XML 64 R48.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Federal and State Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Summary of consolidated income tax expense | The following table is a summary of consolidated income tax expense:
| Years ended
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Current |  |  |  |  |
Federal | $ | 51,180 |  |  | 47,775 |  |  | 34,461 |
State | 22,596 |  |  | 20,728 |  |  | 14,545 |
Total current income tax expense | 73,776 |  |  | 68,503 |  |  | 49,006 |
Deferred 1 |  |  |  |  |
Federal | (7,151) |  |  | (5,396) |  |  | (279) |
State | (1,944) |  |  | (1,467) |  |  | (77) |
Total deferred income tax benefit expense | (9,095) |  |  | (6,863) |  |  | (356) |
Total income tax expense | $ | 64,681 |  |  | 61,640 |  |  | 48,650 |
______________________________ 1 Includes tax benefit of operating loss carryforwards of $315,000, $315,000 and $317,000 for the years ended December 31, 2021, 2020, and 2019, respectively.
Summary of effective tax rate | Combined federal and state income tax expense differs from that computed at the federal statutory corporate income tax rate as follows:
| Years ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal income tax benefit | 4.7 | % |  | 4.6 | % |  | 4.4 | %
Tax-exempt interest income | (4.2 | %) |  | (4.0 | %) |  | (3.7 | %)
Tax credits | (4.8 | %) |  | (4.2 | %) |  | (4.5 | %)
Other, net | 1.8 | % |  | 1.4 | % |  | 1.6 | %
Effective income tax rate | 18.5 | % |  | 18.8 | % |  | 18.8 | %
Summary of net deferred tax asset | The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and deferred tax liabilities are as follows:
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
Deferred tax assets |  |  |
Allowance for credit losses | $ | 49,375 |  |  | 44,040 |
Operating lease liabilities | 12,103 |  |  | 12,551 |
Employee benefits | 10,868 |  |  | 9,309 |
Deferred compensation | 8,002 |  |  | 7,638 |
Acquisition fair market value adjustments | 6,891 |  |  | 4,398 |
Net operating loss carryforwards | 1,569 |  |  | 1,884 |
Available-for-sale debt securities | 1,156 |  |  | — |
Other | 2,787 |  |  | 2,262 |
Total gross deferred tax assets | 92,751 |  |  | 82,082 |
Deferred tax liabilities |  |  |
Depreciation of premises and equipment | (15,749) |  |  | (14,654) |
Operating lease ROU assets | (11,293) |  |  | (11,830) |
Transferred debt securities | (10,299) |  |  | — |
Intangibles | (9,760) |  |  | (14,671) |
Deferred loan costs | (9,264) |  |  | (8,940) |
Mortgage servicing rights | (3,244) |  |  | (2,268) |
Available-for-sale debt securities | — |  |  | (48,505) |
Other | (5,449) |  |  | (5,074) |
Total gross deferred tax liabilities | (65,058) |  |  | (105,942) |
Net deferred tax asset (liability) | $ | 27,693 |  |  | (23,860) |
Income tax return jurisdictions and years subject to examination | The following schedule summarizes the years that remain subject to examination as of December 31, 2021:
| Years ended December 31,
Federal | 2010, 2011, 2012, 2013, 2016, 2017, 2018, 2019, and 2020
Colorado | 2010, 2011, 2012, 2016, 2017, 2018, 2019, and 2020
Arizona & California | 2016, 2017, 2018, 2019, and 2020
Montana, Idaho, Utah, & North Dakota | 2017, 2018, 2019, and 2020
Alabama, Alaska, Arkansas, Connecticut, Florida, Georgia, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, & Wisconsin | 2019 and 2020
Iowa, Illinois, Kansas, Maryland, Mississippi, North Carolina, Ohio, Oregon | 2020

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration