Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
		2024		2023		2022
Current		$	32,382	$	31,467	$	22,451
Deferred		(1,763)		(1,415)		12,552
Total		$	30,619	$	30,052	$	35,003

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, 2024, 2023, and 2022:


	Years Ended December 31,
		2024			2023				2022
Federal taxes calculated at statutory rate			$	30,801	21.0	%	$	31,561	21.0	%	$	33,510	21.0	%
(Decrease) increase resulting from:
State taxes, net of federal benefit			(404)		(0.3)	%	(158)		(0.1)	%	3,845		2.4	%
Expense (benefit) from equity based compensation			56		0.0	%	219		0.1	%	(392)		(0.2)	%
Municipal interest income, net of interest disallowance			(1,325)		(0.9)	%	(1,804)		(1.2)	%	(1,774)		(1.1)	%
Bank-owned life insurance			(788)		(0.5)	%	(393)		(0.3)	%	(305)		(0.2)	%


Section 162(m) limitation			284		0.2	%	244		0.2	%	241		0.1	%
Nondeductible expenses			2,029		1.4	%	384		0.3	%	326		0.2	%
Other			(34)		—	%	(1)		—	%	(448)		(0.3)	%
Income tax expense, as reported			$	30,619	20.9	%	$	30,052	20.0	%	$	35,003	21.9	%

Schedule of Net Deferred Tax Assets (Liabilities)

The components of the deferred tax assets and liabilities at December 31, 2024 and 2023, are as follows:


	December 31,
	2024		2023
Deferred tax assets:
Allowance for credit losses	$	39,155	$	39,228
Operating lease liabilities	21,864		24,607
Net operating loss	523		805
Amortization of core deposit intangibles	1,482		1,135
Deferred compensation	10,372		7,433
Unrealized loss on debt securities	36,766		48,714
Other assets	5,616		4,863
Subtotal	115,778		126,785
Deferred tax liabilities:
FHLB stock dividends	$	(252)	$	(263)
Operating leases - right of use assets	(19,252)		(21,312)
Depreciation	(8,117)		(5,996)

Unrealized gain on equity securities	(948)		(2,122)
Unrealized gain on cash flow hedges	—		(151)

Mortgage servicing rights	(42,221)		(42,797)
Goodwill	(20,121)		(17,995)
Other liabilities	(3,270)		(4,518)
Subtotal	(94,181)		(95,154)
Net deferred tax assets	$	21,597	$	31,631