XML 70 R53.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Provision at statutory rate of 21% | $ | 142,892 |  |  | $ | 157,774 |  |  | $ | 114,394 |
Tax-exempt income: |  |  |  |  |
Tax-exempt interest | (19,439) |  |  | (18,582) |  |  | (14,588) |
Section 291/265 interest disallowance | 3,620 |  |  | 2,392 |  |  | 363 |
Company-owned life insurance income | (4,428) |  |  | (3,125) |  |  | (2,891) |
Tax-exempt income | (20,247) |  |  | (19,315) |  |  | (17,116) |
State income taxes | 19,619 |  |  | 31,164 |  |  | 20,837 |
Tax credit investments - federal | (14,829) |  |  | (12,190) |  |  | (9,140) |
Officer compensation limitation | 4,154 |  |  | 4,685 |  |  | 5,903 |
Non-deductible FDIC premiums | 8,754 |  |  | 7,912 |  |  | 3,805 |
Other, net | 907 |  |  | (720) |  |  | (2,237) |
Income tax expense | $ | 141,250 |  |  | $ | 169,310 |  |  | $ | 116,446 |
Effective tax rate | 20.8 | % |  | 22.5 | % |  | 21.4 | %
Schedule of Provision for Income Taxes | The provision for income taxes consisted of the following components:
| Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Current expense: |  |  |  |  |
Federal | $ | 99,532 |  |  | $ | 121,428 |  |  | $ | 106,918 |
State | 21,317 |  |  | 37,331 |  |  | 32,898 |
Deferred expense: |  |  |  |  |
Federal | 14,956 |  |  | 7,941 |  |  | (16,216) |
State | 5,445 |  |  | 2,610 |  |  | (7,154) |
Deferred income tax expense | 20,401 |  |  | 10,551 |  |  | (23,370) |
Income tax expense | $ | 141,250 |  |  | $ | 169,310 |  |  | $ | 116,446 |
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) | 2024 |  | 2023
Deferred Tax Assets |  |  |
Unrealized losses on available-for-sale investment securities | $ | 222,467 |  |  | $ | 217,018 |
Allowance for credit losses on loans, net of recapture | 105,475 |  |  | 86,224 |
Operating lease liabilities | 57,495 |  |  | 57,996 |
Acquired loans | 49,093 |  |  | 32,011 |
Benefit plan accruals | 40,089 |  |  | 31,679 |
Unrealized losses on held-to-maturity investment securities | 27,664 |  |  | 32,150 |
Net operating loss carryforwards | 19,601 |  |  | 21,004 |
Purchase accounting | 10,062 |  |  | 22,473 |
FDIC deductible premiums | 3,766 |  |  | 4,891 |
Other, net | 6,658 |  |  | 4,860 |
Total deferred tax assets | 542,370 |  |  | 510,306 |
Deferred Tax Liabilities |  |  |
Operating lease right-of-use assets | (52,441) |  |  | (52,710) |
Premises and equipment | (13,358) |  |  | (12,141) |
Loan servicing rights | (10,012) |  |  | (9,188) |
Prepaid expenses | (3,982) |  |  | (3,856) |
Tax credit investments and other partnerships | (2,310) |  |  | (785) |
Unrealized gains on hedges | (1,505) |  |  | (3,202) |
Deferred loan origination fees | — |  |  | (2,361) |
Other, net | (2,315) |  |  | (2,803) |
Total deferred tax liabilities | (85,923) |  |  | (87,046) |
Net deferred tax assets | $ | 456,447 |  |  | $ | 423,260 |
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) | 2024 |  | 2023 |  | 2022
Balance at beginning of period | $ | 9,955 |  |  | $ | 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 | (2,961) |  |  | (1,112) |  |  | (1,139) |
Balance at end of period | $ | 6,994 |  |  | $ | 9,955 |  |  | $ | 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration