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Income Taxes (Tables)

12 Months Ended

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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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.

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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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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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