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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The effective income tax rate was 21.8% for the second quarter of 2025, compared with 23.3% for the second quarter of 2024. For the six months ended June 30, the effective tax rates were 24.9% in 2025 and 23.9% in 2024. The tax rates during these periods were increased by the nondeductibility of certain Federal Deposit Insurance Corporation (“FDIC”) premiums, specific executive compensation, and other fringe benefits. While the FDIC insurance premiums are not deductible for tax purposes, FDIC special assessments are tax deductible. Conversely, the tax rates were reduced by nontaxable municipal interest income and nontaxable income from certain bank-owned life insurance policies. The tax rates for the three and six months ended June 30, 2025 were further impacted by the enactment of new state tax legislation across multiple jurisdictions. These legislative changes required a revaluation of our net deferred tax asset (“DTA”), which primarily arises from unrealized losses in AOCI on certain securities. At June 30, 2025 and December 31, 2024, our net DTA totaled $803 million and $904 million, respectively. The net DTA or deferred tax liability (“DTL”) is included in either “Other assets” or “Other liabilities,” respectively, on the consolidated balance sheet. We regularly evaluate DTAs to determine whether a valuation allowance is required, applying a “more-likely-than-not” threshold for realization. Based on this evaluation, management concluded that no valuation allowance was required at both June 30, 2025 and December 31, 2024.

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