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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax expense was as follows:
| 2021 |  | 2020 |  | 2019
Current income tax expense | $ | 38,675 |  |  | $ | 36,002 |  |  | $ | 48,256 |
Deferred income tax expense (benefit) | 7,784 |  |  | (15,832) |  |  | 7,614 |
Income tax expense, as reported | $ | 46,459 |  |  | $ | 20,170 |  |  | $ | 55,870 |
Effective tax rate | 9.5 | % |  | 5.7 | % |  | 11.2 | %
Income Tax Computed by Applying U.S. Federal Statutory Income Tax Rate | A reconciliation between reported income tax expense and the amounts computed by applying the U.S. federal statutory income tax rate of 21% to income before income taxes is presented in the following table.
| 2021 |  | 2020 |  | 2019
Income tax expense computed at the statutory rate | $ | 102,803 |  |  | $ | 73,777 |  |  | $ | 104,888 |
Effect of tax-exempt interest | (50,740) |  |  | (51,624) |  |  | (49,166) |
Tax benefit on dividends paid in our 401k plan | (1,764) |  |  | (1,851) |  |  | (1,743) |
Bank owned life insurance income | (517) |  |  | (783) |  |  | (774) |
Non-deductible FDIC premiums | 2,629 |  |  | 1,790 |  |  | 1,267 |
Non-deductible compensation | 1,773 |  |  | 1,123 |  |  | 1,708 |
Non-deductible meals and entertainment | 625 |  |  | 786 |  |  | 1,299 |
Net tax benefit from stock-based compensation | (7,877) |  |  | (852) |  |  | (2,447) |
Asset contribution to a charitable trust | — |  |  | (2,556) |  |  | — |
Tax basis adjustment of premises and equipment | (1,026) |  |  | — |  |  | — |
Other | 553 |  |  | 360 |  |  | 838 |
Income tax expense, as reported | $ | 46,459 |  |  | $ | 20,170 |  |  | $ | 55,870 |
Schedule of Deferred Tax Assets and Liabilities | Year-end deferred taxes are presented in the table below. Deferred taxes are based on the U.S. statutory federal income tax rate of 21%.
| 2021 |  | 2020
Deferred tax assets: |  |  |
Lease liabilities under operating leases | $ | 65,815 |  |  | $ | 67,839 |
Allowance for credit losses | 62,819 |  |  | 64,573 |
Net actuarial loss on defined benefit post-retirement benefit plans | 8,743 |  |  | 13,512 |
Stock-based compensation | 6,989 |  |  | 10,033 |
Bonus accrual | 7,506 |  |  | 3,961 |
Deferred loan and lease origination fees | 3,118 |  |  | 10,252 |
Other | 3,834 |  |  | 3,834 |
Total gross deferred tax assets | 158,824 |  |  | 174,004 |
Deferred tax liabilities: |  |  |
Net unrealized gain on securities available for sale and transferred securities | (101,067) |  |  | (149,870) |
Right-of-use assets under operating leases | (59,415) |  |  | (61,963) |
Premises and equipment | (49,645) |  |  | (49,602) |
Intangible assets | (16,595) |  |  | (14,596) |
Defined benefit post-retirement benefit plans | (11,027) |  |  | (10,081) |
Partnership interests | — |  |  | (2,913) |
Leases | (712) |  |  | (1,090) |
Other | (1,611) |  |  | (1,387) |
Total gross deferred tax liabilities | (240,072) |  |  | (291,502) |
Net deferred tax asset (liability) | $ | (81,248) |  |  | $ | (117,498) |

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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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