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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The current and deferred amounts of income tax expense consist of the following.

		Year Ended December 31,
		2021				2020				2019
		(Dollars in thousands)
Current provision:
Federal		$	44,514			$	48,328			$	51,564
State			27,526				28,469				29,487
			72,040				76,797				81,051
Deferred provision:
Federal			8,782				(2,997	)			486
State			4,305				(1,439	)			1,710
			13,087				(4,436	)			2,196
Total		$	85,127			$	72,361			$	83,247

Schedule of Income Tax Asset

Income tax asset consists of the following.

		December 31,
		2021				2020
		(Dollars in thousands)
Current:
Federal		$	5,452			$	5,408
State			2,150				2,610
			7,602				8,018
Deferred:
Federal			16,500				14,779
State			8,501				6,743
			25,001				21,522
Total		$	32,603			$	29,540

Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate

The components of the net deferred tax asset are as follows.

		December 31,
		2021				2020
		(Dollars in thousands)
Deferred tax assets:
Bad debt and credit loss deduction		$	23,228			$	32,671
Net operating loss carryforward			—				10
Deferred compensation			6,367				6,607
PCI loans			657				663
California franchise tax			3,873				4,584
Accrued expense			5,071				4,662
Unrealized loss on investment securities, net			423				—
Acquired loan discounts			5,863				9,709
Lease liability			6,472				6,369
Other, net			1,784				3,865
Gross deferred tax asset			53,738				69,140
Deferred tax liabilities:
Depreciation			3,443				2,675
Intangibles - acquisitions			12,812				15,376
FHLB Stock			2,525				2,525
Deferred income			3,825				3,544
Right of use asset			6,132				6,080
Unrealized gain on investment securities, net			—				17,418
Gross deferred tax liability			28,737				47,618
Net deferred tax asset		$	25,001			$	21,522

Change in Unrecognized Tax Benefits

The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows.

		Year Ended December 31,
		2021								2020								2019
		Amount				Percent				Amount				Percent				Amount				Percent
		(Dollars in thousands)
Federal income tax at statutory rate		$	62,506				21.0	%		$	52,399				21.0	%		$	61,126				21.0	%
State franchise taxes, net of federal benefit			24,600				8.3	%			20,950				8.4	%			24,430				8.4	%
Tax-exempt income			(3,165	)			(1.1	)%			(3,191	)			(1.3	)%			(3,081	)			(1.1	)%
Tax credits			(1,640	)			(0.6	)%			(1,946	)			(0.8	)%			(2,153	)			(0.7	)%
Other, net			2,826				1.0	%			4,149				1.7	%			2,925				1.0	%
Provision for income taxes		$	85,127				28.6	%		$	72,361				29.0	%		$	83,247				28.6	%

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Schedule of income tax assets liability.

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

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