Income Taxes

3 Months Ended

Mar. 31, 2023

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.

	March 31,		December 31,
	2023		2022
Deferred tax assets
Allowance for credit losses	$	53,030	$	52,551
Loans	2,335		2,518
Deferred compensation	10,752		14,447
Net unrealized losses on securities	64,140		70,999
Impairment of assets	180		316
Net operating loss carryforwards	320		497
Investment in partnerships	1,204		1,164
Lease liabilities under operating leases	14,369		14,641
Other	4,707		3,523
Total deferred tax assets	151,037		160,656
Deferred tax liabilities
Fixed assets	10,999		10,342
Mortgage servicing rights	19,775		19,624
Junior subordinated debt	1,888		1,948
Intangibles	2,612		2,702
Lease right-of-use asset	13,736		14,018
Other	1,145		1,614
Total deferred tax liabilities	50,155		50,248
Net deferred tax assets	$	100,882	$	110,408

For the three months ended March 31, 2023 and 2022, the Company recorded a provision for income taxes totaling $11,322 and $7,935, 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, 2020 through December 31, 2022.