XML 37 R21.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes 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 |
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 | %
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 |
As of December 31, 2023 and 2022, the Company's gross deferred tax assets included $2.4 million and $689,000, respectively, of NOL carryforwards expiring in tax years 2024-2032. As of December 31, 2023, the Company has determined there is sufficient positive evidence to conclude that it is more likely than not that the benefit from certain of its federal and state NOL and tax carryforwards will be realized. The Company has determined that no valuation allowance for the deferred tax assets is required as management believes it is more likely than not that future taxable income will be sufficient to realize the remaining gross deferred tax assets of $693.6 million and $299.8 million at December 31, 2023 and 2022, respectively. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the majority of states. The Company no longer files income tax returns in Canada. The Company is no longer subject to U.S. and Canadian income tax examinations for years before 2020, and is no longer subject to state income tax examinations for years prior to 2019. The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities' examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. The Company had no gross unrecognized tax benefits as of December 31, 2023 and December 31, 2022. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. There were no amounts related to interest and penalties recognized for the years ended December 31, 2023 and December 31, 2022.

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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration