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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022, and 2021 are presented below:
(in thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 107,445 |  |  | $ | 167,255 |  |  | $ | 153,911 |
State | 29,739 |  |  | 28,152 |  |  | 29,982 |
Total current income tax expense | 137,184 |  |  | 195,407 |  |  | 183,893 |
Deferred |  |  |  |  |
Federal | 13,124 |  |  | 11,570 |  |  | 28,873 |
State | 3,713 |  |  | (702) |  |  | 16,127 |
Total deferred income tax expense (benefit) | 16,837 |  |  | 10,868 |  |  | 45,000 |
Total income tax expense | $ | 154,021 |  |  | $ | 206,275 |  |  | $ | 228,893 |
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, 2023, 2022, and 2021. A reconciliation of the differences is presented below:
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Income tax expense at statutory federal income tax rate | $ | 146,194 |  |  | $ | 202,477 |  |  | $ | 207,765 |
Increase (decrease) resulting from: |  |  |  |  |
State income tax expense, net of federal income tax benefit | 28,415 |  |  | 21,981 |  |  | 38,452 |
Tax credits and related benefits, net of amortization (as applicable) | (21,037) |  |  | (9,629) |  |  | (8,717) |
Income not subject to tax | (10,477) |  |  | (9,346) |  |  | (10,455) |
FDIC premiums | 8,589 |  |  | 5,517 |  |  | 4,111 |
Executive compensation | 3,575 |  |  | 2,152 |  |  | 1,096 |
Excess tax benefit from share-based compensation | (1,416) |  |  | (3,153) |  |  | (3,084) |
Other, net | 178 |  |  | (3,724) |  |  | (275) |
Total income tax expense | $ | 154,021 |  |  | $ | 206,275 |  |  | $ | 228,893 |
Effective tax rate | 22.1 | % |  | 21.4 | % |  | 23.1 | %
Schedule of Deferred Tax Assets and Liabilities | The components of the Company's deferred tax assets and liabilities at December 31, 2023 and 2022 are presented below:
(in thousands) | 2023 |  | 2022 |
Deferred tax assets |  |  |  |
Net unrealized losses on investment securities available for sale and cash flow hedges | $ | 348,712 |  |  | $ | 455,744 |  |
Allowance for credit losses | 130,205 |  |  | 121,941 |  |
Lease liability | 120,534 |  |  | 107,818 |  |
Employee benefits and deferred compensation | 40,601 |  |  | 42,746 |  |
Net operating loss carryforwards | 32,126 |  |  | 23,590 |  |
Tax credit carryforwards | 15,532 |  |  | 14,553 |  |
FDIC Special Assessment | 12,058 |  |  | — |  |
Unrealized losses on fair value hedges | 7,480 |  |  | 11,101 |  |
Non-performing loan interest | 5,877 |  |  | 2,695 |  |
Miscellaneous accrued expenses | 5,659 |  |  | 5,125 |  |
Fair value of investment securities and loans | 1,422 |  |  | 2,019 |  |
Other | 7,423 |  |  | 6,585 |  |
Total gross deferred tax assets | 727,629 |  |  | 793,917 |  |
Less valuation allowance | (26,184) |  |  | (19,114) |  |
Total deferred tax assets | 701,445 |  |  | 774,803 |  |
Deferred tax liabilities |  |  |  |
Right-of-use asset | (114,529) |  |  | (102,945) |  |
Purchase accounting intangibles | (23,276) |  |  | (15,224) |  |
Excess tax over financial statement depreciation | (20,457) |  |  | (23,762) |  |
Deferred loan costs | (16,810) |  |  | (15,901) |  |
Unrealized gain on hedged liabilities | (7,480) |  |  | (11,101) |  |
Prepaid expense | (6,917) |  |  | (4,947) |  |
Other properties held for sale | (1,434) |  |  | (2,828) |  |
Other | (3,640) |  |  | (2,778) |  |
Total gross deferred tax liabilities | (194,543) |  |  | (179,486) |  |
Net deferred tax asset | $ | 506,902 |  |  | $ | 595,317 |  |
Schedule of Net Operating Loss and Tax Credit Carryforward | Federal and state NOLs and tax credit carryforwards as of December 31, 2023 are summarized in the following table on a tax effected basis.
Tax Carryforwards | As of December 31, 2023
(in thousands) | Expiration Dates |  | Deferred Tax Asset, Before Valuation Allowance |  | Valuation Allowance |  | Net Deferred Tax Asset Balance
Net operating losses - federal(1) | 2027-2037 |  | $ | 25,240 |  |  | $ | (19,703) |  |  | $ | 5,537 |
Net operating losses - states(1) | 2027-2043 |  | 6,886 |  |  | (5,316) |  |  | 1,570 |
Tax credits - federal | 2034-2041 |  | 460 |  |  | (460) |  |  | — |
Tax credits - states(1) | 2024-2038 |  | 15,072 |  |  | (705) |  |  | 14,367 |
(1) Included in this balance are tax attributes 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) | 2023 |  | 2022 |  | 2021
Balance at January 1, | $ | 22,400 |  |  | $ | 25,104 |  |  | $ | 20,250 |
Additions based on income tax positions related to current year | 719 |  |  | 649 |  |  | 3,754 |
Additions for income tax positions of prior years(1) | 186 |  |  | 247 |  |  | 1,379 |
Reductions for income tax positions of prior years | (122) |  |  | (1,215) |  |  | (200) |
Statute of limitation expirations | (871) |  |  | (2,002) |  |  | (79) |
Settlements | — |  |  | (383) |  |  | — |
Balance at December 31, | $ | 22,312 |  |  | $ | 22,400 |  |  | $ | 25,104 |
(1) Includes deferred tax benefits that could reduce future tax liabilities.

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