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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Consolidated Income Tax Expense | The components of consolidated income tax expense are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current tax expense |  |  |  |  |
Federal | $ | 26,133 |  |  | $ | 34,155 |  |  | $ | 28,763 |
State | 19,781 |  |  | 22,355 |  |  | 18,221 |
| $ | 45,914 |  |  | 56,510 |  |  | 46,984 |
Deferred tax expense |  |  |  |  |
Federal | (1,330) |  |  | (5,224) |  |  | (872) |
State | (1,069) |  |  | (2,798) |  |  | (64) |
| (2,399) |  |  | (8,022) |  |  | (936) |
Total tax expense | $ | 43,515 |  |  | $ | 48,488 |  |  | $ | 46,048 |
Schedule of Components of Investments in Qualified Affordable Housing Projects | The Company recognized, as components of tax expense, tax credits and other tax benefits, and amortization expense relating to our investments in Qualified Affordable Housing Projects as follows for the periods indicated (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Tax credits and other tax benefits – decrease in tax expense | $ | (10,857) |  |  | $ | (6,370) |  |  | $ | (4,224) |
Amortization – increase in tax expense | $ | 9,092 |  |  | $ | 6,178 |  |  | $ | 3,604 |
Reconciliation of Effective Tax Rate and Statutory Federal Income Tax Rate | The effective tax rate and the statutory federal income tax rate are reconciled as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 7.9 |  |  | 7.9 |  |  | 7.9 |
Tax-exempt interest on municipal obligations | (0.7) |  |  | (0.7) |  |  | (0.5) |
Tax-exempt life insurance related income | (0.4) |  |  | (0.4) |  |  | (0.5) |
Low income housing tax credits | (6.6) |  |  | (3.7) |  |  | (2.6) |
Low income housing tax credit amortization | 5.6 |  |  | 3.6 |  |  | 2.2 |
Equity compensation | 0.3 |  |  | (0.2) |  |  | (0.1) |
Non-deductible merger expenses | — |  |  | 0.1 |  |  | 0.1 |
Other | (0.1) |  |  | 0.3 |  |  | 0.6 |
Effective Tax Rate | 27.0 | % |  | 27.9 | % |  | 28.1 | %
Company's Net Deferred Tax Asset Recorded in Other Assets | The temporary differences, tax effected, which give rise to the Company’s net deferred tax asset recorded in other assets are as follows for the years indicated (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for losses and reserve for unfunded commitments | $ | 37,656 |  |  | $ | 32,519 |
Deferred compensation | 1,534 |  |  | 1,696 |
Other accrued expenses | 3,899 |  |  | 2,720 |
Additional unfunded status of the supplemental retirement plans | 15,434 |  |  | 16,036 |
Operating lease liability | 8,355 |  |  | 8,575 |
State taxes | 3,346 |  |  | 3,649 |
Share based compensation | 1,050 |  |  | 1,132 |
Nonaccrual interest | 706 |  |  | 643 |
Acquisition cost basis | 12,046 |  |  | 14,640 |
Unrealized loss on securities | 68,535 |  |  | 85,897 |
Tax credits | 852 |  |  | 852 |
Net operating loss carryforwards | 953 |  |  | 2,098 |
Other | 190 |  |  | 120 |
Total deferred tax assets | 154,556 |  |  | 170,577 |
Deferred tax liabilities: |  |  |
Securities income | (777) |  |  | (777) |
Depreciation | (8,364) |  |  | (8,270) |
Right of use asset | (7,726) |  |  | (7,941) |
Funded pension liability | (3,999) |  |  | (4,110) |
Securities accretion | (2,265) |  |  | (1,265) |
Mortgage servicing rights valuation | (1,946) |  |  | (1,976) |
Core deposit intangible | (2,814) |  |  | (4,778) |
Junior subordinated debt | (1,171) |  |  | (1,293) |
Prepaid expenses and other | (1,170) |  |  | (991) |
Total deferred tax liability | (30,232) |  |  | (31,401) |
Net deferred tax asset | $ | 124,324 |  |  | $ | 139,176 |

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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