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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Components of Provision for 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,
			2023						2022						2021
			(In thousands)
Current:
Federal			$	99,938					$	72,367					$	70,536
State			23,093						14,733						23,350
Total current			123,031						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

Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate

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,
			2023						2022						2021
Statutory federal income tax rate			21.00		%				21.00		%				21.00		%
Effect of non-taxable interest income			(0.68)						(1.89)						(1.03)
Stock compensation			0.28						0.38						0.25
State income taxes, net of federal benefit			2.97						2.70						3.97
Other			(0.33)						0.45						(0.74)
Effective income tax rate			23.24		%				22.64		%				23.45		%

Differences between Tax Basis of Assets and Liabilities

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, 2023						December 31, 2022
			(In thousands)
Deferred tax assets:
Allowance for credit losses			$	81,251					$	80,232
Deferred compensation			7,619						7,817
Stock compensation			6,803						6,180
Non-accrual interest income			1,463						1,518
Real estate owned			79						103
Unrealized loss on Securities AFS			82,613						98,587
Loan discounts			5,119						7,007
Tax basis on acquisitions			—						1,222
Investments			24,669						28,523
Other			14,691						8,007
Gross deferred tax assets			224,307						239,196
Deferred tax liabilities:
Accelerated depreciation on premises and equipment			1,477						4,252
Tax basis on acquisitions			4,061						—
Core deposit intangibles			11,021						14,755
FHLB dividends			2,351						2,681
Other			8,233						8,187
Gross deferred tax liabilities			27,143						29,875
Net deferred tax assets			$	197,164					$	209,321

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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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-Topic 740
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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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