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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30,												Six Months Ended June 30,
(dollars in thousands)			2022						2021						2022						2021
Provision at statutory rate of 21%			$	29,389					$	16,117					$	21,766					$	38,051
Tax-exempt income:
Tax-exempt interest			(3,413)						(2,762)						(6,406)						(5,541)
Section 291/265 interest disallowance			38						30						66						63
Company-owned life insurance income			(938)						(556)						(1,656)						(1,099)
Tax-exempt income			(4,313)						(3,288)						(7,996)						(6,577)
State income taxes			4,085						2,200						758						5,173
Interim period effective rate adjustment			(3,967)						(662)						3,073						(2,437)
Tax credit investments - federal			(1,292)						(1,430)						(2,561)						(2,523)
Other, net			1,062						1,023						1,210						(97)
Income tax expense (benefit)			$	24,964					$	13,960					$	16,250					$	31,590
Effective tax rate			17.8		%				18.2		%				15.7		%				17.4		%

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- References

No definition available.

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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