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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Federal |  |  |  |  |
Current | $ | 32,536 |  |  | $ | 33,070 |  |  | $ | 35,514 |
Deferred | (31) |  |  | 459 |  |  | (2,801) |
Total Federal | 32,505 |  |  | 33,529 |  |  | 32,713 |
State |  |  |  |  |
Current | 1,313 |  |  | 352 |  |  | 828 |
Deferred | (265) |  |  | 142 |  |  | (131) |
Total State | 1,048 |  |  | 494 |  |  | 697 |
Total Federal and State(1) | $ | 33,553 |  |  | $ | 34,023 |  |  | $ | 33,410 |
[1]With the adoption of PAM on January 1, 2024, the amortization related to LIHTC and HTC equity investments is recognized in income tax expense in the Consolidated Statements of Net Income in 2024 and other noninterest expense in 2023 and 2022.
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:
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax-exempt interest | (0.8) | % |  | (0.8) | % |  | (1.0) | %
Low income housing tax credits | (0.2) | % |  | (1.5) | % |  | (0.7) | %
Bank owned life insurance | (0.3) | % |  | (0.2) | % |  | (0.2) | %
Other | 0.7 | % |  | 0.5 | % |  | 0.7 | %
Effective Tax Rate(1) | 20.4 | % |  | 19.0 | % |  | 19.8 | %
[1]With the adoption of PAM on January 1, 2024, the amortization related to LIHTC and HTC equity investments is recognized in income tax expense in the Consolidated Statements of Net Income in 2024 and other noninterest expense in 2023 and 2022.
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) | 2024 |  | 2023
Deferred Tax Assets: |  |  |
Allowance for credit losses and other reserves | $ | 22,953 |  |  | $ | 24,465 |
Net unrealized holding losses on securities available-for-sale | 15,431 |  |  | 17,452 |
Lease liabilities | 10,271 |  |  | 10,572 |
State net operating loss carryforwards | 3,782 |  |  | 3,464 |
Net unrealized losses on interest rate swaps | 2,063 |  |  | 3,137 |
Cumulative adjustment to funded status of pension | 3,606 |  |  | 3,987 |
Low income housing partnerships and other investments | — |  |  | 174 |
Other employee benefits | 4,688 |  |  | 3,740 |
Depreciation on premises and equipment | 5 |  |  | — |
Capital loss carryforward | 1,300 |  |  | 2,092 |
Other | 1,243 |  |  | 1,202 |
Deferred Tax Assets | 65,342 |  |  | 70,285 |
Less: Valuation allowance | (3,782) |  |  | (3,464) |
Total Deferred Tax Assets | 61,560 |  |  | 66,821 |
Deferred Tax Liabilities: |  |  |
Right-of-use lease assets | (8,825) |  |  | (9,127) |
Deferred loan income, net | (5,216) |  |  | (4,633) |
Prepaid pension | (3,131) |  |  | (3,360) |
Purchase accounting adjustments | (1,650) |  |  | (1,823) |
Mortgage servicing rights | (61) |  |  | (1,350) |
Depreciation on premises and equipment | — |  |  | (1,182) |
Other partnership investments(1) | (491) |  |  | — |
Other | (113) |  |  | (78) |
Total Deferred Tax liabilities | (19,487) |  |  | (21,553) |
Net Deferred Tax Asset | $ | 42,073 |  |  | $ | 45,268 |
(1)With the adoption of PAM on January 1, 2024, the LIHTC and HTC equity investments no longer have a deferred tax impact.
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) | 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 1,940 |  |  | $ | 1,648 |  |  | $ | 1,331 |
Prior period tax positions | 146 |  |  | (434) |  |  | — |
Current period tax positions | — |  |  | 726 |  |  | 317 |
Balance at End of Year | $ | 2,086 |  |  | $ | 1,940 |  |  | $ | 1,648 |
Amount That Would Affect the Effective Tax Rate if Recognized | $ | 1,648 |  |  | $ | 1,551 |  |  | $ | 1,148 |

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