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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2024
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provision for income taxes is comprised of the following components for the periods indicated below:
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2024 |  | 2023
Income taxes currently payable |  |  |  |  | $ | 5,755 |  |  | $ | 10,816 |
Deferred income taxes |  |  |  |  | 379 |  |  | (179) |
Provision for income taxes |  |  |  |  | $ | 6,134 |  |  | $ | 10,637 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects 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:
| March 31, |  | December 31,
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Loans acquired | $ | 3,378 |  |  | $ | 3,644 |
Allowance for credit losses | 54,042 |  |  | 53,445 |
Valuation of foreclosed assets | 480 |  |  | 480 |
Tax NOLs from acquisition | 9,899 |  |  | 9,643 |
Deferred compensation payable | 3,385 |  |  | 3,355 |
Accrued equity and other compensation | 6,040 |  |  | 8,048 |
Acquired securities | 7,570 |  |  | 7,569 |
Right-of-use lease liability | 17,422 |  |  | 16,501 |
Unrealized loss on AFS securities | 147,642 |  |  | 143,624 |
Allowance for unfunded commitments | 6,148 |  |  | 6,148 |
Other | 8,185 |  |  | 7,627 |
Gross deferred tax assets | 264,191 |  |  | 260,084 |
Deferred tax liabilities: |  |  |
Goodwill and other intangible amortization | (40,538) |  |  | (41,174) |
Accumulated depreciation | (24,748) |  |  | (24,632) |
Right-of-use lease asset | (17,004) |  |  | (16,136) |
Unrealized gain on swaps | (29,017) |  |  | (25,371) |
Other | (11,116) |  |  | (10,995) |
Gross deferred tax liabilities | (122,423) |  |  | (118,308) |
Net deferred tax asset | $ | 141,768 |  |  | $ | 141,776 |
Reconciliation of Income Tax Expense | A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown for the periods indicated below:
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2024 |  | 2023
Computed at the statutory rate (21%) |  |  |  |  | $ | 9,451 |  |  | $ | 11,808 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |
State income taxes, net of federal tax benefit |  |  |  |  | (425) |  |  | 243 |
Stock-based compensation |  |  |  |  | 454 |  |  | 312 |
Tax exempt interest income |  |  |  |  | (3,867) |  |  | (3,804) |
Tax exempt earnings on BOLI |  |  |  |  | (840) |  |  | (561) |
Federal tax credits |  |  |  |  | (560) |  |  | (439) |
Other differences, net |  |  |  |  | 1,921 |  |  | 3,078 |
Actual tax provision |  |  |  |  | $ | 6,134 |  |  | $ | 10,637 |

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- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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