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Income Taxes (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 (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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