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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022 (in thousands):

			Years Ended December 31
			2024						2023						2022
Current
Federal			$	22,648					$	28,805					$	26,653
State			7,843						6,296						5,882
Total Current			30,491						35,101						32,535
Deferred
Federal			10,567						7,698						11,595
State			(471)						664						1,267
Total Deferred			10,096						8,362						12,862
Provision for income taxes			$	40,587					$	43,463					$	45,397

Schedule of Effective Income Tax Rate Reconciliation

The following table presents the reconciliation of the provision for income taxes based on the federal statutory rate to the actual effective rate by amount and percent for the year ended December 31, 2024 (amounts in thousands):

			Year Ended December 31
			2024
			Amount						Percent
Federal income tax statutory rate			$	43,992					21.0		%
State income taxes, net of federal tax offset (1)			6,174						3.0
State audits and amended returns			4						—
Tax credits			(9,597)						(4.6)
Low income housing tax credit partnerships, net of amortization			6,791						3.2
Nontaxable and nondeductible items:
Tax-exempt interest			(6,914)						(3.3)
Investment in life insurance			(1,930)						(0.9)
Other			2,067						1.0
Provision for income taxes and effective income tax rate			$	40,587					19.4		%

(1) State taxes in California and Oregon made up the majority (greater than 50 percent) of the tax effect in this category.

The following table presents the reconciliation of the federal statutory rate to the actual effective rate by percent for the years ended December 31, 2023 and 2022:

			Years Ended December 31
			2023						2022
			Percent						Percent
Federal income tax statutory rate			21.0		%				21.0		%
State Income taxes, net of federal tax offset			2.6						2.3
State audits and amended returns			—						(0.1)
Tax credits			(2.7)						(1.9)
Low income housing partnerships, net of amortization			2.0						1.4
Nontaxable and nondeductible items:
Tax-exempt interest			(3.6)						(3.6)
Investment in life insurance			(0.9)						(0.7)
Other			0.7						0.5
Provision for income taxes and effective income tax rate			19.1		%				18.9		%

Schedule of Income Taxes Paid [Table Text Block]

The following table presents income taxes paid (net of refunds received) for the year ended December 31, 2024 (in thousands):

			Income Taxes Paid
US federal			$	20,000
US state and local
California			2,705
Oregon			1,215
Idaho			220
Utah			39
Montana			15
Total			$	24,194

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, 2024 and 2023 (in thousands):

			December 31
			2024						2023
Deferred tax assets:
Loan loss and REO			$	41,045					$	39,495
Deferred compensation			22,983						21,470
Net operating loss carryforward			10,482						12,967
Federal and state tax credits			758						758
State net operating losses			3,757						3,978
Loan discount			379						625
Lease liability			10,416						11,547
Unrealized loss on securities—available-for-sale, net			87,709						91,455
Other			1,191						4,222
Total deferred tax assets			178,720						186,517
Deferred tax liabilities:
Depreciation			(3,783)						(5,428)
Deferred loan fees, servicing rights and loan origination costs			(12,575)						(13,008)
Intangibles			(2,922)						(3,313)
Right of use asset			(9,583)						(10,378)
Financial instruments accounted for under fair value accounting			(815)						(841)
Total deferred tax liabilities			(29,678)						(32,968)
Deferred income tax asset			149,042						153,549
Valuation allowance			(184)						(184)
Deferred tax asset, net			$	148,858					$	153,365

Schedule of Unrecognized Tax Benefits Roll Forward

			Years Ended December 31
			2024						2023
Balance, beginning of year			$	2,000					$	1,600
Changes related to prior year tax positions			—						149
Changes related to current year tax positions			—						251
Balance, end of year			$	2,000					$	2,000

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, 2024 and 2023 (in thousands):

			December 31, 2024						December 31, 2023
Tax Credit Investments:
Total commitments			$	153,618					$	103,453
Unfunded commitments			94,416						62,594

The following table presents other information related to the Company’s tax credit investments for the years ended December 31, 2024, 2023 and 2022 (in thousands):

			For the years ended December 31,
			2024						2023						2022
Tax credits and other tax benefits recognized			$	12,072					$	8,018					$	5,621
Tax credit amortization expense included in provision for income taxes			9,334						6,449						4,638

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