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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components of the Company's Income Tax Expense (Benefit)

The components of the Company’s income tax expense (benefit) are as follows:

		Year Ended December 31,
		2024				2023				2022
		(Dollars in thousands)
Current taxes:
Federal		$	52,626			$	53,247			$	39,197
State			8,504				7,023				4,813
Deferred taxes			(2,203	)			(2,787	)			322
Total income taxes		$	58,927			$	57,483			$	44,332

Reconciliation of Tax Expense at the Federal Statutory Tax Rate

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 2024, 2023 and 2022:

		Year Ended December 31,
		2024				2023				2022
		(Dollars in thousands)
Tax expense at the federal statutory tax rate		$	57,809			$	56,689			$	49,861
Increase (decrease) in tax expense from:
Tax-exempt income, net			(489	)			(343	)			(337	)
Modified endowment life contracts			(424	)			(497	)			(487	)
Share based compensation excess tax benefit			(3,557	)			(786	)			(2,905	)
Tax deductible dividends paid on ESOP			(511	)			(505	)			(481	)
State tax expense, net of federal tax benefit			6,162				4,945				3,788
Utilization of tax credits:
New markets tax credits, net of amortization			(777	)			(777	)			(3,745	)
Low-income housing tax credits, net of amortization			(1,226	)			(1,106	)			(1,024	)
Other tax credits, net of amortization			(397	)			(192	)			(91	)
Other, net			2,337				55				(247	)
Total tax expense		$	58,927			$	57,483			$	44,332

Summary of Net Deferred Tax Asset Reported in Other Assets

The net deferred tax asset consisted of the following and is reported in other assets:

		December 31,
		2024				2023
		(Dollars in thousands)
Unrealized net losses on securities		$	10,191			$	15,473
Provision for credit losses			23,598				22,782
Write-downs of other real estate owned			—				2,522
Deferred compensation			2,947				2,116
Stock-based compensation			2,178				2,199
Investments in partnership interests			8,319				7,260
Other			1,284				911
Gross deferred tax assets			48,517				53,263
Intangibles			(4,929	)			(5,639	)
Basis difference related to tax credits			(6,806	)			(5,462	)
Depreciation			(19,406	)			(21,833	)
Prepaid expense deducted			(1,243	)			(1,243	)
Other			(308	)			(181	)
Gross deferred tax liabilities			(32,692	)			(34,358	)
Net deferred tax asset		$	15,825			$	18,905

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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