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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax expense was as follows:
| 2022 |  | 2021 |  | 2020
Current income tax expense | $ | 94,595 |  |  | $ | 38,675 |  |  | $ | 36,002 |
Deferred income tax expense (benefit) | (4,918) |  |  | 7,784 |  |  | (15,832) |
Income tax expense, as reported | $ | 89,677 |  |  | $ | 46,459 |  |  | $ | 20,170 |
Effective tax rate | 13.4 | % |  | 9.5 | % |  | 5.7 | %
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.
| 2022 |  | 2021 |  | 2020
Income tax expense computed at the statutory rate | $ | 140,454 |  |  | $ | 102,803 |  |  | $ | 73,777 |
Effect of tax-exempt interest | (50,602) |  |  | (50,740) |  |  | (51,624) |
Net tax benefit from stock-based compensation | (4,602) |  |  | (7,877) |  |  | (852) |
Tax benefit on dividends paid in our 401k plan | (1,854) |  |  | (1,764) |  |  | (1,851) |
Bank owned life insurance income | (440) |  |  | (517) |  |  | (783) |
Non-deductible FDIC premiums | 3,277 |  |  | 2,629 |  |  | 1,790 |
Non-deductible compensation | 2,250 |  |  | 1,773 |  |  | 1,123 |
Non-deductible meals and entertainment | 683 |  |  | 625 |  |  | 786 |
Asset contribution to a charitable trust | — |  |  | — |  |  | (2,556) |
Tax basis adjustment of premises and equipment | — |  |  | (1,026) |  |  | — |
Other | 511 |  |  | 553 |  |  | 360 |
Income tax expense, as reported | $ | 89,677 |  |  | $ | 46,459 |  |  | $ | 20,170 |
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%.
| 2022 |  | 2021
Deferred tax assets: |  |  |
Lease liabilities under operating leases | $ | 67,608 |  |  | $ | 65,815 |
Net unrealized loss on securities available for sale and transferred securities | 349,237 |  |  | — |
Allowance for credit losses | 60,137 |  |  | 62,819 |
Net actuarial loss on defined benefit post-retirement benefit plans | 9,172 |  |  | 8,743 |
Stock-based compensation | 6,622 |  |  | 6,989 |
Bonus accrual | 11,204 |  |  | 7,506 |
Deferred loan and lease origination fees | 3,675 |  |  | 3,118 |
Other | 6,109 |  |  | 3,834 |
Total gross deferred tax assets | 513,764 |  |  | 158,824 |
Deferred tax liabilities: |  |  |
Net unrealized gain on securities available for sale and transferred securities | — |  |  | (101,067) |
Right-of-use assets under operating leases | (60,651) |  |  | (59,415) |
Premises and equipment | (45,647) |  |  | (49,645) |
Intangible assets | (17,732) |  |  | (16,595) |
Defined benefit post-retirement benefit plans | (12,730) |  |  | (11,027) |
Other | (2,601) |  |  | (2,323) |
Total gross deferred tax liabilities | (139,361) |  |  | (240,072) |
Net deferred tax asset (liability) | $ | 374,403 |  |  | $ | (81,248) |

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