Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

(In Thousands)

The following table is a summary of the Company’s temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities and their approximate tax effects as of the dates presented.

	September 30,		December 31,
	2022		2021
Deferred tax assets
Allowance for credit losses	$	51,156	$	50,712
Loans	2,017		2,855
Deferred compensation	14,029		14,522
Net unrealized losses on securities	73,827		3,545
Impairment of assets	355		392
Net operating loss carryforwards	682		1,211
Investment in partnerships	1,010		890
Lease liabilities under operating leases	15,013		17,106
Other	2,954		3,241
Total deferred tax assets	161,043		94,474
Deferred tax liabilities
Fixed assets	9,735		5,339
Mortgage servicing rights	18,984		20,779
Junior subordinated debt	2,018		2,130
Intangibles	2,817		3,177
Lease right-of-use asset	14,395		16,209
Other	1,178		1,607
Total deferred tax liabilities	49,127		49,241
Net deferred tax assets	$	111,916	$	45,233

For the nine months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes totaling $32,355 and $35,572, respectively. The provision for income taxes includes both federal and state income taxes and differs from the statutory rate due to favorable permanent differences.

The Company and its subsidiaries file a consolidated U.S. federal income tax return. The Company is currently open to audit under the statute of limitations by the Internal Revenue Service and state departments of revenue for the years ending December 31, 2018 through December 31, 2020.