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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of the provision for income taxes

Significant components of the provision for income taxes are as follows for the periods presented:

			Year Ended December 31,
			2020						2019						2018
Current
Federal			$	30,193					$	23,786					$	22,658
State			3,309						4,264						2,625
			33,502						28,050						25,283
Deferred
Federal			(10,947)						17,331						13,369
State			(2,715)						2,710						3,075
			(13,662)						20,041						16,444
			$	19,840					$	48,091					$	41,727

Reconciliation of income taxes computed at the United States federal statutory tax rates

The reconciliation of income taxes computed at the United States federal statutory tax rates to the provision for income taxes is as follows, for the periods presented:

			Year Ended December 31,
			2020						2019						2018
Tax at U.S. statutory rate			$	21,733					$	45,294					$	39,616
Increase (decrease) in taxes resulting from:
Tax-exempt interest income			(1,431)						(1,205)						(1,433)
BOLI income			(1,182)						(1,283)						(975)
Investment tax credits			(1,494)						(1,863)						(1,863)
Amortization of investment in low-income housing tax credits			1,280						1,575						1,592
State income tax expense, net of federal benefit			469						5,509						4,502
Other items, net			465						64						288
			$	19,840					$	48,091					$	41,727

Significant components of the Company's deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows for the periods presented: 

			December 31,
			2020						2019
Deferred tax assets
Allowance for credit losses			$	53,597					$	14,304
Loans			5,526						10,284
Deferred compensation			13,114						12,050
Impairment of assets			1,067						1,108
Net operating loss carryforwards			1,857						9,387
Lease liabilities under operating leases			17,732						22,686
Other			3,539						5,819
Total deferred tax assets			96,432						75,638
Deferred tax liabilities
Net unrealized gains on securities			8,434						190
Investment in partnerships			793						967
Fixed assets			3,285						2,952
Mortgage servicing rights			14,623						13,472
Junior subordinated debt			2,245						2,304
Intangibles			3,882						4,885
Lease right-of-use asset			16,833						21,727
Other			1,672						1,859
Total deferred tax liabilities			51,767						48,356
Net deferred tax assets			$	44,665					$	27,282

Summary of operating loss carryforwards

The table below presents the breakout of net operating losses as of the dates presented.

			December 31,
			2020						2019
Net Operating Losses
Federal			$	3,029					$	36,006
State			26,971						40,806

Reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, related to federal and state income tax matters as of December 31 follows below:

			2020						2019						2018
Balance at January 1			$	667					$	1,919					$	1,606
Additions based on positions related to current period			101						158						313
Reductions based on positions related to prior period			(314)						(1,410)						—
Reductions due to lapse of statute of limitations			(52)						—						—
Balance at December 31			$	402					$	667					$	1,919

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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 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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