5,462 | ) |  |  | (4,118 | )
Depreciation |  |  | (21,833 | ) |  |  | (20,360 | )
Prepaid expense deducted |  |  | (1,243 | ) |  |  | (1,139 | )
Other |  |  | (181 | ) |  |  | (283 | )
Gross deferred tax liabilities |  |  | (34,358 | ) |  |  | (32,246 | )
Net deferred tax asset |  | $ | 18,905 |  |  | $ | 22,751 |
The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if applicable, in income tax expense. During the years ended December 31, 2023, 2022 and 2021, the Company did no t recognize or accrue any interest and penalties related to unrecognized tax benefits. Federal and various state income tax statutes dictate that tax returns filed in any of the previous three reporting periods remain open to examination, which includes tax return years 2020 to 2022. The Company has no open examinations with either the Internal Revenue Service or any state agency. Management performs an analysis of the Company’s tax position annually and believes it is more likely than not that all of its tax positions will be utilized in future years.

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