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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2021
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,
|  | 2021 |  | 2020 |  | 2019
|  | (in thousands)
Current expense: |  |  |  |  |  |
Federal |  | $ | 50,708 |  |  | $ | 44,094 |  |  | $ | 40,471 |
State |  | 9,610 |  |  | 7,822 |  |  | 6,359 |
Total current tax expense |  | $ | 60,318 |  |  | $ | 51,916 |  |  | $ | 46,830 |
Deferred tax expense (benefit): |  |  |  |  |  |
Federal |  | $ | (5,445) |  |  | $ | (12,078) |  |  | $ | 60 |
State |  | (1,184) |  |  | (1,690) |  |  | 270 |
Total deferred tax expense (benefit) |  | (6,629) |  |  | (13,768) |  |  | 330 |
Total |  | $ | 53,689 |  |  | $ | 38,148 |  |  | $ | 47,160 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31,
|  | 2021 |  | 2020
|  | (in thousands)
Deferred tax assets: |  |  |  |
ACL |  | $ | 39,378 |  |  | $ | 36,906 |
Lease liability |  | 15,973 |  |  | 15,823 |
Deferred compensation |  | 14,887 |  |  | 11,658 |
Stock options and restricted stock |  | 3,186 |  |  | 2,599 |
OREO |  | 50 |  |  | 16 |
Nonaccrual interest |  | 118 |  |  | 102 |
Net operating losses and credit carryforwards |  | 2,898 |  |  | 3,304 |
Other |  | 1,824 |  |  | 278 |
Total deferred tax assets |  | 78,314 |  |  | 70,686 |
Deferred tax liabilities: |  |  |  |
Asset purchase tax basis difference |  | (5,052) |  |  | (6,590) |
Right of use asset |  | (14,510) |  |  | (14,501) |
FHLB stock dividends |  | (810) |  |  | (789) |
Deferred loan fees |  | (5,957) |  |  | (5,695) |
Unrealized gain on investment securities |  | (7,254) |  |  | (49,837) |
Unrealized gain on equity securities |  | (3,231) |  |  | (3,147) |
Purchase accounting |  | (14,211) |  |  | (7,526) |
Depreciation |  | (3,304) |  |  | (2,427) |
Cash flow hedge |  | (5,280) |  |  | (7,591) |
Other |  | (130) |  |  | (112) |
Total deferred tax liabilities |  | (59,739) |  |  | (98,215) |
Net deferred tax asset (liability) |  | $ | 18,575 |  |  | $ | (27,529) |
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,
|  | 2021 |  | 2020 |  | 2019
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
|  | (dollars in thousands)
Income tax based on statutory rate |  | $ | 53,867 |  |  | 21 | % |  | $ | 40,402 |  |  | 21 | % |  | $ | 50,738 |  |  | 21 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Tax exempt instruments |  | (6,306) |  |  | (2) | % |  | (5,987) |  |  | (3) | % |  | (6,771) |  |  | (3) | %
Bank owned life insurance |  | (1,444) |  |  | (1) | % |  | (1,348) |  |  | (1) | % |  | (1,963) |  |  | (1) | %
State income tax, net of federal benefit |  | 7,892 |  |  | 3 | % |  | 4,844 |  |  | 3 | % |  | 5,134 |  |  | 2 | %
Other, net |  | (320) |  |  | — | % |  | 237 |  |  | — | % |  | 22 |  |  | 1 | %
Income tax provision |  | $ | 53,689 |  |  | 21 | % |  | $ | 38,148 |  |  | 20 | % |  | $ | 47,160 |  |  | 20 | %

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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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