Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
	(in thousands)
Current expense:
Federal	$	60,771	$	50,708	$	44,094
State	12,811		9,610		7,822
Total current tax expense	$	73,582	$	60,318	$	51,916
Deferred tax expense (benefit):
Federal	$	(5,156)	$	(5,445)	$	(12,078)
State	(957)		(1,184)		(1,690)
Total deferred tax benefit	(6,113)		(6,629)		(13,768)
Total	$	67,469	$	53,689	$	38,148

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2022		2021
	(in thousands)
Deferred tax assets:
ACL	$	40,054	$	39,378
Lease liability	14,088		15,973
Deferred compensation	13,619		14,887
Stock options and restricted stock	3,751		3,186
OREO	—		50
Nonaccrual interest	120		118
Unrealized loss on investment securities	164,697		—
Net operating losses and credit carryforwards	2,404		2,898
Other	3,134		1,824
Total deferred tax assets	241,867		78,314
Deferred tax liabilities:
Asset purchase tax basis difference	(4,083)		(5,052)
Right of use asset	(12,792)		(14,510)
FHLB stock dividends	(810)		(810)
Deferred loan fees	(6,205)		(5,957)
Unrealized gain on investment securities	—		(7,254)
Unrealized gain on equity securities	(3,231)		(3,231)
Purchase accounting	(11,106)		(14,211)
Depreciation	(3,112)		(3,304)
Cash flow hedge	(2,767)		(5,280)
Other	(144)		(130)
Total deferred tax liabilities	(44,250)		(59,739)
Net deferred tax asset	$	197,617	$	18,575

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,
	2022				2021				2020
	Amount		Percent		Amount		Percent		Amount		Percent
	(dollars in thousands)
Income tax based on statutory rate	$	66,706	21	%	$	53,867	21	%	$	40,402	21	%
Increase (decrease) resulting from:
Tax exempt instruments	(6,864)		(2)	%	(6,306)		(2)	%	(5,987)		(3)	%
Bank owned life insurance	(1,806)		(1)	%	(1,444)		(1)	%	(1,348)		(1)	%
State income tax, net of federal benefit	9,364		3	%	7,892		3	%	4,844		3	%
Other, net	69		—	%	(320)		—	%	237		—	%
Income tax provision	$	67,469	21	%	$	53,689	21	%	$	38,148	20	%