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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The following table presents the composition of income tax expense (benefit) for the years ended December 31:
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Federal |  |  |  |  |
Current | $ | 35,514 |  |  | $ | 22,581 |  |  | $ | 4,256 |
Deferred | (2,801) |  |  | 2,273 |  |  | (4,273) |
Total Federal | 32,713 |  |  | 24,854 |  |  | (17) |
State |  |  |  |  |
Current | 828 |  |  | 361 |  |  | 145 |
Deferred | (131) |  |  | 110 |  |  | (129) |
Total State | 697 |  |  | 471 |  |  | 16 |
Total Federal and State | $ | 33,410 |  |  | $ | 25,325 |  |  | $ | (1) |
Schedule of Statutory to Effective Tax Rate Reconciliation | The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax-exempt interest | (1.0) | % |  | (1.3) | % |  | (11.9) | %
Low income housing tax credits | (0.7) | % |  | (1.5) | % |  | (11.1) | %
Bank owned life insurance | (0.2) | % |  | (0.3) | % |  | (1.8) | %
Other | 0.7 | % |  | 0.8 | % |  | 3.8 | %
Effective Tax Rate | 19.8 | % |  | 18.7 | % |  | — | %
Schedule of Significant Components of Temporary Differences | The following table presents significant components of our temporary differences as of the dates presented:
| December 31,
(dollars in thousands) | 2022 |  | 2021
Deferred Tax Assets: |  |  |
Allowance for loan losses | $ | 23,383 |  |  | $ | 22,083 |
Net unrealized holding losses on securities available-for-sale | 21,843 |  |  | — |
Lease liabilities | 10,767 |  |  | 10,876 |
State net operating loss carryforwards | 5,924 |  |  | 5,565 |
Net unrealized losses on interest rate swaps | 4,562 |  |  | — |
Cumulative adjustment to funded status of pension | 4,029 |  |  | 3,922 |
Low income housing partnerships | 3,098 |  |  | 3,270 |
Other employee benefits | 3,070 |  |  | 3,433 |
Other | 3,842 |  |  | 3,973 |
Deferred Tax Assets | 80,518 |  |  | 53,122 |
Less: Valuation allowance | (5,924) |  |  | (5,565) |
Total Deferred Tax Assets | 74,594 |  |  | 47,557 |
Deferred Tax Liabilities: |  |  |
Right-of-use lease assets | (9,385) |  |  | (9,603) |
Deferred loan income | (6,113) |  |  | (6,697) |
Prepaid pension | (4,084) |  |  | (4,566) |
Purchase accounting adjustments | (1,853) |  |  | (1,954) |
Depreciation on premises and equipment | (629) |  |  | (1,107) |
Net unrealized holding gains on securities available-for-sale | — |  |  | (2,004) |
Other | (922) |  |  | (1,466) |
Total Deferred Tax liabilities | (22,986) |  |  | (27,397) |
Net Deferred Tax Asset | $ | 51,608 |  |  | $ | 20,160 |
Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits | The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Balance at beginning of year | $ | 1,331 |  |  | $ | 1,277 |  |  | $ | 1,051 |
Prior period tax positions | — |  |  | — |  |  | (18) |
Current period tax positions | 317 |  |  | 54 |  |  | 244 |
Balance at End of Year | $ | 1,648 |  |  | $ | 1,331 |  |  | $ | 1,277 |
Amount That Would Impact the Effective Tax Rate if Recognized | $ | 1,148 |  |  | $ | 1,069 |  |  | $ | 1,027 |

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