XML 68 R49.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Current and Deferred Amounts of Income Tax Expense (Benefit)

The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):

			Years ended December 31,
			2024						2023						2022
Current:
Federal			$	30,510					31,972						41,379
State			15,851						12,684						20,859
Total current income tax expense			46,361						44,656						62,238
Deferred:
Federal			(1,406)						905						1,825
State			(10,865)						1,820						395
Total deferred income tax expense			(12,271)						2,725						2,220
Total income tax expense			$	34,090					47,381						64,458

Schedule of Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate

A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands):

			Years ended December 31,
			2024						2023						2022
Tax expense at statutory rates			$	31,419					36,932						50,422
Increase (decrease) in taxes resulting from:
State tax, net of federal income tax benefit			11,027						11,313						16,791
Rate Change			(7,008)						—						—
Tax-exempt interest income			(2,861)						(2,514)						(2,590)
Bank-owned life insurance			(2,459)						(1,361)						(1,257)
Other, net			3,972						3,011						1,092
Total income tax expense			$	34,090					47,381						64,458

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are as follows (in thousands):

			2024						2023
Deferred tax assets:
Allowance for credit losses on loans			$	54,931					28,404
Allowance for credit loss on off-balance sheet ("OBS") credit exposure			1,998						924
Post-retirement benefit			5,485						5,758
Deferred compensation			2,926						384
Purchase accounting adjustments			105,950						—
Depreciation			4,836						1,126
SERP			1,991						1,137
ESOP			—						402
Stock-based compensation			3,694						2,963
Non-accrual interest			807						172
State Net Operating Loss ("NOL")			2,268						—
Federal NOL			1,389						160
Unrealized losses on available for sale debt securities			66,646						57,198
Lease liability			18,489						15,914
Other			4,666						112
Total gross deferred tax assets			276,076						114,654
Deferred tax liabilities:
Pension expense			10,161						8,997
Contingent consideration			436						283
Deferred loan costs			17,668						11,376
Investment securities, principally due to accretion of discounts			71						66
Purchase accounting adjustments			—						371
Intangibles			2,151						1,620
Originated mortgage servicing rights			129						147
Pension liability adjustments			2,546						1,459
Net unrealized gain on hedging activities			1,641						3,674
Lease right-of-use asset			17,648						15,084
Total gross deferred tax liabilities			52,451						43,077
Net deferred tax asset			$	223,625					71,577

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration