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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Income tax expense consists of the following:
Year ended December 31, | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 39.4 |  |  | $ | 42.4 |  |  | $ | 40.5 |
State | 11.3 |  |  | 12.3 |  |  | 8.2 |
Total current | 50.7 |  |  | 54.7 |  |  | 48.7 |
Deferred: |  |  |  |  |
Federal | 3.7 |  |  | (5.7) |  |  | 3.7 |
State | 1.3 |  |  | (0.9) |  |  | 1.7 |
Total deferred | 5.0 |  |  | (6.6) |  |  | 5.4 |
Total income tax expense | $ | 55.7 |  |  | $ | 48.1 |  |  | $ | 54.1 |
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, | 2021 |  | 2020 |  | 2019
Tax expense at the statutory tax rate | $ | 52.0 |  |  | $ | 44.0 |  |  | $ | 49.4 |
Increase (decrease) in tax resulting from: |  |  |  |  |
Tax-exempt income | (2.8) |  |  | (2.1) |  |  | (2.8) |
State income tax, net of federal income tax benefit | 9.9 |  |  | 9.0 |  |  | 9.9 |
Benefit of stock-based compensation plans | (0.5) |  |  | (0.4) |  |  | (1.2) |
Nondeductible transaction costs | 0.8 |  |  | — |  |  | 0.2 |
Federal tax credits | (4.3) |  |  | (2.3) |  |  | (2.0) |
Other, net | 0.6 |  |  | (0.1) |  |  | 0.6 |
Tax expense at effective tax rate | $ | 55.7 |  |  | $ | 48.1 |  |  | $ | 54.1 |
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, | 2021 |  | 2020
Deferred tax assets: |  |  |
Loans, principally due to allowance for credit losses | $ | 30.7 |  |  | $ | 36.5 |
Loan discount | 1.6 |  |  | 4.0 |
Investment securities, unrealized losses | 4.6 |  |  | — |
Deferred compensation | 19.3 |  |  | 19.5 |
Non-performing loan interest | 1.0 |  |  | 1.2 |
Net operating loss carryforwards (1) | 1.7 |  |  | 2.0 |
Lease liabilities | 8.7 |  |  | 9.5 |
Other | 3.5 |  |  | 3.2 |
Deferred tax assets | 71.1 |  |  | 75.9 |
December 31, | 2021 |  | 2020
Deferred tax liabilities: |  |  |
Fixed assets, principally differences in bases and depreciation | (7.7) |  |  | (10.9) |
Deferred loan costs | (1.9) |  |  | (4.4) |
Investment securities, unrealized gains | — |  |  | (19.2) |
Derivatives, unrealized gains | (1.0) |  |  | — |
Investment in joint venture partnership, principally due to differences in depreciation of partnership assets | (0.9) |  |  | (0.9) |
Right of use assets | (8.3) |  |  | (9.2) |
Prepaid amounts | (0.7) |  |  | (0.5) |
Government agency stock dividends | (1.2) |  |  | (1.2) |
Goodwill and core deposit intangibles | (51.2) |  |  | (50.3) |
Mortgage servicing rights | (6.8) |  |  | (5.6) |
Other | (0.7) |  |  | (0.9) |
Deferred tax liabilities | (80.4) |  |  | (103.1) |
Net deferred tax assets (liabilities) | $ | (9.3) |  |  | $ | (27.2) |
(1) As of December 31, 2021, we had remaining federal net operating loss carryforwards of $3.1 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. The Company had current net income tax receivables of $16.1 million and $8.1 million at December 31, 2021 and 2020, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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