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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The following is a summary of the components of the provision for income taxes for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 92,995 |  |  | $ | 99,938 |  |  | $ | 72,367 |
State | 18,802 |  |  | 23,093 |  |  | 14,733 |
Total current | 111,797 |  |  | 123,031 |  |  | 87,100 |
Deferred: |  |  |  |  |
Federal | 6,907 |  |  | (3,312) |  |  | 1,839 |
State | 1,397 |  |  | (765) |  |  | 374 |
Total deferred | 8,304 |  |  | (4,077) |  |  | 2,213 |
Income tax expense | $ | 120,101 |  |  | $ | 118,954 |  |  | $ | 89,313 |
The reconciliation between the statutory federal income tax rate and effective income tax rate is as follows for the years ended December 31, 2024, 2023 and 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Effect of non-taxable interest income | (1.06) |  |  | (0.68) |  |  | (1.89) |
Stock compensation | 0.56 |  |  | 0.28 |  |  | 0.38 |
State income taxes, net of federal benefit | 2.22 |  |  | 2.97 |  |  | 2.70 |
Other | 0.27 |  |  | (0.33) |  |  | 0.45 |
Effective income tax rate | 22.99 | % |  | 23.24 | % |  | 22.64 | %
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:
| December 31, 2024 |  | December 31, 2023
| (In thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 76,221 |  |  | $ | 81,251 |
Deferred compensation | 6,783 |  |  | 7,619 |
Stock compensation | 4,981 |  |  | 6,803 |
Non-accrual interest income | 1,798 |  |  | 1,463 |
Real estate owned | 674 |  |  | 79 |
Unrealized loss on Securities AFS | 79,847 |  |  | 82,613 |
Loan discounts | 3,323 |  |  | 5,119 |
Investments | 26,042 |  |  | 24,669 |
Accelerated depreciation on premises and equipment | 664 |  |  | — |
Other | 14,634 |  |  | 14,691 |
Gross deferred tax assets | 214,967 |  |  | 224,307 |
Deferred tax liabilities: |  |  |
Accelerated depreciation on premises and equipment | — |  |  | 1,477 |
Tax basis on acquisitions | 7,439 |  |  | 4,061 |
Core deposit intangibles | 8,997 |  |  | 11,021 |
FHLB dividends | 1,919 |  |  | 2,351 |
Other | 9,915 |  |  | 8,233 |
Gross deferred tax liabilities | 28,270 |  |  | 27,143 |
Net deferred tax assets | $ | 186,697 |  |  | $ | 197,164 |
The Company files income tax returns in the U.S. federal jurisdiction. The Company is no longer subject to U.S. federal and state tax examinations by tax authorities for years before 2020. The Company’s income tax returns are open and subject to examinations from the 2021 tax year and forward. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in other non-interest expense. During the years ended December 31, 2024, 2023 and 2022, the Company did not recognize any significant interest or penalties.

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