XML 38 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes 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 | %
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 |
There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of income tax expense. Such amounts were not significant during the reported periods. 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) |
No valuation allowance for deferred tax assets was recorded at December 31, 2022 and 2021 as management believes it is more likely than not that all of the deferred tax assets will be realized against deferred tax liabilities and projected future taxable income. There were no unrecognized tax benefits during any of the reported periods. We file income tax returns in the U.S. federal jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2019.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration