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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | Income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 is summarized as follows:
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Current income taxes: |  |  |  |  |  |
Federal |  | $ | 116,976 |  |  | $ | 118,723 |  |  | $ | 75,154 |
State |  | 48,633 |  |  | 48,847 |  |  | 19,194 |
Foreign |  | 3,207 |  |  | 6,936 |  |  | 6,501 |
Total current income taxes |  | $ | 168,816 |  |  | $ | 174,506 |  |  | $ | 100,849 |
Deferred income taxes: |  |  |  |  |  |
Federal |  | $ | 18,560 |  |  | $ | 794 |  |  | $ | 284 |
State |  | (1,183) |  |  | (3,597) |  |  | (2,834) |
Foreign |  | 4,680 |  |  | (58) |  |  | (1,508) |
Total deferred income taxes |  | $ | 22,057 |  |  | $ | (2,861) |  |  | $ | (4,058) |
Total income tax expense |  | $ | 190,873 |  |  | $ | 171,645 |  |  | $ | 96,791 |
Reconciliation of the Differences Between Taxes Computed Using the Statutory Federal Income Tax Rate and Actual Income Tax Expense | A reconciliation of the differences between taxes computed using the statutory Federal income tax rate and actual income tax expense is as follows:
|  | Years Ended December 31,
(Dollars in thousands) |  | 2022 |  | 2021 |  | 2020
Income tax expense using the statutory Federal income tax rate of 21% on income before taxes |  | $ | 147,117 |  |  | $ | 133,937 |  |  | $ | 81,854 |
Increase (decrease) in tax resulting from: |  |  |  |  |  |
Tax-exempt interest, net of interest expense disallowance |  | (3,936) |  |  | (2,605) |  |  | (2,970) |
State taxes, net of federal tax benefit |  | 37,328 |  |  | 35,747 |  |  | 20,098 |
Income earned on bank owned life insurance |  | (102) |  |  | (1,169) |  |  | (956) |
(Excess) deficient tax benefits on share based compensation |  | (2,278) |  |  | (1,906) |  |  | 466 |
Meals, entertainment and related expenses |  | 1,506 |  |  | 1,208 |  |  | 992 |
FDIC insurance expense |  | 6,014 |  |  | 5,676 |  |  | 4,605 |
Non-deductible compensation expense |  | 2,361 |  |  | 1,799 |  |  | 398 |
Foreign subsidiary, net |  | 2,376 |  |  | 2,011 |  |  | 2,080 |
Tax benefits related to tax credits, net |  | (338) |  |  | (1,145) |  |  | (1,902) |
Release of state uncertain tax positions |  | — |  |  | — |  |  | (7,173) |
Other, net |  | 825 |  |  | (1,908) |  |  | (701) |
Income tax expense |  | $ | 190,873 |  |  | $ | 171,645 |  |  | $ | 96,791 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2022 and 2021 are as follows:
(In thousands) |  | 2022 |  | 2021
Deferred tax assets: |  |  |  |
Net unrealized losses on securities included in other comprehensive income |  | $ | 140,002 |  |  | $ | — |
Allowance for credit losses |  | 95,389 |  |  | $ | 79,879 |
Right-of-use liability |  | 44,277 |  |  | 47,312 |
Deferred compensation |  | 26,411 |  |  | 26,301 |
Stock-based compensation |  | 11,196 |  |  | 5,762 |
Federal net operating loss carryforward |  | 1,003 |  |  | 1,870 |
Nonaccrued interest |  | 875 |  |  | 1,098 |
Loans |  | 819 |  |  | 1,344 |
Other |  | 4,497 |  |  | 4,652 |
Total gross deferred tax assets |  | 324,469 |  |  | 168,218 |
Deferred tax liabilities: |  |  |  |
Equipment leasing |  | 138,198 |  |  | 122,711 |
Premises and equipment |  | 51,058 |  |  | 56,377 |
Right-of-use asset |  | 36,484 |  |  | 38,973 |
Capitalized servicing rights |  | 59,928 |  |  | 37,528 |
Goodwill and intangible assets |  | 12,636 |  |  | 10,577 |
Deferred loan fees and costs |  | 5,061 |  |  | 967 |
Net unrealized gains on derivatives included in other comprehensive income |  | 2,364 |  |  | 9,836 |
Net unrealized gains on securities included in other comprehensive income |  | — |  |  | 3,169 |
Other |  | 1,387 |  |  | 3,835 |
Total gross deferred tax liabilities |  | 307,116 |  |  | 283,973 |
Net deferred tax assets (liabilities) |  | $ | 17,353 |  |  | $ | (115,755) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits:
|  | Years Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Unrecognized tax benefits at beginning of year |  | $ | — |  |  | $ | — |  |  | $ | 10,840 |
Gross increases for tax positions taken in current period |  | — |  |  | — |  |  | — |
Gross decreases for positions taken in prior periods |  | — |  |  | — |  |  | (10,571) |
Settlements with taxing authorities |  | — |  |  | — |  |  | (269) |
Unrecognized tax benefits at end of year |  | $ | — |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 + Details
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