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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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)		2020					2019					2018
Included in net income
Current federal		$		(58,723	)		$		12,172			$		7,594
Current state				(132	)				6,087					5,538
Total current provision				(58,855	)				18,259					13,132
Deferred federal				(17,000	)				46,290					41,078
Deferred state				(3,716	)				810					4,136
Total deferred provision				(20,716	)				47,100					45,214
Total included in net income		$		(79,571	)		$		65,359			$		58,346

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

		December 31,
(in thousands)		2020					2019
Deferred tax assets:
Allowance for loan losses		$		111,170			$		47,008
Loan purchase accounting adjustments				1,681					18,717
Tax credit carryforward				5,700					2,025
Federal/state net operating loss				4,462					7,295
Lease liability				29,352					29,003
Other				17,801					7,893
Gross deferred tax assets				170,166					111,941
State valuation allowance				(3,635	)				(1,415	)
Net deferred tax assets		$		166,531			$		110,526
Deferred tax liabilities:
Employee compensation and benefits		$		(10,044	)		$		(9,662	)
Securities				(51,036	)				(9,589	)
Fixed assets & intangibles				(46,762	)				(48,144	)
Lease Financing				(54,581	)				(41,565	)
Right-of-use Asset				(24,872	)				(24,887	)
Other				(28,642	)				(14,400	)
Gross deferred tax liabilities		$		(215,937	)		$		(148,247	)
Net deferred tax asset (liability)		$		(49,406	)		$		(37,721	)

Effective Income Tax Rate Reconciliation

A summary of the factors that impacted income tax expense follows.

		Years Ended December 31,
		2020										2019										2018
($ in thousands)		Amount					%					Amount					%					Amount					%
Taxes computed at statutory rate		$		(26,196	)			21.0		%		$		82,475				21.0		%		$		80,244				21.0		%
Increases (decreases) in taxes resulting from:
State income taxes, net of federal income tax benefit				(1,269	)			1.0						7,204				1.8						8,770				2.3
Tax-exempt interest				(10,444	)			8.4						(10,435	)			(2.7	)					(10,803	)			(2.8	)
Life insurance contracts				(4,857	)			3.9						(3,901	)			(1.0	)					(2,019	)			(0.5	)
Tax credits				(8,072	)			6.5						(10,293	)			(2.6	)					(11,344	)			(3.0	)
Employee share-based compensation				1,351				(1.1	)					(842	)			(0.2	)					(1,380	)			(0.3	)
FDIC assessment disallowance				2,094				(1.7	)					1,895				0.5						2,818				0.7
Return to provision adjustment				(970	)			0.8						(1,459	)			(0.4	)					(9,942	)			(2.6	)
Net operating loss carryback under CARES act				(30,167	)			24.2						—				—						—				—
Other, net				(1,041	)			0.8						715				0.2						2,002				0.5
Income tax expense		$		(79,571	)			63.8		%		$		65,359				16.6		%		$		58,346				15.3		%

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- 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
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- 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
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- 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
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