Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Company's Tax Provision and Applicable Tax Rates

The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:

	For the Year Ended December 31,
	2021			2020			2019
	(Dollars in thousands)
Combined federal and state income tax provisions	$	34,047		$	13,163		$	39,481
Effective income tax rates	18.0		%	36.7		%	22.6		%

The provision for income taxes is comprised of the following components:

	For the Year Ended December 31,
	2021		2020		2019
	(In thousands)
Current tax expense:
Federal	$	26,114	$	23,002	$	26,365
State	13,246		10,520		11,740
Total current tax expense	39,360		33,522		38,105
Deferred tax expense (benefit):
Federal	(7,747)		(13,736)		782
State	2,434		(6,623)		594
Total deferred tax (benefit) expense	(5,313)		(20,359)		1,376
Total income tax expense	$	34,047	$	13,163	$	39,481

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory rate to the Company’s effective income tax rate is detailed below:

	For the Year Ended December 31,
	2021				2020				2019
	(Dollars in thousands)
Income tax expense at statutory rate	$	39,630	21.00	%	$	7,539	21.00	%	$	36,662	21.00	%
Increase (decrease) resulting from:
State income tax, net of federal tax benefit	12,387		6.56	%	43		0.12	%	9,744		5.58	%
Valuation allowance	(11,300)		(5.99)	%	12,000		33.43	%	—		—	%
Amortization of qualified low-income housing investments	5,753		3.05	%	4,977		13.86	%	4,782		2.74	%
Tax credits	(6,539)		(3.46)	%	(7,085)		(19.73)	%	(7,570)		(4.34)	%
Tax-exempt income	(5,665)		(3.00)	%	(4,091)		(11.40)	%	(3,923)		(2.25)	%
Other, net	(219)		(0.12)	%	(220)		(0.61)	%	(214)		(0.12)	%
Actual income tax expense	$	34,047	18.04	%	$	13,163	36.67	%	$	39,481	22.61	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are presented below:

	As of December 31,
	2021		2020
	(In thousands)
Deferred tax assets:
Allowance for loan losses	$	30,335	$	34,397
Leases	25,389		24,098
Charitable contribution limitation carryover	18,278		22,942
Employee benefits	13,996		—
Unrealized loss on available for sale securities	17,370		—
Investment losses	10,680		—
Accrued expenses	6,888		5,047
Fixed assets	3,799		4,183
Loan basis difference fair value adjustments	3,949		461
PPP loans fee income	2,967		5,969
Other	1,783		967
Total deferred tax assets before valuation allowance	135,434		98,064
Valuation allowance	(700)		(12,000)
Total deferred tax assets	134,734		86,064
Deferred tax liabilities:
Amortization of intangibles	17,339		13,585
Unrealized gain on available for sale securities	—		13,005
Partnerships	3,324		1,448
Cash flow hedges	2,878		11,658
Trading securities	6,482		5,110
Lease obligation	23,849		23,048
Employee benefits	—		1,613
Other	4,327		3,368
Total deferred tax liabilities	58,199		72,835
Net deferred income tax assets	$	76,535	$	13,229

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits:

	As of December 31, 2021
	(In thousands)
Beginning	$	—
Additions based on tax positions related to the current year	—
Additions for tax positions of prior years	7,923
Reductions related to settlements with taxing authorities	—
Reductions as a result of a lapse of the applicable statute of limitations	—
Ending	$	7,923