Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax provision for the years ended December 31, 2021, 2020, and 2019:

(in thousands)	Current		Deferred		Total
Year ended December 31, 2021:
Federal	$	71,969	$	32,099	$	104,068
State	25,086		8,706		33,792
Total provision for income taxes	$	97,055	$	40,805	$	137,860
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

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, 2021, 2020, and 2019:

	2021		2020		2019
Statutory Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of Federal benefit	5.6	%	(1.0)	%	5.0	%
Merger expenses	0.4	%	—	%	—	%
Low-income housing tax credits	(0.2)	%	0.1	%	(0.1)	%
State audit refunds	(0.2)	%	—	%	—	%
BOLI	(0.4)	%	0.2	%	(0.4)	%
Reversal of unrecognized tax benefits	(0.5)	%	—	%	—	%
Tax-exempt income	(0.9)	%	0.3	%	(1.2)	%
Impairment of goodwill	—	%	(25.0)	%	—	%
Other	(0.1)	%	(0.2)	%	0.2	%
Effective income tax rate	24.7	%	(4.6)	%	24.5	%

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, 2021 and 2020:

(in thousands)	December 31, 2021		December 31, 2020
Deferred tax assets:
Allowance for credit losses	$	65,182	$	86,120
Operating lease liabilities	24,556		29,239
Accrued severance and deferred compensation	17,343		16,729
Accrued bonuses	12,898		9,002
Other	25,700		35,362
Total gross deferred tax assets	145,679		176,452
Deferred tax liabilities:
Residential mortgage servicing rights	33,837		25,476
Direct financing leases	33,164		25,802
Fair market value adjustment on junior subordinated debentures	22,501		32,251
Deferred loan fees and costs	22,036		19,564
Operating lease right-of-use asset	21,195		27,010
Unrealized gains on investment securities	2,645		35,234
Other	14,654		15,466
Total gross deferred tax liabilities	150,032		180,803
Valuation allowance	—		(1,090)
Net deferred tax liabilities	$	(4,353)	$	(5,441)

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, 2021 and 2020, respectively:

(in thousands)	2021		2020
Balance, beginning of period	$	4,317	$	4,307
Changes for tax positions of current year	—		10
Settlement	(2,158)		—
Lapse of statute of limitations	(2,159)		—
Balance, end of period	$	—	$	4,317