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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of provision for income taxes

Year Ended December 31,

 

(Dollars in thousands)

2022

2021

2020

 

Current:

    

    

    

    

    

    

Federal

$

5,940

$

43,959

$

16,245

State

 

7,044

 

16,512

 

13,296

Total current tax expense

 

12,984

 

60,471

 

29,541

Deferred:

Federal

 

103,875

 

61,521

 

(36,801)

State

 

20,454

 

6,744

 

(9,400)

Total deferred tax expense (benefit)

 

124,329

 

68,265

 

(46,201)

Provision (benefit) for income taxes

$

137,313

$

128,736

$

(16,660)

Analysis of difference between the provision for income taxes and taxes computed by applying the federal statutory income tax rate to income before provision for income taxes

Year Ended December 31,

 

(Dollars in thousands)

2022

2021

2020

 

Income taxes at federal statutory rate

    

$

133,006

    

$

126,899

    

$

21,834

Increase (reduction) of taxes resulting from:

State income taxes, net of federal tax benefit

 

21,491

 

18,372

 

3,077

Non-deductible merger expenses

415

1,344

Increase in cash surrender value of BOLI policies

(5,105)

(3,866)

(2,389)

Tax-exempt interest

 

(7,828)

 

(5,450)

 

(2,257)

Income tax credits

 

(13,667)

 

(11,759)

 

(7,138)

Non-deductible FDIC premiums

3,287

2,380

1,364

Non-deductible executive compensation

4,319

530

1,016

Benefit of tax loss carryback under CARES Act

(31,468)

Other, net

 

1,395

 

1,630

 

(2,043)

$

137,313

$

128,736

$

(16,660)

Schedule of components of the net deferred tax asset

December 31,

 

(Dollars in thousands)

2022

2021

 

Allowance for credit losses

    

$

101,416

    

$

81,767

Share-based compensation

 

10,509

 

6,290

Pension plan and post-retirement benefits

 

1,157

 

752

Deferred compensation

 

14,583

 

14,437

Purchase accounting adjustments

 

1,484

 

Accrued expenses

6,953

Other real estate owned

 

877

 

1,577

Net operating loss and tax credit carryforwards

 

27,271

 

20,659

Nonaccrual Interest

566

88

Lease liability

27,675

28,514

Mark to market assets

 

 

11,788

Unrealized losses on investment securities available for sale

215,013

6,691

Other

 

1,277

 

719

Total deferred tax assets

 

408,781

 

173,282

Depreciation

 

22,442

 

21,028

Intangible assets

 

23,558

 

27,732

Net deferred loan costs

 

10,431

 

3,579

Right of use assets

25,848

27,136

Prepaid expense

 

836

 

725

Mark to market liabilities

110,122

Tax deductible goodwill

 

9,090

 

5,994

Mortgage servicing rights

21,371

16,100

Purchase accounting adjustments

890

Other

 

1,776

 

302

Total deferred tax liabilities

 

225,474

 

103,486

Net deferred tax assets before valuation allowance

 

183,307

 

69,796

Less, valuation allowance

 

(5,506)

 

(4,832)

Net deferred tax assets

$

177,801

$

64,964