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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision (Benefit)

The income tax provision for the years ended December 31 is as follows:

			2023						2022						2021
			(dollars in thousands)
Current tax provision:
Federal			$	32,167					$	33,545					$	32,586
State			936						471						397
Total current tax provision			33,103						34,016						32,983
Deferred tax provision (benefit):
Federal			7,488						(1,967)						1,501
State			(99)						(45)						76
Total deferred tax provision			7,389						(2,012)						1,577
Total tax provision			$	40,492					$	32,004					$	34,560

Schedule of Effective Income Tax Rate Reconciliation

The statutory to effective tax rate reconciliation for the years ended December 31 is as follows:

			2023												2022												2021
			Amount						% of Pretax Income						Amount						% of Pretax Income						Amount						% of Pretax Income
			(dollars in thousands)
Tax at statutory rate			$	41,487					21		%				$	33,639					21		%				$	36,292					21		%
Increase (decrease) resulting from:
State income tax, net of federal benefit			725						—						361						—						326						—
Income from bank owned life insurance			(1,024)						(1)						(1,146)						(1)						(1,351)						(1)
Tax-exempt interest income, net			(812)						—						(809)						(1)						(846)						—
Tax credits			(804)						—						(341)						—						(127)						—
Other			920						—						300						1						266						—
Total tax provision			$	40,492					20		%				$	32,004					20		%				$	34,560					20		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities that represent significant portions of the deferred tax assets and liabilities at December 31 are presented below:

			2023						2022
			(dollars in thousands)
Deferred tax assets:
Lease liability			$	10,542					$	9,581
Allowance for credit losses			25,158						21,837
Postretirement benefits other than pensions			214						223
Unrealized loss on securities available for sale			30,469						36,673
Net operating loss carryforward			51						37
Deferred compensation			2,647						1,960
Accrued interest on nonaccrual loans			882						935
Accrued incentives			3,299						3,185
Unfunded loan commitments & other reserves			1,561						2,126
Purchase accounting adjustments			5,490						566
Other			738						953
Total deferred tax assets			81,051						78,076
Deferred tax liabilities:
Loan origination fees and costs			(1,252)						(1,320)
Right of use asset			(9,618)						(8,646)
Depreciation of assets			(1,484)						(2,139)
Section 197 intangibles			(2,418)						(1,717)
Purchase accounting adjustments			(3,321)						(314)
Other			(228)						(197)
Total deferred tax liabilities			(18,321)						(14,333)
Net deferred tax asset			$	62,730					$	63,743

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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
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-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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