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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | Income tax expense (benefit) included in net income consisted of the following components:
| Years Ended December 31, |
($ in thousands) | 2022 |  | 2021 |  | 2020 |
Included in net income |  |  |  |  |  |
Current federal | $ | 142,433 |  | $ | 86,858 |  | $ | (58,723 | )
Current state |  | 14,840 |  |  | 7,607 |  |  | (132 | )
Total current provision |  | 157,273 |  |  | 94,465 |  |  | (58,855 | )
Deferred federal |  | (23,556 | ) |  | 7,035 |  |  | (17,000 | )
Deferred state |  | 1,390 |  |  | 3,341 |  |  | (3,716 | )
Total deferred provision |  | (22,166 | ) |  | 10,376 |  |  | (20,716 | )
Total expense (benefit) included in net income | $ | 135,107 |  | $ | 104,841 |  | $ | (79,571 | )
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows:
| December 31, |
($ in thousands) | 2022 |  | 2021 |
Deferred tax assets: |  |  |  |
Allowance for loan losses | $ | 77,045 |  | $ | 85,118 |
Loan purchase accounting adjustments |  | 485 |  |  | 1,838 |
Tax credit carryforward |  | — |  |  | 2,326 |
Federal/state net operating loss |  | 3,591 |  |  | 3,646 |
Lease liability |  | 26,207 |  |  | 27,553 |
Net unrealized losses on securities available-for-sale and cash flow hedges |  | 195,090 |  |  | — |
Derivatives |  | 38,082 |  |  | 1,735 |
Other |  | 10,085 |  |  | 8,883 |
Gross deferred tax assets |  | 350,585 |  |  | 131,099 |
State valuation allowance |  | (3,591 | ) |  | (3,646 | )
Net deferred tax assets | $ | 346,994 |  | $ | 127,453 |
Deferred tax liabilities: |  |  |  |
Employee compensation and benefits | $ | (8,399 | ) | $ | (11,137 | )
Net unrealized gains on securities available-for-sale an cash flow hedges |  | — |  |  | (10,136 | )
Fixed assets & intangibles |  | (26,589 | ) |  | (35,705 | )
Lease Financing |  | (52,385 | ) |  | (52,896 | )
Right-of-use Asset |  | (21,809 | ) |  | (23,075 | )
Other |  | (26,394 | ) |  | (13,938 | )
Gross deferred tax liabilities | $ | (135,576 | ) | $ | (146,887 | )
Net deferred tax asset (liability) | $ | 211,418 |  | $ | (19,434 | )
Effective Income Tax Rate Reconciliation | A summary of the factors that impacted income tax expense follows.
| Years Ended December 31,
| 2022 | 2021 | 2020 |  |
($ in thousands) | Amount |  | % |  |  | Amount |  | % |  |  | Amount |  | % |  |
Taxes computed at statutory rate | $ | 138,431 |  |  | 21.0 |  | % | $ | 119,292 |  |  | 21.0 |  | % | $ | (26,196 | ) |  | 21.0 |  | %
Increases (decreases) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit |  | 13,272 |  |  | 2.0 |  |  |  | 9,048 |  |  | 1.6 |  |  |  | (1,269 | ) |  | 1.0 |  |
Tax-exempt interest |  | (8,612 | ) |  | (1.3 | ) |  |  | (9,100 | ) |  | (1.6 | ) |  |  | (10,444 | ) |  | 8.4 |  |
Life insurance contracts |  | (1,812 | ) |  | (0.3 | ) |  |  | (2,653 | ) |  | (0.5 | ) |  |  | (4,857 | ) |  | 3.9 |  |
Tax credits |  | (8,039 | ) |  | (1.2 | ) |  |  | (7,889 | ) |  | (1.4 | ) |  |  | (8,072 | ) |  | 6.5 |  |
Employee share-based compensation |  | (2,084 | ) |  | (0.3 | ) |  |  | (1,671 | ) |  | (0.3 | ) |  |  | 1,351 |  |  | (1.1 | ) |
FDIC assessment disallowance |  | 1,836 |  |  | 0.3 |  |  |  | 1,609 |  |  | 0.3 |  |  |  | 2,094 |  |  | (1.7 | ) |
Net operating loss carryback under CARES act |  | 238 |  |  | — |  |  |  | (4,948 | ) |  | (0.9 | ) |  |  | (30,167 | ) |  | 24.2 |  |
Other, net |  | 1,877 |  |  | 0.3 |  |  |  | 1,153 |  |  | 0.3 |  |  |  | (2,011 | ) |  | 1.6 |  |
Income tax expense | $ | 135,107 |  |  | 20.5 |  | % | $ | 104,841 |  |  | 18.5 |  | % | $ | (79,571 | ) |  | 63.8 |  | %

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