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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income taxes are as follows:
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Current tax expense: |  |  |  |  |
Federal | $ | 44,478 |  |  | $ | 35,692 |  |  | $ | 38,397 |
State | 6,906 |  |  | 10,646 |  |  | 7,389 |
Total current tax expense | 51,384 |  |  | 46,338 |  |  | 45,786 |
Deferred tax (benefit) expense: |  |  |  |  |
Federal | 8,974 |  |  | 11,081 |  |  | (18,131) |
State | (324) |  |  | 1,329 |  |  | (3,460) |
Total deferred tax (benefit) expense | 8,650 |  |  | 12,410 |  |  | (21,591) |
Total income tax expense | $ | 60,034 |  |  | $ | 58,748 |  |  | $ | 24,195 |
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:
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax credit investments | (2.0) |  |  | (3.0) |  |  | (5.7) |
Tax-exempt income | (3.5) |  |  | (3.0) |  |  | (4.9) |
Bank owned life insurance | (0.7) |  |  | (0.5) |  |  | (0.7) |
State income taxes, net of federal benefit | 1.2 |  |  | 2.6 |  |  | 1.1 |
Executive compensation | 0.3 |  |  | 0.1 |  |  | — |
FDIC Premium | 0.3 |  |  | 0.3 |  |  | 0.3 |
Penalties | — |  |  | — |  |  | 0.2 |
Other, net | 0.7 |  |  | 0.1 |  |  | 0.7 |
Effective income tax rate | 17.3 | % |  | 17.6 | % |  | 12.0 | %
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:
| 2022 |  | 2021
| (dollars in thousands)
Deferred tax assets: |  |  |
Unrealized holding losses on securities | $ | 110,689 |  |  | $ | — |
Allowance for credit losses | 65,481 |  |  | 62,465 |
State loss carryforwards | 26,421 |  |  | 23,996 |
Lease Liability | 21,264 |  |  | 21,034 |
Tax credit investments | 11,186 |  |  | 11,203 |
Other accrued expenses | 10,059 |  |  | 10,633 |
Deferred compensation | 9,014 |  |  | 9,190 |
Tax credit carryforwards | 5,146 |  |  | 27,192 |
Stock-based compensation | 4,681 |  |  | 3,499 |
Other | 8,158 |  |  | 7,348 |
Total gross deferred tax assets | $ | 272,099 |  |  | $ | 176,560 |
Deferred tax liabilities: |  |  |
Equipment lease financing | $ | 26,560 |  |  | $ | 41,049 |
Right-of-use-asset | 19,276 |  |  | 18,671 |
MSRs | 7,750 |  |  | 8,016 |
Premises and equipment | 5,775 |  |  | 9,151 |
Acquisition premiums/discounts | 5,492 |  |  | 5,466 |
Postretirement and defined benefit plans | 1,755 |  |  | 1,243 |
Unrealized holding gains on AFS securities | — |  |  | 10,432 |
Intangible assets | — |  |  | 1,272 |
Other | 14,507 |  |  | 13,492 |
Total gross deferred tax liabilities | 81,115 |  |  | 108,792 |
Net deferred tax asset, before valuation allowance | 190,984 |  |  | 67,768 |
Valuation allowance | (26,421) |  |  | (23,996) |
Net deferred tax asset | $ | 164,563 |  |  | $ | 43,772 |
Summary of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31:
| 2022 |  | 2021 |  | 2020
| (dollars in thousands)
Balance at beginning of year | $ | 1,673 |  |  | $ | 2,151 |  |  | $ | 2,517 |
Current period tax positions | 112 |  |  | 120 |  |  | 95 |
Lapse of statute of limitations | (557) |  |  | (598) |  |  | (461) |
Balance at end of year | $ | 1,228 |  |  | $ | 1,673 |  |  | $ | 2,151 |
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:
|  |  | 2022 |  | 2021
Included in other assets: |  | (dollars in thousands)
Affordable housing tax credit investments, net |  | $ | 161,103 |  |  | $ | 161,052 |
Other tax credit investments, net |  | 61,077 |  |  | 42,987 |
| Total TCIs, net |  | $ | 222,180 |  |  | $ | 204,039 |
Included in other liabilities: |  |  |  |
Unfunded affordable housing tax credit commitments |  | $ | 53,108 |  |  | $ | 49,364 |
Other tax credit liabilities |  | 46,814 |  |  | 33,941 |
| Total unfunded tax credit commitments and liabilities |  | $ | 99,922 |  |  | $ | 83,305 |
The following table presents other information relating to the Corporation's TCIs for the years ended December 31:
|  | 2022 |  | 2021 |  | 2020
|  | (dollars in thousands)
Components of income taxes: |  |  |  |  |
Tax credits and benefits | $ | (27,154) |  |  | $ | (28,141) |  |  | $ | (32,940) |
Amortization of tax credits and benefits, net of tax benefits | 19,298 |  |  | 17,378 |  |  | 20,429 |
Deferred tax expense | 766 |  |  | 639 |  |  | 921 |
| Total reduction in income tax expense | $ | (7,090) |  |  | $ | (10,124) |  |  | $ | (11,590) |
Amortization of TCIs: |  |  |  |  |
| Total amortization of TCIs | $ | 2,783 |  |  | $ | 6,187 |  |  | $ | 6,126 |

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