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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of the Company's Provision for Income Taxes | The components of the Company’s provision for income taxes for the years ended December 31, 2024, 2023 and 2022 were as follows:
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 56,974 |  |  | $ | 59,084 |  |  | $ | 59,855 |
State |  |  | 3,103 |  |  |  | 8,035 |  |  |  | 7,688 |
Total Current |  |  | 60,077 |  |  |  | 67,119 |  |  |  | 67,543 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (8,805 | ) |  |  | (8,800 | ) |  |  | (3,247 | )
State |  |  | (3,415 | ) |  |  | (2,405 | ) |  |  | 534 |
Total Deferred |  |  | (12,220 | ) |  |  | (11,205 | ) |  |  | (2,713 | )
Provision for Income Taxes |  | $ | 47,857 |  |  | $ | 55,914 |  |  | $ | 64,830 |
Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities | As of December 31, 2024 and 2023, significant components of the Company’s deferred tax assets and liabilities were as follows:
|  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Deferred Tax Assets: |  |  |  |  |  |
Allowance for Credit Losses |  | $ | 39,907 |  |  | $ | 40,370 |
Minimum Pension Liability |  |  | 8,439 |  |  |  | 8,390 |
Accrued Expenses |  |  | 22,361 |  |  |  | 20,020 |
Operating Lease Right-of-Use Assets |  |  | 23,538 |  |  |  | 25,102 |
Net Unrealized Losses on Investments Securities |  |  | 115,416 |  |  |  | 134,685 |
Low Income Housing Investments |  |  | 8,512 |  |  |  | 4,569 |
Other |  |  | 29,279 |  |  |  | 27,756 |
Gross Deferred Tax Assets Before Valuation Allowance |  |  | 247,452 |  |  |  | 260,892 |
Valuation Allowance |  |  | (9,740 | ) |  |  | (6,728 | )
Gross Deferred Tax Assets After Valuation Allowance |  |  | 237,712 |  |  |  | 254,164 |
Deferred Tax Liabilities: |  |  |  |  |  |
Accelerated Depreciation |  |  | (2,904 | ) |  |  | (8,513 | )
Accrued Pension Cost |  |  | (11,270 | ) |  |  | (11,270 | )
Lease Transactions |  |  | (20,234 | ) |  |  | (22,571 | )
Operating Lease Liabilities |  |  | (21,251 | ) |  |  | (22,826 | )
Other |  |  | (12,540 | ) |  |  | (14,368 | )
Gross Deferred Tax Liabilities |  |  | (68,199 | ) |  |  | (79,548 | )
Net Deferred Tax Assets |  | $ | 169,513 |  |  | $ | 174,616 |
Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Company's Effective Tax Rate | The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2024, 2023 and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
(dollars in thousands) |  | Amount |  | Percent |  |  | Amount |  | Percent |  |  | Amount |  | Percent |
Statutory Federal Income Tax Expense and Rate |  | $ | 41,549 |  |  | 21.00 | % |  | $ | 47,694 |  |  | 21.00 | % |  | $ | 61,033 |  |  | 21.00 | %
State Taxes, Net of Federal Income Tax Benefit |  |  | 343 |  |  | 0.17 |  |  |  | 5,005 |  |  | 2.20 |  |  |  | 6,041 |  |  | 2.08 |
Tax credits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Low-Income Housing Investments Amortization, Net of Tax Benefits |  |  | 5,731 |  |  | 2.90 |  |  |  | 2,797 |  |  | 1.23 |  |  |  | 5,118 |  |  | 1.76 |
Investment Tax Credits |  |  | (1,041 | ) |  | (0.53 | ) |  |  | (845 | ) |  | (0.37 | ) |  |  | (822 | ) |  | (0.28 | )
Changes in valuation allowances |  |  | 2,237 |  |  | 1.13 |  |  |  | 263 |  |  | 0.12 |  |  |  | (460 | ) |  | (0.16 | )
Nontaxable or nondeductible items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nondeductible Compensation |  |  | 2,306 |  |  | 1.17 |  |  |  | 1,801 |  |  | 0.79 |  |  |  | 1,161 |  |  | 0.40 |
Bank-Owned Life Insurance |  |  | (2,852 | ) |  | (1.44 | ) |  |  | (2,419 | ) |  | (1.07 | ) |  |  | (2,091 | ) |  | (0.72 | )
Tax-Exempt Income |  |  | (1,779 | ) |  | (0.90 | ) |  |  | (1,138 | ) |  | (0.50 | ) |  |  | (568 | ) |  | (0.20 | )
Other reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 1,363 |  |  | 0.69 |  |  |  | 2,756 |  |  | 1.21 |  |  |  | (4,582 | ) |  | (1.58 | )
Income Tax Expense and Effective Tax Rate |  | $ | 47,857 |  |  | 24.19 | % |  | $ | 55,914 |  |  | 24.62 | % |  | $ | 64,830 |  |  | 22.31 | %
Schedule of Reconciliation of the Company's Liability for Unrecognized Tax Benefits | The following presents a reconciliation of the Company’s liability for UTBs for the years ended December 31, 2024, 2023 and 2022:
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized Tax Benefits at Beginning of Year |  | $ | 3,737 |  |  | $ | 3,696 |  |  | $ | 4,015 |
Gross Increases, Related to Tax Positions Taken in a Prior Period |  |  | 1,276 |  |  |  | 54 |  |  |  | 1 |
Gross Decreases, Related to Tax Positions Taken in a Prior Period |  |  | — |  |  |  | — |  |  |  | (26 | )
Gross Increases, Related to Current Period Tax Positions |  |  | 540 |  |  |  | 27 |  |  |  | 226 |
Lapse of Statute of Limitations |  |  | (213 | ) |  |  | (40 | ) |  |  | (520 | )
Unrecognized Tax Benefits at End of Year |  | $ | 5,340 |  |  | $ | 3,737 |  |  | $ | 3,696 |
Schedule of Cash Paid for Federal and State Income Taxes | The following table presents cash paid for federal and state income taxes for the years ended December 31, 2024, 2023 and 2022.
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash Paid for Federal Income Taxes |  | $ | 21,650 |  |  | $ | 42,500 |  |  | $ | 42,700 |
Cash Paid for State Income Taxes |  |  | 9,590 |  |  |  | 9,746 |  |  |  | 10,325 |
Total Cash Paid for Income Taxes |  | $ | 31,240 |  |  | $ | 52,246 |  |  | $ | 53,025 |

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- Definition 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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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