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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The components of income taxes consist of (dollars in thousands):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Income tax expense |  |  |  |  |
Current expense: |  |  |  |  |
Federal | $ | 20,815 |  |  | $ | 20,261 |  |  | $ | 21,027 |
State | 13,883 |  |  | 8,448 |  |  | 12,144 |
Deferred expense: |  |  |  |  |
Federal | (700) |  |  | 3,644 |  |  | (3,657) |
State | (572) |  |  | 1,021 |  |  | (1,652) |
Total income tax expense | $ | 33,426 |  |  | $ | 33,374 |  |  | $ | 27,862 |
A reconciliation of federal and state income taxes at statutory rates to the income taxes included in the accompanying Consolidated Statements of Income is as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Percent of pretax income |  |  |  |  |
Income tax at federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of: |  |  |  |  |
Tax-exempt interest, net | (1.1) | % |  | (1.1) | % |  | (1.6) | %
Stock incentive | 0.1 | % |  | — | % |  | 0.2 | %
State income taxes, net | 6.5 | % |  | 4.5 | % |  | 6.5 | %
Income on bank owned life insurance | (0.5) | % |  | (0.7) | % |  | (0.9) | %
Tax credit investments | (5.6) | % |  | (3.6) | % |  | (3.2) | %
Other, net | 0.3 | % |  | 1.2 | % |  | (0.3) | %
Effective income tax rate | 20.7 | % |  | 21.3 | % |  | 21.7 | %
Net deferred taxes, reported in other assets or other liabilities in the accompanying Consolidated Balance Sheets, include the following amounts of deferred tax assets and liabilities (dollars in thousands):
| As of December 31,
| 2022 |  | 2021
Deferred taxes |  |  |
Deferred tax assets: |  |  |
ACL | $ | 26,979 |  |  | $ | 25,884 |
Unrealized loss on cash flow hedge | 8,365 |  |  | 273 |
Unrealized losses on securities available for sale | 88,666 |  |  | 9,199 |
Unrealized losses on securities held to maturity | 11,919 |  |  | — |
Stock-based compensation | 5,504 |  |  | 4,204 |
Deferred compensation | 53 |  |  | 55 |
Purchase accounting adjustments | 656 |  |  | 1,213 |
Accrued vacation | 411 |  |  | 398 |
Lease liabilities | 3,564 |  |  | 2,893 |
Employee costs | 3,298 |  |  | 2,847 |
Other | 376 |  |  | 390 |
Total deferred tax assets | 149,791 |  |  | 47,356 |
Deferred tax liabilities: |  |  |
Basis in premises and equipment | (1,541) |  |  | (1,347) |
Affordable housing partnerships and other investments | (6,669) |  |  | (3,696) |
Purchase accounting adjustments | (1,207) |  |  | (1,362) |
Mortgage servicing assets | (2,132) |  |  | (2,853) |
Basis in core deposit, customer intangible assets, and asset purchase goodwill | (6,956) |  |  | (9,485) |
Deferred loan origination costs | (3,845) |  |  | (2,454) |
Right of use assets | (3,518) |  |  | (2,877) |
Unrealized gain on equity securities | (512) |  |  | (1,099) |
Other | (586) |  |  | (560) |
Total deferred tax liabilities | (26,966) |  |  | (25,733) |
Net deferred tax asset | $ | 122,825 |  |  | $ | 21,623 |
Management believes that it is more likely than not that the other deferred tax assets included in the accompanying Consolidated Balance Sheets will be fully realized. The Company has determined that no valuation allowance is required for any deferred tax assets as of December 31, 2022, or 2021.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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