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Income Taxes (Tables)

12 Months Ended

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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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
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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.

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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
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-SubTopic 10
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-Paragraph 12
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