Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Income taxes currently payable	$	50,369	$	65,012	$	29,354
Deferred income taxes	10,937		(122)		34,911
Provision for income taxes	$	61,306	$	64,890	$	64,265

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, 2021 and 2020:


(In thousands)	2021		2020
Deferred tax assets:
Loans acquired	$	4,832	$	10,100
Allowance for credit losses	48,462		58,028
Valuation of foreclosed assets	628		1,673
Tax NOLs from acquisition	13,537		16,028
Deferred compensation payable	3,426		3,060
Accrued equity and other compensation	5,776		5,905
Acquired securities	223		587
Right-of-use lease liability	11,984		7,835
Unrealized loss on available-for-sale securities	8,164		—
Allowance for unfunded commitments	5,442		5,583
Other	7,202		7,600
Gross deferred tax assets	109,676		116,399
Deferred tax liabilities:
Goodwill and other intangible amortization	(38,329)		(38,882)
Accumulated depreciation	(26,347)		(34,667)
Right-of-use lease asset	(11,871)		(7,813)
Unrealized gain on available-for-sale securities	—		(17,521)
Unrealized gain on swaps	(2,767)		—
Other	(3,718)		(4,021)
Gross deferred tax liabilities	(83,032)		(102,904)
Net deferred tax asset	$	26,644	$	13,495

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)	2021		2020		2019
Computed at the statutory rate	$	69,807	$	67,143	$	63,442
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit	4,452		6,402		5,860
Discrete items related to share-based compensation	(17)		375		(38)
Tax exempt interest income	(11,510)		(6,726)		(4,390)
Tax exempt earnings on bank owned life insurance	(1,212)		(1,214)		(852)
Federal tax credits	(2,260)		(2,177)		(939)
Other differences, net	2,046		1,087		1,182
Actual tax provision	$	61,306	$	64,890	$	64,265