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Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows:

						Years Ended December 31,
						2020						2019						2018
						(in thousands)
Current expense:
Federal						$	44,094					$	40,471					$	33,400
State						7,822						6,359						5,446
Total current tax expense						$	51,916					$	46,830					$	38,846
Deferred tax expense (benefit):
Federal						$	(12,078)					$	60					$	(291)
State						(1,690)						270						399
Total deferred tax expense (benefit)						(13,768)						330						108
Total						$	38,148					$	47,160					$	38,954

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

						December 31,
						2020						2019
						(in thousands)
Deferred tax assets:
ACL						$	36,906					$	20,489
Lease liability						15,823						14,776
Deferred compensation						11,658						11,079
Stock options and restricted stock						2,599						2,016
OREO						16						—
Nonaccrual interest						102						112
Net operating losses and credit carryforwards						3,304						4,136
Other						278						245
Total deferred tax assets						70,686						52,853
Deferred tax liabilities:
Asset purchase tax basis difference						(6,590)						(7,888)
Right of use asset						(14,501)						(13,415)
FHLB stock dividends						(789)						(789)
Deferred loan fees						(5,695)						(4,097)
Unrealized gain on investment securities						(49,837)						(10,091)
Unrealized gain on equity securities						(3,147)						—
Purchase accounting						(7,526)						(8,946)
Depreciation						(2,427)						(3,152)
Cash flow hedge						(7,591)						(3,452)
Other						(112)						(100)
Total deferred tax liabilities						(98,215)						(51,930)
Net deferred tax asset (liability)						$	(27,529)					$	923

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate with the federal statutory tax rate is as follows:

						Years Ended December 31,
						2020												2019												2018
						Amount						Percent						Amount						Percent						Amount						Percent
						(dollars in thousands)
Income tax based on statutory rate						$	40,402					21		%				$	50,738					21		%				$	44,485					21		%
Increase (decrease) resulting from:
Tax exempt instruments						(5,987)						(3)		%				(6,771)						(3)		%				(6,423)						(3)		%
Bank owned life insurance						(1,348)						(1)		%				(1,963)						(1)		%				(1,261)						(1)		%
State income tax, net of federal benefit						4,844						3		%				5,134						2		%				4,931						2		%
Other, net						237						—		%				22						1		%				(2,778)						(1)		%
Income tax provision						$	38,148					20		%				$	47,160					20		%				$	38,954					18		%

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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
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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=84230637&loc=d3e32537-109319

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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