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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Tax Expense | 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 | %
Income Tax Computed by Applying U.S. Federal Statutory Income Tax Rate | 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 |
Schedule of Deferred Tax Assets and Liabilities | 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 |

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