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Note 11 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Year Ended December 31,
		2024				2023				2022
		(In thousands)
Current:
Federal		$	15,762			$	5,428			$	57,029
State			36,557				48,812				56,953
Total Current		$	52,319			$	54,240			$	113,982
Deferred:
Federal		$	(18,923	)		$	(1,676	)		$	(1,776	)
State			(1,833	)			(3,106	)			(312	)
Total Deferred		$	(20,756	)		$	(4,782	)		$	(2,088	)
Total income tax expense		$	31,563			$	49,458			$	111,894

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		As of December 31,
		2024				2023
		(In thousands)
Deferred Tax Assets
Loan loss allowance		$	52,484			$	50,126
Accrual for bonuses			5,770				4,636
Non-accrual interest			3,642				2,164
Write-down on equity securities and venture capital investments			1,958				2,018
Depreciation and amortization			—				765
State tax			2,910				5,693
Unrealized loss on securities available-for-sale, net			32,333				31,728
Tax credits carried forward			29,307				9,136
Net operating loss carried forward			3,249				3,787
Other, net			6,176				7,632
Gross deferred tax assets		$	137,829			$	117,685
Deferred Tax Liabilities
Deferred loan costs		$	(9,569	)		$	(9,687	)
Unrealized gain on interest rate swaps			(502	)			(838	)
Unrealized gain on equity securities			(2,460	)			(4,863	)
Dividends on Federal Home Loan Bank common stock			(976	)			(977	)
Other, net			(4,712	)			(3,916	)
Gross deferred tax liabilities		$	(18,219	)		$	(20,281	)
Net deferred tax assets		$	119,610			$	97,404

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Year Ended December 31,
		2024								2023								2022
		(In thousands)
Tax provision at Federal statutory rate		$	66,684				21.0	%		$	84,752				21.0	%		$	99,233				21.0	%
State income taxes, net of Federal income tax benefit			27,432				8.6				36,107				9.0				44,837				9.5
Excess deduction for stock option and RSUs			(517	)			(0.2	)			(586	)			(0.1	)			(140	)			—
Low income housing and other tax credits			(63,965	)			(20.1	)			(73,715	)			(18.3	)			(34,231	)			(7.2	)
Other, net			1,929				0.6				2,900				0.7				2,195				0.4
Total income tax expense		$	31,563				9.9	%		$	49,458				12.3	%		$	111,894				23.7	%

X

- Definition

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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