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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 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 statement of income:
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Provision at statutory rate of 21% | $ | 157,774 |  |  | $ | 114,394 |  |  | $ | 71,161 |
Tax-exempt income: |  |  |  |  |
Tax-exempt interest | (18,582) |  |  | (14,588) |  |  | (11,066) |
Section 291/265 interest disallowance | 2,392 |  |  | 363 |  |  | 114 |
Company-owned life insurance income | (3,125) |  |  | (2,891) |  |  | (2,138) |
Tax-exempt income | (19,315) |  |  | (17,116) |  |  | (13,090) |
State income taxes | 31,164 |  |  | 20,837 |  |  | 9,308 |
Tax credit investments - federal | (12,190) |  |  | (9,140) |  |  | (5,212) |
Officer compensation limitation | 4,685 |  |  | 5,903 |  |  | 564 |
Non-deductible FDIC premiums | 7,912 |  |  | 3,805 |  |  | 438 |
Other, net | (720) |  |  | (2,237) |  |  | (1,845) |
Income tax expense | $ | 169,310 |  |  | $ | 116,446 |  |  | $ | 61,324 |
Effective tax rate | 22.5 | % |  | 21.4 | % |  | 18.1 | %
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following components:
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Current expense: |  |  |  |  |
Federal | $ | 121,428 |  |  | $ | 106,918 |  |  | $ | 31,943 |
State | 37,331 |  |  | 32,898 |  |  | 8,461 |
Deferred expense: |  |  |  |  |
Federal | 7,941 |  |  | (16,216) |  |  | 17,514 |
State | 2,610 |  |  | (7,154) |  |  | 3,406 |
Deferred income tax expense | 10,551 |  |  | (23,370) |  |  | 20,920 |
Income tax expense | $ | 169,310 |  |  | $ | 116,446 |  |  | $ | 61,324 |
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) | 2023 |  | 2022
Deferred Tax Assets |  |  |
Unrealized losses on available-for-sale investment securities | $ | 217,018 |  |  | $ | 202,101 |
Allowance for credit losses on loans, net of recapture | 86,224 |  |  | 85,619 |
Operating lease liabilities | 57,996 |  |  | 58,288 |
Unrealized losses on held-to-maturity investment securities | 32,150 |  |  | 36,197 |
Acquired loans | 32,011 |  |  | 40,723 |
Benefit plan accruals | 31,679 |  |  | 38,038 |
Purchase accounting | 22,473 |  |  | 20,063 |
Net operating loss carryforwards | 21,004 |  |  | 25,135 |
FDIC deductible premiums | 4,891 |  |  | — |
Unrealized losses on hedges | — |  |  | 10,277 |
Other, net | 4,860 |  |  | 4,962 |
Total deferred tax assets | 510,306 |  |  | 521,403 |
Deferred Tax Liabilities |  |  |
Operating lease right-of-use assets | (52,710) |  |  | (51,845) |
Premises and equipment | (12,141) |  |  | (14,844) |
Loan servicing rights | (9,188) |  |  | (9,636) |
Prepaid expenses | (3,856) |  |  | (2,774) |
Unrealized gains on hedges | (3,202) |  |  | — |
Deferred loan origination fees | (2,361) |  |  | (3,566) |
Other, net | (3,588) |  |  | (2,983) |
Total deferred tax liabilities | (87,046) |  |  | (85,648) |
Net deferred tax assets | $ | 423,260 |  |  | $ | 435,755 |
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) | 2023 |  | 2022 |  | 2021
Balance at beginning of period | $ | 11,007 |  |  | $ | — |  |  | $ | — |
Additions for acquired uncertain tax positions | — |  |  | 14,897 |  |  | — |
Additions based on tax positions related to prior years | 60 |  |  | — |  |  | — |
Reductions for tax positions relating to prior years | — |  |  | (2,751) |  |  | — |
Reductions due to statute of limitations expiring | (1,112) |  |  | (1,139) |  |  | — |
Balance at end of period | $ | 9,955 |  |  | $ | 11,007 |  |  | $ | — |

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