Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of 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,
	2023		2022		2021
Current
Federal	$	36,138	$	39,507	$	34,629
State	1,376		3,453		895
	37,514		42,960		35,524
Deferred
Federal	(1,187)		1,630		9,168
State	(3,818)		650		2,243

	(5,005)		2,280		11,411
	$	32,509	$	45,240	$	46,935

Schedule of 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,
	2023		2022		2021
Tax at U.S. statutory rate	$	37,209	$	44,375	$	46,794
Increase (decrease) in taxes resulting from:
Tax-exempt interest income	(1,505)		(1,832)		(1,669)
BOLI income	(2,197)		(1,946)		(1,547)
Investment tax credits	(1,901)		(928)		(988)
Amortization of investment in low-income housing tax credits	1,741		683		817
State income tax expense, net of federal benefit	(1,929)		3,241		2,479


Other items, net	1,091		1,647		1,049
	$	32,509	$	45,240	$	46,935

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,
	2023		2022
Deferred tax assets
Allowance for credit losses	$	53,432	$	52,551
Loans	1,631		2,518
Deferred compensation	15,310		14,447
Net unrealized losses on securities	51,211		70,999
Impairment of assets	138		316
Tax credits	4,035		—
Net operating loss carryforwards	33		497
Investments in partnerships	1,491		1,164
Lease liabilities under operating leases	13,066		14,641
Realized losses on securities	4,892		—
Other	2,660		3,523


Total deferred tax assets	147,899		160,656
Deferred tax liabilities




Fixed assets	11,023		10,342
Mortgage servicing rights	21,282		19,624
Junior subordinated debt	1,708		1,948
Intangibles	2,447		2,702
Lease right-of-use asset	12,399		14,018
Other	3,344		1,614
Total deferred tax liabilities	52,203		50,248
Net deferred tax assets	$	95,696	$	110,408

Summary of operating loss carryforwards

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


	December 31,
	2023		2022
Net Operating Losses
Federal	$	138	$	1,101
State	—		5,666

Schedule of 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:


	2023		2022		2021
Balance at January 1	$	407	$	408	$	402
Additions based on positions related to current period	78		65		62

Reductions based on positions related to prior period	—		—		—

Reductions due to lapse of statute of limitations	(86)		(66)		(56)
Balance at December 31	$	399	$	407	$	408