XML 145 R43.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax expense included in net income consisted of the following components:
|  | Years Ended December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Included in net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current federal |  | $ |  | 12,172 |  |  | $ |  | 7,594 |  |  | $ |  | 38,859 |
Current state |  |  |  | 6,087 |  |  |  |  | 5,538 |  |  |  |  | 4,112 |
Total current provision |  |  |  | 18,259 |  |  |  |  | 13,132 |  |  |  |  | 42,971 |
Deferred federal |  |  |  | 46,290 |  |  |  |  | 41,078 |  |  |  |  | 48,653 |
Deferred state |  |  |  | 810 |  |  |  |  | 4,136 |  |  |  |  | 1,178 |
Total deferred provision |  |  |  | 47,100 |  |  |  |  | 45,214 |  |  |  |  | 49,831 |
Total included in net income |  | $ |  | 65,359 |  |  | $ |  | 58,346 |  |  | $ |  | 92,802 |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Allowance for loan losses |  | $ |  | 47,008 |  |  | $ |  | 45,198 |
Employee compensation and benefits |  |  |  | — |  |  |  |  | 12,796 |
Loan purchase accounting adjustments |  |  |  | 18,717 |  |  |  |  | 1,132 |
Tax credit carryforward |  |  |  | 2,025 |  |  |  |  | 2,059 |
Securities |  |  |  | — |  |  |  |  | 17,390 |
Federal/State net operating loss |  |  |  | 7,295 |  |  |  |  | 1,629 |
Lease liability |  |  |  | 29,003 |  |  |  |  | — |
Other |  |  |  | 7,893 |  |  |  |  | 18,431 |
Gross deferred tax assets |  |  |  | 111,941 |  |  |  |  | 98,635 |
State valuation allowance |  |  |  | (1,415 | ) |  |  |  | (1,629 | )
Net deferred tax assets |  | $ |  | 110,526 |  |  | $ |  | 97,006 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |
Employee compensation and benefits |  | $ |  | (9,662 | ) |  | $ |  | — |
Securities |  |  |  | (9,589 | ) |  |  |  | — |
Fixed assets & intangibles |  |  |  | (48,144 | ) |  |  |  | (44,277 | )
Lease Financing |  |  |  | (41,565 | ) |  |  |  | (23,605 | )
Right-of-use asset |  |  |  | (24,887 | ) |  |  |  | — |
Other |  |  |  | (14,400 | ) |  |  |  | (6,157 | )
Gross deferred tax liabilities |  | $ |  | (148,247 | ) |  | $ |  | (74,039 | )
Net deferred tax asset (liability) |  | $ |  | (37,721 | ) |  | $ |  | 22,967 |
Effective Income Tax Rate Reconciliation | A summary of the factors that impacted income tax expense follows.
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017 |  |
($ in thousands) |  | Amount |  |  | % |  |  |  | Amount |  |  | % |  |  |  | Amount |  |  | % |  |
Taxes computed at statutory rate |  | $ |  | 82,475 |  |  |  | 21.0 |  | % |  | $ |  | 80,244 |  |  |  | 21.0 |  | % |  | $ |  | 107,952 |  |  |  | 35.0 |  | %
Increases (decreases) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  |  |  | 7,204 |  |  |  | 1.8 |  |  |  |  |  | 8,770 |  |  |  | 2.3 |  |  |  |  |  | 4,288 |  |  |  | 1.4 |  |
Tax-exempt interest |  |  |  | (10,435 | ) |  |  | (2.7 | ) |  |  |  |  | (10,803 | ) |  |  | (2.8 | ) |  |  |  |  | (18,870 | ) |  |  | (6.1 | ) |
Life insurance contracts |  |  |  | (3,901 | ) |  |  | (1.0 | ) |  |  |  |  | (2,019 | ) |  |  | (0.5 | ) |  |  |  |  | (5,360 | ) |  |  | (1.7 | ) |
Tax credits |  |  |  | (10,293 | ) |  |  | (2.6 | ) |  |  |  |  | (11,344 | ) |  |  | (3.0 | ) |  |  |  |  | (9,286 | ) |  |  | (3.1 | ) |
Employee share-based compensation |  |  |  | (842 | ) |  |  | (0.2 | ) |  |  |  |  | (1,380 | ) |  |  | (0.3 | ) |  |  |  |  | (5,824 | ) |  |  | (1.9 | ) |
FDIC assessment disallowance |  |  |  | 1,895 |  |  |  | 0.5 |  |  |  |  |  | 2,818 |  |  |  | 0.7 |  |  |  |  |  | — |  |  |  | — |  |
Return to provision adjustment |  |  |  | (1,459 | ) |  |  | (0.4 | ) |  |  |  |  | (9,942 | ) |  |  | (2.6 | ) |  |  |  |  | (120 | ) |  |  | — |  |
Impact of deferred tax asset re-measurement |  |  |  | — |  |  |  | — |  |  |  |  |  | — |  |  |  | — |  |  |  |  |  | 19,520 |  |  |  | 6.3 |  |
Other, net |  |  |  | 715 |  |  |  | 0.2 |  |  |  |  |  | 2,002 |  |  |  | 0.5 |  |  |  |  |  | 502 |  |  |  | 0.2 |  |
Income tax expense |  | $ |  | 65,359 |  |  |  | 16.6 |  | % |  | $ |  | 58,346 |  |  |  | 15.3 |  | % |  | $ |  | 92,802 |  |  |  | 30.1 |  | %

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=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum: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=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration