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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes In July 2025, the United States enacted the One Big Beautiful Bill Act, which extends certain provisions of the Tax Cuts and Jobs Act of 2017 in addition to other changes. The Company continues to evaluate the impact the new legislation will have on the Company’s consolidated financial statements. The following is a summary of the components of the provision for income taxes for the three and nine months ended September 30, 2025 and 2024:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In thousands)
Current: |  |  |  |  |  |  |
Federal | $ | 27,861 |  |  | $ | 26,586 |  |  | $ | 77,855 |  |  | $ | 75,213 |
State | 5,633 |  |  | 5,412 |  |  | 15,742 |  |  | 15,312 |
Total current | 33,494 |  |  | 31,998 |  |  | 93,597 |  |  | 90,525 |
Deferred: |  |  |  |  |  |  |
Federal | 1,854 |  |  | (2,453) |  |  | 6,371 |  |  | 570 |
State | 375 |  |  | (499) |  |  | 1,288 |  |  | 116 |
Total deferred | 2,229 |  |  | (2,952) |  |  | 7,659 |  |  | 686 |
Income tax expense | $ | 35,723 |  |  | $ | 29,046 |  |  | $ | 101,256 |  |  | $ | 91,211 |
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, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Statutory federal income tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Effect of non-taxable interest income | (1.19) |  |  | (1.28) |  |  | (1.13) |  |  | (0.98) |
Stock compensation | 0.28 |  |  | 0.58 |  |  | 0.53 |  |  | 0.57 |
State income taxes, net of federal benefit | 2.37 |  |  | 2.45 |  |  | 2.32 |  |  | 2.57 |
Other | (0.04) |  |  | (0.25) |  |  | (0.63) |  |  | 0.06 |
Effective income tax rate | 22.42 | % |  | 22.50 | % |  | 22.09 | % |  | 23.22 | %
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, 2025 |  | December 31, 2024
| (In thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 78,193 |  |  | $ | 76,221 |
Deferred compensation | 6,056 |  |  | 6,783 |
Stock compensation | 3,523 |  |  | 4,981 |
Non-accrual interest income | 1,547 |  |  | 1,798 |
Real estate owned | 311 |  |  | 674 |
Unrealized loss on investment securities, available-for-sale | 56,460 |  |  | 79,847 |
Loan discounts | 2,369 |  |  | 3,323 |
Investments | 22,699 |  |  | 26,042 |
Accelerated depreciation on premises and equipment | 2,089 |  |  | 664 |
Other | 12,683 |  |  | 14,634 |
Gross deferred tax assets | 185,930 |  |  | 214,967 |
Deferred tax liabilities: |  |  |
Tax basis on acquisitions | 9,963 |  |  | 7,439 |
Core deposit intangibles | 7,672 |  |  | 8,997 |
FHLB dividends | 2,054 |  |  | 1,919 |
Other | 10,278 |  |  | 9,915 |
Gross deferred tax liabilities | 29,967 |  |  | 28,270 |
Net deferred tax assets | $ | 155,963 |  |  | $ | 186,697 |
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 2021 tax year and forward. The Company's various state income tax returns are generally open from the 2021 and later tax return years based on individual state statute of limitations.

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