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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of 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,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 36,138 |  |  | $ | 39,507 |  |  | $ | 34,629 |
State | 1,376 |  |  | 3,453 |  |  | 895 |
| 37,514 |  |  | 42,960 |  |  | 35,524 |
Deferred |  |  |  |  |
Federal | (1,187) |  |  | 1,630 |  |  | 9,168 |
State | (3,818) |  |  | 650 |  |  | 2,243 |
| (5,005) |  |  | 2,280 |  |  | 11,411 |
| $ | 32,509 |  |  | $ | 45,240 |  |  | $ | 46,935 |
Schedule of 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,
| 2023 |  | 2022 |  | 2021
Tax at U.S. statutory rate | $ | 37,209 |  |  | $ | 44,375 |  |  | $ | 46,794 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
Tax-exempt interest income | (1,505) |  |  | (1,832) |  |  | (1,669) |
BOLI income | (2,197) |  |  | (1,946) |  |  | (1,547) |
Investment tax credits | (1,901) |  |  | (928) |  |  | (988) |
Amortization of investment in low-income housing tax credits | 1,741 |  |  | 683 |  |  | 817 |
State income tax expense, net of federal benefit | (1,929) |  |  | 3,241 |  |  | 2,479 |
Other items, net | 1,091 |  |  | 1,647 |  |  | 1,049 |
| $ | 32,509 |  |  | $ | 45,240 |  |  | $ | 46,935 |
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,
| 2023 |  | 2022
Deferred tax assets |  |  |
Allowance for credit losses | $ | 53,432 |  |  | $ | 52,551 |
Loans | 1,631 |  |  | 2,518 |
Deferred compensation | 15,310 |  |  | 14,447 |
Net unrealized losses on securities | 51,211 |  |  | 70,999 |
Impairment of assets | 138 |  |  | 316 |
Tax credits | 4,035 |  |  | — |
Net operating loss carryforwards | 33 |  |  | 497 |
Investments in partnerships | 1,491 |  |  | 1,164 |
Lease liabilities under operating leases | 13,066 |  |  | 14,641 |
Realized losses on securities | 4,892 |  |  | — |
Other | 2,660 |  |  | 3,523 |
Total deferred tax assets | 147,899 |  |  | 160,656 |
Deferred tax liabilities |  |  |
Fixed assets | 11,023 |  |  | 10,342 |
Mortgage servicing rights | 21,282 |  |  | 19,624 |
Junior subordinated debt | 1,708 |  |  | 1,948 |
Intangibles | 2,447 |  |  | 2,702 |
Lease right-of-use asset | 12,399 |  |  | 14,018 |
Other | 3,344 |  |  | 1,614 |
Total deferred tax liabilities | 52,203 |  |  | 50,248 |
Net deferred tax assets | $ | 95,696 |  |  | $ | 110,408 |
Summary of operating loss carryforwards | The table below presents the breakout of net operating losses as of the dates presented.
| December 31,
| 2023 |  | 2022
Net Operating Losses |  |  |
Federal | $ | 138 |  |  | $ | 1,101 |
State | — |  |  | 5,666 |
Schedule of 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:
| 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 407 |  |  | $ | 408 |  |  | $ | 402 |
Additions based on positions related to current period | 78 |  |  | 65 |  |  | 62 |
Reductions based on positions related to prior period | — |  |  | — |  |  | — |
Reductions due to lapse of statute of limitations | (86) |  |  | (66) |  |  | (56) |
Balance at December 31 | $ | 399 |  |  | $ | 407 |  |  | $ | 408 |

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