Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022, 2021, and 2020:

(in thousands)	2022		2021		2020
Current Expense:
Federal	$	70,982	$	71,969	$	96,575
State	28,461		25,086		33,368
Total current tax expense	$	99,443	$	97,055	$	129,943
Deferred tax expense (benefit):
Federal	$	11,636	$	32,099	$	(46,556)
State	2,747		8,706		(16,387)
Total deferred tax expense (benefit)	14,383		40,805		(62,943)
Total	$	113,826	$	137,860	$	67,000

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, 2022, 2021, and 2020:

	2022		2021		2020
Statutory Federal income tax rate	21.0	%	21.0	%	21.0	%
State tax, net of Federal benefit	5.8	%	5.6	%	(1.0)	%
Tax-exempt income	(1.5)	%	(0.9)	%	0.3	%
Impairment of goodwill	—	%	—	%	(25.0)	%
Other	—	%	(1.0)	%	0.1	%
Effective income tax rate	25.3	%	24.7	%	(4.6)	%

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 asset (liability) as of December 31, 2022 and 2021:

(in thousands)	December 31, 2022		December 31, 2021
Deferred tax assets:
Unrealized losses on investment securities, net	$	140,227	$	—
Allowance for credit losses	79,312		65,182
Operating lease liabilities	23,603		24,556
Accrued severance and deferred compensation	16,523		17,343
Accrued bonuses	11,539		12,898
Other	28,564		25,700
Total gross deferred tax assets	299,768		145,679
Deferred tax liabilities:
Residential mortgage servicing rights	49,681		33,837
Direct financing leases	41,120		33,164
Deferred loan fees and costs	25,676		22,036
Operating lease right-of-use asset	20,235		21,195
Fair market value adjustment on junior subordinated debentures	15,081		22,501
Other	15,152		17,299
Total gross deferred tax liabilities	166,945		150,032
Net deferred tax asset (liability)	$	132,823	$	(4,353)

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 year ended December 31, 2021:

(in thousands)	2021
Balance, beginning of period	$	4,317
Settlement	(2,158)
Lapse of statute of limitations	(2,159)
Balance, end of period	$	—