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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were as follows:
| For the Years Ended December 31,
(amounts in thousands) | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | 29,478 |  |  | $ | 2,973 |  |  | $ | 4,509 |
State | 10,220 |  |  | 5,304 |  |  | 5,547 |
Total current expense | 39,698 |  |  | 8,277 |  |  | 10,056 |
Deferred |  |  |  |  |
Federal | 2,880 |  |  | 13,175 |  |  | 9,702 |
State | 802 |  |  | 1,341 |  |  | (399) |
Total deferred expense | 3,682 |  |  | 14,516 |  |  | 9,303 |
Income tax expense | $ | 43,380 |  |  | $ | 22,793 |  |  | $ | 19,359 |
Schedule of Income (Loss) Before Income Tax Expense (Benefit) | Effective tax rates differ from the federal statutory rate of 21% at December 31, 2020, December 31, 2019, and 2018, which was applied to income before income tax expense, due to the following:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
(amounts in thousands) | Amount |  | % of pretax income |  | Amount |  | % of pretax income |  | Amount |  | % of pretax income
Federal income tax at statutory rate | $ | 36,951 |  |  | 21.00 | % |  | $ | 21,445 |  |  | 21.00 | % |  | $ | 19,121 |  |  | 21.00 | %
State income tax, net of federal benefit | 8,564 |  |  | 4.87 |  |  | 5,249 |  |  | 5.14 |  |  | 4,067 |  |  | 4.47 |
Tax-exempt interest, net of disallowance | (492) |  |  | (0.28) |  |  | (385) |  |  | (0.38) |  |  | (360) |  |  | (0.40) |
Bank-owned life insurance | (1,579) |  |  | (0.90) |  |  | (1,677) |  |  | (1.64) |  |  | (1,547) |  |  | (1.70) |
Tax credits | (2,034) |  |  | (1.16) |  |  | (1,266) |  |  | (1.24) |  |  | (444) |  |  | (0.49) |
Equity-based compensation | 185 |  |  | 0.11 |  |  | 132 |  |  | 0.13 |  |  | (547) |  |  | (0.60) |
Non-deductible executive compensation | 751 |  |  | 0.43 |  |  | 440 |  |  | 0.43 |  |  | 230 |  |  | 0.25 |
Unrecorded basis difference in foreign subsidiaries | (304) |  |  | (0.17) |  |  | (144) |  |  | (0.14) |  |  | 343 |  |  | 0.38 |
Enactment of federal tax reform | — |  |  | — |  |  | — |  |  | — |  |  | (21) |  |  | (0.02) |
Other | 1,338 |  |  | 0.75 |  |  | (1,001) |  |  | (0.98) |  |  | (1,483) |  |  | (1.63) |
Effective income tax rate | $ | 43,380 |  |  | 24.65 | % |  | $ | 22,793 |  |  | 22.32 | % |  | $ | 19,359 |  |  | 21.26 | %
Components of Net Deferred Tax Assets (Liabilities) | The following represents Customers' deferred tax asset and liabilities as December 31, 2020 and 2019:
| December 31,
(amounts in thousands) | 2020 |  | 2019
Deferred tax assets |  |  |
Allowance for credit losses on loans and leases | $ | 37,503 |  |  | $ | 14,616 |
Net operating losses | 1,910 |  |  | 1,494 |
Compensation and benefits | 8,654 |  |  | 5,839 |
Cash flow hedge | 10,703 |  |  | 5,557 |
Section 197 intangibles | 1,373 |  |  | 1,196 |
Deferred income | 1,419 |  |  | 1,182 |
Lease liability | 4,972 |  |  | 5,523 |
Other | 2,631 |  |  | 1,307 |
Total gross deferred tax assets | 69,165 |  |  | 36,714 |
Less: valuation allowance | (994) |  |  | (486) |
Net deferred tax assets | 68,171 |  |  | 36,228 |
Deferred tax liabilities |  |  |
Fair value adjustments on acquisitions | (570) |  |  | (506) |
Bank premises and equipment | (5,546) |  |  | (6,074) |
Tax qualified lease adjustments | (38,527) |  |  | (30,496) |
Right of use asset | (4,598) |  |  | (5,232) |
Net unrealized gains on securities | (8,194) |  |  | (5,020) |
Other | (2,600) |  |  | (640) |
Total deferred tax liabilities | (60,035) |  |  | (47,968) |
Net deferred tax asset/(liability) | $ | 8,136 |  |  | $ | (11,740) |

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