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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022 |  | 2021
Federal |  |  |  |  |
Current | $ | 33,070 |  |  | $ | 35,514 |  |  | $ | 22,581 |
Deferred | 459 |  |  | (2,801) |  |  | 2,273 |
Total Federal | 33,529 |  |  | 32,713 |  |  | 24,854 |
State |  |  |  |  |
Current | 352 |  |  | 828 |  |  | 361 |
Deferred | 142 |  |  | (131) |  |  | 110 |
Total State | 494 |  |  | 697 |  |  | 471 |
Total Federal and State | $ | 34,023 |  |  | $ | 33,410 |  |  | $ | 25,325 |
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:
| 2023 |  | 2022 |  | 2021
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax-exempt interest | (0.8) | % |  | (1.0) | % |  | (1.3) | %
Low income housing tax credits | (1.5) | % |  | (0.7) | % |  | (1.5) | %
Bank owned life insurance | (0.2) | % |  | (0.2) | % |  | (0.3) | %
Other | 0.5 | % |  | 0.7 | % |  | 0.8 | %
Effective Tax Rate | 19.0 | % |  | 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) | 2023 |  | 2022
Deferred Tax Assets: |  |  |
Allowance for loan losses and other reserves | $ | 24,465 |  |  | $ | 23,421 |
Net unrealized holding losses on securities available-for-sale | 17,452 |  |  | 21,843 |
Lease liabilities | 10,572 |  |  | 10,767 |
State net operating loss carryforwards | 3,464 |  |  | 5,924 |
Net unrealized losses on interest rate swaps | 3,137 |  |  | 4,562 |
Cumulative adjustment to funded status of pension | 3,987 |  |  | 4,029 |
Low income housing partnerships and other investments | 174 |  |  | 2,692 |
Other employee benefits | 3,740 |  |  | 4,181 |
Capital loss carryforward | 2,092 |  |  | 2 |
Other | 1,202 |  |  | 549 |
Deferred Tax Assets | 70,285 |  |  | 77,970 |
Less: Valuation allowance | (3,464) |  |  | (5,924) |
Total Deferred Tax Assets | 66,821 |  |  | 72,046 |
Deferred Tax Liabilities: |  |  |
Right-of-use lease assets | (9,127) |  |  | (9,385) |
Deferred loan income, net | (4,633) |  |  | (4,533) |
Prepaid pension | (3,360) |  |  | (3,706) |
Purchase accounting adjustments | (1,823) |  |  | (1,945) |
Depreciation on premises and equipment | (1,182) |  |  | (629) |
Other | (1,428) |  |  | (240) |
Total Deferred Tax liabilities | (21,553) |  |  | (20,438) |
Net Deferred Tax Asset | $ | 45,268 |  |  | $ | 51,608 |
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) | 2023 |  | 2022 |  | 2021
Balance at beginning of year | $ | 1,648 |  |  | $ | 1,331 |  |  | $ | 1,277 |
Prior period tax positions | (434) |  |  | — |  |  | — |
Current period tax positions | 726 |  |  | 317 |  |  | 54 |
Balance at End of Year | $ | 1,940 |  |  | $ | 1,648 |  |  | $ | 1,331 |
Amount That Would Affect the Effective Tax Rate if Recognized | $ | 1,551 |  |  | $ | 1,148 |  |  | $ | 1,069 |

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