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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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)			2023						2022						2023						2022
Provision at statutory rate of 21%			$	42,510					$	29,389					$	81,995					$	21,766
Tax-exempt income:
Tax-exempt interest			(4,605)						(3,413)						(9,091)						(6,406)
Section 291/265 interest disallowance			532						38						918						66
Company-owned life insurance income			(945)						(938)						(1,572)						(1,656)
Tax-exempt income			(5,018)						(4,313)						(9,745)						(7,996)
State income taxes			8,552						4,085						16,693						758
Interim period effective rate adjustment			993						(3,967)						(723)						3,073
Tax credit investments - federal			(2,526)						(1,292)						(5,051)						(2,561)
Officer compensation limitation			1,040						402						2,080						651
Non-deductible FDIC premiums			2,037						885						4,147						1,371
Other, net			(195)						(225)						(582)						(812)
Income tax expense (benefit)			$	47,393					$	24,964					$	88,814					$	16,250
Effective tax rate			23.4		%				17.8		%				22.8		%				15.7		%

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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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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