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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Components of Provision for Income Taxes

The components of the provision for income taxes, exclusive of tax effect of unrealized AFS securities gains and losses, are as follows:

(in thousands)
  
2023
    
2022
    
2021
  
Current federal income tax expense
  
$
14,954
    
$
14,882
    
$
16,160
  
Current state income tax expense
    
4,901
      
1,096
      
4,214
  
Deferred federal income tax expense
    
382
      
194
      
1,138
  
Deferred state income tax expense
     327       3,056       1,192  
Total income tax expense
  
$
20,564
    
$
19,228
    
$
22,704
  
Reconciliation of Income Tax Expense at Statutory Rate to Actual Income Tax Expense

A reconciliation of income tax expense at the statutory rate to our actual income tax expense is shown below:

(in thousands)
  
2023
    
2022
    
2021
  
Computed at the statutory rate
  
$
20,699
      
21.00
%
  
$
21,219
      
21.00
%
  
$
23,235
      
21.00
%
Adjustments resulting from:
                                                
Tax-exempt interest
    
(637
)
    
(0.65
)
    
(717
)
    
(0.70
)
    
(690
)
    
(0.62
)
Housing and new markets credits
    
(3,205
)
    
(3.25
)
    
(3,105
)
    
(3.07
)
    
(3,939
)
    
(3.56
)
Bank owned life insurance
    
(496
)
    
(0.50
)
    
(367
)
    
(0.36
)
    
(382
)
    
(0.35
)
ESOP dividend deduction
    
(259
)
    
(0.26
)
    
(240
)
    
(0.24
)
    
(233
)
    
(0.21
)
Stock option exercises and restricted stock vesting
    
(8
)
    
(0.01
)
    
(1
)
    
0.00
      
25
      
0.02
  
State income taxes
    
4,131
      
4.19
      
3,281
      
3.25
      
4,270
      
3.86
  
Split dollar life insurance
    
126
      
0.13
      
(184
)
    
(0.19
)
    
212
      
0.19
  
Other
    
213
      
0.21
      
(658
)
    
(0.66
)
    
206
      
0.19
  
Total
  
$
20,564
      
20.86
%
  
$
19,228
      
19.03
%
  
$
22,704
      
20.52
%
Components of Net Deferred Tax Asset

The components of the net deferred tax asset as of December 31 are as follows:

(in thousands)
  
2023
    
2022
  
Deferred tax assets:
            
Allowance for credit losses
  
$
12,361
    
$
11,472
  
Interest on nonaccrual loans
    
277
      
362
  
Accrued expenses
    
1,633
      
2,969
  
Unrealized losses on AFS securities
     34,311       45,339  
Allowance for other real estate owned
    
49
      
223
  
Lease liabilities
    
4,090
      
4,398
  
Other
    
790
      
485
  
Total deferred tax assets
    
53,511
      
65,248
  
                 
Deferred tax liabilities:
                
Depreciation and amortization
    
(14,927
)
    
(14,859
)
FHLB stock dividends
    
(341
)
    
(827
)
Loan fee income
    
(1,519
)
    
(1,136
)
Mortgage servicing rights
    
(1,912
)
    
(2,113
)
Limited partnership investments
    
(843
)
    
(710
)
Right of use assets
    
(3,918
)
    
(4,259
)
Other
    
(1,910
)
    
(1,466
)
Total deferred tax liabilities
    
(25,370
)
    
(25,370
)
                 
Net deferred tax asset
  
$
28,141
 
$
39,878