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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021, and 2020 are presented below:
(in thousands) | 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 167,255 |  |  | $ | 153,911 |  |  | $ | 187,741 |
State | 28,152 |  |  | 29,982 |  |  | 9,421 |
Total current income tax expense | 195,407 |  |  | 183,893 |  |  | 197,162 |
Deferred |  |  |  |  |
Federal | 11,570 |  |  | 28,873 |  |  | (90,777) |
State | (702) |  |  | 16,127 |  |  | 4,585 |
Total deferred income tax expense (benefit) | 10,868 |  |  | 45,000 |  |  | (86,192) |
Total income tax expense | $ | 206,275 |  |  | $ | 228,893 |  |  | $ | 110,970 |
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, 2022, 2021, and 2020. A reconciliation of the differences is presented below:
| Years Ended December 31,
(dollars in thousands) | 2022 |  | 2021 |  | 2020
Income tax expense at statutory federal income tax rate | $ | 202,477 |  |  | $ | 207,765 |  |  | $ | 101,779 |
Increase (decrease) resulting from: |  |  |  |  |
State income tax expense, net of federal income tax benefit | 21,981 |  |  | 38,452 |  |  | 11,168 |
Income not subject to tax | (9,346) |  |  | (10,455) |  |  | (9,207) |
Low income housing tax credits and other tax benefits, net of amortization | (6,336) |  |  | (4,858) |  |  | (2,611) |
FDIC premiums | 5,517 |  |  | 4,111 |  |  | 4,744 |
General business tax credits | (3,293) |  |  | (3,727) |  |  | (657) |
Excess tax benefit from share-based compensation | (3,153) |  |  | (3,084) |  |  | 311 |
Executive compensation | 2,152 |  |  | 1,096 |  |  | 1,501 |
Goodwill impairment | — |  |  | — |  |  | 9,424 |
Other, net | (3,724) |  |  | (407) |  |  | (5,482) |
Total income tax expense | $ | 206,275 |  |  | $ | 228,893 |  |  | $ | 110,970 |
Effective tax rate | 21.4 | % |  | 23.1 | % |  | 22.9 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred tax assets and liabilities at December 31, 2022 and 2021 are presented below:
(in thousands) | 2022 |  | 2021 |
Deferred tax assets |  |  |  |
Net unrealized losses on investment securities available for sale and cash flow hedges | $ | 455,744 |  |  | $ | 19,261 |  |
Allowance for credit losses | 121,941 |  |  | 112,180 |  |
Lease liability | 107,818 |  |  | 102,412 |  |
Employee benefits and deferred compensation | 42,746 |  |  | 36,701 |  |
Net operating loss carryforwards | 23,590 |  |  | 23,897 |  |
Tax credit carryforwards | 14,553 |  |  | 15,870 |  |
Unrealized losses on fair value hedges | 11,101 |  |  | — |  |
Miscellaneous accrued expenses | 5,125 |  |  | 3,870 |  |
Fair value of investment securities and loans | 2,019 |  |  | 6,439 |  |
Non-performing loan interest | 2,695 |  |  | 2,621 |  |
Deferred revenue | — |  |  | 14,616 |  |
Other | 6,585 |  |  | 6,182 |  |
Total gross deferred tax assets | 793,917 |  |  | 344,049 |  |
Less valuation allowance | (19,114) |  |  | (19,003) |  |
Total deferred tax assets | 774,803 |  |  | 325,046 |  |
Deferred tax liabilities |  |  |  |
Right-of-use asset | (102,945) |  |  | (98,773) |  |
Excess tax over financial statement depreciation | (23,762) |  |  | (27,355) |  |
Purchase accounting intangibles | (15,224) |  |  | (14,820) |  |
Deferred loan fees | (15,901) |  |  | — |  |
Unrealized gain on hedged liabilities | (11,101) |  |  | — |  |
Prepaid expense | (4,947) |  |  | (4,631) |  |
Other properties held for sale | (2,828) |  |  | (5,345) |  |
Other | (2,778) |  |  | (5,071) |  |
Total gross deferred tax liabilities | (179,486) |  |  | (155,995) |  |
Net deferred tax assets | $ | 595,317 |  |  | $ | 169,051 |  |
Schedule of Net Operating Loss and Tax Credit Carryforward | Federal and state NOLs and tax credit carryforwards as of December 31, 2022 are summarized in the following table on a tax effected basis.
Tax Carryforwards | As of December 31, 2022
(in thousands) | Expiration Dates |  | Deferred Tax Asset, Before Valuation Allowance |  | Valuation Allowance |  | Net Deferred Tax Asset Balance
Net operating losses - federal | 2027-2033 |  | $ | 18,969 |  |  | $ | (15,544) |  |  | $ | 3,425 |
Net operating losses - states(1) | 2027-2042 |  | 4,621 |  |  | (3,570) |  |  | 1,051 |
Other credits - states | 2023-2032 |  | 14,553 |  |  | — |  |  | 14,553 |
(1) Included in this balance are state NOLs that can be carried forward indefinitely and have no expiration date.
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) | 2022 |  | 2021 |  | 2020
Balance at January 1, | $ | 25,104 |  |  | $ | 20,250 |  |  | $ | 20,994 |
Additions based on income tax positions related to current year | 649 |  |  | 3,754 |  |  | 461 |
Additions for income tax positions of prior years(1) | 247 |  |  | 1,379 |  |  | 147 |
Reductions for income tax positions of prior years | (1,215) |  |  | (200) |  |  | (327) |
Statute of limitation expirations | (2,002) |  |  | (79) |  |  | (820) |
Settlements | (383) |  |  | — |  |  | (205) |
Balance at December 31, | $ | 22,400 |  |  | $ | 25,104 |  |  | $ | 20,250 |
(1) Includes deferred tax benefits that could reduce future tax liabilities.

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