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Income Taxes | 9 Months Ended
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Sep. 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 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 |
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 | %
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 |
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.

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