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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

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

(dollars in thousands)						2023						2022						2021
Current federal income tax expense						$	25,291					$	37,182					$	39,865
Current state income tax expense						5,072						5,008						15,348
Total current tax expense						30,363						42,190						55,213
Deferred federal income tax (benefit) expense						(2,966)						3,532						5,185
Deferred state income tax (benefit) expense						(411)						3,028						585
Total deferred tax (benefit) expense						(3,377)						6,560						5,770
Total income tax expense						$	26,986					$	48,750					$	60,983

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, 2023 and 2022:

(dollars in thousands)						2023						2022
Deferred tax assets
Allowance for credit losses						$	21,281					$	18,490
Deferred loan fees and costs						6,372						6,736
Leases						5,713						7,195
Stock-based compensation						2,003						1,796
Net operating loss						7,964						7,736
Unrealized loss on securities available-for-sale						39,671						50,442
Unrealized loss on securities held-to-maturity						11,725						14,366
Unrealized loss on interest rate swap derivatives						59						—
Supplemental executive retirement and death benefit agreements						2,066						2,495
Other assets						2,669						1,344
Valuation allowances						(7,428)						(7,008)
Total deferred tax assets						92,095						103,592
Deferred tax liabilities
Excess servicing						(561)						(589)
Premises and equipment						(211)						(205)
Leases						(4,703)						(6,034)
Other liabilities						—						(197)
Total deferred tax liabilities						(5,475)						(7,025)
Net deferred income tax assets						$	86,620					$	96,567

Schedule of Reconciliation of Income Taxes

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate for the years ended December 31, 2023, 2022 and 2021 follows:

			2023						2022						2021
Statutory federal income tax rate			21.00		%				21.00		%				21.00		%
Increase (decrease) due to:
State income taxes			2.75		%				3.28		%				5.45		%
Non-deductible fines and penalties			—		%				2.54		%				—		%
Tax-exempt interest and dividend income			(3.11)		%				(1.57)		%				(0.91)		%
Stock-based compensation expense			0.40		%				0.19		%				0.44		%
Other			0.12		%				0.26		%				(0.32)		%
Effective tax rate			21.16		%				25.70		%				25.66		%

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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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-Topic 740
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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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