Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

The components of income taxes are as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020

Current tax provision	$	33,876	$	26,872	$	24,022
Deferred tax expense (benefit)	2,747		5,422		(6,763)
Total provision for income taxes	$	36,623	$	32,294	$	17,259

The income tax provision reconciled to the income taxes that would have been computed at the statutory federal rate of 21% as follows.


	Years Ended December 31,
(in thousands)	2022		2021		2020
Federal income tax, at statutory rates	$	30,238	$	26,740	$	15,703
Increase (deduction) in taxes resulting from:
Tax-exempt income	(2,085)		(1,114)		(961)


State income tax, net of federal income tax effect	6,942		6,176		2,178

Excess tax (benefits) expense from employee share-based payments	(69)		89		132
Non-deductible expenses	1,524		—		—
Other, net	73		403		207
Provision for income taxes	$	36,623	$	32,294	$	17,259

The net deferred tax asset consisted of the following.


	December 31,
(in thousands)	2022		2021
Deferred tax assets:
Allowance for credit losses	$	21,198	$	17,837
Stock based compensation plans	1,506		1,446
Purchase accounting fair market value adjustments	1,111		1,487
Non-accrued interest	470		504
Deferred compensation	3,371		2,796
Loss on equity securities	511		136

Federal net operating loss carryforward	3,264		303
State tax net operating loss carryforward	1,017		—
Unrealized loss on investment securities	26,756		—

Other, net	531		514
Gross deferred tax assets	59,735		25,023
Deferred tax liabilities:
Core deposit intangible from acquired companies	2,595		705
Undistributed income from subsidiary not consolidated for tax return purposes (REIT)	1,097		903
Deferred loan costs	3,496		2,150
Depreciation and amortization	690		1,660
Prepaid expenses	970		824



Unrealized gain on investment securities	—		1,228

Other	1,108		235
Gross deferred tax liabilities	9,956		7,705
Net deferred tax assets	$	49,779	$	17,318