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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
			2024						2023						2022
Current tax expense
Federal			$	23,128					$	26,133					$	34,155
State			17,754						19,781						22,355
			$	40,882					45,914						56,510
Deferred tax expense
Federal			512						(1,330)						(5,224)
State			(1,158)						(1,069)						(2,798)
			(646)						(2,399)						(8,022)
Total tax expense			$	40,236					$	43,515					$	48,488

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,
			2024						2023						2022
Tax credits and other tax benefits – decrease in tax expense			$	(11,650)					$	(10,857)					$	(6,370)
Amortization – increase in tax expense			$	10,762					$	9,092					$	6,178

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)									2024						2023						2022
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									(0.5)						(0.7)						(0.7)
Tax-exempt life insurance related income									(0.4)						(0.4)						(0.4)
Low income housing tax credits									(7.9)						(6.6)						(3.7)
Low income housing tax credit amortization									6.9						5.6						3.6
Equity compensation									0.1						0.3						(0.2)
Non-deductible merger expenses									—						—						0.1
Other									(1.2)						(0.1)						0.3
Effective Tax Rate									25.9		%				27.0		%				27.9		%

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,
			2024						2023
Deferred tax assets:
Allowance for losses and reserve for unfunded commitments			$	38,837					$	37,656
Deferred compensation			1,471						1,534
Other accrued expenses			3,881						3,899
Additional unfunded status of the supplemental retirement plans			15,062						15,434
Operating lease liability			7,520						8,355
State taxes			2,814						3,346
Share based compensation			1,200						1,050
Nonaccrual interest			1,477						706
Acquisition cost basis			10,477						12,046
Unrealized loss on securities			69,075						68,535
Tax credits			852						852
Net operating loss carryforwards			1,097						953
Other			136						190
Total deferred tax assets			153,899						154,556
Deferred tax liabilities:
Securities income			(777)						(777)
Depreciation			(7,696)						(8,364)
Right of use asset			(6,956)						(7,726)
Funded pension liability			(4,755)						(3,999)
Securities accretion			(2,957)						(2,265)
Mortgage servicing rights valuation			(1,953)						(1,946)
Core deposit intangible			(1,647)						(2,814)
Junior subordinated debt			(1,036)						(1,171)
Prepaid expenses and other			(1,368)						(1,170)
Total deferred tax liability			(29,145)						(30,232)
Net deferred tax asset			$	124,754					$	124,324

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Tabular disclosure of the activity in the Affordable Housing Program (AHP) obligation.

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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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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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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-Topic 740
-SubTopic 10
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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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-Name Accounting Standards Codification
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