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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | The current and deferred amounts of income tax expense consist of the following.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
Current provision: |  |  |  |  |  |  |  |  |
Federal |  | $ | 63,257 |  |  | $ | 60,763 |  |  | $ | 44,514 |
State |  |  | 35,077 |  |  |  | 35,427 |  |  |  | 27,526 |
|  |  | 98,334 |  |  |  | 96,190 |  |  |  | 72,040 |
Deferred provision: |  |  |  |  |  |  |  |  |
Federal |  |  | (2,913 | ) |  |  | (2,496 | ) |  |  | 8,782 |
State |  |  | (1,422 | ) |  |  | (772 | ) |  |  | 4,305 |
|  |  | (4,335 | ) |  |  | (3,268 | ) |  |  | 13,087 |
Total |  | $ | 93,999 |  |  | $ | 92,922 |  |  | $ | 85,127 |
Schedule of Income Tax Asset | Income tax asset consists of the following.
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Current: |  |  |  |  |  |
Federal |  | $ | (10,094 | ) |  | $ | 1,740 |
State |  |  | (1,722 | ) |  |  | 658 |
|  |  | (11,816 | ) |  |  | 2,398 |
Deferred: |  |  |  |  |  |
Federal |  |  | 112,481 |  |  |  | 117,698 |
State |  |  | 63,303 |  |  |  | 66,588 |
|  |  | 175,784 |  |  |  | 184,286 |
Total |  | $ | 163,968 |  |  | $ | 186,684 |
Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate | The components of the net deferred tax asset are as follows.
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
Deferred tax assets: |  |  |  |  |  |
Bad debt and credit loss deduction |  | $ | 30,038 |  |  | $ | 29,648 |
Net operating loss carryforward |  |  | 3,711 |  |  |  | 4,701 |
Deferred compensation |  |  | 6,849 |  |  |  | 6,768 |
PCI loans |  |  | 54 |  |  |  | 51 |
Accrued expense |  |  | 7,257 |  |  |  | 5,678 |
Unrealized loss on investment securities, net |  |  | 145,404 |  |  |  | 159,229 |
Acquired loan discounts |  |  | 3,061 |  |  |  | 4,288 |
Lease liability |  |  | 7,505 |  |  |  | 7,541 |
Other, net |  |  | 1,816 |  |  |  | 2,251 |
Gross deferred tax asset |  |  | 205,695 |  |  |  | 220,155 |
Deferred tax liabilities: |  |  |  |  |  |
California franchise tax |  |  | 5,921 |  |  |  | 6,568 |
Depreciation |  |  | 2,950 |  |  |  | 3,762 |
Intangibles - acquisitions |  |  | 7,714 |  |  |  | 11,591 |
FHLB Stock |  |  | 2,545 |  |  |  | 2,545 |
Deferred income |  |  | 3,886 |  |  |  | 4,177 |
Right of use asset |  |  | 6,895 |  |  |  | 7,226 |
Gross deferred tax liability |  |  | 29,911 |  |  |  | 35,869 |
Net deferred tax asset |  | $ | 175,784 |  |  | $ | 184,286 |
Change in Unrecognized Tax Benefits | The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows.
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |  |  | Amount |  |  | Percent |
|  | (Dollars in thousands) |
Federal income tax at statutory rate |  | $ | 66,241 |  |  |  | 21.0 | % |  | $ | 68,953 |  |  |  | 21.0 | % |  | $ | 62,506 |  |  |  | 21.0 | %
State franchise taxes, net of federal benefit |  |  | 25,139 |  |  |  | 8.0 | % |  |  | 27,256 |  |  |  | 8.3 | % |  |  | 24,600 |  |  |  | 8.3 | %
State impact of BOLI surrender, net of federal benefit |  |  | 1,489 |  |  |  | 0.5 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Federal impact of BOLI surrender and MEC penalty |  |  | 5,486 |  |  |  | 1.7 | % |  |  | — |  |  |  | 0.0 | % |  |  | — |  |  |  | 0.0 | %
Tax-exempt income |  |  | (5,146 | ) |  |  | (1.6 | )% |  |  | (3,290 | ) |  |  | (1.0 | )% |  |  | (3,165 | ) |  |  | (1.1 | )%
Tax credits |  |  | (1,239 | ) |  |  | (0.4 | )% |  |  | (1,617 | ) |  |  | (0.5 | )% |  |  | (1,640 | ) |  |  | (0.6 | )%
Other, net |  |  | 2,029 |  |  |  | 0.6 | % |  |  | 1,620 |  |  |  | 0.5 | % |  |  | 2,826 |  |  |  | 1.0 | %
Provision for income taxes |  | $ | 93,999 |  |  |  | 29.8 | % |  | $ | 92,922 |  |  |  | 28.3 | % |  | $ | 85,127 |  |  |  | 28.6 | %

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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 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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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 + Details
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