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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows:
| 2020 |  | 2019 |  | 2018
| (in thousands)
Current tax expense: |  |  |  |  |
Federal | $ | 38,396 |  |  | $ | 32,610 |  |  | $ | 35,783 |
State | 7,389 |  |  | 5,204 |  |  | 5,352 |
| 45,785 |  |  | 37,814 |  |  | 41,135 |
Deferred tax (benefit) expense: |  |  |  |  |
Federal | (18,131) |  |  | (1,271) |  |  | (16,841) |
State | (3,460) |  |  | 1,106 |  |  | 283 |
| (21,591) |  |  | (165) |  |  | (16,558) |
Total income tax expense | $ | 24,194 |  |  | $ | 37,649 |  |  | $ | 24,577 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows:
| 2020 |  | 2019 |  | 2018
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax credit investments | (5.7) |  |  | (4.6) |  |  | (6.1) |
Tax-exempt income | (4.9) |  |  | (3.9) |  |  | (4.1) |
Bank owned life insurance | (0.7) |  |  | (0.4) |  |  | (0.4) |
State income taxes, net of federal benefit | 1.1 |  |  | 0.2 |  |  | 2.0 |
Change in valuation allowance | — |  |  | 1.8 |  |  | (0.1) |
Re-measurement of net DTA due to the Tax Act | — |  |  | — |  |  | (0.3) |
Executive compensation | — |  |  | — |  |  | 0.1 |
FDIC Premium | 0.3 |  |  | — |  |  | — |
Penalties | 0.2 |  |  | — |  |  | — |
Other, net | 0.7 |  |  | 0.2 |  |  | (1.6) |
Effective income tax rate | 12.0 | % |  | 14.3 | % |  | 10.5 | %
Schedule of Deferred Tax Assets and Liabilities | The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31:
| 2020 |  | 2019
| (in thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 67,059 |  |  | $ | 37,081 |
Tax credit carryforwards | 39,294 |  |  | 43,133 |
State loss carryforwards | 20,401 |  |  | 16,324 |
Tax credit investments | 10,159 |  |  | 6,799 |
Other accrued expenses | 9,801 |  |  | 8,797 |
Deferred compensation | 8,486 |  |  | 7,752 |
Stock-based compensation | 3,289 |  |  | 2,930 |
Postretirement and defined benefit plans | 1,553 |  |  | 599 |
Other | 12,107 |  |  | 4,246 |
Total gross deferred tax assets | 172,149 |  |  | 127,661 |
Deferred tax liabilities: |  |  |
Equipment lease financing | 44,216 |  |  | 42,273 |
Unrealized holding gains on AFS securities | 23,978 |  |  | 4,223 |
Premises and equipment | 8,876 |  |  | 6,282 |
MSRs | 6,414 |  |  | 8,686 |
Acquisition premiums/discounts | 5,466 |  |  | 5,266 |
Intangible assets | 1,205 |  |  | 1,136 |
Other | 15,811 |  |  | 12,387 |
Total gross deferred tax liabilities | 105,966 |  |  | 80,253 |
Net deferred tax asset, before valuation allowance | 66,183 |  |  | 47,408 |
Valuation allowance | (20,401) |  |  | (16,324) |
Net deferred tax asset | $ | 45,782 |  |  | $ | 31,084 |
Summary of Income Tax Contingencies | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31:
| 2020 |  | 2019 |  | 2018
| (in thousands)
Balance at beginning of year | $ | 2,517 |  |  | $ | 2,726 |  |  | $ | 2,550 |
Current period tax positions | 95 |  |  | 292 |  |  | 593 |
Lapse of statute of limitations | (461) |  |  | (501) |  |  | (417) |
Balance at end of year | $ | 2,151 |  |  | $ | 2,517 |  |  | $ | 2,726 |
Summary of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31:
|  |  | 2020 |  | 2019
Included in other assets: |  | ( in thousands)
Affordable housing tax credit investments, net |  | $ | 152,203 |  |  | $ | 153,351 |
Other tax credit investments, net |  | 59,224 |  |  | 64,354 |
| Total TCIs, net |  | $ | 211,427 |  |  | $ | 217,705 |
Included in other liabilities: |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 31,562 |  |  | $ | 16,684 |
Other tax credit liabilities |  | 49,491 |  |  | 55,105 |
| Total unfunded tax credit commitments and liabilities |  | $ | 81,053 |  |  | $ | 71,789 |
The following table presents other information relating to the Corporation's TCIs for the years ended December 31:
|  | 2020 |  | 2019 |  | 2018
|  | ( in thousands)
Components of income taxes: |  |  |  |  |
Affordable housing tax credits and other tax benefits | $ | (28,777) |  |  | $ | (30,642) |  |  | $ | (30,721) |
Other tax credit investment credits and tax benefits | (4,163) |  |  | (4,542) |  |  | (6,385) |
Amortization of affordable housing investments, net of tax benefit | 20,429 |  |  | 22,184 |  |  | 21,569 |
Deferred tax expense | 921 |  |  | 954 |  |  | 1,341 |
| Total reduction in income tax expense | $ | (11,590) |  |  | $ | (12,046) |  |  | $ | (14,196) |
Amortization of TCIs: |  |  |  |  |
Affordable housing tax credits investment | $ | 4,087 |  |  | $ | 3,344 |  |  | $ | 3,355 |
Other tax credit investment amortization | 2,039 |  |  | 2,677 |  |  | 8,094 |
| Total amortization of TCIs | $ | 6,126 |  |  | $ | 6,021 |  |  | $ | 11,449 |

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