Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Provisions Included in the Consolidated Statements of Income

The income tax provisions included in the consolidated statements of income are summarized as follows:

	Year Ended December 31
(In thousands)	2023			2022			2021
Current expense:
Federal	$	84,441		$	86,799		$	76,574
State		15,972			16,244			14,516
Deferred expense:
Federal		(2,053	)		(6,016	)		2,742
State		(868	)		(871	)		1,283
Total income taxes	$	97,492		$	96,156		$	95,115

Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate

The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes:

	Year Ended December 31
(Dollars in thousands)	2023						2022						2021
	Amount			%			Amount			%			Amount			%
Tax on income before taxes at statutory federal rate	$	97,399			21.0	%	$	99,914			21.0	%	$	97,199			21.0	%
Plus: State income taxes net of federal tax benefits		11,847			2.6			12,431			2.6			11,520			2.5
		109,246			23.6			112,345			23.6			108,719			23.5
Increase (decrease) resulting from:
Tax-exempt interest income		(2,974	)		(0.6	)		(3,477	)		(0.7	)		(3,303	)		(0.7	)
Tax credits		(15,196	)		(3.3	)		(14,326	)		(3.0	)		(11,893	)		(2.6	)
Other items-net		6,416			1.3			1,614			0.3			1,592			0.4
Income taxes	$	97,492			21.0	%	$	96,156			20.2	%	$	95,115			20.6	%

Components of United's Deferred Tax Assets and Liabilities

Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2023 and 2022 are as follows:

(In thousands)	2023		2022
Deferred tax assets:
Allowance for credit losses	$	70,818	$	65,453
Accrued benefits payable		18,287		17,333
Other accrued liabilities		2,857		655
Unrealized loss on securities available for sale		84,683		109,185
Other real estate owned		512		531
Lease liabilities under operating leases		21,642		17,650
Deferred mortgage points		2,081		4,094
Total deferred tax assets		200,880		214,901
Deferred tax liabilities:
Premises and equipment		8,789		6,707
Right-of-use assets under operating leases		20,267		16,576
Pension plan accruals		7,251		5,858
Derivatives		12,137		16,104
Purchase accounting intangibles		5,940		5,241
Other		1,497		365
Total deferred tax liabilities		55,881		50,851
Net deferred tax assets	$	144,999	$	164,050

Reconciliation of the Total Amounts of Unrecognized Tax Benefits

Below is a reconciliation of the total amounts of unrecognized tax benefits:

	December 31
(In thousands)	2023			2022
Unrecognized tax benefits at beginning of year	$	2,521		$	1,667
Increase in unrecognized tax benefits as a result of tax positions taken during the current period		242			1,423
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(164	)		(569	)
Unrecognized tax benefits at end of year	$	2,599		$	2,521