Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
		2023		2022		2021
Current		$	31,467	$	22,451	$	21,980
Deferred		(1,415)		12,552		30,770
Total		$	30,052	$	35,003	$	52,750

Schedule of Reconciliation of 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, 2023, 2022, and 2021:


	Years Ended December 31,
		2023			2022				2021
Federal taxes calculated at statutory rate			$	31,561	21.0	%	$	33,510	21.0	%	$	51,041	21.0	%
(Decrease) increase resulting from:
State taxes, net of federal benefit			(158)		(0.1)	%	3,845		2.4	%	8,788		3.5	%


Expense (benefit) from equity based compensation			219		0.1	%	(392)		(0.2)	%	(2,719)		(1.1)	%
Municipal interest income, net of interest disallowance			(1,804)		(1.2)	%	(1,774)		(1.1)	%	(1,818)		(0.8)	%
Bank-owned life insurance			(393)		(0.3)	%	(305)		(0.2)	%	(324)		(0.1)	%
NOL Carryback provision under CARES Act			—		—	%	—		—	%	(3,424)		(1.4)	%
Offering costs			—		—	%	—		—	%	123		0.1	%
Section 162(m) limitation			244		0.2	%	241		0.1	%	1,381		0.6	%
Other			383		0.3	%	(122)		(0.1)	%	(298)		(0.1)	%
Income tax expense, as reported			$	30,052	20.0	%	$	35,003	21.9	%	$	52,750	21.7	%

Schedule of Net Deferred Tax Assets (Liabilities)

The components of the deferred tax assets and liabilities at December 31, 2023 and 2022, are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Allowance for credit losses	$	39,228	$	38,646
Operating lease liabilities	24,607		25,882
Net operating loss	805		1,088
Amortization of core deposit intangibles	1,135		653
Deferred compensation	7,433		5,245
Unrealized loss on debt securities	48,714		61,004
Other assets	4,863		6,691
Subtotal	126,785		139,209
Deferred tax liabilities:
FHLB stock dividends	$	(263)	$	(484)
Operating leases - right of use assets	(21,312)		(24,478)
Depreciation	(5,996)		(7,274)

Unrealized gain on equity securities	(2,122)		(2,287)
Unrealized gain on cash flow hedges	(151)		(327)

Mortgage servicing rights	(42,797)		(43,869)
Goodwill	(17,995)		(15,869)
Other liabilities	(4,518)		(2,209)
Subtotal	(95,154)		(96,797)
Net deferred tax assets	$	31,631	$	42,412