INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Income Tax Disclosure [Abstract] |
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Schedule of Deferred Tax Assets and Liabilities |
Net deferred tax assets and liabilities consist of the following components as of December 31, 2020 and 2019 (dollars in thousands): | | | | | | | | | 2020 | | 2019 | Deferred tax assets: | | | | | | | Credit losses | | $ | 48,505 | | $ | 18,938 | Benefit plans | | | 3,332 | | | 3,507 | Acquisition accounting | | | 10,038 | | | 16,021 | Lease right-of-use asset | | | 14,893 | | | 13,507 | Stock grants | | | 2,305 | | | 2,032 | OREO | | | 2,971 | | | 3,295 | Securities available for sale | | | 1,017 | | | 1,169 | Net operating losses | | | 47,463 | | | 55,023 | Nonaccrual loans | | | 2,011 | | | 3,243 | Other | | | 7,287 | | | 4,227 | Total deferred tax assets | | $ | 139,822 | | $ | 120,962 | Deferred tax liabilities: | | | | | | | Acquisition accounting | | $ | 16,271 | | $ | 19,815 | Lease right-of-use liability | | | 12,012 | | | 11,191 | Premises and equipment | | | 19,066 | | | 6,696 | Securities available for sale | | | 19,714 | | | 10,069 | Other | | | 674 | | | 511 | Total deferred tax liabilities | | | 67,737 | | | 48,282 | Net deferred tax asset | | $ | 72,085 | | $ | 72,680 |
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Provision for Income Taxes Charged to Operations |
The provision for income taxes charged to continuing operations for the years ended December 31, 2020, 2019, and 2018 consists of the following (dollars in thousands): | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Current tax expense | | $ | 25,376 | | $ | 22,500 | | $ | 12,114 | Deferred tax expense | | | 2,690 | | | 15,057 | | | 17,902 | Income tax expense | | $ | 28,066 | | $ | 37,557 | | $ | 30,016 |
The income tax expense differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income for the years ended December 31, 2020, 2019, and 2018, due to the following (dollars in thousands): | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Computed "expected" tax expense | | $ | 39,122 | | $ | 48,564 | | $ | 37,680 | (Decrease) in taxes resulting from: | | | | | | | | | | Tax-exempt interest income, net | | | (8,844) | | | (8,259) | | | (5,188) | State income tax benefit | | | (310) | | | (1,078) | | | (1,133) | Other tax exempt income, net | | | (1,902) | | | (1,670) | | | (1,343) | Income tax expense | | $ | 28,066 | | $ | 37,557 | | $ | 30,016 |
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Schedule of Income Tax Expense, Difference in Income Tax Rate to Pretax Income |
| | | | | | | | | | | | 2020 | | 2019 | | 2018 | Current tax expense | | $ | 25,376 | | $ | 22,500 | | $ | 12,114 | Deferred tax expense | | | 2,690 | | | 15,057 | | | 17,902 | Income tax expense | | $ | 28,066 | | $ | 37,557 | | $ | 30,016 |
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