Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Allocation of Federal and State Income Taxes between Current and Deferred Portions

An allocation of federal and state income taxes between current and deferred portions is presented below:


	Years Ended December 31,
		2022		2021		2020
Current		$	22,451	$	21,980	$	44,362
Deferred		12,552		30,770		(25,530)
Total		$	35,003	$	52,750	$	18,832

Schedule of Reconciliation of Income Taxes Computed at the United States Federal Statutory Tax Rates to the Provision for Income Taxes

The following table presents a reconciliation of federal income taxes at the statutory federal rate of 21% to the Company's effective tax rates for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
		2022			2021				2020
Federal taxes calculated at statutory rate			$	33,510	21.0	%	$	51,041	21.0	%	$	17,317	21.0	%
Increase (decrease) resulting from:
State taxes, net of federal benefit			3,845		2.4	%	8,788		3.5	%	3,197		3.8	%


(Benefit) expense from equity based compensation			(392)		(0.2)	%	(2,719)		(1.1)	%	153		0.2	%
Municipal interest income, net of interest disallowance			(1,774)		(1.1)	%	(1,818)		(0.8)	%	(1,507)		(1.8)	%
Bank-owned life insurance			(305)		(0.2)	%	(324)		(0.1)	%	(327)		(0.4)	%
NOL Carryback provision under CARES Act			—		—	%	(3,424)		(1.4)	%	—		—	%
Offering costs			—		—	%	123		0.1	%	289		0.4	%
Section 162(m) limitation			241		0.1	%	1,381		0.6	%	—		—	%
Other			(122)		(0.1)	%	(298)		(0.1)	%	(290)		(0.4)	%
Income tax expense, as reported			$	35,003	21.9	%	$	52,750	21.7	%	$	18,832	22.8	%

Schedule of Net Deferred Tax Assets (Liabilities)

The components of the net deferred tax assets (liabilities) at December 31, 2022 and 2021, are as follows:


	December 31,
	2022		2021
Deferred tax assets:
Allowance for credit losses	$	38,646	$	35,233
Operating lease liabilities	25,882		12,478
Net operating loss	1,088		1,370
Amortization of core deposit intangibles	653		—
Deferred compensation	5,245		5,484
Unrealized loss on debt securities	61,004		—

Unrealized loss on cash flow hedges	—		205
Other assets	6,691		8,301
Subtotal	139,209		63,071
Deferred tax liabilities:
FHLB stock dividends	$	(484)	$	(484)
Operating leases - right of use assets	(24,478)		(11,287)
Depreciation	(7,274)		(7,938)
Amortization of core deposit intangibles	—		(116)
Unrealized gain on equity securities	(2,287)		(2,407)
Unrealized gain on cash flow hedges	(327)		—
Unrealized gain on debt securities	—		(1,324)
Mortgage servicing rights	(43,869)		(30,098)
Goodwill	(15,869)		(13,743)
Other liabilities	(2,209)		(2,494)
Subtotal	(96,797)		(69,891)
Net deferred tax assets (liabilities)	$	42,412	$	(6,820)