Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The following table presents the composition of income tax expense (benefit) for the years ended December 31:

(dollars in thousands)	2023		2022		2021
Federal
Current	$	33,070	$	35,514	$	22,581
Deferred	459		(2,801)		2,273
Total Federal	33,529		32,713		24,854
State
Current	352		828		361
Deferred	142		(131)		110
Total State	494		697		471
Total Federal and State	$	34,023	$	33,410	$	25,325

Schedule of Statutory to Effective Tax Rate Reconciliation

The following table presents a reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31:

	2023		2022		2021
Statutory tax rate	21.0	%	21.0	%	21.0	%
Tax-exempt interest	(0.8)	%	(1.0)	%	(1.3)	%
Low income housing tax credits	(1.5)	%	(0.7)	%	(1.5)	%
Bank owned life insurance	(0.2)	%	(0.2)	%	(0.3)	%
Other	0.5	%	0.7	%	0.8	%
Effective Tax Rate	19.0	%	19.8	%	18.7	%

Schedule of Significant Components of Temporary Differences

The following table presents significant components of our temporary differences as of the dates presented:

	December 31,
(dollars in thousands)	2023		2022
Deferred Tax Assets:
Allowance for loan losses and other reserves	$	24,465	$	23,421
Net unrealized holding losses on securities available-for-sale	17,452		21,843
Lease liabilities	10,572		10,767
State net operating loss carryforwards	3,464		5,924
Net unrealized losses on interest rate swaps	3,137		4,562
Cumulative adjustment to funded status of pension	3,987		4,029
Low income housing partnerships and other investments	174		2,692
Other employee benefits	3,740		4,181
Capital loss carryforward	2,092		2
Other	1,202		549
Deferred Tax Assets	70,285		77,970
Less: Valuation allowance	(3,464)		(5,924)
Total Deferred Tax Assets	66,821		72,046
Deferred Tax Liabilities:
Right-of-use lease assets	(9,127)		(9,385)
Deferred loan income, net	(4,633)		(4,533)
Prepaid pension	(3,360)		(3,706)
Purchase accounting adjustments	(1,823)		(1,945)
Depreciation on premises and equipment	(1,182)		(629)
Other	(1,428)		(240)
Total Deferred Tax liabilities	(21,553)		(20,438)
Net Deferred Tax Asset	$	45,268	$	51,608

Schedule of Reconciliation of Change in Federal and State Gross Unrecognized Tax Benefits

The following table reconciles the change in Federal and State gross unrecognized tax benefits, or UTB, for the years ended December 31:

(dollars in thousands)	2023		2022		2021
Balance at beginning of year	$	1,648	$	1,331	$	1,277
Prior period tax positions	(434)		—		—
Current period tax positions	726		317		54
Balance at End of Year	$	1,940	$	1,648	$	1,331
Amount That Would Affect the Effective Tax Rate if Recognized	$	1,551	$	1,148	$	1,069