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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows:
| 2021 |  | 2020 |  | 2019
| (in thousands)
Current tax expense: |  |  |  |  |
Federal | $ | 35,692 |  |  | $ | 38,397 |  |  | $ | 32,610 |
State | 10,646 |  |  | 7,389 |  |  | 5,204 |
| 46,338 |  |  | 45,786 |  |  | 37,814 |
Deferred tax (benefit) expense: |  |  |  |  |
Federal | 11,081 |  |  | (18,131) |  |  | (1,271) |
State | 1,329 |  |  | (3,460) |  |  | 1,106 |
| 12,410 |  |  | (21,591) |  |  | (165) |
Total income tax expense | $ | 58,748 |  |  | $ | 24,195 |  |  | $ | 37,649 |
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:
| 2021 |  | 2020 |  | 2019
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax credit investments | (3.0) |  |  | (5.7) |  |  | (4.6) |
Tax-exempt income | (3.0) |  |  | (4.9) |  |  | (3.9) |
Bank owned life insurance | (0.5) |  |  | (0.7) |  |  | (0.4) |
State income taxes, net of federal benefit | 2.6 |  |  | 1.1 |  |  | 0.2 |
Change in valuation allowance | — |  |  | — |  |  | 1.8 |
Executive compensation | 0.1 |  |  | — |  |  | — |
FDIC Premium | 0.3 |  |  | 0.3 |  |  | — |
Penalties | — |  |  | 0.2 |  |  | — |
Other, net | 0.1 |  |  | 0.7 |  |  | 0.2 |
Effective income tax rate | 17.6 | % |  | 12.0 | % |  | 14.3 | %
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:
| 2021 |  | 2020
| (in thousands)
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 62,465 |  |  | $ | 67,059 |
Tax credit carryforwards | 27,192 |  |  | 39,294 |
State loss carryforwards | 23,996 |  |  | 20,401 |
Lease Liability | 21,034 |  |  | — |
Tax credit investments | 11,203 |  |  | 10,159 |
Other accrued expenses | 10,633 |  |  | 9,801 |
Deferred compensation | 9,190 |  |  | 8,486 |
Stock-based compensation | 3,499 |  |  | 3,289 |
Postretirement and defined benefit plans | — |  |  | 1,553 |
Other | 7,348 |  |  | 12,107 |
Total gross deferred tax assets | $ | 176,560 |  |  | $ | 172,149 |
Deferred tax liabilities: |  |  |
Equipment lease financing | $ | 41,049 |  |  | $ | 44,216 |
Right-of-use-asset | 18,671 |  |  | — |
Unrealized holding gains on AFS securities | 10,432 |  |  | 23,978 |
Premises and equipment | 9,151 |  |  | 8,876 |
MSRs | 8,016 |  |  | 6,414 |
Acquisition premiums/discounts | 5,466 |  |  | 5,466 |
Intangible assets | 1,272 |  |  | 1,205 |
Postretirement and defined benefit plans | 1,243 |  |  | — |
Other | 13,492 |  |  | 15,811 |
Total gross deferred tax liabilities | 108,792 |  |  | 105,966 |
Net deferred tax asset, before valuation allowance | 67,768 |  |  | 66,183 |
Valuation allowance | (23,996) |  |  | (20,401) |
Net deferred tax asset | $ | 43,772 |  |  | $ | 45,782 |
Summary of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31:
| 2021 |  | 2020 |  | 2019
| (in thousands)
Balance at beginning of year | $ | 2,151 |  |  | $ | 2,517 |  |  | $ | 2,726 |
Current period tax positions | 120 |  |  | 95 |  |  | 292 |
Lapse of statute of limitations | (598) |  |  | (461) |  |  | (501) |
Balance at end of year | $ | 1,673 |  |  | $ | 2,151 |  |  | $ | 2,517 |
Summary of TCIs and Related Unfunded Commitments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31:
|  |  | 2021 |  | 2020
Included in other assets: |  | ( in thousands)
Affordable housing tax credit investments, net |  | $ | 161,052 |  |  | $ | 152,203 |
Other tax credit investments, net |  | 42,987 |  |  | 59,224 |
| Total TCIs, net |  | $ | 204,039 |  |  | $ | 211,427 |
Included in other liabilities: |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 49,364 |  |  | $ | 31,562 |
Other tax credit liabilities |  | 33,941 |  |  | 49,491 |
| Total unfunded tax credit commitments and liabilities |  | $ | 83,305 |  |  | $ | 81,053 |
The following table presents other information relating to the Corporation's TCIs for the years ended December 31:
|  | 2021 |  | 2020 |  | 2019
|  | ( in thousands)
Components of income taxes: |  |  |  |  |
Tax credits and benefits | (28,141) |  |  | (32,940) |  |  | (35,184) |
Amortization of tax credits and benefits, net of tax benefits | 17,378 |  |  | 20,429 |  |  | 22,184 |
Deferred tax expense | 639 |  |  | 921 |  |  | 954 |
| Total reduction in income tax expense | $ | (10,124) |  |  | $ | (11,590) |  |  | $ | (12,046) |
Amortization of TCIs: |  |  |  |  |
| Total amortization of TCIs | $ | 6,187 |  |  | $ | 6,126 |  |  | $ | 6,021 |

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