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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense are as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Current |  | $ | 130,663 |  |  | $ | 107,823 |  |  | $ | 135,611 |
Deferred |  |  | 2,616 |  |  |  | 7,321 |  |  |  | 6,046 |
Total |  | $ | 133,279 |  |  | $ | 115,144 |  |  | $ | 141,657 |
Schedule of Income Tax Reconciliation | The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 21% for 2024, 2023 and 2022 to income before income taxes as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Taxes calculated at statutory rate |  | $ | 128,660 |  |  | $ | 112,241 |  |  | $ | 139,901 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
Excess FMV on restricted stock vesting |  |  | 245 |  |  |  | 17 |  |  |  | 9 |
Certain compensation >$1 million |  |  | 877 |  |  |  | 887 |  |  |  | 948 |
Nondeductible compensation |  |  | 945 |  |  |  | 845 |  |  |  | 945 |
Tax-exempt interest |  |  | (1,725 | ) |  |  | (1,718 | ) |  |  | (1,625 | )
Qualified School Construction Bond credit |  |  | (969 | ) |  |  | (1,255 | ) |  |  | (1,288 | )
Nontaxable death benefits |  |  | (23 | ) |  |  | (424 | ) |  |  | (215 | )
BOLI income |  |  | (1,676 | ) |  |  | (1,397 | ) |  |  | (1,075 | )
State tax, net |  |  | 2,425 |  |  |  | 1,889 |  |  |  | 2,315 |
Other, net |  |  | 4,520 |  |  |  | 4,059 |  |  |  | 1,742 |
Total |  | $ | 133,279 |  |  | $ | 115,144 |  |  | $ | 141,657 |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred taxes are presented in the table below. Deferred taxes as of December 31, 2024 and 2023 are based on the U.S. statutory federal corporate income tax rate of 21%.
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Deferred tax assets: |  |  |  |  |  |
Allowance for credit losses |  | $ | 63,166 |  |  | $ | 69,796 |
CECL unfunded loans |  |  | 7,906 |  |  |  | 7,665 |
Loan purchase discounts |  |  | 7,466 |  |  |  | 5,927 |
Restricted stock |  |  | 4,905 |  |  |  | 6,643 |
Securities |  |  | 3,961 |  |  |  | 3,368 |
Deferred compensation |  |  | 1,892 |  |  |  | 2,022 |
Accrued liabilities |  |  | 1,068 |  |  |  | 2,059 |
Unrealized loss on available for sale securities |  |  | 432 |  |  |  | 372 |
Certificates of Deposit |  |  | 32 |  |  |  | 51 |
Other |  |  | 2,803 |  |  |  | 30 |
Total deferred tax assets |  |  | 93,631 |  |  |  | 97,933 |
Deferred tax liabilities: |  |  |  |  |  |
Goodwill and core deposit intangibles |  |  | (42,838 | ) |  |  | (41,421 | )
Deferred loan fees and costs |  |  | (11,822 | ) |  |  | (12,245 | )
Bank premises and equipment |  |  | (5,109 | ) |  |  | (7,018 | )
Prepaid expenses |  |  | (1,607 | ) |  |  | (1,592 | )
Other |  |  | (20 | ) |  |  | (20 | )
Total deferred tax liabilities |  |  | (61,396 | ) |  |  | (62,296 | )
Net deferred tax assets |  | $ | 32,235 |  |  | $ | 35,637 |

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