Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2021		2020		2019
Current:
Federal	$	53,534	$	55,535	$	56,450
State and local		15,607		21,831		23,796
Total current		69,141		77,366		80,246
Deferred:
Federal		8,837		(10,638)		14,047
State and local		5,283		(8,758)		3,013
Total deferred		14,120		(19,396)		17,060
Total provision for income taxes	$	83,261	$	57,970	$	97,306

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2021		2020
Assets:
Deferred compensation expense	$	58,497	$	57,727
Allowance for credit losses and nonperforming assets		50,161		63,899
Lease liabilities		17,534		10,839
Investment securities		40,108		—
State income taxes		3,440		4,243
Total deferred income tax assets before valuation allowance		169,740		136,708
Valuation allowance		(1,082)		(1,675)
Total deferred income tax assets after valuation allowance		168,658		135,033
Liabilities:
Leases		(15,785)		(18,583)
Investment securities		—		(19,965)
Deferred income		(14,213)		(11,399)
Lease right-of-use assets		(17,132)		(10,736)
Intangible assets		(577)		(604)
Other		(24,779)		(19,222)
Total deferred income tax liabilities		(72,486)		(80,509)
Net deferred income tax assets	$	96,172	$	54,524

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2021				2020				2019
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	73,289	21.00	%	$	51,182	21.00	%	$	80,157	21.00	%
State and local taxes, net of federal income tax benefit		16,503	4.73			10,327	4.24			21,179	5.55
Tax credits		(2,745)	(0.79)			(3,914)	(1.60)			(400)	(0.10)
Nontaxable income		(3,274)	(0.94)			(3,678)	(1.51)			(3,269)	(0.86)
Other		(512)	(0.14)			4,053	1.66			(361)	(0.10)
Income tax expense and effective income tax rate	$	83,261	23.86	%	$	57,970	23.79	%	$	97,306	25.49	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2021						2020						2019
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013	$	131,570	$	12,524	$	144,094
Additions for current year tax positions		1,366		—		1,366		1,426		—		1,426		1,038		—		1,038
Additions for Reorganization Transactions		47,282		941		48,223		—		1,479		1,479		—		986		986
Additions for prior years' tax positions:
New uncertain tax positions identified		—		—		—		—		—		—		1,894		—		1,894
Accrual of interest and penalties		—		1,264		1,264		—		2,812		2,812		—		1,280		1,280
Reductions for prior years' tax positions:
Expiration of statute of limitations		(932)		(388)		(1,320)		(143)		(66)		(209)		(190)		(89)		(279)
Balance at December 31,	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013