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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Federal and State Income Tax Expense | The components of federal and state income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,189 |  |  | $ | 14,401 |  |  | $ | 12,269 |
State |  |  | 542 |  |  |  | 6,171 |  |  |  | 6,384 |
Total current |  |  | 2,731 |  |  |  | 20,572 |  |  |  | 18,653 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 12,585 |  |  |  | (2,005 | ) |  |  | (2,562 | )
State |  |  | 4,154 |  |  |  | (227 | ) |  |  | (793 | )
Total deferred |  |  | 16,739 |  |  |  | (2,232 | ) |  |  | (3,355 | )
Total |  | $ | 19,470 |  |  | $ | 18,340 |  |  | $ | 15,298 |
Effective Income Tax Reconciliation | The principal reasons for the difference are as follows (in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Expected income taxes |  | $ | 18,565 |  |  | $ | 19,172 |  |  | $ | 14,025 |
Effects of: |  |  |  |  |  |  |  |  |
Tax-exempt income from bank owned life insurance |  |  | (1,035 | ) |  |  | (659 | ) |  |  | (575 | )
Other tax exempt income |  |  | (2,416 | ) |  |  | (2,497 | ) |  |  | (2,072 | )
Nondeductible interest expense |  |  | 799 |  |  |  | 255 |  |  |  | 17 |
State taxes, net of federal taxes |  |  | 3,710 |  |  |  | 4,695 |  |  |  | 4,417 |
Other items |  |  | (153 | ) |  |  | (2,525 | ) |  |  | (514 | )
Effect of marginal tax rate |  |  | — |  |  |  | (101 | ) |  |  | — |
Total |  | $ | 19,470 |  |  | $ | 18,340 |  |  | $ | 15,298 |
Tax Effects of Temporary Differences on Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of the temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are presented below (in thousands):
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 18,955 |  |  | $ | 16,248 |
Available-for-sale investment securities |  |  | 55,722 |  |  |  | 61,880 |
Deferred compensation |  |  | 4,128 |  |  |  | 4,157 |
Supplemental retirement |  |  | 519 |  |  |  | 492 |
Deferred loan costs |  |  | 222 |  |  |  | 302 |
Stock compensation expense |  |  | 82 |  |  |  | 147 |
Deferred revenue |  |  | 283 |  |  |  | 349 |
Purchase accounting |  |  | 5,326 |  |  |  | 795 |
Acquisition costs |  |  | 152 |  |  |  | 179 |
Lease liability |  |  | 3,975 |  |  |  | 4,381 |
Other |  |  | 1,305 |  |  |  | 823 |
Total gross deferred tax assets |  |  | 90,669 |  |  |  | 89,753 |
Less valuation allowance |  |  | (988 | ) |  |  | — |
Net deferred tax asset |  |  | 89,681 |  |  |  | 89,753 |
Deferred tax liabilities: |  |  |  |  |  |
Intangibles amortization |  |  | 6,432 |  |  |  | 6,398 |
Prepaid expenses |  |  | 1,576 |  |  |  | 1,418 |
FHLB stock dividend |  |  | 22 |  |  |  | 22 |
Deferred expenses |  |  | 104 |  |  |  | 104 |
Depreciation |  |  | 5,367 |  |  |  | 4,911 |
Accumulated accretion |  |  | 244 |  |  |  | 245 |
Mortgage servicing rights |  |  | 1,874 |  |  |  | 91 |
Right of use asset |  |  | 3,891 |  |  |  | 4,310 |
Other |  |  | 104 |  |  |  | — |
Total gross deferred tax liabilities |  |  | 19,614 |  |  |  | 17,499 |
Deferred tax assets, net |  | $ | 70,067 |  |  | $ | 72,254 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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