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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) for the years ended December 31, are as follows:
| Year ended December 31,
($ in thousands) | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | 42,718 |  |  | $ | 29,835 |  |  | $ | 25,132 |
State and local | 11,505 |  |  | 5,198 |  |  | 5,009 |
Total current | 54,223 |  |  | 35,033 |  |  | 30,141 |
Deferred: |  |  |  |  |
Federal | 1,853 |  |  | 870 |  |  | (10,651) |
State and local | 341 |  |  | (325) |  |  | (1,927) |
Total deferred | 2,194 |  |  | 545 |  |  | (12,578) |
Total income tax expense | $ | 56,417 |  |  | $ | 35,578 |  |  | $ | 17,563 |
Schedule of Income Tax Rate Reconciliation | A reconciliation of expected income tax expense, computed by applying the statutory federal income tax rate to income before income taxes reflected in the Consolidated Statements of Income is as follows:
| Year ended December 31,
($ in thousands) | 2022 |  | 2021 |  | 2020
Income tax expense at statutory rate | $ | 54,487 |  |  | $ | 35,413 |  |  | $ | 19,309 |
Increase (reduction) in income tax resulting from: |  |  |  |  |
Tax-exempt interest income, net | (4,351) |  |  | (3,198) |  |  | (2,010) |
State and local income taxes, net | 9,767 |  |  | 4,936 |  |  | 3,254 |
Bank-owned life insurance | (545) |  |  | (713) |  |  | (778) |
Non-deductible expenses | 926 |  |  | 1,090 |  |  | 637 |
Tax benefit of low-income housing tax credit ("LIHTC") investments, net | (195) |  |  | (132) |  |  | (444) |
Excess tax benefits | (68) |  |  | 146 |  |  | (175) |
Federal tax credits | (3,661) |  |  | (1,136) |  |  | (1,327) |
Non-taxable donation to charitable foundation | — |  |  | (263) |  |  | — |
Other, net | 57 |  |  | (565) |  |  | (903) |
Total income tax expense | $ | 56,417 |  |  | $ | 35,578 |  |  | $ | 17,563 |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effect of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities is as follows:
| Year ended December 31,
($ in thousands) | 2022 |  | 2021
Deferred tax assets: |  |  |
Allowance for loan losses | $ | 34,507 |  |  | $ | 36,550 |
Loans held-for-sale | 5,917 |  |  | 6,971 |
Other real estate | 179 |  |  | 305 |
Deferred compensation | 3,527 |  |  | 2,704 |
Accrued compensation | 6,294 |  |  | 5,881 |
Unrealized losses on securities, net | 44,094 |  |  | — |
Net operating losses and tax credits | 5,829 |  |  | 6,061 |
Lease liability accrual | 4,545 |  |  | 3,747 |
Other investments | 4,293 |  |  | 3,169 |
Other deferred tax assets | 6,463 |  |  | 5,594 |
Total deferred tax assets | 115,648 |  |  | 70,982 |
Deferred tax liabilities: |  |  |
Acquired loans | 2,212 |  |  | 1,709 |
Unrealized gains on securities, net | — |  |  | 6,171 |
Intangible assets | 8,676 |  |  | 8,789 |
Right of use asset | 4,374 |  |  | 3,670 |
Other investments | 7,530 |  |  | 5,646 |
Other deferred tax liabilities | 1,065 |  |  | 1,277 |
Total deferred tax liabilities | 23,857 |  |  | 27,262 |
Net deferred tax asset before valuation allowance | 91,791 |  |  | 43,720 |
Less: valuation allowance | 2,830 |  |  | 2,830 |
Net deferred tax asset | $ | 88,961 |  |  | $ | 40,890 |
Schedule of Unrecognized Tax Benefits | The activity in the gross liability for unrecognized tax benefits was as follows:
($ in thousands) | 2022 |  | 2021 |  | 2020
Balance at beginning of year | $ | 2,697 |  |  | $ | 3,157 |  |  | $ | 1,497 |
Additions based on tax positions related to the current year | 683 |  |  | 563 |  |  | 395 |
Additions for tax positions of prior years | 47 |  |  | 436 |  |  | 1,556 |
Settlements for tax positions of prior years | (82) |  |  | (1,289) |  |  | — |
Settlements or lapse of statute of limitations | (621) |  |  | (170) |  |  | (291) |
Balance at end of year | $ | 2,724 |  |  | $ | 2,697 |  |  | $ | 3,157 |

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