INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Income Tax Expense (Benefit)

The Company's income tax provision consists of the following:


	Year ended December 31,
(Dollars in thousands)	2024		2023		2022
Current income taxes:
Federal taxes	$	69,589	$	81,674	$	63,203
State and local taxes	22,337		19,968		18,763
Deferred income taxes:
Federal taxes	(6,817)		(5,331)		(4,094)
State and local taxes	(1,345)		(66)		89
Total	$	83,764	$	96,245	$	77,961

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the significant components of the Company's deferred tax assets and liabilities as of December 31, 2024 and 2023:


(Dollars in thousands)	2024		2023
Deferred tax assets:

Allowance for credit losses	$	42,441	$	40,518
Purchase accounting adjustments—loans	8,094		10,285
Reserves and other accruals	33,250		25,093


Net operating losses	2,131		2,725
Derivatives	3,258		2,806

Lease liabilities	31,996		31,835
Unrealized losses on available-for-sale securities	193,956		186,775
Other(1)	1,379		1,422
Total deferred tax assets	$	316,505	$	301,459
Deferred tax liabilities:




Accelerated depreciation	(5,735)		(5,790)
Right of use assets	(27,536)		(27,426)

Intangibles	(31,278)		(33,675)
Other(2)	(3,795)		(4,306)
Total deferred tax liabilities	(68,344)		(71,197)
Net deferred tax asset	$	248,161	$	230,262

(1)Other deferred tax assets includes investments, deferred gains, tax credits in 2024 and 2023, and reverse mortgages in 2023.

(2)Other deferred tax liabilities includes derivatives, partnership investments, and employee benefit plans in 2024 and 2023, reverse mortgages in 2024, and deferred loan costs in 2023.

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation showing the differences between the Company's effective tax rate and the U.S. Federal statutory tax rate is as follows:


	Year ended December 31,
Year Ended December 31,	2024		2023		2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of federal tax benefit	4.7		4.4		5.1

Tax-exempt interest	(0.7)		(0.6)		(0.5)
Bank-owned life insurance income	(0.1)		(0.1)		—

Nondeductible acquisition costs	—		—		0.1
Federal tax credits, net of amortization	(1.3)		(0.5)		(0.4)
Nondeductible compensation	0.1		0.1		0.2
Nondeductible goodwill	—		—		0.5
Surrender of bank-owned life insurance policies	—		1.9		—
Other	0.4		0.1		(0.1)
Effective tax rate	24.1	%	26.3	%	25.9	%