Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

The components of income taxes are as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021

Current tax provision	$	27,070	$	33,876	$	26,872
Deferred tax expense (benefit)	(1,017)		2,747		5,422
Total provision for income taxes	$	26,053	$	36,623	$	32,294

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)	2023		2022		2021
Federal income tax, at statutory rates	$	23,266	$	30,238	$	26,740
Increase (deduction) in taxes resulting from:
Tax-exempt income	(2,038)		(2,085)		(1,114)


State income tax, net of federal income tax effect	3,913		6,942		6,176

Excess tax (benefits) expense from employee share-based payments	(129)		(69)		89
Non-deductible expenses	751		1,524		—
Other, net	290		73		403
Provision for income taxes	$	26,053	$	36,623	$	32,294

The net deferred tax asset consisted of the following.


	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	22,422	$	21,198
Stock based compensation plans	1,706		1,506
Purchase accounting fair market value adjustments	206		1,111
Non-accrued interest	599		470
Deferred compensation	3,426		3,371
Loss on equity securities	462		511
Depreciation and amortization	37		—
Federal net operating loss carryforward	2,065		3,264
State tax net operating loss carryforward	2,701		1,017
Unrealized loss on investment securities	23,135		26,756

Other, net	369		531
Gross deferred tax assets	57,128		59,735
Deferred tax liabilities:
Core deposit intangible from acquired companies	1,984		2,595
Undistributed income from subsidiary not consolidated for tax return purposes (REIT)	1,535		1,097
Deferred loan costs	4,424		3,496
Depreciation and amortization	—		690
Prepaid expenses	906		970





Other	1,104		1,108
Gross deferred tax liabilities	9,953		9,956
Net deferred tax assets	$	47,175	$	49,779