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Income Taxes (Tables)

12 Months Ended

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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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
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-Section 50
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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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