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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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