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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2024		​	2023		​	2022
Current:		​			​			​		​
Federal	​	$	143,507	​	$	111,433	​	$	5,940	​
State	​		31,979	​		23,157	​		7,044	​
Total current tax expense	​		175,486	​		134,590	​		12,984	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		(10,150)	​		738	​		103,875	​
State	​		129	​		1,216	​		20,454	​
Total deferred tax (income) expense	​		(10,021)	​		1,954	​		124,329	​
Provision for income taxes	​	$	165,465	​	$	136,544	​	$	137,313	​

Schedule of provision for income taxes and taxes computed by applying the federal statutory income tax rate to income before provision for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2024		​	2023		​	2022
Income taxes at federal statutory rate		$	147,052		$	132,479		$	133,006	​
Increase (reduction) of taxes resulting from:	​	​	​	​	​	​	​	​	​	​
State income taxes, net of federal tax benefit	​		26,210	​		19,123	​		21,491	​
Non-deductible merger expenses	​	​	544	​	​	—	​	​	415	​
Increase in cash surrender value of BOLI policies	​	​	(6,402)	​	​	(5,605)	​	​	(5,105)	​
Tax-exempt interest	​		(8,090)	​		(7,016)	​		(7,828)	​
Proportional Amortization	​	​	14,419	​	​	—	​	​	—	​
Income tax credits	​		(14,038)	​		(14,253)	​		(13,667)	​
Non-deductible FDIC premiums	​	​	5,189	​	​	5,330	​	​	3,287	​
Non-deductible executive compensation	​	​	3,455	​	​	4,745	​	​	4,319	​
Other, net	​		(2,874)	​		1,741	​		1,395	​
​	​	$	165,465	​	$	136,544	​	$	137,313	​

Schedule of components of the net deferred tax asset

​

​	​	​	​	​	​	​	​
​	​	December 31,
(Dollars in thousands)	​	2024		​	2023
Allowance for credit losses		$	123,147		$	123,496	​
Share-based compensation	​		9,719	​		10,425	​
Pension plan and post-retirement benefits	​		377	​		371	​
Deferred compensation	​		13,926	​		14,039	​
Purchase accounting adjustments	​		—	​		1,439	​
Capitalized research and development costs	​	​	7,715	​	​	4,524	​
Accrued expenses	​	​	7,974	​	​	14,470	​
FDIC special assessment	​	​	4,802	​	​	6,168	​
Net operating loss and tax credit carryforwards	​		16,573	​		20,263	​
Nonaccrual interest	​	​	3,383	​	​	1,773	​
Lease liability	​	​	25,028	​	​	26,076	​
Unrealized losses on investment securities available for sale	​	​	146,995	​	​	142,543	​
Other	​		1,197	​		2,201	​
Total deferred tax assets	​		360,836	​		367,788	​
Depreciation	​		12,613	​		10,439	​
Intangible assets	​		13,091	​		17,764	​
Net deferred loan costs	​		19,913	​		16,468	​
Right of use assets	​	​	23,093	​	​	24,161	​
Prepaid expense	​		193	​		809	​
Mark to market liabilities	​	​	68,027	​	​	92,505	​
Tax deductible goodwill	​		15,613	​		12,398	​
Mortgage servicing rights	​	​	21,777	​	​	20,863	​
Other real estate owned	​	​	130	​	​	192	​
Purchase accounting adjustments	​	​	143	​	​	—	​
Other	​		3,294	​		3,950	​
Total deferred tax liabilities	​		177,887	​		199,549	​
Net deferred tax assets before valuation allowance	​		182,949	​		168,239	​
Less, valuation allowance	​		(3,065)	​		(3,885)	​
Net deferred tax assets	​	$	179,884	​	$	164,354	​

Schedule of reconciliation of the beginning balance and ending amount of unrecognized tax benefits

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(Dollars in thousands)	​	2024		​	2023
Balance at beginning of year		$	13,045		$	—	​
Increases related to prior year tax positions	​		1,260	​		12,352	​
Decreases related to prior year tax positions	​	​	(13,045)	​	​	—	​
Increases related to current year tax positions	​	​	—	​	​	693	​
Balance at end of year	​	$	1,260	​	$	13,045	​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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