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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes is comprised of the following components for the periods indicated below:

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)			2022						2021						2022						2021
Income taxes currently payable			$	15,341					$	13,930					$	20,460					$	25,066
Deferred income taxes			(8,190)						3,088						917						6,315
Provision for income taxes			$	7,151					$	17,018					$	21,377					$	31,381

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows: 

			June 30,						December 31,
(In thousands)			2022						2021
Deferred tax assets:
Loans acquired			$	7,656					$	4,832
Allowance for credit losses			50,577						48,462
Valuation of foreclosed assets			628						628
Tax NOLs from acquisition			13,949						13,537
Deferred compensation payable			3,545						3,426
Accrued equity and other compensation			5,202						5,776
Acquired securities			19,795						223
Right-of-use lease liability			12,804						11,984
Unrealized loss on AFS securities			139,084						8,164
Allowance for unfunded commitments			6,300						5,442
Other			6,059						7,202
Gross deferred tax assets			265,599						109,676
Deferred tax liabilities:
Goodwill and other intangible amortization			(45,670)						(38,329)
Accumulated depreciation			(25,183)						(26,347)
Right-of-use lease asset			(12,605)						(11,871)
Unrealized gain on swaps			—						(2,767)
Other			(4,271)						(3,718)
Gross deferred tax liabilities			(87,729)						(83,032)
Net deferred tax asset			$	177,870					$	26,644

Reconciliation of Income Tax Expense

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown for the periods indicated below:

			Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)			2022						2021						2022						2021
Computed at the statutory rate (21%)			$	7,267					$	19,305					$	23,924					$	36,477
Increase (decrease) in taxes resulting from:
State income taxes, net of federal tax benefit			(560)						1,488						565						3,378
Stock-based compensation			97						(66)						(105)						37
Tax exempt interest income			(3,619)						(2,741)						(7,022)						(5,251)
Tax exempt earnings on BOLI			(465)						(319)						(890)						(560)
Federal tax credits			(949)						(589)						(1,537)						(1,179)
Other differences, net			5,380						(60)						6,442						(1,521)
Actual tax provision			$	7,151					$	17,018					$	21,377					$	31,381

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- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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