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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,
202420232022
(In thousands)
Current:   
Federal$92,995 $99,938 $72,367 
State18,802 23,093 14,733 
Total current111,797 123,031 87,100 
Deferred:
Federal6,907 (3,312)1,839 
State1,397 (765)374 
Total deferred8,304 (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,
202420232022
Statutory federal income tax rate21.00 %21.00 %21.00 %
Effect of non-taxable interest income(1.06)(0.68)(1.89)
Stock compensation0.56 0.28 0.38 
State income taxes, net of federal benefit2.22 2.97 2.70 
Other0.27 (0.33)0.45 
Effective income tax rate22.99 %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, 2024December 31, 2023
(In thousands)
Deferred tax assets:
Allowance for credit losses$76,221 $81,251 
Deferred compensation6,783 7,619 
Stock compensation4,981 6,803 
Non-accrual interest income1,798 1,463 
Real estate owned674 79 
Unrealized loss on Securities AFS79,847 82,613 
Loan discounts3,323 5,119 
Investments26,042 24,669 
Accelerated depreciation on premises and equipment664 — 
Other14,634 14,691 
Gross deferred tax assets214,967 224,307 
Deferred tax liabilities:
Accelerated depreciation on premises and equipment
— 1,477 
Tax basis on acquisitions
7,439 4,061 
Core deposit intangibles8,997 11,021 
FHLB dividends1,919 2,351 
Other9,915 8,233 
Gross deferred tax liabilities28,270 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.