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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | At December 31, 2021, 2020 and 2019 income tax expense consisted of the following:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Current tax expense |  |  |  |  |
Federal | $ | 140,405 |  |  | $ | 137,162 |  |  | $ | 68,984 |
State | 21,383 |  |  | 14,532 |  |  | 11,095 |
Total current tax expense | 161,788 |  |  | 151,694 |  |  | 80,079 |
Deferred tax (benefit) expense |  |  |  |  |
Federal | (6,234) |  |  | (28,535) |  |  | 50,522 |
State | (1,352) |  |  | 3,000 |  |  | 4,076 |
Total deferred tax (benefit) expense | (7,586) |  |  | (25,535) |  |  | 54,598 |
Total income tax expense | $ | 154,202 |  |  | $ | 126,159 |  |  | $ | 134,677 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income as a result of the following:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Income taxes at federal statutory rates | $ | 147,349 |  |  | $ | 129,755 |  |  | $ | 124,330 |
Increase (reduction) in income taxes resulting from: |  |  |  |  |
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (1,523) |  |  | (1,581) |  |  | (1,639) |
Excess tax benefits of compensation | 1,507 |  |  | 1,146 |  |  | 1,070 |
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit | 15,825 |  |  | 13,850 |  |  | 11,985 |
Tax credits net of amortization | (5,078) |  |  | (5,367) |  |  | (4,474) |
Repayment of claim of right income | (2,254) |  |  | (13,926) |  |  | — |
Other, net | (1,624) |  |  | 2,282 |  |  | 3,405 |
Total income tax expense | $ | 154,202 |  |  | $ | 126,159 |  |  | $ | 134,677 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax liability included the following components at December 31, 2021, and 2020:
(Dollars in thousands) | 2021 |  | 2020
Allowance for credit losses | $ | 39,759 |  |  | $ | 52,293 |
Operating lease liabilities | 14,267 |  |  | 15,737 |
Executive separation from service agreements | 7,835 |  |  | 8,989 |
Net operating loss carryforwards | 7,843 |  |  | 9,545 |
Net unrealized loss included in accumulated other comprehensive income (loss) | 4,630 |  |  | — |
Accelerated depreciation | 3,645 |  |  | — |
Employee compensation | 18,860 |  |  | 16,083 |
Other reserves | 6,135 |  |  | 5,376 |
Other | 5,845 |  |  | 6,898 |
Deferred tax asset | 108,819 |  |  | 114,921 |
Accelerated depreciation | — |  |  | 14,984 |
Lease financing activities | 7,725 |  |  | 15,265 |
Operating lease assets | 13,996 |  |  | 15,670 |
Net unrealized gain on securities included in accumulated other comprehensive income (loss) | — |  |  | 24,857 |
Net deferred loan fees and costs | 14,662 |  |  | 13,975 |
Intangible assets | 14,257 |  |  | 13,012 |
Security, loan and debt valuations | 5,960 |  |  | 2,051 |
FDIC assisted transactions timing differences | — |  |  | 2,393 |
Pension assets | 64,068 |  |  | 44,549 |
Other | 20,998 |  |  | 10,193 |
Deferred tax liability | 141,666 |  |  | 156,949 |
Net deferred tax liability | $ | (32,847) |  |  | $ | (42,028) |
Schedule of Unrecognized Tax Benefits | The following table provides a roll forward of BancShares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31, 2021, 2020 and 2019:
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Unrecognized tax benefits at the beginning of the year | $ | 31,375 |  |  | $ | 32,226 |  |  | $ | 28,255 |
Additions (reductions) related to tax positions taken in prior year | (321) |  |  | 153 |  |  | (683) |
Additions related to tax positions taken in current year | 1,373 |  |  | 1,295 |  |  | 6,554 |
Settlements | (1,601) |  |  | (1,516) |  |  | — |
Reductions related to lapse of statute of limitations | (394) |  |  | (783) |  |  | (1,900) |
Unrecognized tax benefits at the end of the year | $ | 30,432 |  |  | $ | 31,375 |  |  | $ | 32,226 |

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