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Income Taxes
 9 Months Ended
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,
2024202320242023
(In thousands)
Current:
Federal$26,586 $23,861 $75,213 $76,059 
State5,412 4,858 15,312 15,484 
Total current31,998 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,
2024202320242023
Statutory federal income tax rate21.00 %21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.28)(0.64)(0.98)(0.71)
Stock compensation0.58 0.29 0.57 0.29 
State income taxes, net of federal benefit2.45 2.73 2.57 2.64 
Executive officer compensation & other(0.25)0.47 0.06 (0.07)
Effective income tax rate22.50 %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 compensation6,448 7,619 
Stock compensation5,344 6,803 
Non-accrual interest income1,786 1,463 
Real estate owned70 79 
Unrealized loss on investment securities, available-for-sale62,211 81,493 
Loan discounts3,689 5,119 
Investments23,580 25,789 
Other19,084 14,691 
Gross deferred tax assets208,840 224,307 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment— 1,477 
Tax basis on acquisitions6,691 4,061 
Core deposit intangibles9,610 11,021 
FHLB dividends2,835 2,351 
Other13,075 8,233 
Gross deferred tax liabilities32,211 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.