Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation from Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliation from the federal statutory income tax rate to the effective tax rate is as follows:

	For the Years Ended December 31,
	2023			2022			2021
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
Net tax-exempt interest income on securities and loans of state and    political subdivisions		(3.1	)		(2.6	)		(1.8	)
State income taxes, net of federal tax effect		3.0			3.1			2.3
Bank-owned life insurance		(1.2	)		(1.0	)		(0.6	)
General business credits		(3.9	)		(3.0	)		(1.9	)
All other—net		2.3			1.2			0.7
Effective tax rate		18.1	%		18.7	%		19.7	%

Provision for Income Taxes Applicable to Income Before Taxes

The provision for income taxes applicable to income before taxes consists of the following:

	For the Years Ended December 31,
(in thousands)	2023			2022		2021
Current:
Federal	$	31,935		$	31,560	$	33,042
State		6,763			8,239		7,655
Deferred:
Federal		(4,328	)		3,560		17,679
State		647			929		1,213
Total	$	35,017		$	44,288	$	59,589

Schedule of Income Tax Amounts were Recorded in Shareholder's Equity as Elements of Other Comprehensive Income

The following income tax amounts were recorded in shareholders’ equity as elements of other comprehensive income:

(in thousands)	2023		2022			2021
Securities and defined benefit pension plan unrecognized items	$	12,369	$	(82,295	)	$	(11,322	)

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:

	December 31,
(in thousands)	2023			2022			2021
Deferred tax assets:
Allowance for credit losses	$	31,571		$	28,535		$	29,208
Compensation and benefits		—			—			1,154
Security gains		1,320			1,472			1,565
Non-accrual interest income		833			848			766
Partnership adjustments		553			338			—
Net operating loss carryforwards		4,709			5,685			6,480
Fair value adjustments on securities available-for-sale		72,932			83,734			1,484
Lease accrual		11,178			10,410			11,399
Other		3,963			3,732			4,617
Gross deferred tax assets		127,059			134,754			56,673
Deferred tax liabilities:
Depreciation and amortization		(5,366	)		(4,786	)		(3,748	)
Accretion on securities		(577	)		(383	)		(251	)
Deferred fees and costs		(4,107	)		(3,289	)		(2,368	)
Purchase accounting adjustments		(8,398	)		(9,594	)		(9,996	)
Compensation and benefits		—			(47	)		—
Partnership adjustments		(1,818	)		—			(127	)
Lease - right of use assets		(10,173	)		(9,391	)		(10,342	)
Other		(197	)		(763	)		(1,144	)
Gross deferred tax liabilities		(30,636	)		(28,253	)		(27,976	)
Net deferred tax assets	$	96,423		$	106,501		$	28,697

Schedule of Unrecognized Tax Benefits (Excluding Interest and Federal Income Tax Benefit of Unrecognized State Tax Benefits)

A reconciliation of the beginning and ending amount of unrecognized tax benefits (excluding interest and the federal income tax benefit of unrecognized state tax benefits) is as follows:

	For the Years Ended December 31,
(in thousands)	2023			2022			2021
Balance at beginning of year	$	158		$	226		$	324
Additions based on tax positions related to the current year		20			—			3
Reductions due to the statute of limitations		(120	)		(68	)		(101	)
Balance at end of year	$	58		$	158		$	226