XML 82 R49.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

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					$	—					$	—

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 https://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 https://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 https://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

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

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