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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) included in the consolidated statements of income for the years ended December 31, 2020, 2019, and 2018 are presented below:
(in thousands) | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | 187,741 |  |  | $ | 112,517 |  |  | $ | 75,582 |
State | 9,421 |  |  | 2,085 |  |  | 7,081 |
Total current income tax expense | 197,162 |  |  | 114,602 |  |  | 82,663 |
Deferred |  |  |  |  |
Federal | (90,777) |  |  | 46,182 |  |  | 24,894 |
State | 4,585 |  |  | 40,451 |  |  | 11,321 |
Total deferred income tax (benefit) expense | (86,192) |  |  | 86,633 |  |  | 36,215 |
Total income tax expense | $ | 110,970 |  |  | $ | 201,235 |  |  | $ | 118,878 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense as shown in the consolidated statements of income differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent to income before income taxes for the years ended December 31, 2020, 2019, and 2018. A reconciliation of the differences is presented below:
| Years Ended December 31,
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Income tax expense at statutory federal income tax rate | $ | 101,779 |  |  | $ | 160,653 |  |  | $ | 114,944 |
Increase (decrease) resulting from: |  |  |  |  |
State income tax expense, net of federal income tax benefit | 11,168 |  |  | 33,764 |  |  | 17,270 |
Low income housing tax credits and other tax benefits | (13,858) |  |  | (8,454) |  |  | (6,421) |
Low income housing tax credit amortization | 11,247 |  |  | 6,871 |  |  | 5,316 |
Goodwill impairment | 9,424 |  |  | — |  |  | — |
Income not subject to tax | (9,207) |  |  | (6,564) |  |  | (3,599) |
FDIC premiums | 4,744 |  |  | 5,802 |  |  | 2,529 |
Adjustment related to reduction in U.S. federal statutory income tax rate | — |  |  | — |  |  | (9,865) |
Executive compensation | 1,501 |  |  | 6,385 |  |  | 443 |
General business tax credits | (657) |  |  | (678) |  |  | (1,163) |
Excess tax benefit from share-based compensation | 311 |  |  | (1,337) |  |  | (2,801) |
Change in valuation allowance | — |  |  | — |  |  | (3,431) |
Other, net | (5,482) |  |  | 4,793 |  |  | 5,656 |
Total income tax expense | $ | 110,970 |  |  | $ | 201,235 |  |  | $ | 118,878 |
Effective tax rate | 22.9 | % |  | 26.3 | % |  | 21.7 | %
Schedule of Deferred Tax Assets and Liabilities | Details for significant portions of the deferred tax assets and liabilities at December 31, 2020 and 2019 are presented below:
(in thousands) | 2020 |  | 2019
Deferred tax assets |  |  |
Allowance for loan losses | $ | 165,691 |  |  | $ | 73,929 |
Lease liability | 98,340 |  |  | 99,053 |
Net operating loss carryforwards | 29,684 |  |  | 38,972 |
Employee benefits and deferred compensation | 27,917 |  |  | 28,874 |
Deferred revenue | 24,751 |  |  | 8,237 |
Non-performing loan interest | 12,472 |  |  | 5,232 |
Fair value of investment securities and loans | 10,093 |  |  | — |
Tax credit carryforwards | 8,605 |  |  | 21,076 |
Other | 9,819 |  |  | 15,101 |
Total gross deferred tax assets | 387,372 |  |  | 290,474 |
Less valuation allowance | (19,191) |  |  | (18,445) |
Total deferred tax assets | 368,181 |  |  | 272,029 |
Deferred tax liabilities |  |  |
Right-of-use asset | (98,681) |  |  | (97,400) |
Net unrealized gains (losses) on investment securities available for sale and cash flow hedges | (64,344) |  |  | (31,678) |
Excess tax over financial statement depreciation | (40,452) |  |  | (41,097) |
Purchase accounting intangibles | (14,458) |  |  | (15,184) |
Prepaid expenses | (5,955) |  |  | (5,664) |
Fair value of investment securities and loans | — |  |  | (8,602) |
Other | (13,443) |  |  | (7,302) |
Total gross deferred tax liabilities | (237,333) |  |  | (206,927) |
Net deferred tax assets | $ | 130,848 |  |  | $ | 65,102 |
Schedule of Net Operating Loss and Tax Credit Carryforward | State NOLs and tax credit carryforwards as of December 31, 2020 are summarized in the following table.
Tax Carryforwards | As of December 31, 2020
(in thousands) | Expiration Dates |  | Deferred Tax Asset Balance, Gross |  | Valuation Allowance |  | Net Deferred Tax Asset Balance |  | Pre-Tax Earnings Necessary to Realize(1)
Net operating losses - federal | 2029-2032 |  | $ | 19,903 |  |  | $ | (15,852) |  |  | $ | 4,051 |  |  | $ | 19,292 |
Net operating losses - states | 2023-2034 |  | 15,783 |  |  | (3,339) |  |  | 12,444 |  |  | 1,346,109 |
Other credits - states | 2023-2030 |  | 12,733 |  |  | — |  |  | 12,733 |  |  | N/A
(1) N/A indicates credits are not measured on a pre-tax earnings basis.
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized income tax benefits is as follows (unrecognized state income tax benefits are not adjusted for the federal income tax impact).
| Years Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Balance at January 1, | $ | 20,994 |  |  | $ | 18,586 |  |  | $ | 15,117 |
Additions based on income tax positions related to current year | 461 |  |  | 550 |  |  | 1,165 |
Additions for income tax positions of prior years(1) | 147 |  |  | — |  |  | 2,321 |
Additions from acquisition | — |  |  | 3,464 |  |  | — |
Reductions for income tax positions of prior years | (327) |  |  | (1,589) |  |  | — |
Statute of limitation expirations | (820) |  |  | (17) |  |  | (17) |
Settlements | (205) |  |  | — |  |  | — |
Balance at December 31, | $ | 20,250 |  |  | $ | 20,994 |  |  | $ | 18,586 |
(1) Includes deferred tax benefits that could reduce future tax liabilities.

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