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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2021
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 statements of income:
| Three Months Ended March 31, |  |
(dollars in thousands) | 2021 |  | 2020 |  |  |  |
Provision at statutory rate of 21% | $ | 21,934 |  |  | $ | 5,372 |  |  |  |  |
Tax-exempt income: |  |  |  |  |  |  |
Tax-exempt interest | (2,779) |  |  | (2,632) |  |  |  |  |
Section 291/265 interest disallowance | 33 |  |  | 73 |  |  |  |  |
Company-owned life insurance income | (544) |  |  | (647) |  |  |  |  |
Tax-exempt income | (3,290) |  |  | (3,206) |  |  |  |  |
State income taxes | 2,974 |  |  | (8) |  |  |  |  |
Interim period effective rate adjustment | (1,775) |  |  | 3,267 |  |  |  |  |
Tax credit investments - federal | (1,092) |  |  | (1,902) |  |  |  |  |
Other, net | (1,121) |  |  | (584) |  |  |  |  |
Income tax expense | $ | 17,630 |  |  | $ | 2,939 |  |  |  |  |
Effective tax rate | 16.9 | % |  | 11.5 | % |  |  |  |
Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) | Significant components of net deferred tax assets (liabilities) were as follows:
(dollars in thousands) | March 31, 2021 |  | December 31, 2020
Deferred Tax Assets |  |  |
Allowance for credit losses, net of recapture | $ | 30,374 |  |  | $ | 34,971 |
Benefit plan accruals | 11,136 |  |  | 20,076 |
Net operating loss carryforwards | 15,553 |  |  | 18,982 |
Federal tax credits | 1,332 |  |  | — |
Deferred gain on securities | 1,786 |  |  | 2,102 |
Acquired loans | 10,912 |  |  | 11,989 |
Operating lease liabilities | 23,710 |  |  | 24,245 |
Tax credit investments and other partnerships | 968 |  |  | 1,054 |
Other real estate owned | 6 |  |  | 28 |
Other, net | 720 |  |  | 460 |
Total deferred tax assets | 96,497 |  |  | 113,907 |
Deferred Tax Liabilities |  |  |
Purchase accounting | (18,365) |  |  | (18,232) |
Loan servicing rights | (6,928) |  |  | (6,582) |
Premises and equipment | (13,972) |  |  | (14,008) |
Prepaid expenses | (956) |  |  | (955) |
Operating lease right-of-use assets | (21,105) |  |  | (21,569) |
Unrealized gains on available-for-sale investment securities | (24,327) |  |  | (40,756) |
Unrealized gains on hedges | (1,800) |  |  | (1,080) |
Other, net | (1,557) |  |  | (1,555) |
Total deferred tax liabilities | (89,010) |  |  | (104,737) |
Net deferred tax assets | $ | 7,487 |  |  | $ | 9,170 |

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