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Income Tax (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense are as follows:
Years Ended December 31,
202120202019
(in thousands)
Current expense:
Federal$50,708 $44,094 $40,471 
State9,610 7,822 6,359 
Total current tax expense$60,318 $51,916 $46,830 
Deferred tax expense (benefit):
Federal$(5,445)$(12,078)$60 
State(1,184)(1,690)270 
Total deferred tax expense (benefit)(6,629)(13,768)330 
Total$53,689 $38,148 $47,160 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows:
December 31,
20212020
(in thousands)
Deferred tax assets:
ACL$39,378 $36,906 
Lease liability15,973 15,823 
Deferred compensation 14,887 11,658 
Stock options and restricted stock3,186 2,599 
OREO50 16 
Nonaccrual interest118 102 
Net operating losses and credit carryforwards 2,898 3,304 
Other1,824 278 
Total deferred tax assets78,314 70,686 
Deferred tax liabilities:
Asset purchase tax basis difference(5,052)(6,590)
Right of use asset(14,510)(14,501)
FHLB stock dividends(810)(789)
Deferred loan fees(5,957)(5,695)
Unrealized gain on investment securities(7,254)(49,837)
Unrealized gain on equity securities(3,231)(3,147)
Purchase accounting(14,211)(7,526)
Depreciation(3,304)(2,427)
Cash flow hedge(5,280)(7,591)
Other(130)(112)
Total deferred tax liabilities(59,739)(98,215)
Net deferred tax asset (liability)$18,575 $(27,529)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:
Years Ended December 31,
202120202019
AmountPercentAmountPercentAmountPercent
(dollars in thousands)
Income tax based on statutory rate$53,867 21 %$40,402 21 %$50,738 21 %
Increase (decrease) resulting from:
Tax exempt instruments(6,306)(2)%(5,987)(3)%(6,771)(3)%
Bank owned life insurance(1,444)(1)%(1,348)(1)%(1,963)(1)%
State income tax, net of federal benefit7,892 %4,844 %5,134 %
Other, net (320)— %237 — %22 %
Income tax provision$53,689 21 %$38,148 20 %$47,160 20 %