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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Components of Provision for 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 |
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 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 | %
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:
| 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 |

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