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Income Taxes (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 (benefit) included on the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 are presented below:
(in thousands) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 153,911 |  |  | $ | 187,741 |  |  | $ | 112,517 |
State | 29,982 |  |  | 9,421 |  |  | 2,085 |
Total current income tax expense | 183,893 |  |  | 197,162 |  |  | 114,602 |
Deferred |  |  |  |  |
Federal | 28,873 |  |  | (90,777) |  |  | 46,182 |
State | 16,127 |  |  | 4,585 |  |  | 40,451 |
Total deferred income tax expense (benefit) | 45,000 |  |  | (86,192) |  |  | 86,633 |
Total income tax expense | $ | 228,893 |  |  | $ | 110,970 |  |  | $ | 201,235 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2021, 2020, and 2019. A reconciliation of the differences is presented below:
| Years Ended December 31,
(dollars in thousands) | 2021 |  | 2020 |  | 2019
Income tax expense at statutory federal income tax rate | $ | 207,765 |  |  | $ | 101,779 |  |  | $ | 160,653 |
Increase (decrease) resulting from: |  |  |  |  |
State income tax expense, net of federal income tax benefit | 38,452 |  |  | 11,168 |  |  | 33,764 |
Income not subject to tax | (10,455) |  |  | (9,207) |  |  | (6,564) |
Low income housing tax credits and other tax benefits, net of amortization | (4,858) |  |  | (2,611) |  |  | (1,583) |
FDIC premiums | 4,111 |  |  | 4,744 |  |  | 5,802 |
General business tax credits | (3,727) |  |  | (657) |  |  | (678) |
Excess tax benefit from share-based compensation | (3,084) |  |  | 311 |  |  | (1,337) |
Executive compensation | 1,096 |  |  | 1,501 |  |  | 6,385 |
Goodwill impairment | — |  |  | 9,424 |  |  | — |
Other, net | (407) |  |  | (5,482) |  |  | 4,793 |
Total income tax expense | $ | 228,893 |  |  | $ | 110,970 |  |  | $ | 201,235 |
Effective tax rate | 23.1 | % |  | 22.9 | % |  | 26.3 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred tax assets and liabilities at December 31, 2021 and 2020 are presented below:
(in thousands) | 2021 |  | 2020
Deferred tax assets |  |  |
Allowance for loan losses | $ | 112,180 |  |  | $ | 165,691 |
Lease liability | 102,412 |  |  | 98,340 |
Employee benefits and deferred compensation | 35,782 |  |  | 27,917 |
Net operating loss carryforwards | 23,897 |  |  | 29,684 |
Net unrealized losses on investment securities available for sale and cash flow hedges | 19,261 |  |  | — |
Deferred revenue | 18,487 |  |  | 24,751 |
Tax credit carryforwards | 15,870 |  |  | 8,605 |
Fair value of investment securities and loans | 6,439 |  |  | 10,093 |
Non-performing loan interest | 2,621 |  |  | 12,472 |
Other | 7,100 |  |  | 9,819 |
Total gross deferred tax assets | 344,049 |  |  | 387,372 |
Less valuation allowance | (19,003) |  |  | (19,191) |
Total deferred tax assets | 325,046 |  |  | 368,181 |
Deferred tax liabilities |  |  |
Right-of-use asset | (98,773) |  |  | (98,681) |
Excess tax over financial statement depreciation | (27,355) |  |  | (40,452) |
Purchase accounting intangibles | (14,820) |  |  | (14,458) |
Other properties held for sale | (5,345) |  |  | (3,025) |
Prepaid expense | (4,631) |  |  | (5,955) |
Net unrealized gains on investment securities available for sale and cash flow hedges | — |  |  | (64,344) |
Other | (5,071) |  |  | (10,418) |
Total gross deferred tax liabilities | (155,995) |  |  | (237,333) |
Net deferred tax assets | $ | 169,051 |  |  | $ | 130,848 |
Schedule of Net Operating Loss and Tax Credit Carryforward | State NOLs and tax credit carryforwards as of December 31, 2021 are summarized in the following table.
Tax Carryforwards | As of December 31, 2021
(in thousands) | Expiration Dates |  | Deferred Tax Asset, Before Valuation Allowance |  | Valuation Allowance |  | Net Deferred Tax Asset Balance
Net operating losses - federal | 2027-2033 |  | $ | 19,592 |  |  | $ | (15,851) |  |  | $ | 3,741 |
Net operating losses - states | 2023-2034 |  | 4,305 |  |  | (3,152) |  |  | 1,153 |
Other credits - states | 2022-2031 |  | 15,870 |  |  | — |  |  | 15,870 |
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) | 2021 |  | 2020 |  | 2019
Balance at January 1, | $ | 20,250 |  |  | $ | 20,994 |  |  | $ | 18,586 |
Additions based on income tax positions related to current year | 3,754 |  |  | 461 |  |  | 550 |
Additions for income tax positions of prior years(1) | 1,379 |  |  | 147 |  |  | — |
Additions from acquisition | — |  |  | — |  |  | 3,464 |
Reductions for income tax positions of prior years | (200) |  |  | (327) |  |  | (1,589) |
Statute of limitation expirations | (79) |  |  | (820) |  |  | (17) |
Settlements | — |  |  | (205) |  |  | — |
Balance at December 31, | $ | 25,104 |  |  | $ | 20,250 |  |  | $ | 20,994 |
(1) Includes deferred tax benefits that could reduce future tax liabilities.

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