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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate | Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statement of income:
| Years Ended December 31,
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Provision at statutory rate of 21% | $ | 53,667 |  |  | $ | 60,975 |  |  | $ | 43,823 |
Tax-exempt income: |  |  |  |  |
Tax-exempt interest | (10,776) |  |  | (10,243) |  |  | (9,021) |
Section 291/265 interest disallowance | 189 |  |  | 435 |  |  | 321 |
Company-owned life insurance income | (2,290) |  |  | (2,423) |  |  | (2,223) |
Tax-exempt income | (12,877) |  |  | (12,231) |  |  | (10,923) |
State income taxes | 4,840 |  |  | 6,720 |  |  | 5,621 |
Tax credit investments - federal | (15,159) |  |  | (4,411) |  |  | (21,576) |
Other, net | (1,324) |  |  | 1,097 |  |  | 905 |
Income tax expense | $ | 29,147 |  |  | $ | 52,150 |  |  | $ | 17,850 |
Effective tax rate | 11.4 | % |  | 18.0 | % |  | 8.6 | %
Provision for Income Taxes | The provision for income taxes consisted of the following components:
| Years Ended December 31,
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Income taxes currently payable: |  |  |  |  |
Federal | $ | 19,223 |  |  | $ | 22,908 |  |  | $ | 12,256 |
State | 6,498 |  |  | 4,490 |  |  | 4,601 |
Deferred income taxes related to: |  |  |  |  |
Federal | 3,188 |  |  | 20,402 |  |  | (1,513) |
State | 238 |  |  | 4,350 |  |  | 2,506 |
Deferred income tax expense | 3,426 |  |  | 24,752 |  |  | 993 |
Income tax expense | $ | 29,147 |  |  | $ | 52,150 |  |  | $ | 17,850 |
Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) | Significant components of net deferred tax assets (liabilities) were as follows:
| December 31,
(dollars in thousands) | 2020 |  | 2019
Deferred Tax Assets |  |  |
Allowance for loan losses, net of recapture | $ | 34,971 |  |  | $ | 14,179 |
Benefit plan accruals | 20,076 |  |  | 19,673 |
Alternative minimum tax credit | — |  |  | 1,272 |
Net operating loss carryforwards | 18,982 |  |  | 25,336 |
Deferred gain on securities | 2,102 |  |  | 3,754 |
Acquired loans | 11,989 |  |  | 16,784 |
Operating lease liabilities | 24,245 |  |  | 26,503 |
Tax credit investments and other partnerships | 1,054 |  |  | 1,765 |
Other real estate owned | 28 |  |  | 141 |
Other, net | 460 |  |  | 591 |
Total deferred tax assets | 113,907 |  |  | 109,998 |
Deferred Tax Liabilities |  |  |
Purchase accounting | (18,232) |  |  | (17,564) |
Loan servicing rights | (6,582) |  |  | (6,289) |
Premises and equipment | (14,008) |  |  | (12,167) |
Prepaid expenses | (955) |  |  | (973) |
Operating lease right-of-use assets | (21,569) |  |  | (25,448) |
Unrealized gains on available-for-sale investment securities | (40,756) |  |  | (15,751) |
Unrealized gains on hedges | (1,080) |  |  | (78) |
Other, net | (1,555) |  |  | (2,023) |
Total deferred tax liabilities | (104,737) |  |  | (80,293) |
Net deferred tax assets | $ | 9,170 |  |  | $ | 29,705 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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