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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provision for income taxes for the years ended December 31 is comprised of the following components:
(In thousands) | 2022 |  | 2021 |  | 2020
Income taxes currently payable | $ | 35,215 |  |  | $ | 50,369 |  |  | $ | 65,012 |
Deferred income taxes | 14,933 |  |  | 10,937 |  |  | (122) |
Provision for income taxes | $ | 50,148 |  |  | $ | 61,306 |  |  | $ | 64,890 |
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 as of December 31, 2022 and 2021:
(In thousands) | 2022 |  | 2021
Deferred tax assets: |  |  |
Loans acquired | $ | 5,846 |  |  | $ | 4,832 |
Allowance for credit losses | 47,145 |  |  | 48,462 |
Valuation of foreclosed assets | 523 |  |  | 628 |
Tax NOLs from acquisition | 10,962 |  |  | 13,537 |
Deferred compensation payable | 3,867 |  |  | 3,426 |
Accrued equity and other compensation | 8,153 |  |  | 5,776 |
Acquired securities | 7,651 |  |  | 223 |
Right-of-use lease liability | 11,641 |  |  | 11,984 |
Unrealized loss on AFS securities | 177,839 |  |  | 8,164 |
Allowance for unfunded commitments | 10,200 |  |  | 5,442 |
Other | 4,173 |  |  | 7,202 |
Gross deferred tax assets | 288,000 |  |  | 109,676 |
Deferred tax liabilities: |  |  |
Goodwill and other intangible amortization | (44,539) |  |  | (38,329) |
Accumulated depreciation | (24,288) |  |  | (26,347) |
Right-of-use lease asset | (11,396) |  |  | (11,871) |
Unrealized gain on swaps | (25,836) |  |  | (2,767) |
Other | (8,875) |  |  | (3,718) |
Gross deferred tax liabilities | (114,934) |  |  | (83,032) |
Net deferred tax asset | $ | 173,066 |  |  | $ | 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 below for the years ended December 31:
(In thousands) | 2022 |  | 2021 |  | 2020
Computed at the statutory rate | $ | 64,378 |  |  | $ | 69,807 |  |  | $ | 67,143 |
Increase (decrease) in taxes resulting from: |  |  |  |  |
State income taxes, net of federal tax benefit | 3,249 |  |  | 4,452 |  |  | 6,402 |
Discrete items related to share-based compensation | (74) |  |  | (17) |  |  | 375 |
Tax exempt interest income | (14,484) |  |  | (11,510) |  |  | (6,726) |
Tax exempt earnings on bank owned life insurance | (1,918) |  |  | (1,212) |  |  | (1,214) |
Federal tax credits | (1,708) |  |  | (2,260) |  |  | (2,177) |
Other differences, net | 705 |  |  | 2,046 |  |  | 1,087 |
Actual tax provision | $ | 50,148 |  |  | $ | 61,306 |  |  | $ | 64,890 |

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