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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income tax expense was as follows:
| 2024 |  | 2023 |  | 2022
Current income tax expense | $ | 125,025 |  |  | $ | 129,229 |  |  | $ | 94,595 |
Deferred income tax expense (benefit) | (11,600) |  |  | (14,829) |  |  | (4,918) |
Income tax expense, as reported | $ | 113,425 |  |  | $ | 114,400 |  |  | $ | 89,677 |
Effective tax rate | 16.3 | % |  | 16.1 | % |  | 13.4 | %
A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes is presented in the following table.
| 2024 |  | 2023 |  | 2022
Income tax expense computed at the statutory rate | $ | 146,153 |  |  | $ | 149,598 |  |  | $ | 140,454 |
Effect of tax-exempt interest | (38,498) |  |  | (43,114) |  |  | (50,602) |
Net tax benefit from stock-based compensation | (3,795) |  |  | (894) |  |  | (4,602) |
Tax benefit on dividends paid in our 401k plan | (2,281) |  |  | (2,135) |  |  | (1,854) |
Non-deductible FDIC premiums | 5,943 |  |  | 5,263 |  |  | 3,277 |
Non-deductible meals and entertainment | 1,861 |  |  | 1,692 |  |  | 683 |
Non-deductible compensation | 1,629 |  |  | 2,591 |  |  | 2,250 |
Other | 2,413 |  |  | 1,399 |  |  | 71 |
Income tax expense, as reported | $ | 113,425 |  |  | $ | 114,400 |  |  | $ | 89,677 |
There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of income tax expense. Such amounts were not significant during the reported periods. Year-end deferred taxes are presented in the table below. Deferred taxes are based on the U.S. statutory federal income tax rate of 21%.
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net unrealized loss on securities available for sale and transferred securities | $ | 327,184 |  |  | $ | 291,023 |
Allowance for credit losses | 67,697 |  |  | 62,592 |
Lease liabilities under operating leases | 64,691 |  |  | 66,442 |
Bonus accrual | 13,753 |  |  | 9,680 |
FDIC deposit insurance special assessment | 8,647 |  |  | 9,468 |
Stock-based compensation | 6,321 |  |  | 7,712 |
Net actuarial loss on defined benefit post-retirement benefit plans | 5,630 |  |  | 6,493 |
Deferred loan and lease origination fees | 3,990 |  |  | 4,129 |
Other | 6,496 |  |  | 5,892 |
Total gross deferred tax assets | 504,409 |  |  | 463,431 |
Deferred tax liabilities: |  |  |
Right-of-use assets under operating leases | (56,759) |  |  | (58,905) |
Premises and equipment | (38,352) |  |  | (42,640) |
Intangible assets | (18,048) |  |  | (18,106) |
Defined benefit post-retirement benefit plans | (13,591) |  |  | (13,073) |
Other | (2,422) |  |  | (2,368) |
Total gross deferred tax liabilities | (129,172) |  |  | (135,092) |
Net deferred tax asset (liability) | $ | 375,237 |  |  | $ | 328,339 |
No valuation allowance for deferred tax assets was recorded at December 31, 2024 and 2023 as management believes it is more likely than not that all of the deferred tax assets will be realized against deferred tax liabilities and projected future taxable income. There were no unrecognized tax benefits during any of the reported periods. We file income tax returns in the U.S. federal jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2021.

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