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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of components of provision for income taxes

Year Ended December 31, 

(dollars in thousands)

  

2024

  

2023

  

2022

Current:

Federal

$

57,006

$

66,123

$

50,895

State and local

16,754

21,724

12,493

Total current

73,760

87,847

63,388

Deferred:

Federal

(4,756)

(8,387)

13,639

State and local

(6,531)

(5,269)

8,499

Total deferred

(11,287)

(13,656)

22,138

Total provision for income taxes

$

62,473

$

74,191

$

85,526

Schedule of components of net deferred income tax assets and liabilities

December 31, 

(dollars in thousands)

  

2024

  

2023

Assets:

Deferred compensation expense

$

52,192

$

50,945

Allowance for credit losses and nonperforming assets

51,922

51,492

Lease liabilities

16,808

17,027

Investment securities

171,258

194,213

State income taxes

1,939

2,514

Total deferred income tax assets

294,119

316,191

Liabilities:

Leases

(8,457)

(13,283)

Deferred income

(7,151)

(12,751)

Lease right-of-use assets

(16,041)

(16,364)

Intangible assets

(973)

(948)

Other

(30,292)

(33,320)

Total deferred income tax liabilities

(62,914)

(76,666)

Net deferred income tax assets

$

231,205

$

239,525

Schedule of reconciliation of Federal statutory to effective income tax rate

Year Ended December 31, 

2024

2023

2022

(dollars in thousands)

  

Amount

  

Percent

Amount

  

Percent

Amount

  

Percent

Federal statutory income tax expense and rate

$

61,446

21.00

%

$

64,927

21.00

%

$

73,754

21.00

%

State and local taxes, net of federal income tax benefit

8,077

2.76

13,000

4.20

16,584

4.72

Tax credits

(4,388)

(1.50)

(4,506)

(1.46)

(3,963)

(1.13)

Nontaxable income

(5,604)

(1.92)

(6,691)

(2.16)

(1,133)

(0.32)

Other

2,942

1.01

7,461

2.42

284

0.08

Income tax expense and effective income tax rate

$

62,473

21.35

%

$

74,191

24.00

%

$

85,526

24.35

%

Schedule of reconciliation of unrecognized tax benefits

Year Ended December 31, 

2024

2023

2022

Interest

Interest

Interest

and

and

and

(dollars in thousands)

  

Tax

  

Penalties

  

Total

  

Tax

  

Penalties

  

Total

  

Tax

  

Penalties

  

Total

Balance at beginning of year

$

185,461

$

26,584

$

212,045

$

183,751

$

22,474

$

206,225

$

183,311

$

20,743

$

204,054

Additions for current year tax positions

653

653

629

629

1,289

1,289

Additions for Reorganization Transactions

2,717

2,717

3,155

3,155

974

974

Additions for prior years' tax positions:

New uncertain tax positions identified

2,220

2,220

Accrual of interest and penalties

1,253

1,253

1,221

1,221

860

860

Reductions for prior years' tax positions:

Expiration of statute of limitations

(4,408)

(1,280)

(5,688)

(1,139)

(266)

(1,405)

(849)

(103)

(952)

Resolutions with tax authorities

(2,698)

(1,890)

(4,588)

Balance at December 31, 

$

179,008

$

27,384

$

206,392

$

185,461

$

26,584

$

212,045

$

183,751

$

22,474

$

206,225