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Income Taxes
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2024 and 2023:
For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
(In thousands)
Current:
Federal$24,769 $27,458 $48,626 $52,197 
State5,042 5,590 9,899 10,627 
Total current29,811 33,048 58,525 62,824 
Deferred:
Federal1,720 (1,190)3,024 (1,043)
State350 (242)616 (212)
Total deferred2,070 (1,432)3,640 (1,255)
Income tax expense$31,881 $31,616 $62,165 $61,569 
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Statutory federal income tax rate21.00 %21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.24)(0.70)(0.84)(0.74)
Stock compensation0.78 0.18 0.56 0.28 
State income taxes, net of federal benefit2.47 2.70 2.64 2.60 
Executive officer compensation & other0.89 (0.08)0.20 (0.32)
Effective income tax rate23.90 %23.10 %23.56 %22.82 %
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:
June 30,
2024		December 31,
2023
(In thousands)
Deferred tax assets:
Allowance for credit losses$82,359 $81,251 
Deferred compensation6,034 7,619 
Stock compensation5,258 6,803 
Non-accrual interest income1,627 1,463 
Real estate owned70 79 
Unrealized loss on investment securities, available-for-sale83,938 81,493 
Loan discounts4,117 5,119 
Investments23,925 25,789 
Other19,431 14,691 
Gross deferred tax assets226,759 224,307 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment288 1,477 
Tax basis on acquisitions5,814 4,061 
Core deposit intangibles10,073 11,021 
FHLB dividends2,677 2,351 
Other12,866 8,233 
Gross deferred tax liabilities31,718 27,143 
Net deferred tax assets$195,041 $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.