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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes includes components

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2023			​	2022	​	2021
​		​	(In thousands)							​
Income tax expense	​	​	​	​	​	​	​	​	​	​
Current tax payable		​			​	​	​	​		​
Federal	​	$	72,537	​	$	51,306	​	$	55,936	​
State	​		(1,422)	​		15,384	​		16,580	​
Deferred tax payable	​			​		​	​			​
Federal	​		(503)	​		4,237	​		4,055	​
State	​		(1,939)	​		494	​		1,255	​
Income tax expense	​	$	68,673	​	$	71,421	​	$	77,826	​
Effective tax rate	​		19.7	%		24.5	%		25.5	%

Schedule of a reconciliation of statutory federal tax rate and effective tax rate

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2023		​		2022	​	2021
​		(In thousands)
Computed at the statutory rate -21%	​	$	73,061	​	$	61,140	​	$	64,035
Increase/(decrease) resulting from	​		​	​		​	​
State income taxes	​		(2,655)	​		12,544	​		14,090
Tax Credits net of related amortization	​		(467)	​		57	​		8
Other	​		(1,266)	​		(2,320)	​		(307)
Actual tax expense	​	$	68,673	​	$	71,421	​	$	77,826

Schedule of tax effects of temporary differences related to deferred taxes

​

​	​	​	​	​	​	​
​	​	December 31,
​		2023			2022
​	​	(In thousands)
Deferred tax assets	​	​	​	​	​	​
Allowance for credit losses on loans	​	$	20,572	​	$	13,983
Unrealized loss on securities available for sale	​		779	​		3,530
Fair value adjustments on acquisitions	​		—	​		51
Other	​		4,727	​		3,945
Total assets	​		26,078	​		21,509
Deferred tax liabilities	​			​
Depreciation	​		(2,779)	​		(2,809)
Intangible assets	​		(385)	​		(338)
Servicing rights	​		(37,290)	​		(36,043)
Limited partnership investments	​		(2,018)	​		(1,831)
State tax receivable	​	​	(1,711)	​	​	—
Derivative assets	​	​	(1,573)	​	​	—
Other	​		(245)	​		(101)
Total liabilities	​		(46,001)	​		(41,122)
Net deferred tax liability	​	$	(19,923)	​	$	(19,613)

​

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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- 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.

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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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