Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of provision for income taxes

	Year Ended December 31,
(dollars in thousands)	2023		2022		2021
Current:
Federal	$	66,123	$	50,895	$	53,534
State and local		21,724		12,493		15,607
Total current		87,847		63,388		69,141
Deferred:
Federal		(8,387)		13,639		8,837
State and local		(5,269)		8,499		5,283
Total deferred		(13,656)		22,138		14,120
Total provision for income taxes	$	74,191	$	85,526	$	83,261

Schedule of components of net deferred income tax assets and liabilities

	December 31,
(dollars in thousands)	2023		2022
Assets:
Deferred compensation expense	$	50,945	$	51,064
Allowance for credit losses and nonperforming assets		51,492		47,517
Lease liabilities		17,027		17,284
Investment securities		194,213		233,859
State income taxes		2,514		2,619
Total deferred income tax assets before valuation allowance		316,191		352,343
Valuation allowance		—		(983)
Total deferred income tax assets after valuation allowance		316,191		351,360
Liabilities:
Leases		(13,283)		(15,739)
Deferred income		(12,751)		(20,893)
Lease right-of-use assets		(16,364)		(16,763)
Intangible assets		(948)		(736)
Other		(33,320)		(34,910)
Total deferred income tax liabilities		(76,666)		(89,041)
Net deferred income tax assets	$	239,525	$	262,319

Schedule of reconciliation of Federal statutory to effective income tax rate

	Year Ended December 31,
	2023				2022				2021
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Federal statutory income tax expense and rate	$	64,927	21.00	%	$	73,754	21.00	%	$	73,289	21.00	%
State and local taxes, net of federal income tax benefit		13,000	4.20			16,584	4.72			16,503	4.73
Tax credits		(4,506)	(1.46)			(3,963)	(1.13)			(2,745)	(0.79)
Nontaxable income		(6,691)	(2.16)			(1,133)	(0.32)			(3,274)	(0.94)
Other		7,461	2.42			284	0.08			(512)	(0.14)
Income tax expense and effective income tax rate	$	74,191	24.00	%	$	85,526	24.35	%	$	83,261	23.86	%

Schedule of reconciliation of unrecognized tax benefits

	Year Ended December 31,
	2023						2022						2021
			Interest						Interest						Interest
			and						and						and
(dollars in thousands)	Tax		Penalties		Total		Tax		Penalties		Total		Tax		Penalties		Total
Balance at beginning of year	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054	$	135,595	$	18,926	$	154,521
Additions for current year tax positions		629		—		629		1,289		—		1,289		1,366		—		1,366
Additions for Reorganization Transactions		—		3,155		3,155		—		974		974		47,282		941		48,223
Additions for prior years' tax positions:
New uncertain tax positions identified		2,220		—		2,220		—		—		—		—		—		—
Accrual of interest and penalties		—		1,221		1,221		—		860		860		—		1,264		1,264
Reductions for prior years' tax positions:
Expiration of statute of limitations		(1,139)		(266)		(1,405)		(849)		(103)		(952)		(932)		(388)		(1,320)
Balance at December 31,	$	185,461	$	26,584	$	212,045	$	183,751	$	22,474	$	206,225	$	183,311	$	20,743	$	204,054