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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023, and 2022 are presented below:

(in thousands)			2024						2023						2022
Current
Federal			$	83,744					$	107,445					$	167,255
State			22,387						29,739						28,152
Total current income tax expense			106,131						137,184						195,407
Deferred
Federal			19,292						13,124						11,570
State			79						3,713						(702)
Total deferred income tax expense (benefit)			19,371						16,837						10,868
Total income tax expense			$	125,502					$	154,021					$	206,275

Schedule of Income Tax Expense and Effective Income Tax Rate

Income tax expense as shown on the consolidated statements of income differed from the federal statutory rate for the years ended December 31, 2024, 2023, and 2022. A reconciliation of the differences is presented below:

			Years Ended December 31,
(dollars in thousands)			2024						2023						2022
Income tax expense at statutory federal income tax rate			$	127,040					$	146,194					$	202,477
Increase (decrease) resulting from:
State income tax expense, net of federal income tax benefit			17,871						28,415						21,981
Tax credits and related benefits, net of amortization (as applicable)			(21,329)						(21,037)						(9,629)
Income not subject to tax			(11,857)						(10,477)						(9,346)
FDIC premiums			7,684						8,589						5,517
Executive compensation			2,965						3,575						2,152
Excess tax benefit from share-based compensation			98						(1,416)						(3,153)
Other, net			3,030						178						(3,724)
Total income tax expense			$	125,502					$	154,021					$	206,275
Effective tax rate			20.7		%				22.1		%				21.4		%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities at December 31, 2024 and 2023 are presented below:

(in thousands)			2024						2023
Deferred tax assets
Net unrealized losses on investment securities available for sale and cash flow hedges			$	302,128					$	348,712
Allowance for credit losses			131,373						130,205
Lease liability			111,089						120,534
Employee benefits and deferred compensation			47,642						40,601
Net operating loss carryforwards			32,511						32,126
Tax credit carryforwards			14,143						15,532
FDIC special assessment			9,087						12,058
Unrealized losses on fair value hedges			4,252						7,480
Non-performing loan interest			7,923						5,877
Miscellaneous accrued expenses			4,948						5,659
Fair value of investment securities and loans			1						1,422
Other			8,167						7,423
Total gross deferred tax assets			673,264						727,629
Less valuation allowance			(27,483)						(26,184)
Total deferred tax assets			645,781						701,445
Deferred tax liabilities
Right-of-use asset			(104,190)						(114,529)
Purchase accounting intangibles			(22,535)						(23,276)
Excess tax over financial statement depreciation			(13,685)						(20,457)
Deferred loan costs			(16,293)						(16,810)
Unrealized gain on hedged liabilities			(4,252)						(7,480)
Prepaid expense			(5,498)						(6,917)
Partnership investments			(2,995)						(1,980)
Other properties held for sale			(914)						(1,434)
Other			(4,899)						(1,660)
Total gross deferred tax liabilities			(175,261)						(194,543)
Net deferred tax asset			$	470,520					$	506,902

Schedule of Federal and State NOLs and Tax Credit Carryforwards

Federal and state NOLs and tax credit carryforwards as of December 31, 2024 are summarized in the following table on a tax effected basis.

Tax Carryforwards			As of December 31, 2024
(in thousands)			Expiration Dates						Deferred Tax Asset, Before Valuation Allowance						Valuation Allowance						Net Deferred Tax Asset Balance
Net operating losses - federal(1)			2027-2037						$	25,482					$	(20,749)					$	4,733
Net operating losses - states(1)			2027-2044						7,030						(5,705)						1,325
Tax credits - federal			2034-2044						835						(460)						375
Tax credits - states(1)			2025-2032						13,307						(569)						12,738

(1)    Included in this balance are tax attributes that can be carried forward indefinitely and have no expiration date.

Schedule of Rollforward of Unrecognized Income 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)			2024						2023						2022
Balance at January 1,			$	22,312					$	22,400					$	25,104
Additions based on income tax positions related to current year			520						719						649
Additions for income tax positions of prior years(1)			39						186						247
Reductions for income tax positions of prior years			(209)						(122)						(1,215)
Statute of limitation expirations			(982)						(871)						(2,002)
Settlements			—						—						(383)
Balance at December 31,			$	21,680					$	22,312					$	22,400

(1)    Includes deferred tax benefits that could reduce future tax liabilities.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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