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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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