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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
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

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

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