Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (in thousands):

	Year Ended December 31,
	2024			2023			2022
Current federal income tax	$	48,648		$	44,335		$	50,429
Current state income tax		307			346			175
Deferred federal income tax expense (benefit)		(620	)		(359	)		(4,205	)
Income tax expense	$	48,335		$	44,322		$	46,399

Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate

Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows:

	As a Percent of Pretax Earnings
	2024			2023			2022
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
Reductions in tax rate resulting from interest income    exempt from federal income tax		(3.0	)		(3.8	)		(4.4	)
Other		(0.2	)		1.0			(0.1	)
Effective income tax rate		17.8	%		18.2	%		16.5	%

Schedule of Deferred Tax Assets and Liabilities

The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):

	2024		2023
Deferred tax assets:
Tax basis of loans in excess of financial statement basis	$	23,978	$	21,546
Recognized for financial reporting purposes but not yet    for tax purposes - deferred compensation		3,993		3,525
Net unrealized loss on investment securities available-for-    sale		112,786		107,206
Other deferred tax assets		1,024		727
Total deferred tax assets	$	141,781	$	133,004
Deferred tax liabilities:
Financial statement basis of fixed assets in excess of tax    basis	$	8,655	$	7,164
Intangible asset amortization deductible for tax purposes,    but not for financial reporting purposes		14,611		14,207
Recognized for financial reporting purposes but not yet    for tax purposes - accretion on investment securities		1,220		718
Other deferred tax liabilities		296		115
Total deferred tax liabilities	$	24,782	$	22,204
Net deferred tax asset (liability)	$	116,999	$	110,800