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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022 are as follows:
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Current | - Federal |  | $ | 23,134 |  |  | $ | 24,750 |  |  | $ | 35,616 |
| - State |  | 3,637 |  |  | 3,857 |  |  | 4,477 |
Deferred | - Federal |  | (4,569) |  |  | (481) |  |  | (1,658) |
| - State |  | (300) |  |  | (301) |  |  | (152) |
Total |  | $ | 21,902 |  |  | $ | 27,825 |  |  | $ | 38,283 |
The following is a reconciliation of federal income tax expense at the statutory rate of 21% at December 31, 2024, December 31, 2023, and December 31, 2022, to the income tax provision reported in the financial statements.
($ in thousands) |  | 2024 |  | 2023 |  | 2022
Tax provision at statutory rate |  | $ | 20,605 |  |  | $ | 27,711 |  |  | $ | 38,896 |
Increase (decrease) in income taxes resulting from: |  |  |  |  |  |
Tax-exempt interest income, net |  | (1,937) |  |  | (1,934) |  |  | (1,950) |
State income taxes, net of federal benefit |  | 2,928 |  |  | 2,809 |  |  | 3,369 |
Other, net |  | 306 |  |  | (761) |  |  | (2,032) |
Total |  | $ | 21,902 |  |  | $ | 27,825 |  |  | $ | 38,283 |
In the table above, for 2024, the Other, net amount includes $1.7 million related to incremental state tax-related expenses for prior years, net of associated federal benefit amounts and $0.8 million related to deferred tax adjustments. The sources and tax effects of temporary differences that give rise to significant portions of the deferred tax assets, which are included in Other assets on the consolidated balance sheets are as follows at December 31, 2024 and 2023:
($ in thousands) |  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Allowance for credit losses on loans and unfunded commitments |  | $ | 30,257 |  |  | $ | 28,063 |
Unrealized losses on securities available for sale |  | 85,940 |  |  | 92,767 |
Purchase accounting adjustments |  | 3,358 |  |  | 4,691 |
Operating lease liability |  | 3,342 |  |  | 4,100 |
All other |  | 8,077 |  |  | 7,886 |
Gross deferred tax assets |  | 130,974 |  |  | 137,507 |
Deferred tax liabilities: |  |  |  |
Loan fees |  | (2,483) |  |  | (2,952) |
Depreciable basis of fixed assets |  | (4,647) |  |  | (7,070) |
Amortizable basis of intangible assets |  | (14,442) |  |  | (15,523) |
Right of use lease asset |  | (3,161) |  |  | (3,922) |
All other |  | (578) |  |  | (388) |
Gross deferred tax liabilities |  | (25,311) |  |  | (29,855) |
Net deferred tax asset |  | $ | 105,663 |  |  | $ | 107,652 |
The company had recorded deminimis valuation allowances for 2024 and 2023 related to state net operating loss carryforwards for which the realization of the remaining deferred tax assets is determined to be more likely than not. The Company had no significant uncertain tax positions, and thus no such reserve for uncertain tax positions has been recorded. Additionally, the Company determined that it has no material unrecognized tax benefits that if recognized would affect the effective tax rate. The Company’s general policy is to record tax penalties and interest as a component of “Other operating expenses.” The Company is subject to routine audits of its tax returns by the Internal Revenue Service and various state taxing authorities. The Company’s tax returns are subject to income tax audit by federal and state agencies beginning with the year 2021. There are no indications of any material adjustments relating to any examination currently being conducted by any taxing authority.

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