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Income Taxes (Tables)

12 Months Ended

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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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.

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-Topic 740
-SubTopic 10
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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.

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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.

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