Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Provision for Income Taxes

The provision for income taxes for the years ended December 31 is comprised of the following components:


(In thousands)	2020		2019		2018
Income taxes currently payable	$	65,012	$	29,354	$	41,946
Deferred income taxes	(122)		34,911		8,412
Provision for income taxes	$	64,890	$	64,265	$	50,358

Schedule of Deferred Income Tax Assets and Liabilities

The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows as of December 31, 2020 and 2019:


(In thousands)	2020		2019
Deferred tax assets:
Loans acquired	$	10,100	$	20,783
Allowance for credit losses	58,028		16,732
Valuation of foreclosed assets	1,673		2,626
Tax NOLs from acquisition	16,028		18,118
Deferred compensation payable	3,060		2,750
Accrued equity and other compensation	5,905		6,677
Acquired securities	587		3,393
Right-of-use lease liability	7,835		10,221
Allowance for unfunded commitments	5,583		—
Other	7,600		7,886
Gross deferred tax assets	116,399		89,186
Deferred tax liabilities:
Goodwill and other intangible amortization	(38,882)		(41,221)
Accumulated depreciation	(34,667)		(36,554)
Right-of-use lease asset	(7,813)		(10,176)
Unrealized gain on available-for-sale securities	(17,521)		(3,720)
Other	(4,021)		(7,651)
Gross deferred tax liabilities	(102,904)		(99,322)
Net deferred tax asset (liability)	$	13,495	$	(10,136)

Schedule of Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown below for the years ended December 31:


(In thousands)	2020		2019		2018
Computed at the statutory rate	$	67,143	$	63,442	$	55,875
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	6,402		5,860		5,015
Discrete items related to ASU 2016-09	375		(38)		(2,439)
Tax exempt interest income	(6,726)		(4,390)		(3,168)
Tax exempt earnings on BOLI	(1,214)		(852)		(869)
Federal tax credits	(2,177)		(939)		(3,003)
Other differences, net	1,087		1,182		(1,053)
Actual tax provision	$	64,890	$	64,265	$	50,358