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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Components of Income Tax Expense

The components of income tax expense are as follows:

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(Dollars in thousands)

 

Current

 

$

117,528

 

 

$

91,314

 

 

$

113,073

 

Deferred

 

 

22,829

 

 

 

24,816

 

 

 

(26,417

)

Total

 

$

140,357

 

 

$

116,130

 

 

$

86,656

 

 

 

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 2021, 2020 and 2019 to income before income taxes as follows: 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(Dollars in thousands)

 

Taxes calculated at statutory rate

 

$

138,527

 

 

$

135,457

 

 

$

88,055

 

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

Excess FMV on restricted stock vesting

 

 

84

 

 

 

52

 

 

 

(126

)

Certain compensation >$1 million

 

 

1,136

 

 

 

615

 

 

 

628

 

Nondeductible compensation

 

 

945

 

 

 

873

 

 

 

357

 

Tax-exempt interest

 

 

(1,961

)

 

 

(2,455

)

 

 

(2,851

)

Qualified School Construction Bond credit

 

 

(1,369

)

 

 

(1,453

)

 

 

(1,534

)

Nontaxable death benefits

 

 

(192

)

 

 

(286

)

 

 

(464

)

BOLI income

 

 

(1,098

)

 

 

(1,208

)

 

 

(1,140

)

State tax, net

 

 

2,399

 

 

 

2,230

 

 

 

1,629

 

Other, net

 

 

1,886

 

 

 

2,450

 

 

 

2,102

 

Net operating loss carryback

 

 

 

 

 

(20,145

)

 

 

 

Total

 

$

140,357

 

 

$

116,130

 

 

$

86,656

 

 

Schedule of Deferred Tax Assets and Liabilities

Year-end deferred taxes are presented in the table below. Deferred taxes as of December 31, 2021 and 2020 are based on the U.S. statutory federal corporate income tax rate of 21%.

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Dollars in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Loan purchase discounts

 

$

2,726

 

 

$

11,298

 

Allowance for credit losses

 

 

60,139

 

 

 

66,374

 

Accrued liabilities

 

 

3,216

 

 

 

3,759

 

Restricted stock

 

 

4,404

 

 

 

6,964

 

CECL unfunded loans

 

 

6,289

 

 

 

6,289

 

Deferred compensation

 

 

2,239

 

 

 

2,317

 

Certificates of Deposit

 

 

116

 

 

 

360

 

Net operating losses

 

 

 

 

 

2

 

Securities

 

 

81

 

 

 

 

Other

 

 

13

 

 

 

13

 

Total deferred tax assets

 

 

79,223

 

 

 

97,376

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Goodwill and core deposit intangibles

 

 

(36,998

)

 

 

(37,057

)

Bank premises and equipment

 

 

(9,370

)

 

 

(9,968

)

Securities

 

 

 

 

 

(36

)

Unrealized gain on available for sale securities

 

 

(481

)

 

 

(204

)

Prepaid expenses

 

 

(1,500

)

 

 

(1,216

)

Deferred loan fees and costs

 

 

(8,299

)

 

 

(3,211

)

Investments in partnerships

 

 

(1,377

)

 

 

(1,381

)

Total deferred tax liabilities

 

 

(58,025

)

 

 

(53,073

)

Net deferred tax assets

 

$

21,198

 

 

$

44,303