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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of the provision for income taxes included in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):

			Years Ended December 31
			2022						2021						2020
Current
Federal			$	26,653					$	20,461					$	30,325
State			5,882						4,359						6,964
Total Current			32,535						24,820						37,289
Deferred
Federal			11,595						18,278						(8,134)
State			1,267						2,448						(2,630)
Total Deferred			12,862						20,726						(10,764)
Provision for income taxes			$	45,397					$	45,546					$	26,525

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation of the federal statutory rate to the actual effective rate for the years ended December 31, 2022, 2021 and 2020:

			Years Ended December 31
			2022						2021						2020
Federal income tax statutory rate			21.0		%				21.0		%				21.0		%
Increase (decrease) in tax rate due to:
Tax-exempt interest			(3.6)						(3.0)						(4.4)
Investment in life insurance			(0.7)						(0.4)						(0.9)
State income taxes, net of federal tax offset			2.3						2.2						2.5
Tax credits			(1.9)						(1.5)						(2.6)
Low income housing partnerships, net of amortization			1.3						1.1						1.6
Other			0.5						(0.9)						1.4
Effective income tax rate			18.9		%				18.5		%				18.6		%

Schedule of Net Deferred Tax Asset

The following table reflects the effect of temporary differences that gave rise to the components of the net deferred tax asset as of December 31, 2022 and 2021 (in thousands):

			December 31
			2022						2021
Deferred tax assets:
Loan loss and REO			$	37,615					$	34,753
Deferred compensation			22,033						21,193
Net operating loss carryforward			15,470						20,159
Federal and state tax credits			1,545						7,631
State net operating losses			4,558						5,179
Loan discount			1,104						1,830
Lease liability			12,997						14,136
Unrealized loss on securities - available-for-sale, net			114,708						91
Other			4,782						5,091
Total deferred tax assets			214,812						110,063
Deferred tax liabilities:
Depreciation			(6,458)						(7,119)
Deferred loan fees, servicing rights and loan origination costs			(13,331)						(12,696)
Intangibles			(3,929)						(4,977)
Right of use asset			(11,603)						(13,071)
Financial instruments accounted for under fair value accounting			(1,176)						(878)
Total deferred tax liabilities			(36,497)						(38,741)
Deferred income tax asset			178,315						71,322
Valuation allowance			(184)						(184)
Deferred tax asset, net			$	178,131					$	71,138

Schedule of Unrecognized Tax Benefits Roll Forward

			Years Ended December 31
			2022						2021
Balance, beginning of year			$	1,000					$	450
Changes related to prior year tax positions			415						365
Changes related to current year tax positions			185						185
Balance, end of year			$	1,600					$	1,000

Schedule of Affordable Housing Tax Credit Information

The following table presents the balances of the Company’s tax credit investments and related unfunded commitments at December 31, 2022 and 2021 (in thousands):

			December 31, 2022						December 31, 2021
Tax credit investments			$	71,430					$	56,589
Unfunded commitments—tax credit investments			44,563						31,174

The following table presents other information related to the Company’s tax credit investments for the years ended December 31, 2022, 2021 and 2020 (in thousands):

			For the years ended December 31,
			2022						2021						2020
Tax credits and other tax benefits recognized			$	5,621					$	4,390					$	3,842
Tax credit amortization expense included in provision for income taxes			4,638						3,816						2,992

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