XML 68 R52.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense consists of the following:
Year ended December 31, | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 42.4 |  |  | $ | 40.5 |  |  | $ | 23.1 |
State | 12.3 |  |  | 8.2 |  |  | 7.2 |
Total current | 54.7 |  |  | 48.7 |  |  | 30.3 |
Deferred: |  |  |  |  |
Federal | (5.7) |  |  | 3.7 |  |  | 12.3 |
State | (0.9) |  |  | 1.7 |  |  | 3.5 |
Total deferred | (6.6) |  |  | 5.4 |  |  | 15.8 |
Total income tax expense | $ | 48.1 |  |  | $ | 54.1 |  |  | $ | 46.1 |
Schedule of Effective Income Tax Rate Reconciliation | Total income tax provision differs from the amount of income tax determined by applying the statutory federal income tax rate of 21% for the periods presented to income before income taxes due to the following:
Year ended December 31, | 2020 |  | 2019 |  | 2018
Tax expense at the statutory tax rate | $ | 44.0 |  |  | $ | 49.4 |  |  | $ | 43.3 |
Increase (decrease) in tax resulting from: |  |  |  |  |
Tax-exempt income | (2.1) |  |  | (2.8) |  |  | (2.8) |
State income tax, net of federal income tax benefit | 9.0 |  |  | 9.9 |  |  | 8.5 |
Benefit of stock-based compensation plans | (0.4) |  |  | (1.2) |  |  | (1.1) |
Federal tax credits | (2.3) |  |  | (2.0) |  |  | (2.6) |
Other, net | (0.1) |  |  | 0.8 |  |  | 0.8 |
Tax expense at effective tax rate | $ | 48.1 |  |  | $ | 54.1 |  |  | $ | 46.1 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax asset (liability) relate to the following:
December 31, | 2020 |  | 2019
Deferred tax assets: |  |  |
Loans, principally due to allowance for credit losses | $ | 36.5 |  |  | $ | 18.1 |
Loan discount | 4.0 |  |  | 7.2 |
Deferred compensation | 19.5 |  |  | 18.1 |
Non-performing loan interest | 1.2 |  |  | 1.0 |
Other real estate owned write-downs and carrying costs | — |  |  | 0.1 |
Tax credit carryforwards | — |  |  | 0.2 |
Net operating loss carryforwards (1) | 2.0 |  |  | 2.6 |
Lease liabilities | 9.5 |  |  | 9.9 |
Other | 3.2 |  |  | 0.9 |
Deferred tax assets | 75.9 |  |  | 58.1 |
Deferred tax liabilities: |  |  |
Fixed assets, principally differences in bases and depreciation | (10.9) |  |  | (8.8) |
Deferred loan costs | (4.4) |  |  | (2.8) |
Investment securities, unrealized gains | (19.2) |  |  | (3.9) |
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | (0.9) |  |  | (0.7) |
Right of use assets | (9.2) |  |  | (9.7) |
Prepaid amounts | (0.5) |  |  | (0.5) |
Government agency stock dividends | (1.2) |  |  | (1.2) |
Goodwill and core deposit intangibles | (50.3) |  |  | (49.2) |
Mortgage servicing rights | (5.6) |  |  | (7.2) |
Other | (0.9) |  |  | (0.8) |
Deferred tax liabilities | (103.1) |  |  | (84.8) |
Net deferred tax assets (liabilities) | $ | (27.2) |  |  | $ | (26.7) |
(1) As of December 31, 2020, we had remaining federal net operating loss carryforwards of $3.4 million from acquired companies, which is available to offset federal taxable income and state net operating loss carryforwards in amounts which vary by state. The federal net operating losses will expire beginning in 2030 and ending in 2036 and the state net operating losses will expire beginning in 2023 and ending in 2034. The use of these carryforwards is subject to annual limitations.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration