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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of federal and state income tax expense

Federal and state income tax expense consists of the following for the years ended December 31:

(dollars in thousands)						2022						2021						2020
Current federal income tax expense						$	37,182					$	39,865					$	40,201
Current state income tax expense						5,008						15,348						12,059
Total current tax expense						42,190						55,213						52,260
Deferred federal income tax expense (benefit)						3,532						5,185						(5,212)
Deferred state income tax benefit						3,028						585						(3,120)
Total deferred tax expense (benefit)						6,560						5,770						(8,332)
Total income tax expense						$	48,750					$	60,983					$	43,928

Schedule of significant components of deferred tax assets and liabilities

The table below summarizes significant components of our deferred tax assets and liabilities as of December 31, 2022 and 2021:

(dollars in thousands)						2022						2021
Deferred tax assets
Allowance for credit losses						$	18,490					$	19,736
Deferred loan fees and costs						6,736						6,559
Leases						7,195						9,283
Stock-based compensation						1,796						1,132
Net operating loss						7,736						7,623
Unrealized loss on securities available-for-sale						50,442						4,987
Unrealized loss on securities held-to-maturity						14,366						—
SERP						2,495						5,631
Premises and equipment						(205)						1,328
Other assets						1,344						2,011
Valuation allowances						(7,008)						(6,724)
Total deferred tax assets						103,387						51,566
Deferred tax liabilities
Excess servicing						(589)						(402)
Leases						(6,034)						(7,990)
Other liabilities						(197)						—
Total deferred tax liabilities						(6,820)						(8,392)
Net deferred income tax assets						$	96,567					$	43,174

Schedule of reconciliation of the statutory federal income tax rate to effective income tax rate

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31, 2022, 2021 and 2020 follows:

			2022						2021						2020
Statutory federal income tax rate			21.00		%				21.00		%				21.00		%
Increase (decrease) due to:
State income taxes			3.28		%				5.45		%				5.04		%
Non-deductible fines and penalties			2.54		%				—		%				—		%
Tax-exempt interest and dividend income			(1.57)		%				(0.91)		%				(0.75)		%
Stock-based compensation expense			0.19		%				0.44		%				0.25		%
Other			0.26		%				(0.32)		%				(0.63)		%
Effective tax rate			25.70		%				25.66		%				24.91		%

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- Definition

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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