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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense are as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(Dollars in thousands)

 

Current

 

$

91,314

 

 

$

113,073

 

 

$

74,346

 

Deferred

 

 

24,816

 

 

 

(26,417

)

 

 

6,877

 

Total

 

$

116,130

 

 

$

86,656

 

 

$

81,223

 

 

 

Schedule of Income Tax Reconciliation

The provision for federal income taxes differs from the amount computed by applying the federal income tax statutory rate of 21% for 2020, 2019 and 2018 to income before income taxes as follows: 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(Dollars in thousands)

 

Taxes calculated at statutory rate

 

$

135,457

 

 

$

88,055

 

 

$

84,637

 

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

Excess FMV on restricted stock vesting

 

 

52

 

 

 

(126

)

 

 

(418

)

Certain compensation >$1 million

 

 

615

 

 

 

628

 

 

 

651

 

Non deductible compensation

 

 

873

 

 

 

357

 

 

 

 

Tax-exempt interest

 

 

(2,455

)

 

 

(2,851

)

 

 

(3,504

)

Qualified School Construction Bond credit

 

 

(1,453

)

 

 

(1,534

)

 

 

(1,608

)

Non taxable death benefits

 

 

(286

)

 

 

(464

)

 

 

(56

)

BOLI income

 

 

(1,208

)

 

 

(1,140

)

 

 

(1,110

)

State tax, net

 

 

2,230

 

 

 

1,629

 

 

 

1,482

 

Other, net

 

 

2,450

 

 

 

2,102

 

 

 

1,149

 

Net operating loss carryback

 

 

(20,145

)

 

 

 

 

 

 

Total

 

$

116,130

 

 

$

86,656

 

 

$

81,223

 

 

Schedule of Deferred Tax Assets and Liabilities

Year-end deferred taxes are presented in the table below. As a result of the Tax Cuts and Jobs Act enacted on December 22, 2017, deferred taxes as of December 31, 2020 and 2019 are based on the U.S. statutory federal corporate income tax rate of 21%.

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Dollars in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Loan purchase discounts

 

$

11,298

 

 

$

58,264

 

Allowance for credit losses

 

 

66,374

 

 

 

18,206

 

Accrued liabilities

 

 

3,759

 

 

 

4,193

 

Restricted stock

 

 

6,964

 

 

 

5,090

 

CECL unfunded loans

 

 

6,289

 

 

 

 

Deferred compensation

 

 

2,317

 

 

 

3,042

 

Certificates of Deposit

 

 

360

 

 

 

1,640

 

Net operating losses

 

 

2

 

 

 

44

 

Other

 

 

13

 

 

 

1,412

 

Total deferred tax assets

 

 

97,376

 

 

 

91,891

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Goodwill and core deposit intangibles

 

 

(37,057

)

 

 

(38,226

)

Bank premises and equipment

 

 

(9,968

)

 

 

(8,890

)

Securities

 

 

(36

)

 

 

(158

)

Unrealized gain on available for sale securities

 

 

(204

)

 

 

(160

)

Prepaid expenses

 

 

(1,216

)

 

 

(1,555

)

Deferred loan fees and costs

 

 

(3,211

)

 

 

(5,958

)

Investments in partnerships

 

 

(1,381

)

 

 

(90

)

Total deferred tax liabilities

 

 

(53,073

)

 

 

(55,037

)

Net deferred tax assets

 

$

44,303

 

 

$

36,854