Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate

Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income:

	Three Months Ended March 31,
(dollars in thousands)	2022			2021
Provision at statutory rate of 21%	$	(7,623)		$	21,934
Tax-exempt income:
Tax-exempt interest	(2,992)			(2,779)
Section 291/265 interest disallowance	28			33
Company-owned life insurance income	(718)			(544)
Tax-exempt income	(3,682)			(3,290)
State income taxes	(3,327)			2,974
Interim period effective rate adjustment	7,040			(1,775)
Tax credit investments - federal	(1,270)			(1,092)
Other, net	148			(1,121)
Income tax expense (benefit)	$	(8,714)		$	17,630
Effective tax rate	24.0		%	16.9		%

Schedule of Significant Components of Net Deferred Tax Assets (Liabilities)

Significant components of net deferred tax assets (liabilities) were as follows:

(dollars in thousands)	March 31, 2022		December 31, 2021
Deferred Tax Assets
Allowance for credit losses, net of recapture	$	75,316	$	28,843
Benefit plan accruals	11,781		18,348
Net operating loss carryforwards	46,649		14,823
Deferred gain on securities	991		1,215
Acquired loans	41,387		8,039
Operating lease liabilities	64,227		22,961
Unrealized losses on available-for-sale investment securities	99,240		3,003
Unrealized losses on held-to-maturity investment securities	5,126		—
Unrealized losses on hedges	2,323		—
Tax credit investments and other partnerships	441		301
Purchase accounting	11,414		—
Other, net	3,424		1,914
Total deferred tax assets	362,319		99,447
Deferred Tax Liabilities
Purchase accounting	—		(18,524)
Loan servicing rights	(9,799)		(7,379)
Premises and equipment	(14,254)		(16,972)
Prepaid expenses	(835)		(796)
Operating lease right-of-use assets	(55,749)		(21,129)
Deferred loan origination fees	(5,423)		—
Unrealized gains on hedges	—		(177)
Other, net	(2,480)		(1,564)
Total deferred tax liabilities	(88,540)		(66,541)
Net deferred tax assets	$	273,779	$	32,906