Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Significant components of the provision for income taxes are as follows for the periods presented:

	Year Ended December 31,
	2022		2021		2020
Current
Federal	$	39,507	$	34,629	$	30,193
State	3,453		895		3,309
	42,960		35,524		33,502
Deferred
Federal	1,630		9,168		(10,947)
State	650		2,243		(2,715)
	2,280		11,411		(13,662)
	$	45,240	$	46,935	$	19,840

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:

	Year Ended December 31,
	2022		2021		2020
Tax at U.S. statutory rate	$	44,375	$	46,794	$	21,733
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(1,832)		(1,669)		(1,431)
BOLI income	(1,946)		(1,547)		(1,182)
Investment tax credits	(928)		(988)		(1,494)
Amortization of investment in low-income housing tax credits	683		817		1,280
State income tax expense, net of federal benefit	3,241		2,479		469
Other items, net	1,647		1,049		465
	$	45,240	$	46,935	$	19,840

Significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: 

	December 31,
	2022		2021
Deferred tax assets
Allowance for credit losses	$	52,551	$	50,712
Loans	2,518		2,855
Deferred compensation	14,447		14,522
Net unrealized losses on securities	70,999		3,545
Impairment of assets	316		392
Net operating loss carryforwards	497		1,211
Investments in partnerships	1,164		890
Lease liabilities under operating leases	14,641		17,106
Other	3,523		3,241
Total deferred tax assets	160,656		94,474
Deferred tax liabilities
Fixed assets	10,342		5,339
Mortgage servicing rights	19,624		20,779
Junior subordinated debt	1,948		2,130
Intangibles	2,702		3,177
Lease right-of-use asset	14,018		16,209
Other	1,614		1,607
Total deferred tax liabilities	50,248		49,241
Net deferred tax assets	$	110,408	$	45,233

Summary of operating loss carryforwards

The table below presents the breakout of net operating losses as of the dates presented.

	December 31,
	2022		2021
Net Operating Losses
Federal	$	1,101	$	2,065
State	5,666		16,954

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below:

	2022		2021		2020
Balance at January 1	$	408	$	402	$	667
Additions based on positions related to current period	65		62		101
Reductions based on positions related to prior period	—		—		(314)
Reductions due to lapse of statute of limitations	(66)		(56)		(52)
Balance at December 31	$	407	$	408	$	402