Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes is as follows:


	For the Year Ended December 31,
(In thousands)	2023		2022		2021
Current
Federal	$	14,716	$	2,770	$	23,661
State	6,061		(1,266)		3,882

Deferred
Federal	9,524		23,710		6,800
State	(82)		6,415		(8)
	$	30,219	$	31,629	$	34,335

Schedule of Effective Income Tax Rate Reconciliation

The difference between the total expected tax expense (computed by applying the U.S. Federal tax rate of 21% to pretax income) and the reported income tax provision relating to income before income taxes is as follows:


	For the Year Ended December 31,
(In thousands)	2023		2022		2021
Tax rate applied to income before income taxes	$	28,193	$	29,009	$	33,335
Increase (decrease) resulting from the effects of:

Nondeductible acquisition costs	300		924		419
Tax exempt interest on loans and securities	(639)		(406)		(414)
Income from bank owned life insurance	(2,217)		(935)		(862)
State income taxes	(1,256)		(1,081)		(813)
Tax credit investments	(402)		(406)		(213)
Stock compensation	(446)		(992)		(1,239)
Executive compensation disallowance	638		402		253
Other	69		(36)		(5)
Federal tax provision	24,240		26,479		30,461
State tax provision	5,979		5,150		3,874
Total income tax provision	$	30,219	$	31,629	$	34,335

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company's deferred tax assets and liabilities as of:


	December 31,
(In thousands)	2023		2022
Allowance for credit losses	$	40,710	$	31,097

Other real estate owned	91		591
Accrued stock compensation	4,556		2,931
Federal tax loss carryforward	2,660		3,150
State tax loss carryforward	1,084		1,117
Lease liabilities	12,811		12,868
Net unrealized securities losses	50,817		59,392
Deferred compensation	2,828		2,766
Accrued interest and fee income	34,665		16,035
Other	7,027		1,755
Gross deferred tax assets	157,249		131,702
Less: Valuation allowance	—		—
Deferred tax assets net of valuation allowance	157,249		131,702

Core deposit intangible	(24,301)		(18,767)

Net unrealized derivatives gains	(670)		—
Premises and equipment	(1,771)		(2,214)
Right of use assets	(11,854)		(12,039)
Other	(5,421)		(4,225)
Gross deferred tax liabilities	(44,017)		(37,245)
Net deferred tax assets	$	113,232	$	94,457

Summary of Income Tax Examinations

The following are the major tax jurisdictions in which the Company operates and the earliest tax year, exclusive of the impact of the net operating loss carryforwards, subject to examination:


Jurisdiction			Tax Year
United States of America			2020
Florida			2020