Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income tax is summarized as follows for the years ended December 31,:

	2023		2022		2021
Current	$	24,938	$	5,637	$	5,533
Deferred	3,012		9,203		3,145
Total income tax expense	$	27,950	$	14,840	$	8,678

Schedule of reconciliation of the statutory u.s. federal income tax rate to income before provision for income taxes

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory U.S. federal income tax rates to income before provision for income taxes is as follows for the years ended December 31,:

	2023		2022		2021
Income tax provision computed at U.S. federal statutory rate	$	27,611	$	15,545	$	10,887
State tax expense, net of U.S. federal effect	3,718		2,359		1,836
Tax exempt interest	(4,017)		(4,011)		(4,562)
Net increase in cash surrender value of BOLI	(405)		(353)		(268)
Non-deductible professional fees	—		216		648
Executive compensation	301		727		—
Other	742		357		137
Income tax provision	$	27,950	$	14,840	$	8,678
Effective tax provision rate	21.3%		20.0%		16.7%

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows as of December 31,:

	2023		2022
Deferred tax assets:
Federal and state net operating loss	$	22,852	$	25,118
Allowance for credit losses	18,950		15,537
Unrealized loss on securities	13,920		14,235
Deferred compensation	3,005		4,756
Fair value adjustments on loans	1,626		2,428
Share-based compensation	2,529		2,208
Accrued expenses	881		1,320
Deferred loan fees	826		1,044
Lease liability	519		1,044
Fair value adjustments on deposits	99		326
Other real estate owned and foreclosed assets	—		7
Other	5,437		4,559
Total deferred tax assets	70,644		72,582
Deferred tax liabilities:
Mortgage servicing rights	18,079		17,465
Fair value adjustments on intangible assets	2,889		3,596
Prepaid expenses	1,193		1,143
Premises and equipment	1,281		918
Fair value adjustments on debt	606		700
FHLB stock	144		196
Other	193		209
Total deferred tax liabilities	24,385		24,227
Total deferred tax assets, net	$	46,259	$	48,355