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Income Taxes (Tables)

9 Months Ended

Sep. 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 September 30,												Nine Months Ended September 30,
(dollars in thousands)			2023						2022						2023						2022
Provision at statutory rate of 21%			$	40,358					$	37,598					$	122,352					$	59,365
Tax-exempt income:
Tax-exempt interest			(4,625)						(3,929)						(13,716)						(10,335)
Section 291/265 interest disallowance			675						85						1,593						150
Company-owned life insurance income			(743)						(684)						(2,315)						(2,340)
Tax-exempt income			(4,693)						(4,528)						(14,438)						(12,525)
State income taxes			8,163						7,050						24,856						7,808
Interim period effective rate adjustment			116						(31)						(607)						3,042
Tax credit investments - federal			(2,071)						(2,407)						(7,122)						(4,968)
Officer compensation limitation			1,040						401						3,120						1,053
Non-deductible FDIC premiums			1,949						1,178						6,096						2,549
Other, net			(558)						(374)						(1,139)						(1,187)
Income tax expense (benefit)			$	44,304					$	38,887					$	133,118					$	55,137
Effective tax rate			23.1		%				21.7		%				22.9		%				19.5		%

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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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