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Income Taxes (Tables)

9 Months Ended

Sep. 30, 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2021						2020						2021						2020
Provision at statutory rate of 21%			$	18,779					$	18,920					$	56,830					$	37,200
Tax-exempt income:
Tax-exempt interest			(2,786)						(2,682)						(8,327)						(7,985)
Section 291/265 interest disallowance			28						36						92						153
Company-owned life insurance income			(483)						(386)						(1,582)						(1,657)
Tax-exempt income			(3,241)						(3,032)						(9,817)						(9,489)
State income taxes			2,282						656						7,455						2,367
Interim period effective rate adjustment			1,077						(2,501)						(1,360)						840
Tax credit investments - federal			(315)						(2,575)						(2,838)						(6,296)
Other, net			(902)						686						(1,000)						232
Income tax expense			$	17,680					$	12,154					$	49,270					$	24,854
Effective tax rate			19.8		%				13.5		%				18.2		%				14.0		%

Schedule of Significant Components of Net Deferred Tax Assets (Liabilities)

Significant components of net deferred tax assets (liabilities) were as follows:

(dollars in thousands)			September 30, 2021						December 31, 2020
Deferred Tax Assets
Allowance for credit losses, net of recapture			$	28,791					$	34,971
Benefit plan accruals			15,579						20,076
Net operating loss carryforwards			14,823						18,982
Deferred gain on securities			1,334						2,102
Acquired loans			8,949						11,989
Operating lease liabilities			22,959						24,245
Tax credit investments and other partnerships			494						1,054
Other, net			942						488
Total deferred tax assets			93,871						113,907
Deferred Tax Liabilities
Purchase accounting			(18,524)						(18,232)
Loan servicing rights			(7,179)						(6,582)
Premises and equipment			(14,550)						(14,008)
Prepaid expenses			(953)						(955)
Operating lease right-of-use assets			(21,106)						(21,569)
Unrealized gains on available-for-sale investment securities			(14,590)						(40,756)
Unrealized gains on hedges			(628)						(1,080)
Other, net			(1,561)						(1,555)
Total deferred tax liabilities			(79,091)						(104,737)
Net deferred tax assets			$	14,780					$	9,170

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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