Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax provision for the years ended December 31, 2020, 2019 and 2018:


(in thousands)	Current		Deferred		Total
Year ended December 31, 2020:
Federal	$	96,575	$	(46,556)	$	50,019
State	33,368		(16,387)		16,981
Total provision for income taxes	$	129,943	$	(62,943)	$	67,000
Year ended December 31, 2019:
Federal	$	90,227	$	(5,123)	$	85,104
State	28,125		1,579		29,704
Total provision for income taxes	$	118,352	$	(3,544)	$	114,808
Year ended December 31, 2018:
Federal	$	68,651	$	11,655	$	80,306
State	18,960		7,157		26,117
Total provision for income taxes	$	87,611	$	18,812	$	106,423

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31, 2020, 2019 and 2018:


	2020		2019		2018
Statutory Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of Federal benefit	(1.0)	%	5.0	%	5.0	%
Impairment of goodwill	(25.0)	%	—	%	—	%
Nondeductible FDIC premiums	(0.1)	%	0.2	%	0.3	%
Nondeductible executive compensation	—	%	—	%	0.1	%
Tax-exempt income	0.3	%	(1.2)	%	(1.2)	%
BOLI	0.2	%	(0.4)	%	(0.4)	%

Other	—	%	(0.1)	%	0.4	%
Effective income tax rate	(4.6)	%	24.5	%	25.2	%

Schedule of Deferred Tax Assets and Liabilities

The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax liabilities recorded in other liabilities on the consolidated balance sheets as of December 31, 2020 and 2019:


(in thousands)	December 31, 2020		December 31, 2019
Deferred tax assets:
Allowance for credit losses	$	86,120	$	41,176
Operating lease liabilities	29,239		30,750
Accrued severance and deferred compensation	16,729		16,131
Accrued bonuses	9,002		6,993
Acquired loans	7,387		9,953






State taxes	6,707		5,906
Accrued reserves	6,193		2,379

Other	15,075		8,358
Total gross deferred tax assets	176,452		121,646
Deferred tax liabilities:
Unrealized gains on investment securities	35,234		8,014
Fair market value adjustment on junior subordinated debentures	32,251		27,404
Operating lease right-of-use asset	27,010		28,506
Direct financing leases	25,802		29,741
Residential mortgage servicing rights	25,476		30,901

Deferred loan fees and costs	19,564		21,450
Goodwill	—		11,703


Other	15,466		15,765
Total gross deferred tax liabilities	180,803		173,484
Valuation allowance	(1,090)		(1,090)
Net deferred tax liabilities	$	(5,441)	$	(52,928)

Schedule Of Reconciliation Of Unrecognized Tax Benefits Of The Company

Detailed below is a reconciliation of the Company's gross unrecognized tax benefits for the years ended December 31, 2020 and 2019, respectively:


(in thousands)	2020		2019
Balance, beginning of period	$	4,307	$	4,971

Changes for tax positions of current year	10		34

Settlement	—		(698)

Balance, end of period	$	4,317	$	4,307