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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense (benefit) for the years ended December 31, 2023, 2022, and 2021 are as follows:

($ in thousands)									2023						2022						2021
Current			- Federal						$	24,750					35,616						25,742
			- State						3,857						4,477						3,733
Deferred			- Federal						(481)						(1,658)						(4,247)
			- State						(301)						(152)						(553)
Total									$	27,825					38,283						24,675

Schedule of Effective Tax Rate Reconciliation

The following is a reconciliation of federal income tax expense at the statutory rate of 21% at December 31, 2023, December 31, 2022, and December 31, 2021, to the income tax provision reported in the financial statements.

($ in thousands)						2023						2022						2021
Tax provision at statutory rate						$	27,711					38,896						25,266
Increase (decrease) in income taxes resulting from:
Tax-exempt interest income						(2,175)						(1,976)						(1,589)
Low income housing and other tax credits						(630)						(669)						(1,229)
Bank-owned life insurance income						(920)						(1,511)						(589)
Non-deductible interest expense						241						26						14
State income taxes, net of federal benefit						2,809						3,369						2,472
Nondeductible merger expenses						489						107						242
Change in valuation allowance						(13)						(20)						(10)
Nondeductible compensation						274						97						27
Other, net						39						(36)						71
Total						$	27,825					38,283						24,675

Schedule of Deferred Tax Assets and Liabilities

The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets, which are included in Other Assets on the consolidated balance sheets are as follows at December 31, 2023 and 2022:

($ in thousands)						2023						2022
Deferred tax assets:
Allowance for credit losses on loans						$	25,431					20,900
Allowance for credit losses on unfunded commitments						2,632						3,057
Excess book over tax pension plan cost						403						365
Deferred compensation						1,453						638
Federal & state net operating loss and tax credit carryforwards						188						197
Accruals, book versus tax						3,462						4,404
Pension						23						—
Unrealized losses on securities available for sale						92,767						102,046
Foreclosed real estate						—						3
Basis differences in assets acquired in FDIC transactions						46						—
Purchase accounting adjustments						4,691						2,982
Equity compensation						1,524						768
Partnership investments						773						652
Leases						178						151
SBA servicing asset						31						77
Gross deferred tax assets						133,602						136,240
Less: Valuation allowance						(17)						(30)
Net deferred tax assets						133,585						136,210
Deferred tax liabilities:
Loan fees						(2,952)						(3,102)
Depreciable basis of fixed assets						(7,070)						(5,493)
Amortizable basis of intangible assets						(15,523)						(10,047)
Basis differences in assets acquired in FDIC transactions						—						(108)
Trust preferred securities						(388)						(416)
Pension						—						(12)
Gross deferred tax liabilities						(25,933)						(19,178)
Net deferred tax asset						$	107,652					117,032

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-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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