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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 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 statement of income:
| Years Ended December 31,
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Provision at statutory rate of 21% | $ | 114,394 |  |  | $ | 71,161 |  |  | $ | 53,667 |
Tax-exempt income: |  |  |  |  |
Tax-exempt interest | (14,588) |  |  | (11,066) |  |  | (10,776) |
Section 291/265 interest disallowance | 363 |  |  | 114 |  |  | 189 |
Company-owned life insurance income | (2,891) |  |  | (2,138) |  |  | (2,290) |
Tax-exempt income | (17,116) |  |  | (13,090) |  |  | (12,877) |
State income taxes | 20,837 |  |  | 9,308 |  |  | 4,840 |
Tax credit investments - federal | (9,140) |  |  | (5,212) |  |  | (15,159) |
Officer compensation limitation | 5,903 |  |  | 564 |  |  | 598 |
Other, net | 1,568 |  |  | (1,407) |  |  | (1,922) |
Income tax expense | $ | 116,446 |  |  | $ | 61,324 |  |  | $ | 29,147 |
Effective tax rate | 21.4 | % |  | 18.1 | % |  | 11.4 | %
Provision for Income Taxes | The provision for income taxes consisted of the following components:
| Years Ended December 31,
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Current expense: |  |  |  |  |
Federal | $ | 106,918 |  |  | $ | 31,943 |  |  | $ | 19,223 |
State | 32,898 |  |  | 8,461 |  |  | 6,498 |
Deferred expense: |  |  |  |  |
Federal | (16,216) |  |  | 17,514 |  |  | 3,188 |
State | (7,154) |  |  | 3,406 |  |  | 238 |
Deferred income tax expense | (23,370) |  |  | 20,920 |  |  | 3,426 |
Income tax expense | $ | 116,446 |  |  | $ | 61,324 |  |  | $ | 29,147 |
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) | 2022 |  | 2021
Deferred Tax Assets |  |  |
Allowance for credit losses on loans, net of recapture | $ | 85,619 |  |  | $ | 28,843 |
Benefit plan accruals | 38,038 |  |  | 18,348 |
Net operating loss carryforwards | 25,135 |  |  | 14,823 |
Acquired loans | 40,723 |  |  | 8,039 |
Operating lease liabilities | 58,288 |  |  | 22,961 |
Unrealized losses on available-for-sale investment securities | 202,101 |  |  | 3,003 |
Unrealized losses on held-to-maturity investment securities | 36,197 |  |  | — |
Unrealized losses on hedges | 10,277 |  |  | — |
Purchase accounting | 20,063 |  |  | — |
Other, net | 4,962 |  |  | 3,430 |
Total deferred tax assets | 521,403 |  |  | 99,447 |
Deferred Tax Liabilities |  |  |
Deferred loan origination fees | (3,566) |  |  | — |
Purchase accounting | — |  |  | (18,524) |
Loan servicing rights | (9,636) |  |  | (7,379) |
Premises and equipment | (14,844) |  |  | (16,972) |
Prepaid expenses | (2,774) |  |  | (796) |
Operating lease right-of-use assets | (51,845) |  |  | (21,129) |
Unrealized gains on hedges | — |  |  | (177) |
Other, net | (2,983) |  |  | (1,564) |
Total deferred tax liabilities | (85,648) |  |  | (66,541) |
Net deferred tax assets | $ | 435,755 |  |  | $ | 32,906 |
Schedule of Unrecognized Tax Benefits | The following table presents the changes in the carrying amount of unrecognized tax benefits:
| Years Ended December 31,
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Balance at beginning of period | $ | — |  |  | $ | — |  |  | $ | — |
Additions for acquired uncertain tax positions | 14,897 |  |  | — |  |  | — |
Reductions for tax positions relating to prior years | (2,751) |  |  | — |  |  | — |
Reductions due to statute of limitations expiring | (1,139) |  |  | — |  |  | — |
Balance at end of period | $ | 11,007 |  |  | $ | — |  |  | $ | — |

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