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Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
12. Income Taxes
The following is a summary of the components of the provision for income taxes for the three months ended March 31, 2024 and 2023:
For the Three Months Ended March 31,
20242023
(In thousands)
Current:
Federal$23,327 $24,740 
State5,390 5,037 
Total current28,717 29,777 
Deferred:
Federal1,273 146 
State294 30 
Total deferred1,567 176 
Income tax expense$30,284 $29,953 
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
Statutory federal income tax rate21.00 %21.00 %
Effect of non-taxable interest income(0.43)(0.78)
Stock compensation0.35 0.39 
State income taxes, net of federal benefit2.81 2.49 
Executive officer compensation & other(0.51)(0.56)
Effective income tax rate23.22 %22.54 %
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:
March 31,
2024		December 31,
2023
(In thousands)
Deferred tax assets:
Allowance for credit losses$81,487 $81,251 
Deferred compensation4,969 7,619 
Stock compensation6,611 6,803 
Non-accrual interest income1,641 1,463 
Real estate owned70 79 
Unrealized loss on investment securities, available-for-sale88,778 81,493 
Loan discounts4,519 5,119 
Investments27,185 25,789 
Other19,531 14,691 
Gross deferred tax assets234,791 224,307 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment1,275 1,477 
Tax basis on acquisitions4,937 4,061 
Core deposit intangibles10,547 11,021 
FHLB dividends2,522 2,351 
Other12,628 8,233 
Gross deferred tax liabilities31,909 27,143 
Net deferred tax assets$202,882 $197,164 
The Company files income tax returns in the U.S. federal jurisdiction. The Company's income tax returns are open and subject to examinations from the 2020 tax year and forward. The Company's various state income tax returns are generally open from the 2020 and later tax return years based on individual state statute of limitations.