Income Taxes (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
(dollars in thousands)	2022			2021			2022			2021
Provision at statutory rate of 21%	$	37,598		$	18,779		$	59,365		$	56,830
Tax-exempt income:
Tax-exempt interest	(3,929)			(2,786)			(10,335)			(8,327)
Section 291/265 interest disallowance	85			28			150			92
Company-owned life insurance income	(684)			(483)			(2,340)			(1,582)
Tax-exempt income	(4,528)			(3,241)			(12,525)			(9,817)
State income taxes	7,050			2,282			7,808			7,455
Interim period effective rate adjustment	(31)			1,077			3,042			(1,360)
Tax credit investments - federal	(2,407)			(315)			(4,968)			(2,838)
Other, net	1,205			(902)			2,415			(1,000)
Income tax expense (benefit)	$	38,887		$	17,680		$	55,137		$	49,270
Effective tax rate	21.7		%	19.8		%	19.5		%	18.2		%