XML 94 R49.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense from continuing operations were as follows:
| For the Years Ended December 31,
(amounts in thousands) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 50,971 |  |  | $ | 30,158 |  |  | $ | 10,902 |
State | 18,215 |  |  | 10,825 |  |  | 5,850 |
Total current expense | 69,186 |  |  | 40,983 |  |  | 16,752 |
Deferred |  |  |  |  |
Federal | 14,957 |  |  | 4,882 |  |  | 8,263 |
State | 2,797 |  |  | 852 |  |  | 1,377 |
Total deferred expense | 17,754 |  |  | 5,734 |  |  | 9,640 |
Income tax expense | $ | 86,940 |  |  | $ | 46,717 |  |  | $ | 26,392 |
Schedule of Income (Loss) Before Income Tax Expense (Benefit) | Effective tax rates differ from the federal statutory rate of 21% at December 31, 2021, December 31, 2020, and 2019, which was applied to income before income tax expense, due to the following:
| For the Years Ended December 31,
| 2021 |  | 2020 |  | 2019
(dollars in thousands) | Amount |  | % of pretax income |  | Amount |  | % of pretax income |  | Amount |  | % of pretax income
Federal income tax at statutory rate | $ | 92,654 |  |  | 21.00 | % |  | $ | 39,849 |  |  | 21.00 | % |  | $ | 22,634 |  |  | 21.00 | %
State income tax, net of federal benefit | 16,863 |  |  | 3.82 |  |  | 9,225 |  |  | 4.86 |  |  | 5,709 |  |  | 5.30 |
Tax-exempt interest, net of disallowance | (670) |  |  | (0.15) |  |  | (492) |  |  | (0.26) |  |  | (385) |  |  | (0.36) |
Bank-owned life insurance | (1,927) |  |  | (0.44) |  |  | (1,579) |  |  | (0.83) |  |  | (1,677) |  |  | (1.56) |
Tax credits, net of basis reduction | (11,284) |  |  | (2.92) |  |  | (1,062) |  |  | (0.61) |  |  | (446) |  |  | (0.41) |
Equity-based compensation | (8,237) |  |  | (1.87) |  |  | 185 |  |  | 0.10 |  |  | 132 |  |  | 0.12 |
Non-deductible executive compensation | 3,195 |  |  | 0.72 |  |  | 454 |  |  | 0.24 |  |  | 440 |  |  | 0.41 |
Unrecorded basis difference in foreign subsidiaries | — |  |  | — |  |  | (304) |  |  | (0.16) |  |  | (144) |  |  | (0.13) |
Recorded basis difference in foreign subsidiaries | (4,217) |  |  | (1.00) |  |  | — |  |  | — |  |  | — |  |  | — |
Other | 563 |  |  | 0.54 |  |  | 441 |  |  | 0.28 |  |  | 129 |  |  | 0.12 |
Effective income tax rate | $ | 86,940 |  |  | 19.70 | % |  | $ | 46,717 |  |  | 24.62 | % |  | $ | 26,392 |  |  | 24.49 | %
Components of Net Deferred Tax Assets (Liabilities) | The following represents Customers' deferred tax asset and liabilities as December 31, 2021 and 2020:
| December 31,
(amounts in thousands) | 2021 |  | 2020
Deferred tax assets |  |  |
Allowance for credit losses on loans and leases | $ | 36,111 |  |  | $ | 37,503 |
Net operating losses | 825 |  |  | 916 |
Compensation and benefits | 8,356 |  |  | 8,564 |
Cash flow hedge | — |  |  | 10,703 |
Lease liability | 3,806 |  |  | 4,683 |
Net unrealized losses on securities | 1,748 |  |  | — |
Accrued severance | 4,740 |  |  | — |
Other | 3,080 |  |  | 2,830 |
Total deferred tax assets | 58,666 |  |  | 65,199 |
Deferred tax liabilities |  |  |
Net deferred loan fees and costs | (6,405) |  |  | (2,335) |
Tax qualified lease adjustments | (50,605) |  |  | (38,527) |
Right of use asset | (3,321) |  |  | (4,312) |
Net unrealized gains on securities | — |  |  | (8,194) |
Other | (1,173) |  |  | (1,284) |
Total deferred tax liabilities | (61,504) |  |  | (54,652) |
Net deferred tax asset/(liability) (1) | $ | (2,838) |  |  | $ | 10,547 |
(1) Excludes net deferred tax asset (liability) of BMT included in assets or liabilities of discontinued operations.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration