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Income Taxes (Tables)
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Income Tax Expense Attributable to Income from Operations with Amounts Computed by Applying U.S. Federal Tax Rate to Pretax Income from Continuing Operations

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

 

 

2021

 

2020

 

2021

 

2020

(in thousands)

 

Amount

 

 

%

 

 

 

Amount

 

 

%

 

 

 

Amount

 

 

%

 

 

 

Amount

 

 

%

 

 

Provision for income taxes at the statutory rate of 21%

 

$

21,424

 

 

 

21.0

 

%

 

$

24,124

 

 

 

21.0

 

%

 

$

40,290

 

 

 

21.0

 

%

 

$

7,458

 

 

 

21.0

 

%

Increase (reduction) in taxes resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess tax benefit on share-based compensation

 

 

(270

)

 

 

(0.3

)

%

 

 

(265

)

 

 

(0.2

)

%

 

 

(2,194

)

 

 

(1.1

)

%

 

 

(1,293

)

 

 

(3.6

)

%

Tax exempt interest income

 

 

(310

)

 

 

(0.3

)

%

 

 

(323

)

 

 

(0.3

)

%

 

 

(629

)

 

 

(0.3

)

%

 

 

(636

)

 

 

(1.8

)

%

Dividends received deduction

 

 

(248

)

 

 

(0.2

)

%

 

 

(212

)

 

 

(0.2

)

%

 

 

(484

)

 

 

(0.3

)

%

 

 

(484

)

 

 

(1.4

)

%

Investment tax credit

 

 

(801

)

 

 

(0.8

)

%

 

 

(129

)

 

 

(0.1

)

%

 

 

(1,603

)

 

 

(0.8

)

%

 

 

(1,449

)

 

 

(4.0

)

%

ESOP dividends paid deduction

 

 

(137

)

 

 

(0.1

)

%

 

 

(137

)

 

 

(0.1

)

%

 

 

(267

)

 

 

(0.1

)

%

 

 

(269

)

 

 

(0.8

)

%

Nondeductible expenses

 

 

826

 

 

 

0.8

 

%

 

 

161

 

 

 

0.1

 

%

 

 

1,237

 

 

 

0.6

 

%

 

 

364

 

 

 

1.0

 

%

Other items, net

 

 

(278

)

 

 

(0.3

)

%

 

 

(506

)

 

 

(0.4

)

%

 

 

678

 

 

 

0.3

 

%

 

 

925

 

 

 

2.6

 

%

Total tax expense

 

$

20,206

 

 

 

19.8

 

%

 

$

22,713

 

 

 

19.8

 

%

 

$

37,028

 

 

 

19.3

 

%

 

$

4,616

 

 

 

13.0

 

%