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Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Summary of Components of Provision (Benefit) for Income Taxes | The following is a summary of the components of the provision for income taxes for the three and nine months ended September 30, 2024 and 2023:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Current: |  |  |  |  |  |  |
Federal | $ | 26,586 |  |  | $ | 23,861 |  |  | $ | 75,213 |  |  | $ | 76,059 |
State | 5,412 |  |  | 4,858 |  |  | 15,312 |  |  | 15,484 |
Total current | 31,998 |  |  | 28,719 |  |  | 90,525 |  |  | 91,543 |
Deferred: |  |  |  |  |  |  |
Federal | (2,453) |  |  | 1,758 |  |  | 570 |  |  | 715 |
State | (499) |  |  | 358 |  |  | 116 |  |  | 146 |
Total deferred | (2,952) |  |  | 2,116 |  |  | 686 |  |  | 861 |
Income tax expense | $ | 29,046 |  |  | $ | 30,835 |  |  | $ | 91,211 |  |  | $ | 92,404 |
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 three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Statutory federal income tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Effect of non-taxable interest income | (1.28) |  |  | (0.64) |  |  | (0.98) |  |  | (0.71) |
Stock compensation | 0.58 |  |  | 0.29 |  |  | 0.57 |  |  | 0.29 |
State income taxes, net of federal benefit | 2.45 |  |  | 2.73 |  |  | 2.57 |  |  | 2.64 |
Executive officer compensation & other | (0.25) |  |  | 0.47 |  |  | 0.06 |  |  | (0.07) |
Effective income tax rate | 22.50 | % |  | 23.85 | % |  | 23.22 | % |  | 23.15 | %
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:
| September 30, 2024 |  | December 31, 2023
| (In thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 86,628 |  |  | $ | 81,251 |
Deferred compensation | 6,448 |  |  | 7,619 |
Stock compensation | 5,344 |  |  | 6,803 |
Non-accrual interest income | 1,786 |  |  | 1,463 |
Real estate owned | 70 |  |  | 79 |
Unrealized loss on investment securities, available-for-sale | 62,211 |  |  | 81,493 |
Loan discounts | 3,689 |  |  | 5,119 |
Investments | 23,580 |  |  | 25,789 |
Other | 19,084 |  |  | 14,691 |
Gross deferred tax assets | 208,840 |  |  | 224,307 |
Deferred tax liabilities: |  |  |
Accelerated depreciation on premises and equipment | — |  |  | 1,477 |
Tax basis on acquisitions | 6,691 |  |  | 4,061 |
Core deposit intangibles | 9,610 |  |  | 11,021 |
FHLB dividends | 2,835 |  |  | 2,351 |
Other | 13,075 |  |  | 8,233 |
Gross deferred tax liabilities | 32,211 |  |  | 27,143 |
Net deferred tax assets | $ | 176,629 |  |  | $ | 197,164 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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