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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of the provision for income taxes | Significant components of the provision for income taxes are as follows for the periods presented:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 39,507 |  |  | $ | 34,629 |  |  | $ | 30,193 |
State | 3,453 |  |  | 895 |  |  | 3,309 |
| 42,960 |  |  | 35,524 |  |  | 33,502 |
Deferred |  |  |  |  |
Federal | 1,630 |  |  | 9,168 |  |  | (10,947) |
State | 650 |  |  | 2,243 |  |  | (2,715) |
| 2,280 |  |  | 11,411 |  |  | (13,662) |
| $ | 45,240 |  |  | $ | 46,935 |  |  | $ | 19,840 |
Reconciliation of income taxes computed at the United States federal statutory tax rates | The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Tax at U.S. statutory rate | $ | 44,375 |  |  | $ | 46,794 |  |  | $ | 21,733 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
Tax-exempt interest income | (1,832) |  |  | (1,669) |  |  | (1,431) |
BOLI income | (1,946) |  |  | (1,547) |  |  | (1,182) |
Investment tax credits | (928) |  |  | (988) |  |  | (1,494) |
Amortization of investment in low-income housing tax credits | 683 |  |  | 817 |  |  | 1,280 |
State income tax expense, net of federal benefit | 3,241 |  |  | 2,479 |  |  | 469 |
Other items, net | 1,647 |  |  | 1,049 |  |  | 465 |
| $ | 45,240 |  |  | $ | 46,935 |  |  | $ | 19,840 |
Significant components of the Company's deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented:
| December 31,
| 2022 |  | 2021
Deferred tax assets |  |  |
Allowance for credit losses | $ | 52,551 |  |  | $ | 50,712 |
Loans | 2,518 |  |  | 2,855 |
Deferred compensation | 14,447 |  |  | 14,522 |
Net unrealized losses on securities | 70,999 |  |  | 3,545 |
Impairment of assets | 316 |  |  | 392 |
Net operating loss carryforwards | 497 |  |  | 1,211 |
Investments in partnerships | 1,164 |  |  | 890 |
Lease liabilities under operating leases | 14,641 |  |  | 17,106 |
Other | 3,523 |  |  | 3,241 |
Total deferred tax assets | 160,656 |  |  | 94,474 |
Deferred tax liabilities |  |  |
Fixed assets | 10,342 |  |  | 5,339 |
Mortgage servicing rights | 19,624 |  |  | 20,779 |
Junior subordinated debt | 1,948 |  |  | 2,130 |
Intangibles | 2,702 |  |  | 3,177 |
Lease right-of-use asset | 14,018 |  |  | 16,209 |
Other | 1,614 |  |  | 1,607 |
Total deferred tax liabilities | 50,248 |  |  | 49,241 |
Net deferred tax assets | $ | 110,408 |  |  | $ | 45,233 |
Summary of operating loss carryforwards | The table below presents the breakout of net operating losses as of the dates presented.
| December 31,
| 2022 |  | 2021
Net Operating Losses |  |  |
Federal | $ | 1,101 |  |  | $ | 2,065 |
State | 5,666 |  |  | 16,954 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below:
| 2022 |  | 2021 |  | 2020
Balance at January 1 | $ | 408 |  |  | $ | 402 |  |  | $ | 667 |
Additions based on positions related to current period | 65 |  |  | 62 |  |  | 101 |
Reductions based on positions related to prior period | — |  |  | — |  |  | (314) |
Reductions due to lapse of statute of limitations | (66) |  |  | (56) |  |  | (52) |
Balance at December 31 | $ | 407 |  |  | $ | 408 |  |  | $ | 402 |

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