Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	2023		2022
Allowance for credit losses	$	4,553	$	4,102
Deferred compensation payable	3,336		3,279
Accrued expenses	2,575		1,265
Unrealized securities losses	33,524		40,380
Other	8,602		6,012
Total Deferred Tax Assets	52,590		55,038
Goodwill and other intangible assets	4,180		4,284
Other	6,194		5,870
Total Deferred Tax Liabilities	10,374		10,154
Net Deferred Tax Assets/(Liabilities)	$	42,216	$	44,884

Summary Of Income Tax Expense

Significant components of the provision for income taxes are as follows (in thousands): 

	2023		2022		2021
Current:
Federal	$	27,156	$	20,481	$	17,248
State	4,349		3,313		3,681
Total current tax expense	31,505		23,794		20,929
Total deferred tax expense	(2,764)		1,469		2,185
Income tax expense	$	28,741	$	25,263	$	23,114

Reconciliation Of The Significant Differences Between The Federal Statutory Income Tax Rate And Effective Income Tax Rate

A reconciliation of the significant differences between the federal statutory income tax rate and the Company’s effective income tax rate is as follows (in thousands):

	2023			2022			2021
Computed federal taxes at statutory rate	$	30,052		$	26,740		$	23,351
State income taxes, net of federal tax benefit	3,225			2,871			3,124
Tax effects of:
Tax-exempt interest income	(925)			(1,142)			(1,177)
Bank-owned life insurance	(1,268)			(1,167)			(818)
Income tax credits	(2,747)			(1,904)			(1,449)
Other items, net	404			(135)			83
Income tax expense	$	28,741		$	25,263		$	23,114
Effective tax rate	20.1		%	19.8		%	20.8		%

Reconciliation Of The Unrecognized Tax Benefits Rollforward

A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands):

	2023		2022
Beginning balance	$	1,619	$	1,846
Additions for current year tax positions	230		351
Decreases for prior year tax positions	(44)		(17)
Decreases related to lapse of applicable statute of limitation	(549)		(561)
Ending balance	$	1,256	$	1,619