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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of provision for income taxes includes components

Year Ended

 

December 31, 

 

    

2022

    

2021

2020

 

 

(In thousands)

Income tax expense

Current tax payable

 

  

 

  

Federal

$

51,306

$

55,936

$

48,409

State

 

15,384

 

16,580

 

15,107

Deferred tax payable

 

  

 

  

 

  

Federal

 

4,237

 

4,055

 

(529)

State

 

494

 

1,255

 

(163)

Income tax expense

$

71,421

$

77,826

$

62,824

Effective tax rate

 

24.5

%  

 

25.5

%

 

25.8

%

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

Year Ended

December 31, 

    

2022

    

2021

2020

 

(In thousands)

Computed at the statutory rate -21%

$

61,140

$

64,035

$

51,105

Increase resulting from

 

 

 

  

State income taxes

 

12,544

 

14,090

 

11,805

Tax Credits net of related amortization

 

57

 

8

 

(123)

Other

 

(2,320)

 

(307)

 

37

Actual tax expense

$

71,421

$

77,826

$

62,824

Schedule of tax effects of temporary differences related to deferred taxes

December 31, 

    

2022

    

2021

(In thousands)

Deferred tax assets

Allowance for credit losses on loans

$

13,983

$

8,093

Unrealized loss on securities available for sale

 

3,530

 

507

Fair value adjustments on acquisitions

 

51

 

99

Other

 

3,945

 

3,955

Total assets

 

21,509

 

12,654

Deferred tax liabilities

 

  

 

  

Depreciation

 

(2,809)

 

(2,860)

Intangible assets

 

(338)

 

(298)

Servicing rights

 

(36,043)

 

(27,468)

Limited partnership investments

 

(1,831)

 

(1,097)

Other

 

(101)

 

(102)

Total liabilities

 

(41,122)

 

(31,825)

Net deferred tax liability

$

(19,613)

$

(19,171)