Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Current:
Federal	$	50,895	$	53,534	$	55,535
State and local		12,493		15,607		21,831
Total current		63,388		69,141		77,366
Deferred:
Federal		13,639		8,837		(10,638)
State and local		8,499		5,283		(8,758)
Total deferred		22,138		14,120		(19,396)
Total provision for income taxes	$	85,526	$	83,261	$	57,970

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2022		2021
Assets:
Deferred compensation expense	$	51,064	$	58,497
Allowance for credit losses and nonperforming assets		47,517		50,161
Lease liabilities		17,284		17,534
Investment securities		233,859		40,108
State income taxes		2,619		3,440
Total deferred income tax assets before valuation allowance		352,343		169,740
Valuation allowance		(983)		(1,082)
Total deferred income tax assets after valuation allowance		351,360		168,658
Liabilities:
Leases		(15,739)		(15,785)
Deferred income		(20,893)		(14,213)
Lease right-of-use assets		(16,763)		(17,132)
Intangible assets		(736)		(577)
Other		(34,910)		(24,779)
Total deferred income tax liabilities		(89,041)		(72,486)
Net deferred income tax assets	$	262,319	$	96,172

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2022				2021				2020
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	73,754	21.00	%	$	73,289	21.00	%	$	51,182	21.00	%
State and local taxes, net of federal income tax benefit		16,584	4.72			16,503	4.73			10,327	4.24
Tax credits		(3,963)	(1.13)			(2,745)	(0.79)			(3,914)	(1.60)
Nontaxable income		(1,133)	(0.32)			(3,274)	(0.94)			(3,678)	(1.51)
Other		284	0.08			(512)	(0.14)			4,053	1.66
Income tax expense and effective income tax rate	$	85,526	24.35	%	$	83,261	23.86	%	$	57,970	23.79	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2022						2021						2020
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521	$	134,312	$	14,701	$	149,013
Additions for current year tax positions		1,289		—		1,289		1,366		—		1,366		1,426		—		1,426
Additions for Reorganization Transactions		—		974		974		47,282		941		48,223		—		1,479		1,479
Additions for prior years' tax positions:
Accrual of interest and penalties		—		860		860		—		1,264		1,264		—		2,812		2,812
Reductions for prior years' tax positions:
Expiration of statute of limitations		(849)		(103)		(952)		(932)		(388)		(1,320)		(143)		(66)		(209)
Balance at December 31,	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521