Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Tax Expense

The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (in thousands):

	Year Ended December 31,
	2022			2021		2020
Current federal income tax	$	50,429		$	40,527	$	45,133
Current state income tax		175			350		447
Deferred federal income tax expense (benefit)		(4,205	)		3,531		(5,249	)
Income tax expense	$	46,399		$	44,408	$	40,331

Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate

Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows:

	As a Percent of Pretax Earnings
	2022			2021			2020
Statutory federal income tax rate		21.0	%		21.0	%		21.0	%
Reductions in tax rate resulting from interest income    exempt from federal income tax		(4.4	)		(4.7	)		(4.6	)
Other		(0.1	)		0.0			0.2
Effective income tax rate		16.5	%		16.3	%		16.6	%

Schedule of Deferred Tax Assets and Liabilities

The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows (in thousands):

	2022		2021
Deferred tax assets:
Tax basis of loans in excess of financial statement basis	$	19,474	$	15,607
Recognized for financial reporting purposes but not yet    for tax purposes - deferred compensation		3,303		2,933
Net unrealized loss on investment securities available-for-    sale		142,276		—
Other deferred tax assets		1,038		831
Total deferred tax assets	$	166,091	$	19,371
Deferred tax liabilities:
Financial statement basis of fixed assets in excess of tax    basis	$	6,019	$	6,178
Intangible asset amortization deductible for tax purposes,    but not for financial reporting purposes		13,866		13,594
Recognized for financial reporting purposes but not yet    for tax purposes - accretion on investment securities		644		499
Net unrealized gain on investment securities available-for-    sale		—		26,384
Other deferred tax liabilities		51		69
Total deferred tax liabilities	$	20,580	$	46,724
Net deferred tax asset (liability)	$	145,511	$	(27,353	)