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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Section 50
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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