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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax provision for the years ended December 31, 2023, 2022, and 2021:
(in thousands) | 2023 |  | 2022 |  | 2021
Current Expense: |  |  |  |  |
Federal | $ | 72,224 |  |  | $ | 70,982 |  |  | $ | 71,969 |
State | 37,365 |  |  | 28,461 |  |  | 25,086 |
Total current tax expense | $ | 109,589 |  |  | $ | 99,443 |  |  | $ | 97,055 |
Deferred tax expense: |  |  |  |  |
Federal | $ | 6,794 |  |  | $ | 11,636 |  |  | $ | 32,099 |
State | 6,101 |  |  | 2,747 |  |  | 8,706 |
Total deferred tax expense | 12,895 |  |  | 14,383 |  |  | 40,805 |
Total | $ | 122,484 |  |  | $ | 113,826 |  |  | $ | 137,860 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31, 2023, 2022, and 2021:
| 2023 |  | 2022 |  | 2021
Statutory Federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State tax, net of Federal benefit | 6.2 | % |  | 5.8 | % |  | 5.6 | %
Non-deductible FDIC Premiums | 1.7 | % |  | 0.4 | % |  | 0.2 | %
Net tax-exempt interest income | (2.2) | % |  | (1.5) | % |  | (0.9) | %
Other | (0.7) | % |  | (0.4) | % |  | (1.2) | %
Effective income tax rate | 26.0 | % |  | 25.3 | % |  | 24.7 | %
Schedule of Deferred Tax Assets and Liabilities | The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax asset as of December 31, 2023 and 2022:
(in thousands) | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Net unrealized losses on investment securities | $ | 303,465 |  |  | $ | 140,227 |
Acquired loans | 146,315 |  |  | 4,644 |
Allowance for credit losses | 115,777 |  |  | 79,312 |
Accrued severance and deferred compensation | 39,904 |  |  | 16,523 |
Operating lease liabilities | 33,956 |  |  | 23,603 |
Other | 54,181 |  |  | 35,459 |
Total gross deferred tax assets | 693,598 |  |  | 299,768 |
Deferred tax liabilities: |  |  |
Other intangible assets | 155,642 |  |  | 156 |
Direct financing leases | 42,825 |  |  | 41,120 |
Deferred loan fees and costs | 34,402 |  |  | 25,676 |
Residential mortgage servicing rights | 31,259 |  |  | 49,681 |
Operating lease right-of-use asset | 30,117 |  |  | 20,235 |
Premises and equipment | 20,579 |  |  | 1,575 |
Fair market value adjustment on junior subordinated debentures | 17,287 |  |  | 15,081 |
Other | 14,284 |  |  | 13,421 |
Total gross deferred tax liabilities | 346,395 |  |  | 166,945 |
Net deferred tax asset | $ | 347,203 |  |  | $ | 132,823 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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