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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 Income Taxes | The provision for income taxes is comprised of the following components:
| Years Ended December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Current expense |  |  |  |  |
Federal | $ | 51,771 |  |  | $ | 60,216 |  |  | $ | 21,539 |
State | 21,123 |  |  | 24,979 |  |  | 11,054 |
Total current expense | 72,894 |  |  | 85,195 |  |  | 32,593 |
Deferred expense (benefit) |  |  |  |  |
Federal | 1,336 |  |  | (970) |  |  | 3,032 |
State | 1,402 |  |  | (284) |  |  | 58 |
Total deferred expense (benefit) | 2,738 |  |  | (1,254) |  |  | 3,090 |
Total expense | $ | 75,632 |  |  | $ | 83,941 |  |  | $ | 35,683 |
Schedule of Income Tax Rate Reconciliation | The difference between the statutory federal income tax rate and the effective income tax rate reported for the last three years is detailed below:
| Years Ended December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Computed statutory federal income tax provision | $ | 66,178 |  | 21.00 | % |  | $ | 73,028 |  | 21.00 | % |  | $ | 32,902 |  | 21.00 | %
State taxes, net of federal tax benefit | 17,992 |  | 5.71 | % |  | 19,728 |  | 5.67 | % |  | 8,754 |  | 5.59 | %
Low Income Housing Project Investments | (3,740) |  | (1.19) | % |  | (3,364) |  | (0.97) | % |  | (2,308) |  | (1.47) | %
Nontaxable interest, net | (3,508) |  | (1.11) | % |  | (3,191) |  | (0.92) | % |  | (1,022) |  | (0.65) | %
Increase in cash surrender value of life insurance | (2,133) |  | (0.68) | % |  | (1,885) |  | (0.54) | % |  | (1,405) |  | (0.90) | %
Increase (decrease) in uncertain positions | (655) |  | (0.21) | % |  | (1,035) |  | (0.30) | % |  | 50 |  | 0.03 | %
Revaluation of net deferred tax assets | 255 |  | 0.08 | % |  | — |  | — | % |  | — |  | — | %
Stock-based compensation | (127) |  | (0.04) | % |  | (202) |  | (0.06) | % |  | (372) |  | (0.24) | %
Change in valuation allowance | 109 |  | 0.03 | % |  | 52 |  | 0.01 | % |  | 26 |  | 0.02 | %
Other tax credits | (76) |  | (0.02) | % |  | — |  | — | % |  | — |  | — | %
Merger and other related costs (non-deductible) | — |  | — | % |  | — |  | — | % |  | 630 |  | 0.40 | %
Other, net | 1,337 |  | 0.43 | % |  | 810 |  | 0.25 | % |  | (1,572) |  | (1.00) | %
Total expense | $ | 75,632 |  | 24.00 | % |  | $ | 83,941 |  | 24.14 | % |  | $ | 35,683 |  | 22.78 | %
Schedule of Net Deferred Tax Asset | The tax-effected components of the net deferred tax asset at December 31 of the years presented were as follows:
| 2023 |  | 2022
| (Dollars in thousands)
Deferred tax assets |  |  |
Accrued expenses not deducted for tax purposes | $ | 14,646 |  |  | $ | 16,162 |
Allowance for credit losses | 38,774 |  |  | 42,748 |
Derivatives fair value adjustment | 7,825 |  |  | 14,328 |
Employee and director equity compensation | 1,660 |  |  | 1,388 |
Foreign Tax Credit Carryforward | 89 |  |  | 89 |
Loan basis difference fair value adjustment | 1,811 |  |  | 2,273 |
Net operating loss carry-forward | 633 |  |  | 606 |
Net unrealized loss on securities available for sale | 29,536 |  |  | 38,968 |
Operating lease liability | 15,387 |  |  | 17,069 |
Other | 587 |  |  | 791 |
Gross deferred tax assets | $ | 110,948 |  |  | $ | 134,422 |
Valuation allowance | (467) |  |  | (358) |
Total deferred tax assets net of valuation allowance | $ | 110,481 |  |  | $ | 134,064 |
Deferred tax liabilities |  |  |
Core deposit and other intangibles | $ | 2,865 |  |  | $ | 4,137 |
Deferred loan fees, net | 8,160 |  |  | 8,281 |
Derivatives fair value adjustment | — |  |  | — |
Fixed assets | 16,606 |  |  | 18,132 |
Goodwill | 11,291 |  |  | 11,432 |
Prepaid pension | 3,482 |  |  | 3,469 |
Right of use asset | 14,781 |  |  | 16,565 |
Other | 1,884 |  |  | 2,112 |
Gross deferred tax liabilities | $ | 59,069 |  |  | $ | 64,128 |
Total net deferred tax asset | $ | 51,412 |  |  | $ | 69,936 |
Reconciliation of Unrecognized Tax Benefits | The Company accounts for uncertainties in income taxes by providing a tax reserve for certain positions. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits:
| (Dollars in thousands)
Balance at December 31, 2020 | $ | 474 |
Reduction of tax positions for prior years | $ | (29) |
Increase for current year tax positions | $ | 2,433 |
Balance at December 31, 2021 | $ | 2,878 |
Reduction of tax positions for prior years | (1,047) |
Increase for prior year tax position | 128 |
Increase for current year tax positions | 761 |
Balance at December 31, 2022 | 2,720 |
Reduction of tax positions for prior years | (959) |
Balance at December 31, 2023 | $ | 1,761 |
Schedule of changes in accrued interest and penalties related to uncertain tax positions | The following table summarizes the changes in accrued interest and penalties related to uncertain tax positions for the periods presented:
| As of December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Beginning Balance | $ | 585 |  |  | $ | 920 |  |  | $ | 95 |
Expense (benefit) recognized in provision for income taxes | 104 |  |  | (335) |  |  | 69 |
Acquired obligation for interest and penalties (1) | — |  |  | — |  |  | 756 |
Ending Balance | $ | 689 |  |  | $ | 585 |  |  | $ | 920 |

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