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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following is a summary of the components of the provision for income taxes for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
(In thousands)
Current:   
Federal$99,938 $72,367 $70,536 
State23,093 14,733 23,350 
Total current123,031 87,100 93,886 
Deferred:
Federal(3,312)1,839 2,906 
State(765)374 962 
Total deferred(4,077)2,213 3,868 
Income tax expense$118,954 $89,313 $97,754 
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
202320222021
Statutory federal income tax rate21.00 %21.00 %21.00 %
Effect of non-taxable interest income(0.68)(1.89)(1.03)
Stock compensation0.28 0.38 0.25 
State income taxes, net of federal benefit2.97 2.70 3.97 
Other(0.33)0.45 (0.74)
Effective income tax rate23.24 %22.64 %23.45 %
The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows:
December 31, 2023December 31, 2022
(In thousands)
Deferred tax assets:
Allowance for credit losses$81,251 $80,232 
Deferred compensation7,619 7,817 
Stock compensation6,803 6,180 
Non-accrual interest income1,463 1,518 
Real estate owned79 103 
Unrealized loss on Securities AFS82,613 98,587 
Loan discounts5,119 7,007 
Tax basis on acquisitions
— 1,222 
Investments24,669 28,523 
Other14,691 8,007 
Gross deferred tax assets224,307 239,196 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment
1,477 4,252 
Tax basis on acquisitions
4,061 — 
Core deposit intangibles11,021 14,755 
FHLB dividends2,351 2,681 
Other8,233 8,187 
Gross deferred tax liabilities27,143 29,875 
Net deferred tax assets$197,164 $209,321 
The Company files income tax returns in the U.S. federal jurisdiction. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2019. The Company’s income tax returns are open and subject to examinations from the 2020 tax year and forward.
The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in other non-interest expense. During the years ended December 31, 2023, 2022 and 2021, the Company did not recognize any significant interest or penalties.