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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | 10. INCOME TAXES 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 |
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 |
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 |
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and estimates of future taxable income over the periods for which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences at December 31, 2024. Benefits from tax positions are recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold are recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold are derecognized in the first subsequent financial reporting period in which that threshold is no longer met. The Company had no tax positions at December 31, 2024 or December 31, 2023 that did not meet the more-likely-than not recognition threshold. FASB ASC Topic 740 “Income Taxes” also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The Company’s policy for recording interest and penalties associated with audits is to record such items as a component of income before taxes. Penalties are recorded in other (gains) losses and interest paid or received is recorded in interest expense or interest income, respectively, in the consolidated statement of income. As of December 31, 2024 and 2023, the Company has not accrued any interest and penalties related to unrecognized tax benefits. The Company has identified its federal tax return and its state tax returns in Texas, Oklahoma, Colorado, New Mexico and New York as “major” tax jurisdictions, as defined. The Bank has identified its state returns in Arkansas, Florida, Georgia, Idaho, North Carolina, Pennsylvania, Tennessee and Washington as “major” tax jurisdictions, as defined. The periods subject to examination for the Company’s federal return are the 2021 through 2024 tax years. The Company has assumed net operating loss carryforwards, “acquired NOLs”, through its previous acquisitions. The tax periods of the acquired entities from which these acquired NOLs originated are considered open years for purposes of adjusting the amount of the acquired NOLs used in the Company’s open years. As of December 31, 2024, the Company has fully utilized all acquired NOLs.

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