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Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

(14) Income Taxes

We file a consolidated U.S. Federal and State income tax return. The current and deferred portions of net income tax expense included in the consolidated statements of income are presented below for the years ended December 31:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2023		​	2022		​	2021
​	​	(Dollars in Thousands)
Current		​			​			​		​
U.S.	​	$	82,657	​	$	66,670	​	$	59,591	​
State	​		6,137	​		5,118	​		5,272	​
Total current taxes	​		88,794	​		71,788	​		64,863	​
Deferred	​	​	​	​	​	​	​	​	​	​
U.S.	​		23,001	​		10,555	​		3,794	​
State	​		(51)	​		64	​		(252)	​
Total deferred taxes	​		22,950	​		10,619	​		3,542	​
Total income taxes	​	$	111,744	​	$	82,407	​	$	68,405	​

​

Total income tax expense differs from the amount computed by applying the U.S. Federal income tax rate of 21% for 2023, 2022, and 2021 to income before income taxes. The reasons for the differences for the years ended December 31 are as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	2023		​	2022		​	2021
​	​	(Dollars in Thousands)
Computed expected tax expense		$	110,065		$	80,893		$	68,011	​
Change in taxes resulting from:	​	​	​	​	​	​	​	​	​	​
Tax-exempt interest income	​		(3,663)	​		(2,433)	​		(2,970)	​
State tax, net of federal income taxes, tax credit and refunds	​		4,808	​		4,094	​		3,966	​
Other investment income	​		(2,761)	​		(1,391)	​		(1,753)	​
Net investment in low income housing investments	​	​	1,974	​	​	1,906	​	​	203	​
Other	​		1,321	​		(662)	​		948	​
Actual tax expense	​	$	111,744	​	$	82,407	​	$	68,405	​

​

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022 are reflected below:

​

​	​	​	​	​	​	​	​
​	​	2023		​	2022
​	​	(Dollars in Thousands)
Deferred tax assets:		​			​		​
Loans receivable, principally due to the allowance for probable loan losses	​	$	32,136	​	$	25,982	​
Other real estate owned	​		1,649	​		1,194	​
Accrued expenses	​		581	​		186	​
Net unrealized losses on available for sale investment securities	​	​	110,584	​	​	130,586	​
Other	​		1,352	​		2,308	​
Total deferred tax assets	​		146,302	​		160,256	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Bank premises and equipment, principally due to differences on depreciation	​		(14,879)	​		(13,615)	​
Impairment charges on available-for-sale securities	​	​	(19)	​	​	(19)	​
Identified intangible assets and goodwill	​		(14,151)	​		(14,125)	​
Partnership investment pass through	​	​	(58,376)	​	​	(30,319)	​
Other	​		(3,321)	​		(3,555)	​
Total deferred tax liabilities	​		(90,746)	​		(61,633)	​
Net deferred tax asset	​	$	55,556	​	$	98,623	​

​

The net deferred tax asset of $55,556,000 and $98,623,000 at December 31, 2023 and December 31, 2022, respectively, is included in other assets in the consolidated statements of condition.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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