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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consisted of the following (in thousands):
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |  |
Federal |  | $ | 23,315 |  |  | $ | 20,894 |  |  | $ | 32,981 |
State |  | 7,288 |  |  | 8,655 |  |  | 11,807 |
Total current |  | 30,603 |  |  | 29,549 |  |  | 44,788 |
Deferred |  |  |  |  |  |
Federal |  | 214 |  |  | 4,250 |  |  | 2,231 |
State |  | (551) |  |  | (1,099) |  |  | (454) |
Total deferred |  | (337) |  |  | 3,151 |  |  | 1,777 |
Total provision for income taxes |  | $ | 30,266 |  |  | $ | 32,700 |  |  | $ | 46,565 |
Schedule of Income Tax Reconciliation | The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate for the years ended December 31, 2024, 2023 and 2022 is as follows (dollars in thousands):
|  | For the Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Income before provision for income taxes |  | $ | 130,656 |  |  | $ | 136,765 |  |  | $ | 193,922 |
Federal income tax, at statutory rates |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Computed “expected” federal income tax expense |  | $ | 27,438 |  |  | $ | 28,721 |  |  | $ | 40,724 |
Increase (decrease) in federal income tax expense resulting from |  |  |  |  |  |
State income taxes, net of federal benefit |  | 5,518 |  |  | 5,979 |  |  | 8,927 |
Earnings on BOLI |  | (1,660) |  |  | (1,109) |  |  | (1,381) |
Tax exempt interest |  | (547) |  |  | (606) |  |  | (786) |
Merger related expenses |  | — |  |  | — |  |  | 90 |
Stock compensation |  | 391 |  |  | (298) |  |  | 26 |
Alternative minimum tax write-off |  | 1,196 |  |  | — |  |  | — |
Research and development and other credits |  | (735) |  |  | (557) |  |  | (471) |
Dividends received deduction |  | (322) |  |  | (368) |  |  | (371) |
Other items, net |  | (1,013) |  |  | 938 |  |  | (193) |
Total provision for income taxes |  | $ | 30,266 |  |  | $ | 32,700 |  |  | $ | 46,565 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are presented in the following table (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Allowance for credit losses on loans and debt securities HTM |  | $ | 18,981 |  |  | $ | 16,951 |
Other reserves |  | 2,790 |  |  | 2,482 |
Incentive compensation |  | 4,345 |  |  | 3,871 |
Deferred compensation |  | 338 |  |  | 370 |
Stock plans |  | 2,239 |  |  | 2,474 |
Unrealized losses on assets held-for-sale |  | 347 |  |  | 392 |
Unrealized losses on AFS securities |  | 5,346 |  |  | 7,274 |
Net operating loss carryforwards related to acquisition |  | 19,053 |  |  | 21,077 |
Section 174 capitalized costs |  | 5,457 |  |  | 3,737 |
Federal and state alternative minimum tax |  | — |  |  | 1,196 |
Other, net |  | 866 |  |  | 653 |
Total gross deferred tax assets |  | 59,762 |  |  | 60,477 |
Deferred tax liabilities: |  |  |  |
Unrealized gain on equity securities |  | (4,568) |  |  | (3,386) |
Premises and equipment |  | (3,104) |  |  | (4,891) |
Deferred loan and commitment costs, net |  | (2,814) |  |  | (2,317) |
Purchase accounting related adjustments |  | (1,698) |  |  | (1,716) |
Investments, discount accretion |  | (185) |  |  | (73) |
Other, net |  | (402) |  |  | — |
Total gross deferred tax liabilities |  | (12,771) |  |  | (12,383) |
Net deferred tax assets |  | $ | 46,991 |  |  | $ | 48,094 |

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