XML 67 R52.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 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 statement of income:

			Years Ended December 31,
(dollars in thousands)			2021						2020						2019
Provision at statutory rate of 21%			$	71,161					$	53,667					$	60,975
Tax-exempt income:
Tax-exempt interest			(11,066)						(10,776)						(10,243)
Section 291/265 interest disallowance			114						189						435
Company-owned life insurance income			(2,138)						(2,290)						(2,423)
Tax-exempt income			(13,090)						(12,877)						(12,231)
State income taxes			9,308						4,840						6,720
Tax credit investments - federal			(5,212)						(15,159)						(4,411)
Other, net			(843)						(1,324)						1,097
Income tax expense			$	61,324					$	29,147					$	52,150
Effective tax rate			18.1		%				11.4		%				18.0		%

Provision for Income Taxes

The provision for income taxes consisted of the following components:

			Years Ended December 31,
(dollars in thousands)			2021						2020						2019
Current expense:
Federal			$	31,943					$	19,223					$	22,908
State			8,461						6,498						4,490
Deferred expense:
Federal			17,514						3,188						20,402
State			3,406						238						4,350
Deferred income tax expense			20,920						3,426						24,752
Income tax expense			$	61,324					$	29,147					$	52,150

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)			2021						2020
Deferred Tax Assets
Allowance for credit losses, net of recapture			$	28,843					$	34,971
Benefit plan accruals			18,348						20,076
Net operating loss carryforwards			14,823						18,982
Deferred gain on securities			1,215						2,102
Acquired loans			8,039						11,989
Operating lease liabilities			22,961						24,245
Unrealized losses on available-for-sale investment securities			3,003						—
Tax credit investments and other partnerships			301						1,054
Other, net			1,914						488
Total deferred tax assets			99,447						113,907
Deferred Tax Liabilities
Purchase accounting			(18,524)						(18,232)
Loan servicing rights			(7,379)						(6,582)
Premises and equipment			(16,972)						(14,008)
Prepaid expenses			(796)						(955)
Operating lease right-of-use assets			(21,129)						(21,569)
Unrealized gains on available-for-sale investment securities			—						(40,756)
Unrealized gains on hedges			(177)						(1,080)
Other, net			(1,564)						(1,555)
Total deferred tax liabilities			(66,541)						(104,737)
Net deferred tax assets			$	32,906					$	9,170

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration